5 Steps to Get Rich Quickly and Legitimately

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Many people believe getting rich can only happen for certain people. I thought that for years.

I grew up believing that you were either a member of the “haves” or the “have nots” and that you had no control over which group you were in.

The truth is that getting rich isn’t out of reach for the average person. The Millionaire Next Door says 80% of millionaires are first-generation.

You too can increase your chances of getting rich by working hard and following a roadmap similar to the one below.

Are you ready to get rich?

Read on for five steps you can take to start making it happen.

How to Get Truly Rich

A person’s money situation and level of wealth depends largely on their level of knowledge and action. If you are willing to learn about the steps to getting rich, and follow those steps with action, you’re on your way.

Here are five steps you can take that will help you get rich quickly and legitimately:

1. Assess Your Money Situation

If you’re reading an article about how to get rich quickly, I’m guessing you don’t have as much money as you want to have.

Maybe your money situation is dire right now. You’re living paycheck to paycheck and struggling to pay the bills. Or, maybe you are doing okay, but you just want “rich” to happen faster.

Whatever your situation, facing the truth about your money situation will get you to “rich” faster. Acknowledging that your money situation is not what it could be can be tough.

It’s okay to acknowledge those regrets. Go ahead and spend some time being frustrated with yourself or your situation.

Acknowledge your disappointment that things aren’t where you want them to be.

Then get to work. Make a list of all of your liabilities (debts). I suggest listing them from smallest to largest, and including the debtor’s name, monthly payment, total balance and interest rate.

After that list is finished, make another list of all of your assets (savings and retirement accounts). Write down where your savings and other accounts are located and what the current balance is.

These two lists will help you know your net worth.

Next, make another list of your monthly expenses to the best of your knowledge. Include your monthly debts in that list to get an accurate picture of what you spend each month.

Write down your current take-home pay and subtract your monthly expenses from that number.

This will help you know how much money you have left over at the end of the month. That number is going to be important for step number three. But first, let’s talk about step two.    

2. Start Learning About Money

Step two to getting rich is to start learning about money. One way to do this is to read personal finance blog posts.

Another option is to read books about money. Well Kept Wallet founder Deacon Hayes has a great book out there called You Can Retire Early.

Read books on investing, budgeting and other money aspects. Start learning about the different types of investing and what choices are best for you.

Good money management is largely about knowing what to do and following up that knowledge with action.

If you are willing to learn what to do, and then do it, you can work your way to a better financial situation.  

Learning about money will help you to find different ways to improve your finances right away. Then you can build on that knowledge by following the next three steps.

3. Start Investing Immediately

If you’ve followed step two, you’ve learned a bit about investing money. Investing money is a vital part of getting rich.

When done right, investing your money can grow it faster than you ever could have imagined. Let me give you a quick investment example to explain what I mean.

Let’s say you find a way to save or earn an extra $1,500 per month. If you invest that money at an interest rate of 10% for 20 years, you’ll have $1,087,480.

If you invest $2,000 a month at the same rate, you’ll reach millionaire status in 17 years.

And if you invest $3,000 a month at that same rate, you’ll be a millionaire in 14 years.

14, 17 or 20 years might seem like a long way away. However, the time will fly by quicker than you think. So, you may as well spend that time getting rich.

Stock Market

Over the years since its inception, the stock market averages a ten percent return for investors, according to Nerdwallet.

There are many investment sites to consider. Some like Ally Invest are more of a do it yourself site.

While others, like Betterment, are hands off and more like a robot investor.

Find the best investment site for the amount of time you are able to devote to investing and for the size of your investment.

Real Estate

Another option is to invest in crowdfunded real estate. Using crowdfunded real estate companies for investing is one way to invest in real estate without having to spend hundreds of thousands of dollars on a property.

Fundrise is a well-known investment firm that allows you to get started investing in real estate with low minimums.

Last but not least, investing in owning your own business is another avenue for multiplying your money. More information coming in step five.

Related Article: How to Invest $100 and Grow it to Six Figures

4. Modify How You Manage Your Money

As you start to learn more about money, you’ll have the tools you need to modify how you manage your money.

Here are five powerful tips for managing your money in a way that promotes wealth:

Create a Challenge Everything Budget

Having a budget is key to managing your money in a way that can help you reach your financial goals. In step 2, you began this work by listing your monthly expenses and your income.

A Challenge Everything Budget takes your budgeting one step further. With a Challenge Everything Budget, you take every line item on your budget and determine a way to reduce or eliminate it.

For instance, you can work to lower your car insurance expenses by shopping around for cheaper rates. Or you can cancel your gym membership and start working out at home.

There are no right or wrong answers when it comes to the Challenge Everything Budget. However, the lower your expenses are, the more money you’ll have to put toward getting rich.

Keep this in mind as you create a budget that minimizes your expenses. And remember that having a plan for your money is key to getting rich.

The Zero Sum Budget

One way to have a solid plan for your money is to combine your Challenge Everything Budget with a Zero Sum Budget strategy.

