There are lots of ways to get rich but they are all difficult. A big factor is how motivated a person is, how dedicated they are, how intelligent they are for the path they've chosen, and luck.
I'm not rich but doing pretty good. To lazy to get rich (my cop out at least). What I can confidently say works:
- Make as much money as you can in your current job by promotion, certifications, advancement, etc or change jobs to increase pay. When you're trying to get rich you need a stable income to keep building up your cash pile. Ideally one day you can quit that job but don't count on it and even if you can quit one day, you will likely need the job for quite a while
- DO NOT blow money on things you don't need and luxury. If you are rich then you can afford it, if you are trying to get rich you have to be frugal. The more you save the better positioned you will be to invest properly and at scale. Making 10% on $1000 is fine but making 10% on $500K is a lot nicer.
- Take the money you've saved and invest it intelligently. Good investments compound over time. Learn about stocks, properties, investing directly into new companies, etc. Whatever your interest is. Continue to invest profits and keep doing this. Don't spend profits, reinvest them
- As you make/have more money DO NOT increase your standard of living. This is the most common way people stay perpetually in debt no matter how much they make. Do you want to look rich or be rich? If you need something essential like dental work that you could not afford before obviously that's a good choice, I'm talking about luxury things like buying a car you don't need or a house you don't need, fancy clothes, meals, etc
- Patience, perseverance, and staying the course over years and decades. This is mandatory.
All this is way easier said than done. It works though
The other option is to just do your job and do the run-of-the-mill investing through 401k and Roth IRA, equity in your home, employer retirement, etc. Nothing wrong with that either.
