I am pleased to say that this is the 1,000th post that has been written for Buy Like Buffett. I am kind of surprised that I have produced this much content in only a few years. I have seen a lot of growth in the site from 0 readers to more than 50,000 a month now. Thanks to all of the readers! Today, I have decided to look at a bunch of different ways to get rich without ever setting foot outside your home. By this I mean ways of how to get rich outside of your normal 9 to 5 job that you do on a daily basis.
Investing is a tried and true strategy that has worked for countless numbers of people. The average American that has been able to retire has done so only because of investing. 401k’s, IRA’s, and pension plans all invest money in securities so they can earn a rate of return that allow these portfolios to grow. Great investors like Warren Buffett, Carlos Slim, Carl Icahn, and John Paulson have risen to billionaire status through investing.
Investing is much easier than it was 20 years ago. You no longer have to phone a broker or go meet with one face to face. Today, you can place buy and sell orders right from your personal computer. A consistent investment strategy can vault you into the millionaire or billionaire stratosphere over time.
The Internet has been one of the main drivers of wealth for the domestic economy. The economic growth of the 90’s can be largely attributed to all of the dot coms and startups that came about during the decade. The Internet helped to make billionaires out of Bill Gates, Larry Ellison, and Mark Cuban. Cuban banked $2.9 billion personally from his sale of Broadcast.com.
One of the ways that you can get rich is to create a website that generates tons of traffic online. Mark Zuckerberg made a fortune with Facebook and teenagers David and Cathy Cook made $100 million dollars off of MyYearbook.com. It just takes one bright idea for a corporate website, social media site, or blog to catch the interest of some venture capitalist or corporate firm that will pay you millions for your website.
There are other ways to get wealthy online. Erica.biz has found a way to make over $10,000 a month writing articles. John Chow and Tyler Cruz are making a fortune through affiliate marketing. Full time website development and SEO consultants are earning top dollar to build sites and help them gain traffic.
Frugality is another approach to getting wealthy; although it can be incredibly painful to do. Adopting a frugal lifestyle requires that you give up many of the luxuries that others enjoy so you can save money at a much faster rate. Dropping your cable television bill, cell phone bill, and Internet bill could easily save you $300 or more in income. Eliminating shopping trips, dining out, and skipping the luxury car purchase could easily add hundreds of dollars more a month to your budget.
Saving money is always a winning strategy. The goal is to stockpile all of the cash that has been saved and use it to build an incredibly massive war chest. All of this money can be placed in fixed income investments like short term bonds and certificates of deposit. This way your money is still liquid and earning you interest too.
Education is still a path to wealth although some professions have become a whole lot more competitive. While the law field has become increasingly crowded, there is still a need for computer science majors. Advanced degrees in business, medicine, engineering, and computer sciences are still proven money makers. Many of these degrees can be earned at accredited institutions right over the Internet. Unfortunately you cannot go to med school completely online yet.
You can use these degrees to do become a consultant or do freelance work to make your monthly income totals even higher. A six figure salary is one of the best ways to get to a million dollars quickly. You will have more free cash flow to work with as long as you do not increase your bills to the level of your salary.
There is nothing like starting your own business for helping you to take complete control of your financial future. You determine exactly how much money you make based on the work that your produce. If you are an aggressive go getter and hard worker then your salary could be sky high. If you are a lazy slacker then you will likely starve. Entrepreneurship is the essence of capitalism in itself.
You can start a home based business that distributes products locally, nationally, or internationally. You can start a clothing company or soap company right from your home. If you think these ideas are far fetched, check out Inc. Magazine. These businesses were all started recently and their owners are raking in the cash.
It has been my goal to create wealth through a multiple income stream. I started an independent investment advisory business a few years ago. I created a number of online websites to generate income. Investing is a large part of my strategy as I regularly buy stocks. My plan is to have all of these strategies contribute to my monthly income and help me to grow my fortune.
What is your plan for getting rich?