A Zero Sum Budget strategy will help ensure that every dollar of your income has a job.

This means the amount of money you waste on unexpected expenses each month is kept to a minimum. A Zero Sum Budget is especially helpful when managing variable expenses.

The management of fixed vs variable expenses can be challenging. Fixed expenses are easier to manage; you have to pay a certain amount each month and you’re done.

Variable expenses like grocery costs can be a bit more challenging. But a Zero Sum Budget can help you manage even variable expenses well.  

And using it will help prepare you for the next step in modifying your money management: treat your savings like a bill.

Treat Your Savings Like a Bill

Another way you can get rich faster is to start treating your saving and investing expenses like a bill.

It’s easy to get into a habit of saving or investing only if you find you have money left over at the end of the month. The problem with that strategy is that often there is no money left over at the end of the month.

It’s human nature to spend money you don’t have a plan for. You see something you want to buy or have an opportunity to do something fun, and the money goes.

Plan your saving and investing just like any other bill. Set it up on autopay if you have to.

Just budget so you have a set “payment” going into your savings accounts each and every month. That way you can ensure savings won’t take a back burner to daily expenses.

Use the Value Based Spending System

Do you find it difficult to achieve a balance between what is an acceptable expense for you and what is not? Try using a value based spending system.

Using a value based spending system is simple: Cut expenses that do not spark joy in your life; keep the ones that do.

In other words, evaluate each monthly expense. Keep or discard each expense based on whether it brings you value. Each person will likely have a different value based expense list.

For instance, you might decide that spending $100 per month on restaurant trips with friends is high on your value list.

However, your friend might decide that restaurant spending brings no value to him or her.

There’s no right or wrong answers with a value based spending system. However, you will want to make a list of your financial goals to help guide you in your value based spending.

For instance, is your goal of getting rich more important than your desire to go to the movie theater each month.

If so, then you might want to cut the movie theater visits for a few months and put that money toward building wealth.

Value based spending is all about using your money in the way that means the most to you. And by using value based spending as you budget, you can find more money to put toward getting rich.

Save All Unexpected Money

Another great money management tool for getting rich is to automatically save all unexpected money. It’s easy to spend unexpected cash such as tax returns, bonuses and money you’ve been gifted.

Instead, decide that all unexpected monies will go into saving and building wealth. Those extra boosts to your savings will add up faster than you think.

Now, onto step number five: increase your income!

5. Start Increasing Your Income

The fifth and final step to getting rich quickly and legitimately is to increase your income. The more money you have, the more money you can save and invest.

And the more money you have to pay off debt. Debt is the arch enemy of wealth building. When you have debt, you’re paying back the debt itself plus interest payments to the bank.

Conversely, when you invest money, you’re earning interest for yourself. As such, it’s important to increase your income so that you can pay off debt quickly and have more money to invest.

As an example, let’s say you were able to increase your income by $1,000 a month.

If you invested that $1,000 a month for 20 years and earned an interest rate of ten percent, you’d have over $700,000 in that account at the end of 20 years.

That’s the power of increasing your income. However, you might be wondering how you can increase your income.

One option is to start working on one of the many ways you can make money from home.

Here are some other options for increasing your income:

Ways to Increase Your Income

You might be able to use one or more of these options for bringing more money into your house. Check out these ideas and see which ones might work for you.

Ask for Overtime Hours at Work

Do you get paid hourly? If so, ask your boss if there is any overtime work available. Be willing to step outside the box and perform job duties outside of your normal duties if needed.

Get a Second Job

Have you thought about getting a second job in order to increase your income?

Here are some options you might think about when considering a second job:

  • Work as a server or host at a restaurant
  • Get a job as a cashier or stock person at a retail store
  • Work a second job in your career field
  • Get a job at a service type business such as in office cleaning or shipping

Second job options are abundant; you just need to know where to look. Whether it’s working in your current field or in a different field altogether, you can find a second job.

Sell Stuff You No Longer Need

Another option for increase your income is to sell stuff you no longer need. There are many sites like Craigslist that you can use to sell your stuff quickly.

Many of these sites let you sell locally and for free. Go through your closets, drawers and storage areas to look for items you can sell in order to get some additional cash.

If you’re looking for a long-term income source from selling things, considerbuying items at garage sales and off Craigslist and selling them for a profit.

Start A Small Business

One popular way to increase your income is to start a small business. Some people call this a side hustle business. I’ve owned my own side hustle business since 2013 as a freelance writer.

Working as a small business owner has allowed me to determine both my income and who I’ll work for. I have great clients that treat me well and pay me well for my work.

Being a small business owner, I make a much higher wage than I would working for someone else is a retail or similar business. Are you interested in running a side hustle business?

If so, I’d encourage you to make a list of your skills and talents and look for ways to use them to make money with your own business.


It is possible to get rich fairly quickly and completely legitimately. It takes hard work, knowledge and action to be rich (and stay rich).

By following the steps above and developing habits of rich people, you can grow your wealth level bigger than you’ve imagined.

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