Learn how to get rich in a year by taking any of these smart investing ideas.
We all want to be rich. Who doesn't when becoming rich allows us to expand our horizon, finance our passion, travel around the world, fend for ourselves and our families, and help others too! That's how we can expect to live a fulfilling life, other than of course spiritual and emotional fulfillment. Am I right? So you may be curious as to how to get rich in a year and what things should be done to help you achieve that goal in no time.
You probably may be reading this now because you're now seriously making a sincere intention to be truly rich in a year. I am going to share 7 ways how you can achieve that goal in the next 365 days and how easy it is for anyone to do that.
Let me point out though: Being rich is better than being poor but it doesn't mean reaching the millionaire status is that easy peasy. Being rich is not an overnight success, unless you win the lottery, and this post will show you how it requires hard work and perseverance to get there.
What are your other options if not working hard for something great? You might end up having an average life without any significant accomplishments. Being broke, poor and unemployed is surely no place to be in for a dreamer like you.
There are many ways how to get rich in the next year but here are my 7 favorites:
Start a Profitable Blog
You can write about how to be rich because it's something everyone wants to know how to achieve. Your blog is also an online business but one that doesn't require any huge upfront investment as you only need a computer, a reliable internet connection, and a good blogging platform like WordPress. It takes no special skill or knowledge so anyone can start blogging. All you have to do is: find a topic that interests you, dedicate yourself like your life depends on it, promote your blog and make use of your social media channels, learn how to make money online through affiliate marketing and monetize your blog with Google Adsense.
It's a great way how your how-tos will bring you in extra money because it's related to how becoming wealthy whether online or offline. You don't need any skills to start writing – all you have to do is pick a topic, dedicate yourself to intentionally blog for living, and learn how search engine optimization works. Take time to learn how keywords, tags, images make your originally written articles more visible in search results.
Sell Products You are Passionate About
Sell products you're passionate about. If you love playing sports, there are a lot of shoes and clothing you might like. If you love traveling around the world, how about selling maps?
If your main goal is how to make money in a year, consider establishing a semi-online business where you don't have to worry about inventory or anything of that sort. Instead of paying for goods upfront yet selling them at high prices usually up to 4x more than what you've actually paid for them, look into dropshipping! This method requires linking up with suppliers in China (or wherever else) who are eager to receive international orders and ship out their products so it can be sold for a profit.
Start an online business because it's a way how you can be your own boss and how you won't have any bosses above you that will tell you how to do things. You'll feel how great it is when there is no one telling how or what to do, or having someone managing you and controlling your precious time that you can actually spend for your own growth. And most importantly, the money comes directly from your customers, they buy what they need from your shop and that means more profit for you! There are different kinds of online businesses like Amazon store, Shopify or WooCommerce dropshipping , designing T-shirts on Teespring, and selling products on eBay.
Get Rich by Doing Freelance Work
There are hundreds of websites that offer freelance writing jobs from home for people looking to supplement their income. All of these sites have different specifications so take your pick!
How about becoming an online tutor? You can share some of your skills like how to speak a foreign language, how to sing or play the guitar, how to write essays or articles, how to do math – anything really! You'll enjoy teaching others which will give you satisfaction and this way once people know what you're capable of they might offer you other opportunities in return for your help! And I'm sure that's something everyone wants: extra cash! It's not enough how starting tutoring online won't just bring in money but also connect you with new friends across the globe that share the same interests that you do.
Start investing in Cryptocurrency While It is Still Cheap
Cryptocurrency is the latest trend that could potentially replace how fiat currency in how we pay for goods and services today. This method of payment is extremely secure as long as you have a device to access your account at all times and there's no middle man involved like how other transactions such as credit card purchases are processed. There are many options out there that can help you get started but I recommend going with Bitcoin because it continues to be the most popular in terms of how much it costs and how many people know about it.
Earn interest up to 8.6% on your bitcoin and other cryptocurrency investments. Learn more here!
Crypto might be experiencing huge correction from time to time, but it is something one should never underestimate. Value in crypto has exponentially grown through the years and investing in it could be just your ticket to millionaire land in just a year.
Start Investing in Real Estate While Prices are Not High
Real estate might be doing terribly right now but if you have savings, don't wait until America/China/Japan etc. recovers before trying to invest again. I's probably not going to see any positive changes again soon. The best thing you could do on how to be rich in a year while interest rates are still low is simply go out and start investing!
Investing now in real estate is one of the highly profitable ways you can take to getting rich in a year. Having strong real estate assets while making use of the crisis as prices are not yet that high should be a wise decision.
Create an Emergency Fund
We've already talked about how important it is to build up your savings so if something comes up and suddenly you need cash, there's always an option to borrow from friends or family. There are also various ways on how to be rich in a year as we've mentioned in our previous blogs about how high interest rates peer to peer lending websites offer.
Having a solid emergency fund is a struggle-proof idea when it comes to saving and investing. Make sure to have an emergency fund that will sustain you for a while when crisis arise.
Spend Less Money This Year Than in the Previous Year
It takes a lot of discipline to spend less because we're always short on money (don't have enough for ourselves or others purposes). We often justify how we're buying something that will benefit us like going out with friends, meeting family, or how some expenditure is necessary and beneficial. The key how it's possible is to not exceed your bank account balance unless it's really important or mandatory! Track how much money you spend every month so you'll know where all your hard-earned cash went. Take advantage how you decide how to spend your money. Be more mindful on how much expenses cost and how it's possible to do without them.
As a whole, it all boils down to investing in yourself through attending financial literacy lectures, reading how to be rich in a year books and getting your hands on seminars about obtaining financial freedom.
Investing how much money you can on education could help subsidize your financial goals and endeavors. There are many people who started off by learning everything available about trading stocks so they understand how the market works and most of the time lead to highly profitable results.
So…how do you like these ideas? Let me know what works best for you!
Read the Entire Making Money Series
- How to Make Money Writing Online
- Small Investments that Will Make You a Lot of Money
- 6 Steps to Make Your Financial Assets Work Harder in 2021
- How to Make Small Investments to Get Rich!
- How to Make Ends Meet On a Low Income
About the Author
Joseph Hogue is a financial expert and investment analyst. After serving in the Marine Corps, he started his career investing in real estate before becoming an investment analyst for some of the largest private investors. He's appeared on Bloomberg and on CNBC as an investment expert and has published ten books in personal finance. Now he helps investors reach their financial goals and invest in the stock market with some of the same advice he used when working for the rich.