The first personal finance book I read was The Millionaire Next Door and even though it is a great book that I highly recommend, at that time it was not what I was expecting nor looking for.
I started my journey into personal finance with one goal in mind, making money!
Making a lot of it fast.
Cool… cool… But we all know “get rich quick” doesn’t work. Right?
Well, there are ways to get rich fairly quick.
But those “get rich quick” schemes never work so never fall for one!
Okay, so like I said I wanted to make money fast but these personal finance books and blogs tell me to cut down on spending and live a minimalist lifestyle, which is great but this may not be what everyone wants.
Remember personal finance is not one size fit all, it is tailored to your lifestyle.
Let’s say you are advanced in this personal finance space, you are saving as much as you can by being frugal and you have your money working for you in stocks, bonds, and real estate.
But this can take a long time and maybe you don’t want to wait so long.
Well, there is another way to gain wealth, and it’s fairly quick, let’s get to it.
Fastest Ways to Get Rich
There are two classic ways to get rich fast and they are:
- Create your own business
- Create your own product
Now, these two points are very similar because a business is composed of products.
So aren’t they the same?
Yes and no…
You can create a product without creating a business but you will most likely have some business aspects related to your product such as marketing and sales.
No matter how great your product is, try selling it to another business when you have no sales and there is no demand for it, good luck.
So, don’t think creating a product is much easier than a business, while it might be in some aspects, it still takes an enormous amount of work and dedication to create.
Okay, so what business or product should I create?
Good question, but I don’t have that answer for you, if I did then I would be filthy rich.
This is the hard part.
You have to formulate a great idea for a business or product, without the idea, the business or product will cease to exist.
Here are 2 paths to focus on to get that business or product idea to light up:
Find a problem in your country or the world and find a way to fix it
The more places and people your business or product impacts then the more reward you will get.
Many existing problems have yet to be solved, such as water scarcity or food production.
These are extreme problems and you do not necessarily have to completely solve them to strike gold.
You can also get rich by finding a way to lessen the impact of these problems, and you will feel really good about yourself also.
You want to provide value to the world and then the money will come!
What if I don’t want to try taking a stab at these extreme problems?
Well, let’s look at what it takes to build a successful business.
According to some of the greatest entrepreneurs of our time; Gary Vaynerchuk, Tony Robbins, Steve Jobs, Bill Gates, Elon Musk, etc…
They all say that you need to be unique and innovative when building a business or product.
Ask yourself questions like, “why would someone give me their business? What can I offer that is different from the competition?”
Remember the best inventions and businesses provide services or products that make people’s lives easier.
And to stay on top of the game they innovate, come up with new and exciting products to keep consumers interested.
Most importantly, remember this still takes time!
I know this may seem contradictory to the post title but I want you to know that it may take years to make money but when you do it will be flowing in.
Be patient and persistent and ask yourself what you can create that isn’t out there already?
What if you don’t have the faintest clue on what unique business idea you can create?
Improve on an already existing product or business
We have all been there, where we are using a product or system and we just get frustrated with how it works.
Those WTF moments happen all the time and it is possible to do something about it.
Take the story of Lana Hopkins for example, she is the founder of Mon Purse which is essentially Build-A-Bear for your handbag.
Her journey all started with her frustration of not finding the right handbag and now she runs a multi-million dollar company!
It doesn’t take a world-changing idea to create a million or even billion-dollar business.
Take companies like Uber and Airbnb, they saw systems that could be improved and they did just that. Now they are multi-billion dollar companies.
This comes back to the idea of innovation.
The power of technology allowed Uber and Airbnb to improve upon their industries.
They provided simple and easy-to-use platforms right in the palm of your hand!
Use your creativity and innovation to improve upon an existing product, business, or industry and watch the cash flow in.
While building a business or creating a product are the fastest ways to get rich, the internet changed the game!
I mean think about it,
Some people run social media meme accounts getting paid $30k per sponsored post!
There are videos of people making and playing with slime and they make over $100k per month!
Also, people playing video games making 500k a month!
The internet created so many opportunities and it has never been easier to turn your passion into money!
If you are not sure what business to start or what product to create then just follow your passion and put your content out there, you never know!
Even if you want to be a content creator online, ask yourself why should people pay attention to you?
Provide something unique but most importantly be you! Let your personality shine and then you will grow an audience.
Remember to provide value then the money will come.
Even in content creation, your value lies in your ability to entertain or educate people.
Now you should know that making money by following any of these ways requires a lot of hard work!
A study done by Visual Capitalist shows that most multi-millionaires and billionaires have the bulk of their wealth in business interests.
Then the rest of their wealth exists in assets such as stocks and real estate.
Why is this?
Well, I believe the case is that businesses provide a steady stream of income and most importantly:
You are in control of that stream of income.
In the great book The Millionaire Fastlane by MJ Demarco, he states that the power of compound interest is used to make the rich get richer.
Compound interest works the best with large sums of money, this is when the power of it really kicks in.
Build your business, Create your product, or share your content.
Then take the profits and invest most back into your business to grow and then invest the rest into other assets like stocks and real estate.
There are many ways to become rich and by using these tips you can find some of the fastest ways to get rich.
Creating a business or product to solve a problem or by improving existing products, you will maximize your chances of becoming rich.
Remember the more people you impact the more money you will receive.
If this doesn’t work for you, then you can follow your passion and put content out on the internet to make money.
A common misconception is that you need a bunch of money and other resources to start your business, and yes you do need some.
Many people started from the bottom with barely anything but still made it.
How is this?
This is because they are resourceful, the difference being that they used what they had to their maximum potential.
You need to do the same.
Start your business website or blog for under $5 a month! Also, leverage all these free social media platforms to show yourself to the world!
These are the fastest ways to get rich but keep in mind that it will not be an easy journey.
There will be many setbacks and times where you will want to quit but persistence will get you to your goals.
Keep this in mind and maybe one day you will have an idea that will bring you an enormous amount of wealth.
Jump on that idea and start building your empire!
Do you agree with these ways to get rich? What do you think are the fastest ways to get rich?