Nickolas G. Muscat

Written By Nickolas G. Muscat

On: August 28, 2019

The Only 12 Ways You Can Get Rich

There are few ways people get rich, most do so through business, less via a job and even less from family or marriage. Today we will look at the nine ways people get wealthy.

Firstly, I should say there will always be a completely disproportionate level of wealth in the hand of the few. This is just the way capitalism works and will apply no matter which of these you choose pursue so you will need to be good at what you do. However, it is not all bad news, you do not need to be in the top 1% to be wealthy, at least by most peoples definitions.

1: Start a business

Most rich people got rich by having had started a business, little of them did so from a job. While, yes most businesses fail before reaching their 5th birthday those that do survive normally make their founders quite rich, mainly those that are widely scaleble.

2: Join a fast growing business/Investing (Be strategic or get lucky and hold some stocks)

If you can't manage to start a successful business yourself, you can go ahead and leverage someone else entrepreneurial ability. Many many people have gotten wealthy this way, whether it be through investing from within or externally. The logic is joining another already growing company means you have a higher chance of it succeeding and if you are employed and start getting stocks this way you will likely see more of the growth, however, even as an outside investor you could make a killing from its growth.

3: Become a super specialist (Doctor, lawyer, etc)

As I have said previously becoming a specialist is one of three ways that you can get a high paying job. This is being 'skilled' in an area and meeting a demand most can't or won't.

While most of these other methods inherently use a lot of time in lieu of money, this one uses both as it almost always requires a lot of upfront study which is not cheap and essentially a full time job re time. Obviously, however, it can pay off nicely if you choose the right specialisation and namely if you are good at it.

4: Do dangerous, uncomfortable or jobs that other people simply do not want to do

Similar to the above point on specialists, it is a matter of supply and demand. You can get paid the big bucks for doing these sorts of jobs because not many people are willing to or are able to. Think of deep sea divers, loggers, special forces, etc. Obviously, like a specialist to be paid the top bucks you need to be the best but your base pay will be significant none the less.

5: Get into management

This is the third of the three ways I mentioned you can get a high job in my top paying jobs video. Management and leadership are highly in demand skills and if you can position yourself in a leadership position in a big company or in the right industry you will find yourself being remunerated nicely.

6: The slow frugal way (compound interest and fruaglity)

This is what you hear all the FIRE followers talking about , which admittedly I am a part of. I simply take the stance of utilising as many of these methods as possible in lieu of simply this one (minus 8, 9 and 10 which you'll understand soon). You keep investing away, including all interest gained utilising what Einstein called the eighth wonder of the world, compound interest. Watching your linear curve turn exponential and eventually retire wealthy!

7: Get into the financial industry ( under managers, investment bankers, brokerage firm, wealth management firms, they’re all dealing with large sums of money and consequently people working there can earn a lot of money)

Similar to the next point which is Real Estate, where money exists, there is money for the taking. If you can convince people to let you manage their money for them you will get paid the big bucks. You can go ahead and become a hedge fund manager, investment banker, broker, etc.

8: Go into Real Estate (sell, trade, build, like financial industry where there is money being traded, there is money to be made)

A house is expensive and where there is money, there is money to be made. A huge proportion of the wealthiest people (particularly in Australia) became so via real estate. No matter if you are selling, trading, building, investing, etc if done right it works.

9: Get famous (money follows attention)

There is a general rule of thumb that you only need a thousand true followers to live a pretty comfortable life off your fame. We see many doing this with a famous example being Kylie Jenner who literally is rich and famous for being famous. But this goes much deeper, especially with online platforms like Instagram and YouTube where there are much more people doing this than meets the eye.

10: Everything Illegal

The truth is if you do it right, crime does pay. Anything criminal often pays the big bucks and while I do NOT recommend anyone do this, if you are smart enough you'll probably get away with it too.

11: Inherit it

This one is simple, be part of the 30% of the wealthiest people in the world that inherited their money (This is not to be confused with the fact that many wealthy did have a privileged upbringing). Another avenue is to marry a rich person or someone with rich parents. Though for obvious reasons I would not go seeking love for money.

12: Get Lucky

I would not count on this but it is true, some people just get lucky. While I acknowledge being born into a wealthy family and inheriting money is also luck, I gave it its own categorie for two reasons. A, It is a hugely larger proportion of 'lucky' people than anything else and B, You would not be waiting to be lucky so to speak as you would be lucky since the day you were born.

Your chances of winning the lottery are so slim that I think you have to be borderline insane to count on this. This goes for getting wealthy from gambling, sports betting, etc.

The truth is there is more than enough money to go around and for those of us lucky enough to be born in countries like Australia where wealth is everywhere and consequently really not that hard to obtain. If you can't make it in Australia you can't make it anywhere. We should be extremely grateful for our situation and go work for what we want and live our best lifes everyday.

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