Do you have the ambition of getting rich without involving yourself in some illegal stuffs like yahoo, kidnapping, robbery, gambling etc. and you felt it’s impossible? Kill such taught today as this article will make you realize that it only take proper planning and strategy, but it is certainly possible.
In here, you will realize that there are brighter chances of you becoming rich overnight only if you will sacrifice the following:- Time, discipline, dedication, and effort. And also, you can get yourself rich by following a drafted plan and putting in much effort to make it work.
Of cause, you will be tempted with lots of get-rich-quick schemes while trying to figure out how you can get rich from nothing, but I will put them to sleep in this article. Your current earnings can’t make you rich especially if you are a salary earner. Your salary can only get you what you want for the moment but can’t make you as wealthy as you desire. Here is WHY?
In this article, I will be exploring what it means to be rich, some examples of self-made billionaires, how to get rich from scratch, and much more. Just keep following till the end.
Related: 10 Easy And Quick Steps on How to Save Money
What does it mean to be rich?
Being rich is equal to your mind. For some people, being rich may mean earning more than 1 million naira, while others may think that earning 2 million naira or more a year makes them a rich person.
But honestly, the above mentioned is far from it. Being rich is all about your attitude and goals. There is no actual definition of being rich.
Usually, we tag riches to buying luxury items, Using expensive body perfume, slaying in different designers both clothes, shoes and bags, building mansions and riding a fancy car.
But does all this mean you are rich?
Certainly not. Lenders do give people more money than they can afford to enable people buy these goods even though it is a poor financial decision.
Net worth and being rich
While some people define being rich as the amount of money they make each year, others argue that their net worth is more important.
I usually agree with the second kind of logic. This is why.
If Mr. A earns 500k per year and has a net worth of 3million and Mr. B earns 300k per year but has a net worth of more than 10million naira. Which would you rather prefer?
While Mr. A has the potential to earn more money in the future through their active income, Mr. B has the potential to liquidate some of their valuable assets and invest in passive income streams to increase their income. Mr. B can increase their income exponentially, while Mr. A can only increase their income steadily.
Not clear right? Let’s look at the geography.
See Also: Top 10 Businesses You Can Start in Abuja With Little Capital
Geography & Analysis
Where you live will also play a role in determining whether you should consider yourself wealthy.
For example, if Mr. A lives in Abuja, and has an income of 100k but Mr. B lives in Ekiti State, and has an income of 85k, Mr. B is likely to be much better off than Mr. A. How?
The cost of living in Abuja is much higher than that of Ekiti State. Even though your income is higher in Abuja, many times it won’t offset those higher costs of living.
Examples of people who got rich from nothing
Here are some examples of the people who got rich out of nowhere.
1. Bill Gates
Bill Gates is one of the richest people in the world and a self-made billionaire. He founded the Microsoft company in the year 1975, which we probably use every day.
2. Warren Buffett
Warren Buffett is a self-made billionaire who started investing at the age of 11. He started a newspaper business at the age of 13 and it has slowly grown to over $70 billion now.
3. Jeff Bezos
Jeff Bezos joined Amazon with a mission to sell textbooks online at a fair price. Since then, the company has transitioned to delivering everyday products through a robust operation that offers better shipping options and great prices.
4. Mark Zuckerberg
Mark Zuckerberg coined the term social networking with the creation of Facebook. Before Facebook, there weren’t many social networking websites. The company is advanced and has over a billion members as at now.
How to get rich from nothing: The best methods in 2022
Below are some of the best ways to get rich from anything and become a self-made millionaire.
1. Start a business to get rich
Starting a business is the best way to get rich from scratch. This idea can overwhelm you, but many businesses are simpler than you think.
You don’t need the next great idea to start a business. In fact, I would say that starting a business with a proven profitability model is a better option for most people.
A step-by-step guide on how to start a business
There are a few steps you need to take while starting your own business.
Step 1. First of all, you will need to define your business idea. Think of a business you would like to start and try to punch holes in it. Perhaps there is a similar business that has a better product or service? You will want to try and find a reason to why your business is not successful.
Step 2. You will need to create a business plan. This will outline your plan for how to operate your business.
Step 3. You have to think of a name for your business. This name should not already be registered. As a bonus, if you can find a company that offers the domain name, this can help you with your marketing efforts.
Step 4. The next step is to try and get financing for your business. Whether it’s from your savings, friends and family, or a lender, getting the money you need to get started is crucial.
Step 5. After financing comes registeration of the business. This process will require you to contact state and local authorities to get your business registered.
Final steps include obtaining permits and licenses, as well as opening a business bank account. Then it’s time to start your business!
Simple businesses to start
There are many profitable businesses that you can start to get rich. Some of my favorites include: Blogging, V-logging, Content Creating, Copy writing, Web designing etc.
These are just some of the best business ideas I have for people who don’t have the next big idea. There are hundreds (if not thousands) of other options you can think of.
How to make money to start a business
One of the main reasons my businesses never start is lack of funds. Depending on the type of business you’re starting, you have several options worth trying, including:
- Take out a business loan
- Ask friends or family for money.
