Ways To Get Rich Quick – Some people are always looking for a get-rich-quick scheme. Maybe you are one of them. In this article, I will share some legitimate strategies to build wealth quickly.
To be clear, this is an MLM free zone! This strategy will no longer make you a pyramid scheme marketer that no one invites to parties.
Ways To Get Rich Quick
All get-rich-quick schemes (even the legitimate ones I’m about to share) involve a higher level of risk than investing in a broad market-based index fund. That’s the price you pay for the ability to make a fortune quickly.
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Personally, I prefer to invest in broad market based index funds and get rich slowly while taking less risk. I believe this is the right approach for 99% of people.
However, since many people always tend to chase big returns, I think the following strategies are worth exploring. Do your own research and don’t take anything I say as financial advice.
Here’s the thing. Index funds come in many flavors. Yes, there are index funds that only track the S&P 500 and won’t make you rich overnight. However, there are also specific indices for blockchain technology, electric vehicles, real estate and other highly dynamic sectors.
From March 2020 to June 2021, for example, the Nasdaq Blockchain Economy Index returned 160%. You double your money and then invest some of it (ie through a reality stock ETF that tracks it).
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Next is the S&P Kensho Electric Vehicle Index, which has returned 155% from July 2020 to July 2021.
My goal is not to promote this particular fund but to show you that indices are not all boring market-based investment vehicles that return a “miserable” 10% annually. You can find index funds based on almost any theme imaginable, including the most likely to get you rich quick.
In Canada and the United States, real estate has gone crazy. As a result, many real estate investors have made very tidy profits in recent years (especially when you factor in the rents they collect).
Among the main attractions of real estate is the opportunity for investors to use leverage as a get-rich-quick scheme.
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Someone with $200,000 to invest, for example, could divide that money into payments on four properties, each costing $400,000. They then have only $50,000 of their own money in each property but still benefit from $400,000 worth of property growth. So if the value of each property increases by 10% per year ($40,000 per property), they will have an unrealized profit of $160,000. That’s not bad for a $200,000 initial investment.
Beware, this is an oversimplification of real estate investing. However, the simple concept of using leverage through low interest loans against real estate has made many millionaires. In fact, many millionaires feel that real estate investing is the key to their financial success. It’s not hard to see why. There are some other investment classes that allow you to use leverage, such as real estate.
Of course, leverage has a dark side. You may end up borrowing more than you invested. This happened to many people during the financial crisis of 2008. This should not be surprising; Anything that has the potential to make people millionaires quickly has the potential to go bad.
If you are a verifiable expert in a particular field, there may be people (companies) willing to pay a lot of money for your consulting services.
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I can confirm that digital marketing is a big thing. You’d be surprised how many major companies outsource big marketing decisions (ie how to spend half a million dollars a month on online ads – a real situation I’m in right now) to consultants and agencies. If you can network and secure this deal, you can bring in tens of thousands of ringgits a month.
Of course, to start a successful consulting business, you really need to be an expert in one field or the other. Here comes this tip. Investing in your education can open up a world of possibilities (and income streams) for you.
While going to college is a great option if you want to make money in the long run (see this article for some numbers), there are other ways to invest in your education and earn a quick income.
Sites like Coursera give you the opportunity to add new certifications to your resume in a matter of months or weeks. Most of these certifications only cost a few hundred dollars but can help you earn tens (or hundreds) of thousands of dollars quickly. Talk about getting rich quick!
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If you want to really boost your financial growth, take courses you already know (as opposed to courses that teach completely different skills).
For example, when I was studying journalism, I realized that the digital marketing space offers high-paying opportunities. It’s not a great journalistic leap, though; Both fields involve writing and communication. It just paid more and helped me reach a six-figure net worth (starting from zero) in four years.
Meanwhile, pivoting to a completely new space takes time and therefore doesn’t really fit with the get-rich-quick concept.
Many types of creative work (ie web content creation and graphic design) are important enough for companies to invest in, but not to the point of hiring full-time staff. That’s where creative firms come in.
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If you have one of these agencies, the company will pay you a flat rate per submission (ie $200 per article). Your job is to find someone who will keep the change for you and make a small (ie $100) delivery.
If you’re a good marketer and have the skills to manage gig workers (that’s a skill in itself), you can scale quickly with a creative agency. Sites like Upwork feed this kind of business, providing an almost endless stream of people looking for low-commitment work (ie students and people making money after work).
An unbalanced bet is a bet where the potential profit exceeds the potential loss. Few situations embody this better than the concept of investing relatively small amounts of money in cryptocurrencies.
For example, let’s say you had a net worth of $100,000 at the beginning of 2015. If you take 1% of that ($1,000) and throw it into Bitcoin, the investment is worth more than $104,000. From July 2021. Meanwhile, at any given time, you can only lose $1,000. It won’t break the bank when you invest $1,000 in just 1% of your net worth.
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Some (like my friend Andy, whose personal finance YouTube channel you should check out here ) advocate this kind of asymmetric betting. He believes Bitcoin is poised to increase tenfold in value. Therefore, such a bet is incomprehensible to him.
However, I strongly recommend doing your own research before throwing money into cryptocurrencies. If (and only if) you agree that the property can offer you more than it pays for, this is a quick plan to consider.
Now that I’ve shared some legitimate get-rich-quick schemes, here are some general best practices when looking for these opportunities.
I will repeat what I have said several times throughout this article. All get-rich-quick schemes — even legitimate ones — carry serious risks.
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If you can’t see those dangers clearly, you can be blinded by emotion. There is a possibility that someone is actively deceiving you about the nature of the project, hiding an inconvenient truth. This is (necessary) concern. It’s enough for me to stop participating in this project until I know what the side effects are.
People who sell illegal get-rich-quick schemes often create an illusion of scarcity. They insist that you must act now or your chance to make so much money overnight will be lost forever.
This is hogwash. There is always an opportunity to make money. Anyone who suggests otherwise does so because they know that if they let you sleep, you will fall for whatever scam they are selling.
If someone spends a lot of time and money trying to convince you to invest in an exclusive get-rich-quick scheme, something is suspicious. After all, if the project is really good, why not focus on attracting other participants instead of spending money?
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Hint: Because the project they are selling doesn’t generate their income. This is the front. They actually make money by attracting people to the project. This is a characteristic of multi-level marketing plans.
Finally, it should be noted that there is no free lunch. People don’t give you a lot of money without expecting something in return.
Seems obvious. However, people are fooled into thinking that free lunches exist all the time. These hoaxes are usually smarter than the stereotypical email from a long-suffering cousin of the Queen of England. Heck, sometimes
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