Want to become rich without spending years earning a college degree? Well, maybe you can.
There is absolutely no reason why you cannot follow in the footsteps of Mark Zuckerberg, Ralph Lauren or Steve Jobs – who all become rich without a college degree.
So, to help you on the road to success, we are offering some top tips to becoming a self-made millionaire.
Start a Business
You could go to college to learn the different aspects of business, or you could form a business now to get a head start on the competition.
If you want to start your own business and don’t know where to begin, we recommend looking into the service business.
The service business can often be the easiest type of company to create because:
- You will not have many overheads
- You do not require many contacts
- You may not even need a website
All you need is a skill that people are willing to repeatedly pay good money for. This is one sure-fire way of how to get rich today.
How to Get Rich
You can also choose whether to charge by:
- The hour
- A lump sum
- Advanced payment
You could bundle many services into one package to provide a customer with value for money, whilst you will receive a return on your investment.
Just some of the service industries you can enter include content writing, DIY, designing or cleaning services.
Create a Product
Do you not have a service to sell? Well, create one.
For example, you could create a trusted website that generates money through affiliate marketing and sponsored guest posts.
You could also take a creative idea and turn it into a prototype – which you can pitch to investors to develop a consumer product that fills a gap in the market.
3D printing has made it possible for entrepreneurs to develop innovative designs – with many 3D printers available for less than $1,000.
Rent Your Belongings
You could make a considerable amount of money by simply renting out your own belongings.
Not everyone will have access to power tools or pressure washers, so they might be willing to hire your belongings for one or more days.
For example, you could buy a bouncy castle and rent it out for a fee.
You should then reinvest the money you make back into the business, so you can buy another bouncy castle and so on.
So, one small rental could be the first step into the creation of a profitable business.
It’s all about developing a millionaire mindset.
Climb the Ladder Without a College Degree
You don’t have to launch your own company or earn a college degree to become rich.
For example, you could become a web designer, detective or pilot without a degree – they will just require some training.
Love him or hate him, you have to admire music guru Simon Cowell, who started his music career in a menial job in the EMI publishing room.
However, he climbed up the ladder to become one of the most recognizable producers and entrepreneurs in the industry.
Here’s how to become rich (even with no money), no matter what that means to you.
First, learn how to become rich NOW.
I know many people who put off saving for retirement, finding their dream job, or making changes that will bring them financial happiness. I find that most people put these things off because they think they have tons of time.
Instead of thinking that you’re invincible and that you have all the time in the world to improve your finances, you should stop procrastinating and learn how to change your financial life now.
Many people push things off and/or spend their money carelessly because they think they can start tomorrow, start next month, and so on. However, each time you push off improving your finances, you are that much further away. It just gets harder and harder to work towards your goal when you keep pushing it off.
Stop wasting time and take control of your financial situation now.
Reach for your goals.
Those who set goals are much more likely to be successful than those who do not. Due to that, if you want to learn how to become rich, you’ll need to start by making goals for yourself.
Setting goals is important because without a goal, how do you know where you’re heading? Goals can keep you motivated and striving for your best.
When you’re making plans for a better financial future, you should make sure that your goal is SMART.
A SMART goal is:
- Specific – What is your goal? Is it specific enough or is it too broad? What needs to be done for you to achieve your goal? Why do you want to reach your goal?
- Measurable – How can you measure your progress? How will you know if you’re on track?
- Attainable – Is this a goal that can be achieved?
- Realistic/relevant – Can you achieve your goal? Is the goal worth it?
- Time – What’s your time frame for reaching your goal?
So, take what being rich means to you and turn it into a goal. But, make sure it meets the standards above.
Even SMART goals can sound huge, so to really reach your financial goals and learn how to become rich, you’ll want to:
- Write down your goals and objectives.
- Create a plan to reach your life goals.
- Break each goal apart into smaller goals.
- Keep track of your goal setting progress and make changes (if needed).
- Find small ways to stick to your goal.
- Find ways to motivate yourself when setting goals.
- Make reaching your goal a friendly competition.
Manage your money with a budget.
Nearly everyone needs a budget, whether you have a million dollars already in the bank or are working to pay off debt. So, to learn how to become rich, you’ll want to create a budget.
Budgets are what help you work towards financial goals you’ve just created. And, even when you do reach your goals, a budget will help prevent future financial stress. This is because budgets keep you mindful of your income and expenses. With a budget, you will know exactly how much you can spend in a category each month, how much you have to work with, what spending areas need to be evaluated, among other things.
