How to start a get rich plan in just one week

shapecharge / iStock.com

The desire to get rich is certainly nothing new. Create wealth is something people have wanted for generations, even before our current monetary system, and researchers have successfully tracked the income gap 11,000 years ago. Getting rich is something people have seemingly always aspired to achieve, but it’s rarely easy.

Advice: 6 Ways to Start Building Generational Wealth for Your Family
Worth checking out: 12 realistic ways to earn your first million dollars

Let’s address the elephant in the room: you shouldn’t expect to get rich in a week. You can to start up get rich in a week by putting the right systems in place or starting a new business, but the wealth creation itself will likely take time.

However, nothing should stop you from getting started. Depending on your skills and the resources you have in terms of time and money, there are several ways to start getting rich in a week. Many of these ways have been around for decades, while others have only emerged in recent years.

GOBankingRates asked the experts about their top ideas for getting rich, and they responded with some pretty new ideas in addition to proven methods of building wealth.

Continued: 10 Ways to Build Wealth Quickly

Make your money work

Growing your money is undoubtedly one of the proven ways to get rich. Real estate, for example, is a tool people have used to build wealth for generations.

Jessica Weaver, CFP, says real estate is a great way to generate passive income. However, you must take the necessary steps to ensure that the property is a good investment. “The first step is to do your research and see if the real estate market favors buyers or sellers,” Weaver says. “You don’t want to overpay for a rental property.”

To learn: 8 insider tips to get rich in real estate

Weaver recommends finding a location with lower utility bills, taxes, and homeowners association fees, as these must all be covered by the tenant.

Additionally, Weaver recommend actions as a way to make your money grow. “There are many strategies for investing in the markets, such as buy and hold, dollar cost averaging, or tactical trading,” says Weaver. “It’s something you can do yourself or hire a financial adviser or fund manager to invest for you.”

Invest in private mortgage funds

The previous section focused on real estate as a way to get rich, but that assumes you’re buying your own rental properties. However, there are many other ways to invest in real estate, and one of them is to use private mortgage funds.

If you don’t want to buy your own properties outright, these funds are an option to consider. For example, you can lend money to pinball machines that need the capital, says Lyle Solomon, senior attorney at Oak View Law Group.

“It can give funds to house swimmers who are buying houses for business purposes,” says Solomon. “Lending money to reputable real estate swimmers can help spread the risk of that investment.”

“Invest” your time

You cannot invest your time the same way you would your money. After all, you can’t buy rental property or stocks with a time block. However, you can devote time to creating a side business or a business that will allow you to generate significant income. And, indeed, you might even be able to create one in a week.

Explore: 22 Side Gigs That Can Make You Richer Than A Full-Time Job

Weaver offered tips for starting a business that will help you get rich. “Start by clearing your brain of all the things you love to do; it’s time to identify your area of ​​genius that is so special and personalized to you!” In other words, figure out what you like to do and are particularly good at doing it.

“The next step is to research who else does what you love to do and how much do they charge?” said Weaver. She recommends finding out what people are doing and figuring out how you can provide more value and charge more for it.

Automate your savings

Automating your savings is easy these days, making it a must-have for anyone looking to build serious wealth. Whether it’s automatically contributing to a savings account, a retirement account, or both, it’s important to get started.

Related: 7 fastest ways to save $20,000, according to experts

“If you want to start getting rich this week, the best thing you can do is set up automatic savings plans,” says Clayton Quamme, financial planner at AP Wealth Management. Quamme recommends opening a Roth IRA and setting up automatic weekly or monthly deposits to your account.

“This is also known as the ‘pay yourself first’ strategy, which means you save money first and then figure out how to spend the rest,” says Quamme. . “Most people do the opposite and never save enough to get rich.”

Create videos for social media platforms

Not everyone is comfortable making videos, but if you’re a natural in front of a camera, this can be a great way to start earning an income. Plus, it doesn’t take much to set up.

“Creating content for many social media outlets is one of the best jobs you can have on the internet,” says Solomon. “Creating movies for YouTube, Facebook, Instagram and Vimeo is the most successful content.”

It’s true, those who make videos on YouTube and other platforms can earn a lot of money. Some YouTube channels even earn millions every year. Although it’s certainly not easy to do, you could earn a decent income doing it, maybe even an income that rivals what you earn in your daily job.

And, you can start in a week.

More from GOBankingRates

This article originally appeared on GOBankingRates.com: How to start a get rich plan in just one week

Comments are closed.