How to get rich fast? Now, before you go all “it’s not possible”, let me tell you. Getting rich fast and getting rich easy are two different things. You can get rich fast, but it is not easy. You also can get rich easily with low effort, but it will take longer time.
In short, the way to get rich fast is first to understand how money works. Then you have to bring a lot of value to other people, if the way to bring value is easily scalable, the better. Find out a problem that a group of people have in common and find a way to solve it. Make it so good that people are willing to pay for that solution.
This can be done pretty fast, if you have the right skillset and are determined to do it. It is not easy but can be done. Can you become a millionaire instantly? I don’t think so. Even that we are talking about getting rich fast, the timeline is still 12 months or more.
I have a post on how money works, you can read it here.
What does rich mean and how to achieve that
Being rich can mean different things to different people. I have used the example of being a millionaire as an example of being rich. I think most of you can agree, that having a million dollars’ worth of assets can be considered rich. If not, do the calculations based on your definition of rich.
So, to make a million dollars, here are some ways you can achieve that.
- Work at a local fast-food restaurant for 100 000 hours for 10 dollars an hour.
- Invest 300 dollars monthly at 8% interest rate for 41 years.
- Sell 1 000 pieces of digital product priced at 1 000 dollars
- Sell 10 000 pieces of digital product priced at 100 dollars
- Get 200 000 000 views on your YouTube channel (5 $ per 1000 views)
I am sure there are a lot of different ways as well that I missed that might work better for you. This list is supposed to give you perspective on what can be achieved. Do you think that if you used 100 000 hours of your time, you could create a product that would sell 1 000 copies for 1 000 dollars each?
You could start doing that as a side for you day job. It is not necessary to quit your job right at the beginning and go full time on this unless you want to or don’t have a job. You could also create a business with physical products to sell, but scaling that will require more capital than selling copies of digital products online. Yet, it is one possibility you could go for.
Make your time worth as much as possible
Try to find ways to get as much return for your time as possible. Getting rich fast working at a local fast-food restaurant for 10 dollars an hour isn’t going to make you rich fast. However, if you find ways to leverage your time and make your time worth more, you can get rich faster.
Good ways to leverage your time is to sell digital products. There is no limit on how many copies you can sell after you have created them. This way, you can get paid a lot more for your time, compared to working with fixed hourly rates.
This of course, depends on your skills. You need to have skills that people are willing to pay for. You need to create a product that is so good, it provides people with the value they are looking for. The solution for their problems.
The main thing in the digital product business is that the costs of selling additional products are really low. Therefore, you can spend a lot of money on marketing. If you sell your product for 20 dollars apiece, you could easily spend 15 dollars in marketing to sell one product and end up making a profit.
You need the right mindset to become rich
If you wish to become rich faster than in 41 years, you really have to believe that you can. Convincing yourself that there is no way you can be rich in 5 years is a pretty bulletproof way to prevent that from happening.
Convincing yourself that it is possible, your mind will start to find ways to make it happen. Subconsciously you will start to see opportunities in places you never thought you would. You just have to believe that it is possible and you start to see the world differently.
If you don’t believe in your product and yourself, why would anyone else believe in it and buy it? Why would someone pay you such a high price if you didn’t believe in it yourself. Create the product so you believe in it and make it really bring value to your customers.
Let’s say, for example, that your product costs 1 000 dollars. If it can save your customers 1 000 dollars annually, it is worth it for them. The best deals are the ones where both sides win. You get paid and they will save money for years to come. Just one example, your product could be literally almost anything that brings value to your customers.
How to get rich easy
The easiest and lowest effort way to get rich is to invest regularly. Like mentioned in the list above, with an 8% annual growth rate, 300 dollars a month, it would take around 41 years to reach the million-dollar mark.
This is, in my eyes, the easiest way to get rich. The only downside is that it takes a lot of time. But hey, good news: you can do all 3 of these. You can work your day job to pay the bills and invest some of it while making your own digital product and trying that way as well.
This way, if your digital product doesn’t take off, you still have your day job and plan B to become rich, slowly. There is no guarantee that the markets will continue to provide 8% annual returns, but based on past data, you can become rich with very little effort. If you are interested in investing, you can read my investing-related posts here.
Like I mentioned at the beginning of this post, getting rich easy and getting rich fast are two separate things. If you wish to become rich fast, you really have to create value for others so they are willing to pay you.
Creating value for others requires you to have really good skills in the field you are creating your product at. Good news again: the internet is full of information about all the different topics. So are libraries and books, so what ever your desired skill is that you want to bring value with, can be learned.
I have a post about how anyone can make a million dollars, you can read it here.
Other business-related posts can be found here.
Hopefully this was helpful to you, have a nice day.
This is not financial or investment advice. Always do your research before risking your hard-earned money. Past returns are not a guarantee of future returns in the stock market.