What are some realistic ways to get rich in five years?
Money is always on the mind, which is why we asked financial experts and business leaders this question for some realistic ways to get rich in five years. From clearly defining your goals to creating multiple income channels, there are several ways that may help you get rich in as little as five years.
Here are seven realistic ways to get rich in five years:
- Start Investing And Repaying Debt Early
- Clearly Define Your Goals
- Create the Right Product
- Bank on Your Skills
- Affiliate Marketing
- Start Building Extra Income Streams
- Intention and Reflection
Start Investing And Repaying Debt Early
The sooner you can get rid of your high-interest debt, the better. Then you can focus on saving your money for strategic investments in retirement savings and real estate. These strategic investments can produce a source of passive income through interest, dividend, or rental payments. These are all great avenues to accumulate wealth starting now.
Rronniba Pemberton, Markitors
Clearly Define Your Goals
I actually hate the term “get rich.” What does that even mean? Being a business owner doesn’t mean you get rich quick. It just doesn’t happen. I would rather have someone say, “I want to make $75,000 by 2022, $85,000 by 2023, etc.” That goal is defined and clear.
Then my most important advice is: change your activity. What you are doing now is not going to get you to the next level. With more money comes less fun weekends, more hustle, and you set aside time to learn. If you are not growing, you are dying.
Trevor Rappleye, CorporateFilming.com
Create the Right Product
One of the best ways to really make money is to either create or select a product line that you know will be in demand. Zone in on your targeted demographic, and select features that will be of importance to those particular consumers. However, most of all, work hard—as hard as you’ve ever worked in your life. A good idea will remain just that if you don’t pursue it.
Travis Killian, Everlasting Comfort
Bank on Your Skills
If you have a high-value skill, you will be able to start a service-based business and start earning a good amount of money fairly quickly. Some of those skills could be sales copywriting, software development, or sales. In either case, learning sales will be essential to your success if you want to get rich in five years. Focus on the results you can create for the businesses you provide your service to, not on the hours you will be working. That is how you leverage your time and your earning potential.
Paw Vej, Financer.com
Becoming an affiliate marketer requires a learning curve, but it’s very doable to learn how to start an affiliate site from scratch and have one or two websites making $4-10k per month, depending on the niche you’ve chosen. You’ll likely need to invest in a proper course to follow along as you build a new website and learn the ins and outs of digital marketing. Depending on your definition of “rich,” this could be bringing you in a solid amount of income each month, or you could sell the website after five years for a sizable figure.
Kristine Thorndyke, Test Prep Nerds
Start Building Extra Income Streams
For the vast majority of people, getting rich comes down to a simple equation: spend less than you earn and invest the rest. So when you’re looking to get rich in just five years, the best way to do this will be to significantly increase your income. After all, you can only cut your expenses so much, so developing additional income streams to seriously boost your earnings and aggressively investing this is going to be much more realistic. This could include starting your own business or using any money you currently have to start adding income-generating assets to your portfolio, like real estate to rent out. The income you get from these can then be invested into traditionally high growth investments—although these are also often high risk, so be aware of what you’re getting yourself into. It’s also worth noting that five years is a very short period to build your wealth from nothing, so don’t be too discouraged if you don’t end up hitting seven figures in that time.
Anna Barker, Logical Dollar
Intention and Reflection
Don’t wait to be “perfect” or for the “right time” or the “right place.” You just have to do it. Write out what you love to do and what you are good at. Make another list of what is meaningful to you and what you are passionate about. Where do those lists overlap? Choose that. That will get you rich. This is your life’s path. Fearlessly follow it. Imagine what doing this, getting rich looks like. What does it feel like? Take the first steps. Push through fear. Be aware of your negative self-talk and make your goals SMART, aka Specific, Measurable, Attainable, Relevant & Time-Based. Get comfortable not knowing the whole path, and just take the first step.
Stephanie Huhn, Mental Health Clinician & Consultant