How to get rich (or die tryin’)

how to get rich

If films and murder-mystery novels have taught us anything it is that, no matter how much time you spend around your aging great aunt Carol when that will gets read out you might not end up with anywhere near as much as the local cat shelter. So if you can’t rely on rich relatives how are you ever going to fulfil your Instagram dream life? There are no guarantees but here are SMS’s best ways to get rich (or die tryin’).

Save, Save, Save

save money investment

Let’s start with the least exciting way to start off your journey to riches. If you don’t have any money to invest, then your chances of becoming rich are far slimmer.

Some key tips to saving efficiently are:

    ·Start young

    There is no point starting to save at 50 years old. It is too late! Ideally start saving as soon as you start earning. Any Christmas money or birthday money put away as a future fund.

    ·Learn about interest

    Educate yourself on finance. There is not one single millionaire that doesn’t know how interest works. Look at the options for savings accounts and find out what the best deals are for you. A good place to start is the Money Saving Expert. Martin Lewis and his minions keep up to date on all changing interest rates and account terms presenting the information in an easily digestible way.

    ·Make it proportionate

    When you do start making good money don’t spunk it all. Every time your pay increases save a proportionate amount of the extra money so your savings reflect your earnings. If you do this before you get used to having the extra money you will never miss it.

    ·It can be done

    How about some inspiration to convince you that saving works? Well… check out This is Money’s breakdown of how to become a millionaire it even includes a calculator that will tell you when you will be a millionaire based on your monthly savings.

Funds, Stocks and Shares

This one sounds scarier and riskier than it actually is. You can, in fact, invest in a range of funds that are very low risk. The word ‘fund’ does tend to evoke an image of a daddy’s girl with a Porshe and a personalised number plate. However, even the average Joe is better off investing in low risk funds, than putting the money in the bank. Granted, this isn’t a get rich quick scheme and you won’t make tonnes of money quickly; but it is a way of getting a bit of a better return for your money than putting it in a bank account with shockingly low interest rates. If you are going to follow this strategy, then please do as much research as possible. The golden rule is to diversify; but make sure that you truly are diversified with regards to investing in a range of funds in different countries. Still keen? Start reading some guides

Property

proeprty make money

People tend to invest in property because it feels like more of a tangible asset than stocks and shares. The bonus of having a property over that of having funds is that you can add value to it. If you have a knack for DIY, then this could be the option for you. Be warned though, making money from the rental of a property is not a risk free way of making money. It requires a huge amount of planning in order to ensure that after paying a mortgage, as well as all of the fees, taxes and maintenance, you will still be making a profit.

Although you can make money from property via rising prices, this could change. It is not a given that property prices will rise enough in the next few years to cover the costs of getting in to the property game in the first place.

You also have to consider that if you invest in one single property, then this is putting all of your eggs in one basket, and effectively breaking that golden rule of investment diversification.

As with any sort of investment, you need to research every aspect, and be up to your eyeballs with knowledge. You could with this Money Advice Service Guide. If you do eventually decide that a property investment is for you, then the trick is to know when to sell and get out. Take heed from 2007, Britney Spears is not the only thing that went down in value.

get out before fall

But if markets bottoming out don’t scare you this might be the route for you. Before you start the Telegraph has a through 20 tips to becoming a property millionaire article that is worth reading.

Bitcoins

make money bitcoins

Bitcoins are a controversial new form of currency that can earn you money through old-fashioned speculative trading. You can start by buying low and selling when the rate is high. There are loads of different ways to make money from bitcoin mining to bitcoin faucets, to get a more informed idea of what these entail and where the money is check out Smart Money Smart Living’s blog on 10 ways to make money with bitcoins.

Funds, Stocks and Shares

This one sounds scarier and riskier than it actually is. You can, in fact, invest in a range of funds that are very low risk. The word ‘fund’ does tend to evoke an image of a daddy’s girl with a Porshe and a personalised number plate. However, even the average Joe is better off investing in low risk funds, than putting the money in the bank. Granted, this isn’t a get rich quick scheme and you won’t make tonnes of money quickly; but it is a way of getting a bit of a better return for your money than putting it in a bank account with shockingly low interest rates. If you are going to follow this strategy, then please do as much research as possible. The golden rule is to diversify; but make sure that you truly are diversified with regards to investing in a range of funds in different countries. Still keen? Start reading some guides

Game Shows

game show prizes

There are two routes to making money on game shows, swat up, cram and appear on a game show that requires intelligence/ knowledge, or be prepared to humiliate yourself for money.


Let’s look at both routes and what you can earn:

Show

Requirements

Biggest Prize Won

Pointless

General knowledge

£20,250

The Chase

General knowledge and a willingness to share

£90,000 by civilians

Eggheads

High-level general knowledge

£75,000

Tipping Point

General knowledge, a knack with 2p machines

£10,000

Deal or No Deal

Luck

£250,000

Catchphrase

Knowledge of English sayings and idioms

£50,000

Big Brother

Patients and a million personalities

£150,000

Love Island

No morals and ruthlessness

£50,000

Now these are just a few ideas but the one thing that you really need to get rich is a bit of luck. Unfortunately we haven’t found anywhere handing luck out yet.

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