How to get rich or become a millionaire is probably one of those questions that eventually strike everyone, although almost no-one actually act on the answer to the question after getting it.
Yet, some do.
For them, few things are as motivating as working toward becoming rich. There exists no 100% guaranteed way of becoming rich – no matter the angle you’re attacking the problem from.
However, there indeed is a difference in the probability of becoming wealthy based on the specific road you’re currently utilizing as a means to reach the goal.
Different Paths to Getting Rich
Examples of different paths to a rich and wealthy life could be to create money through investing in stocks, inventing and developing a new app or tool before selling it at the right time, creating a multi-sided marketplace like Etsy, YouTube or Apple’s app store. Or, perhaps you’d rather get a good education and work hard and steadily at a career where you’ll eventually end up in a good enough spot to earn what you’re truly worth. Maybe, just maybe, you’re one of those crazies trying to get rich by winning the lottery.
Whatever the case may be, let’s take a look at what a few other sources on the interwebs think about this.
We dug up a very fine article by Blaz Kos over @ agileleanlife.com – Wondering how to get rich? There are only 10 ways to a wealthy life. The article shares a detailed, sound overview of the 10 different paths on how to get rich:
- Start your own business
- Join a fast-growing company
- Become a “rock star” specialist
- Secure a management position in a big or highly profitable company
- The frugal and slow way to wealth
- Get into the financial industry or become an investor
- Start with real-estate trading
- Get famous
- “Broken moral compass” ways
- Count on your luck
There are lots to learn in the article. Jump over to agileleanlife.com and read it to get a bird’s eye view on the how to get rich-terrain before choosing one or a few paths you’d like to learn more about.
Next we have a nice take on the matter in the article How to Get Rich in 3 (Really Difficult) Steps from swpconnect.com.
They point out that statistically, most very rich people are business owners. Therefore, their steps are:
- Ignore Your Parents
- Start Something
- Get Liquid
On YouTube we found this little gem – Mark Cuban’s Guide to Getting Rich by Vanity Fair. With great clarity he touches on these nine points:
- Live like a student
- You shouldn’t use credit cards
- Save six months income
- Put savings into SPX mutual fund
- Invest up to 10 % of savings in high risk investments
- Buy consumables in bulk and on sale
- Negotiate using cash
- Read books
- “Nice works”
To spice up the conversation, we’ve here added to the mix Tony Robbin’s view on the matter, in the video How To Get SUPER Rich by Get Motivated. A.o. they say:
“How to become a millionaire? Tony Robbins on money master the game. […] he [Tony] shows how to get rich by investing in a well-diversified portfolio of stocks, bonds, mutual funds, ETFs, Index funds and diversify your money into an asset allocation.”
In other words, it’s a good video to watch if you want some insight into how investing in stocks work,
Now, having heard Tony Robbins talk about investing in stocks, etc., it’s time to visit the complete opposite approach, as portrayed by MJ DeMarco in his ingenious book The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime.
Albeit somewhat unorthodox in his straight forward, no bullshit approach, DeMarco has written a book that – if you resonate with it – has the ability to completely blow your entire get-rich-search to smithereens, replacing your ideas with a new understanding of the aspects of your business that must be present if you want to maximize the probability of you becoming rich.
DeMarco does not believe the frugal, save-your-ass-off way of living is the best path to richness – unless you don’t wanna be rich until when you’re 80 frikkin’ years old.
For example, instead, in great detail he lays down the mindset needed in order to create a successful “moneytree” that practically prints money for you, day and night, whether you’re present or not. Imagine that. It’s fully possible to create it – not meaning easy. It’s not easy. But it’s doable. Nuff said. Read it 🙂
A lil’ tip: We can’t recommend this book enough – but make sure to read the free sample first, in order to find out whether the book’s tone appeals to you or not.
Intelligent Investing Helps Build a Moneytree
Now, while we believe DeMarco’s way probably is the best “quick fix” – that is, if you consider 5-6 years of intensely hard work a “quick fix” – we still also think it’s important to never the less invest some of the money you earn in stocks.
Not that we mean speculating (i.e. gambling) on uncertain companies that might go up or down a lot anytime is the way to go; rather, we’re now talking about investing in companies big and stable enough to last through all but the absolutely worst scenarios.
And oh, make sure they pay dividends as well, will ya? 🙂
That way, for every dollar you invest in these relatively safe and stable stocks, you’re simultaneously building a steadily growing yearly (or so) income stream from those dividends. In this approach, you won’t sell just because you suddenly find yourself being pushed back by a bear market – on the contrary, you’ll still believe the businesses you’ve invested in will be alive after the bear yet again has fallen asleep, and the bullmarket pokes its horns out before the charts will show more spikes than a cram-packed bullfight.
You’re right. This is truly not a get rich quick-appraoch. It’s merely a slow growing of one’s pool of recurring income.
In order to not get lost in the rough stockmarket jungle, we highly recommend you to plunge into the greatest investment advisor of the twentieth century, Benjamin Graham’s, classic The Intelligent Investor.
It will help build a sound base of knowledge and wisdom in the everchanging, zig-zaggidy landscape of stock investing.
We’ll leave you with this, and hope to have brought about some clarity or perhaps potential direction for your further quest to answer the burning questions of how to get rich or become a millionaire.