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When we are young, we are brimmed with dreams and aspirations, but as we grow older, everything comes in the range of what is attainable. From celebrities in their twenties owning a cosmetic brand to entrepreneurs aged sixty running a company, it makes us wonder if we can become rich like them?
The happiness we seek in material or metaphysical conditions comes at a cost. The degree or the job you are pursuing right now might not earn you enough. People will enunciate on winning millions from the lottery or even manipulate you into fraudulent schemes. But in reality, is it possible that you can become rich in a few years? Many of us do not know about savings, mutual funds or shares. How can we benefit from even our minimal income or where do we even start?
Thinking about this, I came upon an interesting thread on Quora which said, What are some realistic ways to get rich in 5 years? I’m 25 now and want to hit around 200k USD by the age of 30. What are my options?
Here are some of the answers:
Digital World-Digital Marketing
Hector Quintanilla focuses on the abundance of knowledge one can attain in the digital world. To gain the attention of the consumers is difficult. An inclusive profit-oriented business model in the marketing domain will make one rich. He says,
“Understand this: the world is changing at a very fast pace
Solve the next two problems to achieve exponential value to businesses:
- When information is free and abundant: Attention is hard to get!
- The world is in your hands! (Mobile smartphones)
That’s your business opportunity in the next 5 years:
Master digital marketing abilities to capture the attention of customers through mobile devices for businesses you will make hundreds of thousands of dollars in the next 5 years.
How do we achieve this?
Learn how to create a marketing media company – if you master this professionally your services will be extremely valuable. This is possible for anyone, you just need to educate yourself and build your team.
Remember this:
In this new world, your best investment is to focus on your knowledge and solve problems for businesses. Every business struggles with sales.”
Skillset Generation
Deepak Shukla formulated a plan which makes him earn USD 10k a month while working for 4-7 hours daily. He says,
“Aim to make your first $100 from a pre-existing skill you have:
- e.g. if you were fluent in 2+ languages
- And could code at a basic level OR use Wix/Weebly/Moonfruit/WordPress
Here’s what I would do:
- Place classified ads on multiple local sites as well as a freelancer profile across Odesk/Guru/Freelancer (Google all of them)
- Do the same for local directories and listing offline and online such as Craigslist equivalents and your local newspapers
- Set yourself up as a language expert
- Create a simple (but professional) WordPress website
- Have an option bar (Hellobar/Sumome works for this) to collect emails and give ‘something away’
- Also, contact local language schools
- Offer English to X schools
- Get paid to teach
- Develop a client base and keep aggressively marketing
- Try and get Corporate gigs with businesses if possible as well
- Convert your site from ‘solo’ to a ‘school’ or ‘company’
- Hire more language experts like yourself
- Grow your business
- Once you do your first $100 in revenue
- Do a SWOT and work out the fastest way to 1ok
- Online tutoring
- Online products (remember the option we spoke about..)
- Corporate contracts
- Offline classes
- Also, read The E-Myth
- Do a SWOT and work out the fastest way to 1ok
- And yes you can scale this (online school/programs etc) – but worry about this later
Also Read: This Unknown Guy Crosses Elon Musk’s Wealth For Seven Minutes To Become The World’s Richest Man
Loop Of Savings And Investment
Adam Fayed, the founder of a financial advisory firm, says about the immediate need for calculative savings and investment which will easily make you earn 200k after five years.
“It is 40K saved and invested over 5 years. I don’t know where you are now. Let’s assume you have a normal, average middle-class job, I would:
Negotiate
Even for high earners, negotiating a $5,000 a year rise could lead to you having more than $1M extra in 30-40 years, if you invest the $5,000 wisely. That is based on pretty normal market returns. An average return of 10%-10.5% doesn’t sound like much, but over 30 years it is huge. It can lead to more than $1M over a lifetime as the figures below show. Assuming a quite normal return of 10% before inflation and 7% after inflation, we get these figures:
Years saving $5,000 a year, in monthly instalments
Return, assuming 7% after inflation
10 years – $71,559
20years – $212,328
30 years – $489,242
If we assume, you already have $100,000 invested, the figures are even more impressive due to the compounding effect:
Years saving $5,000 a year, in monthly instalments
Return, assuming 7% after inflation
10 years – -$268,274
20 years – $599,297
30years – $1,250,468
If you already have a $200,000 portfolio, and invest the $5,000 yearly into the markets, you will have more than $2M after 30 years. A $500,000 portfolio will result in $4.3M after 30 years if you invest the $5,000 a year! These are all inflation-adjusted figures as well.”
Five Years-Sale, Networking & Investment
The twenty-one-year-old Alex saved 200k in five years by doing part-time online tutoring which was funded by the government. He focuses on the integrity of an individual to achieve success and wealth. His main objective was an investment, he proposes if you do not have savings start by selling what you have got. He says the three key factors should be followed.
“Find a need/want in the local community you can meet, it’s a great starting point for a business
Improve your social skills, emotional control, learn new languages, and gain knowledge
Be careful of greed or fear, remain emotionally strong and make logical decisions.”
Which of the methods do you think will make you rich in the next five years?
Image Credits: Google Photos
Feature Image designed by Saudamini Seth
Source: Quora
Find The Blogger: @debanjalidas15
This post is tagged under: failures, success, life, goals, imagination, never fail, dreams, social anxiety, superhero, infinity, hustle culture, growth, challenge, individuality, life skills, rich, five years rich, wealth, money, savings, investments
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