Happy New Year! If you want to achieve the life of your dreams, you will need a mechanism to do so. It doesn’t matter if your dream is having luxuries beyond your wildest imagination or helping out family members or the local charity of your choice. You need the money and assets to help you accomplish your dreams and goals.
In this New Year, learning how to be wealthy in today’s economy is as much “art” as it is “science” – but both are learnable. It’s not a mystery, and the fact that it’s been repeated throughout history, over and over, in every culture testifies to the fact that yes, indeed, you can learn how to get rich. Sitting on your couch playing video games is probably not going to make you rich, but digging ditches for the next 50 years probably won’t either. So how can you become rich?
1.) Invest in Real Estate
This is my favorite way to get rich! Buying real estate has been one of the surest ways to get rich since before there was money. As you know everyone needs it and, as Mark Twain so eloquently stated, “they’re not making it anymore.” There are numerous paths to wealth in real estate, but it generally revolves around buying property that brings in more income than it costs to own, and holding on to that property until the prices go up.
You can start building your real estate empire right now by reading my book The Book On Investing:The Ultimate Guide for the Savvy Investor.
2.) Invest in the Stock Market
The stock market can be an incredible source of wealth for you and your family. There are a lot of different ways to invest in the stock market. From penny stocks to mutual funds to options and more – there is enough to easily make your head spin. If stocks are going to be your chosen path to getting rich – don’t simply throw your money at random companies. Take time to fully investigate the kind of investing you want to do and follow other investors within that niche to learn how they have made their fortunes.
3.) Start an Internet Business
Many internet entrepreneurs are building pretty substantial wealth through online websites and web companies. One of the most significant benefits for starting an online business is that barrier to entry is much lower, as you don’t need buildings, employees, merchandise, or other expensive items to begin – just a computer and some ingenuity.
4.) Start a Traditional Business
Although a lot of the shopping in the world is moving online, brick and mortar businesses are still the cornerstone of our economic system. For example, you could move to an area where the economy is thriving (North Dakota) and start a business to serve the oil and gas workers in that area. Building wealth through a traditional business is built by selling either services or products to consumers or other businesses.
5.) Save Your Money
Finally, there is the good old fashion way to get rich: slowly. Save your money, each and every month, and you’ll grow wealthy just by principle. For example, if you make the average American salary, around $50,000 per year, and can live frugally to save half of your income – you could bury your cash under your mattress for 40 years and retire with a cool million bucks.
Or, if you took that money and invested in real estate, earning an average return of 12% per year, you could have $26,389,054.18 after 40 years. This is why I choose investing in real estate rather saving my way to riches.
These are the top five ways that you can use to build wealth in today’s economy.
To learn how we are helping our clients achieve success by investing in real estate and in businesses, please join us at The Book On Investing. Also, if you are interested in investing in real estate, join us at RADAR Investments