Five ways to become rich in five years or less

Many people still believe that you have to be incredibly talented or extremely lucky to get rich; while talent and luck can get you rich quickly there are other ways that a normal person can become rich. Before I reveal my take on five ways to become rich in five years you need to know what it means to be rich.

For me rich means having enough in savings so that you don’t have to work another day of your life, if you’re living on £1000 per month then you need to accumulate £400,000 so that you can live off the interest which is assumed at 3%. This might seem like a daunting task, saving £80,000 per year is incredibly hard, nevertheless if you spend a majority of your time thinking about this goal and your proactive and motivated you’ll find a way through.

#1: Intrepreneurship

This is a word that is being thrown around on the internet and basically means working hard to climb to a position which pays a very high salary. It does not really matter where you start however you should have an idea of where you want to end up.

You need to spend as much time as you can researching into the company so you can find solutions to problems, you need to be proactive and become indispensable in your department, you need to study and work to gain qualifications so that you can progress faster compared to other people. Intrepreneurship does work and eventually you’ll get to a position where you’re earning hundreds of thousands of dollars per year.

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#2: Entrepreneurship

This is where you become your own boss and sell a product or service, to become rich this way you really need to believe in what you’re offering. You need to really be passionate about what you’re selling. If there is a need for the product or service then people will buy it, the more passionate people you can get selling your product the more profit you’ll make.

Take your time to study trends and charts and learn the ins and outs of a successful business; start small and then build at every opportunity you get. If you’ve really hit the nail on the head then you can take your product or service worldwide and then you can watch the dough come in.

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#3: Commission Sales

Another great way to become rich quickly is through commission sales, again the selling aspect will become much easier if you truly believe in what you’re selling. If you can put your heart and soul into your pitch then people will buy what you’re offering.

I know people in financial services who really believe in the service they’re selling and earn up to £200,000 in yearly commission, it does take hard work, it does take organization and hard work but with the high earnings you’ll be able to retire rich.

#4: Real Estate

I love real estate; rent is a great way to generate passive income. Take your time to bolster your credit score and then buy a property which pays at least £1000 per month rent, once you’ve got the property on a mortgage you need to pay the mortgage as quickly as possible. The sooner you can pay off your mortgage the quicker you can become rich.

You can repeat the process as many times as you like and watch the rent come in. If you can take care of your tenants then they will take care of you, the tenants will pay you rent, the tenants children will pay your children rent, the tenants grandchildren will pay your grandchildren and so on, you’ll ultimately be leaving a legacy for the upcoming generations.

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#5: Investments

Many people shy away from investments because they see it as risky; what they fail to observe is that risk can be controlled. Of course it’s risky to buy a stock from a rumor; of course it’s risky to buy an option because speculation is rife in the market.

The best way to approach any investment is to become an expert, if you can read at least 40 books on a subject you can become an expert in that field, you can identify opportunity and assess risk and in the long run you will start to make money. Many people get burnt in the stock market because they rely on others and do not know what they are doing. If you can take the time to become an expert you can become rich in five years or even less.

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You don’t have to choose one particular route to become rich, if you can multitask effectively and have the energy and resources to pick two or three options then you will see more money coming in. It’s important that you don’t spread yourself too thin as this will reduce your effectiveness in other areas. Always surround yourself with smart positive people and always have a positive can do attitude.

It’s very hard to maintain focused over a period of five years and there will be many setbacks as well as tremendous successes, if you really want to achieve your goals then you need to continually renew your goal, break them down into more manageable pieces and use every day between now and the end of five years to achieve what you want from life. Always copy successful people, learn about them and then look for methods of ideologies that you can replicate for success.

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Don’t waste time figuring things out for yourself, if it’s been done before then all you have to do is copy it and you will see success. It really is that simple and it really does depend on how badly you want it, dream about financial independence and retirement and always read about people who have achieved their goals, if you can maintain your focus by being inspired by successful people then becoming rich and wealthy is inevitable.