Everyone wants to know how to get rich quick. Like all truths, the solution is simple. Yet we have a habit of overcomplicating the simple to feed our egos.
We look upon the things that we know little about while avoiding the things we have much knowledge on. We pay money to people claiming to know a secret, but never pay ourselves to develop the big idea we know would be a success. We quickly jump onboard with anyone that seems to have an act-now plan, but never sit and write out our own plans.
Habitually, we look everywhere outside of ourselves repeating the cycle over and over always overlooking the simple truth inside of us all.
You are the wealth.
All of the many ways to become rich can be broken down into 3 easy steps.
- Earn more.
- Save more.
- Give more.
1. Earning more to get rich quick.
Yes, this is the obvious answer. But the method is not so obvious.
Most people will search for ways to earn more money for their time. If they make $10 an hour, they look for ways to make $20 an hour. If they make $20, they look for ways to make $25 or $30, and so on. Others may look for extra work at a reduced hourly rate.
There’s nothing wrong with these ways, but it’s not going to make you rich quickly.
The answer lies in making money that does not depend on your time. Examples are dividends, rental property income, royalties, digital product sales, etc.
These methods still require a bit of work to get them going, but let’s look at the payoff. Let’s say you work 4 extra hours a day at a part-time job for $20 an hour. At $20 hours a week, you will make $400 before taxes. That’s $1,600 per month. If you can keep this up for 3 months (you’re still working your 8-hour day job), you’ve made $4,800 before taxes. And it took you 240 hours!
That won’t get you rich quick.
Let’s say instead you spent that 100 hours working on a great product or service. Then you spent 40 hours learning how to market that product. And last, you spent 100 hours marketing that product. You wouldn’t be able to do anything except succeed.
If you’re selling this product or service for $20, you only need 240 people to buy in order to get that $4,800.
Yes, this is a simple example, but the principles remain true. Making more money at that point is just a matter of adding more salespeople, advertising more, adding a service upgrade, etc. Many of these multipliers don’t require a lot of time on your part.
There’s a great book on this called The Millionaire Fastlane. Check it out.
2. Saving more to get rich quick.
This is the second way to get rich quick. Some experts even say that this way is more important than earning more.
To get the most out of saving, you need a budget. A budget doesn’t mean you have to be cheap. As shown from these budget categories, you can still live it up and splurge.
Saving money allows for many opportunities. You can earn more in interest and dividends (some wealthy people live just off of interest), you can take advantage of investments when they are offered at a discount, and you can be self-insured so that you don’t have to pay insurance premiums.
The general rule of thumb is to save at least 10% of any money that you earn. So if you earn $1, save ten cents. If you earn $100,000 save $10,000. But if you can swing it, you are highly advised to save a higher percentage.
This means that you never ever spend this money. This is your personal treasure that makes you more and more money as it grows. Save it.
3. Giving more to get rich quick.
This is the most important thing you can do. I call it the one rule of wealth. It’s the principle upon which this blog was started. Give!
When it comes to the money that you’ve earned, you should give at least 10% of it away to someone else. This could be buying gifts, donating to charities, tithing, giving it to strangers, etc. Some of you reading may have kids and you are already giving away more than 10% to them. This also counts.
Anyone that has ever given someone a meaningful gift knows this. You, the giver, also receives the joy at that moment as the one receiving the gift.
The great thing about giving is it’s contagious. The more you give, the more people will want to give you. The best part is that you can arrange your entire life so that it gives. Your product or service can be a useful one that makes the world better in your eyes. You can choose to only speak positive and encouraging words to others. You can even simply smile at strangers.
All of these things may seem simple, but they make a huge difference.
Love is the one thing that the more of it you give, the more you have to give. Giving and receiving are one. Science even backs this up with Newton’s Third Law. Newton’s Third Law of Motion states: for every action, there is an equal and opposite reaction.
Give in every way that you can, not just monetarily. And if you don’t receive right away, it will all come back to you with compound interest.
Ready to get rich quick?
Comment below. What ways will you now start using to get super-duper rich super-duper quick?
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