How do you plan on becoming rich? What is your definition of what “rich” actually means? What steps are you currently taking to achieve wealth? While it’s certainly true that not everybody can be rich, there’s no shortage of avenues in 2018 that people can take towards wealth, some less straightforward than others. Whether it’s get-rich-quick, career ladder progression or smart investments, here’s a round-up of the top ways to get rich, and the odds of it actually happening.
For large and small asset holders across the globe, investment has long been regarded as the most prudent path to wealth. The result is that, from London, New Delhi and Shanghai to Sydney, the business of trying to determine which investments will pay off big has mushroomed into a trillion dollar industry.
The right investments can and frequently do result in huge pay-offs for the investor, especially with the Silicon Valley tech boom resulting in a proliferation of “unicorn” start-ups which have seen massive returns on relatively small investments. As long as you manage to stay clear of the murky waters of illicit investment scams, this is a relatively reliable path to wealth.
Although the odds for this one might be the smallest, it’s undoubtedly the easiest and quickest way to enter the upper echelons of wealth. While the odds of winning a Powerball jackpot stand at about 292 million to one, the number of people who win big on the lottery is surprisingly large, and growing every year. While some people manage to hit the jackpot more than once, others don’t do so well, but the big perk here is that it’s a tiny investment for a potentially massive and instant return, without the time-consuming stress of trying to invest.
Climb that Ladder
This is definitely the option which involves the most work and (lifelong) dedication, but if you play it right and are lucky enough, smart career progression is by far the most likely route to riches. While less likely to be raking in the millions on the career route, the high-earner professions of engineering, law, academia, management and medicine are all sure-fire ways to earn a very comfortable living. Obviously, this way is not investment-free either, given that you’ll almost definitely have to fork out tens of thousands on years of education, and most likely spend years at the bottom of the ladder earning little. However, when it finally pays off, it really does pay off.
The somewhat disheartening reality of global wealth is that the vast majority of it is inherited from previous generations, with some estimates calculating that up to 40% of the wealth of society’s richest tier is actually inherited. While there’s not much you yourself can do to ensure that your family leaves you with lots of money, it never hurts to make some gentle enquiries as to what kind of inheritance you can expect to receive, and start planning on how best to invest that money.
If you know of any effective ways to get rich that haven’t been covered here, let us know in the comments section.