We’ve all heard about some people’s overnight success and some are just lucky like the lottery winners but the chances of winning a lottery so low that it’s simply not worth it. So, is getting rich quick really possible?
First thing I want you to ask yourself: What exactly being rich mean to you? For many people, money is not as important as other alternatives in life like time. The problem is everything comes down to one thing in the end which is money either way.
Well, why? Because if you want more “me time” and enjoy things that you love or passionate about, you will need to make sure that you can still make some kind of living. There are always options in life and it is always up to you to choose the right path in life.
Simple to answer to Is Getting Rich Quick Really Possible? The answer is: Yes and No – it purely depends on ones hard work and luck. Let’s define these two:
Hard work: For majority of people working hard will pay off in the end and these people that become overnight success most likely worked their butt off and I hope you know what that means, if you don’t – it means working so much to perfect something that you don’t care about anything else but your endeavor..
Luck: As simple as it sounds, luck plays a major role. You could work very hard and still achieve nothing because you idea might not be as valuable as you thought it is. On the other side, you could become an overnight sensation by winning that $200 million lottery which is purely luck.
I wanted to touch “get rich quick scheme” subject that gets a lot of attention everywhere and many people actually
Lets dive into Realistic Ways that Can Actually Make You Rich
1. Hard Work
I want to bring this up again and go a little more into detail. We are humans and just as any other species, we tend to adapt to everything. Our life is consistent process of learning and we learn new things daily, maybe not as important or significant that we notice, but we do learn in the end.
We are all humans and we always look for easy way out of anything or acquiring things. Same procedure applies to anything you might think about right now.
Majority of people learn on mistakes (sure, some just don’t) but your return on anything will be equivalent on how much work you put in.
In this case, acquiring a lot of money will take some great work that you will need to put in if you want return. The more work you put in, the more of a return you will get.
Check out what I learned over my time of blogging and the progress I have been seeing in my work with Student Money Adviser that you can really see an example of how this blog is paying off to me.
2. Commit to Being Great at What You Do
You need to commit to being great, not just like everybody else at your work. You need to stand out professionally and be the person that everybody likes and invites to the gatherings, events, parties.
If you are average or even low performer, then you need to step it up, or figure out because maybe that industry is not for you and it is time to change. If you become one of the best performers, the rewards that will come with it will be great.
The point here is: If you want anything in your life, become great at it and money will come to you.
3. Start Small with Investing and Grow it While You are Young
This, I believe is the most important step for success financially. Majority of my readers are college individuals and I have mentioned many times and will mention this many more times to come that putting out even $20/month in investing account will make a difference, your future self will thank you for doing this! Start investing early, this is a big secret to success.
Here are the best options I talked about before where you need barely any money to start with and for some you even get a bonus!
- Acorns – absolutely fantastic “micro investing” platform that reinvest your spare change for you into investing account, this is absolutely must have application read my detailed review here. Get FREE $5 when you sign up here!
- M1 Finance – Easiest and simplest company to start your journey with investing and you only need a minimum of $100 to start! Yes, that’s right $100! This is honestly one of my top two picks for investing for everybody. Read my full review on M1 Finance here. Sign up here for M1 Finance account.
- CIT Bank – This is another great bank that has been around for over a century now to start your investing with and the best part again is that only $100 minimum required to start. Current savings rate is at 1.85% APY which makes it a wonderful return for anybody especially as a starter. Check out my full review here. If you are ready, then sign up here.
- Robinhood – Similar to Acorns I talked about, but instead of free money to sign up, they will give you a free stock! Claim the free stock here.
These are my best recommendations for you to start growing your money, you will really put yourself ahead of other peers and trust me – your future self will say thank you.
Check out books that you MUST read in your 20’s for a successful financial future.
4. Don’t Be a Fool When It Comes to Money
I get it, having latest and greatest is great because of all the new features that you think will benefit you more and more where last year model is now too old for you.
In this case I wanted to touch technology because this is what a lot of us spend money on for the most part and this is the part where we also tend to lose most of our money on.
You probably know that the best new iPhone now starts at $999 and goes as high as $1,449 (not including taxes and fees). Many people I know are not realizing that even if you upgrade every year and think that it is worth it, well I hate to break it to you because it is not financially making any sense.
This doesn’t apply to just your smartphone but also in almost every other item you buy to replace your old item like a car for example.
In United States cars are very affordable because majority of people are able to lease vehicles and it is not the way to go. If you just put down payment on lease and then pay whatever the amount you are paying per month, in the end you don’t own that car and you will never get that down payment back. So, 1) the car is not yours, 2) you have lost money on down payment that you will never get back, 3) you are limited to drive the vehicle annually (mileage), 4) vehicle has to be returned I the same condition it was given to you (no upgrades like tint).
Next time you buy something, think about it for a minute because imagine what extra $100 can turn to in your future and I’m not even talking about what that $1,000’s of dollars down payment can turn to in 20-30 years.
Open investing account with M1 Finance, put $100, set up $10-50 per month transfer, increase the deposits as your income grows and forget about it. All of this doesn’t require you to do anything other than setting up and maybe checking it once a year. Secret to Life Success: Getting Paid to Do What You Love.
5. Marry Rich Girl or a Guy
Worked for many and might work for you. This is an easy option if you just want to get rich. Bill Gates said: “It is not your fault if you are born poor. But it is definitely your fault if you remain poor”. If you are able to marry rich girl or a guy, then great for you, you are rich!
It is simple to learn now a days with a quick search on the internet of the places to go to find a rich girl and also how to become charming and likable, so get on it. Also wanted to throw this one out there as well, don’t cheat!
6. Money is Not a Destination
I’ve never been there and can’t say realistically from personal experience, but I don’t think there will be ever enough of money in anyones life, even billionaires. Everybody has their needs and wants. As you grow financially, your needs and wants will grow as well, it is important to set parameters in life.
Understand that the financial path will not be just straight, you will lose and gain money. Obtaining wealth is an ongoing journey and not a destination and should not be in your life. How Much Money You Need to Make to be in Top 1%, 5%, 10%.
Take for example many celebrities, athletes, actors, lawyers, and scientists to name a few. They earn millions of dollars a year and some are still broke, does it ring a bell?
If you have some basic knowledge of money and mo matter how much or little you have, if you can manage it within your right means, then you can consider yourself wealthy. It really is not about how much you have, but how you can manage it.
Everything is a learning process and don’t blame yourself for mistakes you did financially before, instead use these mistakes to only better yourself. So, Is Getting Rich Quick Really Possible?
Yes, but don’t follow the typical scheme of getting rich quick, if it was meant for you to become rich, then you will. If not, then be thankful for what you have.
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Richard Barnett is a student majoring in finance, entrepreneur, marketer, content writer, budget traveler, and financial blog “Student Money Adviser” owner. You can read more about me here.