- use savings
- Ask investors to borrow money
- Complete a mortgage refinance cash withdrawal
There’s no right answer to getting money for your business, but you’ll need to make sure you have a plan to pay back the money you borrowed to get started.
2. Invest wisely to get rich
There is no denial that it is vital that your money works for you to become rich.
The richest people in the world have invested their entire lives to increase their money.
When it comes to investing, you can feel overwhelmed by the number of options you have. Below I will explore some of the best ways to invest your money to get rich.
3. Invest in real estate to get rich
Real estate can be a great way to make money and get rich if you prefer a more hands-on approach.
There are several types of real estate investment, including:
- Residential Real Estate Investment
- Investment in Commercial Real Estate
REIT - Crowd funding real estate investment
Yes, there are pros and con’s for all types of investment. For example, investing in a REIT will provide less risk than other types of real estate, but the returns will also be lower.
If wealth is your goal, the two types of real estate investment you can consider are residential and commercial rental properties.
This involves buying properties and renting them out to tenants for a profit.
The benefits of renting residential and commercial property include:
- More cash-for-money returns
- Build equity in the property
- Fiscal benefits
- Some people enjoy working on their own property.
However, investing in residential and commercial property carries some risks, including:
- More work is required to manage the property.
- More money and qualifications needed to start
- Risk of eviction and late payments
- Risk of property damage
As it is with any investment strategy, the key is to stay multifaceted to help mitigate some of these risks.
4. Take the corporate ladder
While this is not my preferred method of gaining wealth, it is certainly possible and many people choose to take this route.
Not only does it take a lifetime, but it also requires a bit of luck. Promotions are often based on performance, but there are some cases where promotions are based on friendship and trust.
Moving up the corporate ladder is about promoting a normal job in a big company. Depending on how much money you need to get rich, you will have to work at a larger public company.
Jobs like CEO, President, and other CEOs will be the highest paid and you will have the best chance of getting rich. CEOs of publicly traded companies often earn millions of naira each year for their work.
However, it will take some time to get there. This means that you will have to work hard and excel at your job for a while to get rich and earn a significant income.
Practical tips to help you get rich from anything
Below are some tips to help you get rich out of thin air. Try using some of these methods to help you build wealth, save money, and improve your finances.
1. Track your expenses to reduce unnecessary spending
Whether you’re looking to start a business or climb the corporate ladder, maintaining your personal finances is essential to getting rich from scratch.
But note that if you’re constantly spending money on the newest designer clothes or luxury cars, it’s going to be hard to get rich.
Look at your monthly expenses and try to reduce your monthly expenses regularly to find patterns where you may be overspending without understanding it. For many people, it may be eating too much or spending too much at the grocery store.
If you need to spend money, try to find possible savings. This means coupons, negotiating debt, and using a rewards credit card to help you save money.
2. Track your income
Your income is just as important as your expenses when you want to get rich.
You’ll want to track your income regularly so you know how much money you’re giving each month. This will help you understand the areas where you could make more money.
3. Request an increase or change of position
One of the most overlooked ways to increase your income and get rich is to ask your company for a raise. While it may seem intimidating, you’d be surprised how effective it is at getting more paychecks. Many companies will not actively try to pay you more money, but if you ask, they may give you a lump sum.
To improve your chances of getting a raise, try putting numbers behind your job. This will give the company a reason to increase your salary. For example, if a marketing strategy you’ve implemented has increased sales by 14%, be sure to mention that when you ask.
If your company refuses to pay you more or you prefer to leave the company, changing jobs can be an easy way to increase your salary to build wealth.
You can even work the same job at another company for a 10% to 20% pay raise. While it is not recommended to transfer jobs every year, keep an eye out for new jobs.
4. Start a side hustle of being rich out of the blue
If you want to get rich, the best place to start is by increasing your income.
For most people, starting a side hustle is a great way to make more money. Many of these side jobs can be turned into a full time business which is perfect for those who hate their job. There are thousands of possible side hustle.
5. Celebrating talents along the way
As you go through your financial journey, celebrate any potential talent. This will help you stay motivated and your mental health in check.
You don’t have to go overboard and celebrate. It could be as simple as having dinner at your favorite restaurant or walking away from a local restaurant.
6. Don’t follow the crowd
As you begin to accumulate wealth, buying a new home, upgrading your car, or buying the latest electronics is what draws you. This will make figuring out how to get rich from anything more difficult.
While others may make these purchases, avoid the lifestyle, change as much as possible. It’s okay to splurge sometimes, but try to limit it.
At the end of the day, you will want to buy assets, not liabilities.
6. Do not give up
It will take time for your wealth to grow and become rich. If you don’t succeed right away, don’t go down. It will take some time to earn money and get rich out of thin air.
To stay motivated, track your progress and celebrate small steps.
7. Use free money
There are many ways to get free money, including using credit cards for rewards or signing up for websites with a signed bonus and more. This money can be used to invest or start a business to get rich.
Final Conclusions on How to Get Rich With Anything
It will not be easy to get rich from anything less possible. By creating a plan to grow your wealth and giving your money time to grow, you can become rich from scratch.
The best way to get rich is to start a business, invest and increase your income.
You don’t get rich right away, but by giving your income time to grow, you can also get rich for nothing.