However, not many people have a budget. In fact, more than 60% of households in the U.S. do not have a budget.
If you are new to budgeting, be sure to include all of your income and expenses when creating your budget.
Here are some expenses you may want to include, but don’t forget any expenses you have that aren’t listed:
- Home – House payment, rent, maintenance, utilities, insurance, property taxes, etc.
- Car – Monthly car payment, gas, maintenance, insurance, license plate fees, and so on
- Television, cable, Netflix, Hulu, etc.
- Cell phone
- Food – Groceries, restaurant spending, snacks, etc.
- Entertainment – Entertainment can include many things, such as going to the movies, going out for drinks, concert tickets, sports, and so on
- Charity – If you regularly donate to charity, then this should be an area you budget for
- Savings funds – This can be for your retirement fund, wedding, travel, etc.
- Taxes – If you are self-employed, then taxes may consist of a large part of your budget
- Health insurance
- Miscellaneous – Pet expenses, fees, childcare, school, gifts, etc.
After you know your expenses, balance those with your income – you should be making more than you are spending. A budget can show you how to become rich by showing you exactly what needs to be addressed. You may realize there are some things you can cut out, that you can put more in savings than you thought, etc.
You can get a free budget printable by signing up below.
Understand that a fun life can be affordable.
I really do not like the myth that people who save money are boring. That’s simply not true at all.
I believe that you can balance living a good life along with saving a comfortable amount of money.
There are plenty of ways to live an awesome life while saving money. Yes, you can still see your friends, have fun with your loved ones, go on vacations, and more, all while staying on a realistic budget.
If you want to learn how to become rich, then learning how to be happy with yourself and figuring out affordable ways to enjoy life are key.
Eliminate your high interest rate debt.
If you want to learn how to get rich, then one of your goals will probably be eliminating your debt. For the average person, this probably means any high interest debt, debt that may be giving you stress, and so on.
Paying off your debt can lessen your stress levels and allow you to have more money to put towards something else (such as retirement). Just think about how much more money you will have to put towards your goals when you stop paying high interest fees alone.
The first step to eliminating debt is to realize why you have debt in the first place. I believe that if you don’t understand where your problem with debt stems from, then it will be hard to make a positive change.
Yes, it is great to just start attacking your debt, but you don’t want to fall into the same cycle of going into debt over and over again.
After you realize why you are in debt (or why you keep going back into debt), the next step is to figure out how you will eliminate it. There are many different ways to attack your debt, and I think you are the most successful when you do all of the following.
To pay off your debt and learn how to get rich, you should:
- Quit adding more debt to your life. You may want to cancel or freeze your credit card(s), think harder before each purchase, and avoid spending temptations like the mall.
- Be realistic with your income and spending. If you have debt, then you either have an income or spending problem. You may need to start earning more money and/or start spending less if you want to learn how to become wealthy.
- Decrease your spending and expenses. Depending on how quickly you want to get rid of your debt, there are different things that you may want to cut out. You could cut out Starbucks (I know, I know), lower your restaurant spending, find a cheaper way to workout, sell your car for something cheaper/more affordable, cook from scratch, and so on.
- Make more money. By earning more money, you will have more money to pay off your debt, and you can usually do it even faster.
- Pay more than the minimum. If you have debt, you should always be paying more than the minimum so that you can lower the amount you are paying towards interest.
- Put little amounts toward your debt. For example, whenever you get an extra $25 (such as by selling something), then you should just throw that extra money towards your debt. You probably won’t even miss those small amounts of money.
Get over 20 times the national savings rate.
High yield savings accounts are a great way to grow your savings, but most people have their money in accounts with low rates. Unfortunately, that means many of you are losing out on some easy cash!
If you’re like most people, you probably don’t even know what interest rate you’re getting on your checking and savings accounts. That’s because it was probably years since you opened the account and you simply forgot what that rate is.
How does that compare to the national average savings rate? While it’s actually higher than the ones I listed earlier, it’s still a very sad 0.09%. That is a HUGE difference from what Betterment Everyday is offering. If you are only getting 0.09%, then you are losing out on easy, passive money.
Savings accounts at brick and mortar banks are known for having really low interest rates. That’s because they have a much higher overhead – paying for the building, paying the tellers, etc. Betterment Everyday is an online option, which means they have lower costs, then passing the savings on to you.
