If your goal is to get rich from nothing, I have some news for you. Not only is getting rich completely possible, but anyone can do it!
Yes, it is difficult and takes some time, but if you start today then your future self will thank you. With a little bit of planning and determination, you will see wealth accruing fairly quickly- hooray!
While you might be doing one or two of the items on this list, it is wise to implement as many as you can in order to successfully get rich.
Define What Being Rich is for You
If your goal is to get rich from nothing, the first thing that you want to decide is what ‘being rich’ looks like for you and your family. You need to set out and decide what actual number you need to earn in order to be rich.
You might also want to read the difference between rich and wealthy – it may impact your financial decisions.
One factor to consider is your location. Having a job that earns $75,000 a year in some places can put you in a mansion or a 500 square foot apartment.
Related: How Much is a Million Dollars?
Check Your Money Mindset
If you want to create a life with a lot of money, then you need to check your money mindset.
What is a money mindset? It’s how you think about your finances!
I understand that it could be a little uncomfortable at first. There are cultures all over the world that encourage keeping your money to yourself, so that uncomfortable feeling is very relatable.
If you want to become rich from nothing, however, you need to be able to talk about it!
If you are looking to change your money mindset, the first step is to admit to yourself how much you need to live the life you want. Sometimes that can be the hardest step but there is no shame in being able to say to yourself “I want to earn ABC by the end of the year”.
When I became an entrepreneur, I had to admit to myself first the importance of earning money through my work. Once I became comfortable with that concept, earning money became much easier.
Not only was I able to adjust my prices, but I was able to set the right goals to help me reach them.
There is also something wonderful to be said for being able to share with other people your financial goals with confidence. It helps them cheer you on and celebrate when you finally make your dreams of richness a reality!
There’s more to getting rich than just a healthy money mindset. Keep reading to learn some other tricks you want to master in order to gain wealth…
Create a Financial Plan
Having a financial plan with your current income is essential to getting rich. Whether you make minimum wage or 6 figures, you need to have a precise plan set in place for where each dollar is spent.
Not sure where to start? Here are a few tips I have for anyone looking to create a financial plan:
Get on a budget
Creating a budget is one of the most essential components to becoming rich. Not only will a budget help you spend your money wisely, but it’s a wonderful map to show you where you may be wasting money.
If you want to create a budget but you aren’t sure where to start, that’s all right! I suggest looking at paycheck budgeting at first to help you get used to the idea of controlling your money. T
he concept is simple- look at the money you make every paycheck and tell every cent where it will be spent.
Get Out of Debt
Getting out of debt is possible! I know, when you are in a lot of debt it can feel like this big, hairy beast that you can’t escape. But if you are able to sit down and make a strong financial plan, you can get out of debt.
My favorite resource to direct people to for getting out of debt is Dave Ramsey’s 7 Baby Step Plan. Not only has it helped millions of people get out of debt, but I believe that it will work for you as well.
Have an Emergency Fund
One thing that is an absolute guarantee in life is that something unexpected will happen. Whether it is a car repair, a leaky roof, or an unexpected trip to the emergency room, you need to plan for the unknown.
When it comes to a solid financial plan, that means you want to have specific savings just for those unplanned emergencies.
It can be as much or as little as you’d like (I highly recommend 3-6 months of living expenses), but having an emergency savings fund will help you feel more secure when it comes to your overall financial plan.
There is just something so wonderful about getting a flat tire and knowing that you can afford to repair it without sacrificing other areas of your budget (or worse – putting it on credit).
Stop Spending Money
The idea of not spending any money might seem like an impossible dream, but if you want to get rich from nothing, sometimes you need to do the impossible!
If you can implement a no-spend challenge for a piece of time, you will be surprised at the habits that you can develop. Whether you plan to go for the weekend, a week, even a full month, try out a no spend challenge and you will be shocked at the changes.
Not only can trying out a ‘no spend challenge’ save money, but your spending habits will change as well. Suddenly when you go to the store, you will wonder ‘is that really necessary’ vs ‘jeez I really need that!’. It’s really wonderful!
Start Saving Money
While not spending money is essential to becoming rich, it’s saving money that can really help you accrue wealth in the long run.
Luckily, there are plenty of ways for someone to begin saving. There is the traditional jar on top of the fridge for a rainy day, starting a money market account, or starting a completely separate, untouchable, checking account just to deposit money into.
There are a lot of ways to go about saving your money, but the important thing is that you simply start.
Create Multiple Streams of Income
Having more than one stream of income is a wise way to become rich. Why? Not every income stream is consistent, so having a few to help you consistently earn money will be beneficial for you.
Did you know that the average millionaire has over 7 income streams at any given time? This can be investments, jobs, real estate… you name it!
If you want to increase how many income streams you have currently, consider adding a side hustle!
Maybe you start a blog, consult people in your profession, or grab a weekend shift as a waitress. Anything to help you earn more money.
Yes, it will take some extra work, but you can’t get rich without trying!
Have Patience and Determination
“Becoming rich is a crock pot, not a microwave”- Dave Ramsey
If you want to earn more money and become rich from nothing, then I suggest you get started and bring your patience with you. True wealth doesn’t come instantaneous (with the exception of the lottery, but that probably isn’t going to happen- sorry).
In fact, to become the level of rich that you are dreaming of, it is important to understand that it takes a long time. Years, even decades, to achieve the type of wealth that you might be working toward.
My advice? Start now, since the time will pass anyway, and don’t let anything distract you. If you want a million dollars in your retirement fund, do anything and everything to get to that point.
You can do it, with a little patience.
Once you get your budget under control and you begin to save a little bit of money, now the fun can begin. After all, making wise investments will help you become rich in the long run.
Even better? There are countless opportunities for you to begin your investment journey!
Investing in real estate (flipping houses, short term rentals, or second homes) can be extremely profitable. Another option is to find a local business to buy into – maybe a dive bar or the local laundromat to help you increase your income.
Of course, you can always purchase some stock or company bonds to help accrue wealth in the future.
Curious to learn about the best ways to invest your money? Here are my top 10 ways to invest!
What to do Once You Become Rich
Something that I always like to do when I am thinking about all of the ways that I can get rich from nothing is to plan what I will do once I get rich. Not only can it be really motivating, but it can be fun to dream too!
Here are a few ideas of what I plan to do once I am rolling in the dough…
Become Mortgage Free
One big goal I have is to become as financially independent as I possibly can. For me, that means becoming mortgage free as soon as possible to help me and my family have full control of our income.
Help Out Those in Need
Something that I think everyone in the position of wealth should focus on is to help those in need. Everyone has a charity that they feel connected to, so why not pick one of yours and plan on a big donation in the future?
Take a Luxury Vacation
You know those super fancy vacation spots that you see on TV? Once you can afford it, why not make it a point to take your family? Go all out too- private chefs, personal pools, and once in a lifetime memories!
A Special Item
Everyone has a special item that only in their wildest dreams would they own. It could be a luxury car from the 70’s, a fancy spa day, or antique Louis Vuitton Shoes! When you accrue wealth, the world is your oyster.
Take some time and dream with your family! You will be surprised at how big you can dream.
Getting rich from nothing is no easy task. Luckily, it isn’t impossible. With a little bit of planning, patience and determination, you can absolutely achieve your wildest financial dreams!
Once you create a budget, pay off some debt, and make savings a top priority, then you will slowly begin to see your wealth accumulate in some of the best ways!
Are you working on becoming rich/wealthy? What dreams will you make a reality? Tell me in the comments below!