Over a 10 year period, that same savings balance with a 2.39% balance would earn you an additional $2,390, whereas a savings account with an interest rate of only 0.09% would earn you a mere $90.
Your money is just as safe in a Betterment Everyday account as it is with a brick and mortar bank. You’re just earning more interest, which is something that everyone wanting to learn how to be rich can take advantage of.
Investing your money can be a scary, stressful, and overwhelming topic to tackle. But, you want to invest so that you can:
- Retire one day.
- Prepare for unexpected events in the future.
- Allow your money to grow over time.
- Learn how to get rich.
For many, the hardest part about investing is actually starting. And, I completely understand that. Where do you start? How much do you invest? Where do you put your investment dollars?
However, the quicker you start investing, the more it becomes a habit and the easier it becomes. By investing money now, you will learn good investing habits that will help you well into the future.
Remember, time is on your side, and due to the powerful impact of compound interest it can change your life. This means the earlier you invest your money, the more you will earn in the long run.
What is compound interest? Compound interest is when your interest is earning interest. This can turn the amount of money you have saved into a much larger amount years later.
This is important to note because $100 today will not be worth $100 in the future if you just let it sit under a mattress or in a checking account. However, if you invest, then you can actually turn your $100 into something more. When you invest, your money is working for you and hopefully earning you income.
For example: If you put $1,000 into a retirement account that has an annual 8% return, 40 years later that would turn into $21,724. If you started with that same $1,000 and put an extra $1,000 in it for the next 40 years at an annual 8% return, that would then turn into $301,505. If you started with $10,000 and put an extra $10,000 in it for the next 40 years at an annual 8% return, that would then turn into $3,015,055.
Here are some of the easy steps you can take so that you can start investing:
- Set aside your money specifically for investing. In order to invest your money, you need to start setting aside money specifically for it. The amount of money you save for investing is entirely up to you, but in general, the more the better.
- Research. Before you start dumping your money into the stock market and other investments, it’s a good idea to know what you’re putting your money towards. Reading about various investment-related tips and researching each investment will help you become more informed about your investing decisions, which will then help you make better decisions well into the future.
- Find an online brokerage or someone to manage your investments. There are two main ways to invest your money. You can either invest your money yourself through a brokerage or you can find someone to manage your investment portfolio for you. You will need to take part in one of these options to actually start investing your money. Personally, I like to do everything myself through Vanguard.
- Determine how you will invest your money. Now that you’ve opened an investment account, you will want to decide where you will put your investments. How you invest depends on your risk tolerance, the time period for which you are investing (when will you retire?), and more. Generally, the sooner you need your funds the less risk you will take on, whereas the longer your time period is, then the more risk you may be willing to take on.
- Track your investment portfolio. The next step when learning how to get rich by investing is to regularly track the things you have invested in. This is important because you may eventually have to change what you are invested in, put more money towards your investments, and so on.
- Continue the steps above over and over again. To invest for years and years to come, you will want to continue the steps above over and over again. Now that you know the steps it takes to invest your money, it only gets easier.
Make extra income.
Becoming financially independent may mean that you have to figure out ways to make more money, especially if you are trying to figure out how to become rich with no money.
On All Trends, I talk a lot about how to make extra income because I believe that earning extra income can completely change your life. You can stop living paycheck to paycheck, you can pay off your debt, and more – all by learning about the many different ways to make money.
Trust me when I say that making more money is important. I was able to pay off $38,000 in student loans within 7 months, I was able to leave my day job in order to pursue my passion, travel full-time, and more!
The great thing about finding ways to make more money is that your income potential is unlimited. There’s no cap on how much money you can make – it all depends on what you decide to do and how much time you plan on devoting to it.
Making more money can change your life in great ways, such as:
- You can pay off your debt.
- Save for big purchases, such as a vacation.
- Stop living paycheck to paycheck.
- Reach retirement sooner.
- Become more diversified with your income sources.
Whether you have just one free hour a day or if you are willing to work 40 to 50 hours a week on top of your full-time job, there are many options when it comes to earning more money. Finding ways to make more money will only help you as you learn how to become rich.
Some ways to make more money include:
- Find a part-time job.
- Make money online such as creating a blog, becoming a virtual assistant, etc.
- Maintain and clean yards. You can make money by mowing lawns, killing/removing weeds, cleaning gutters, raking leaves, and so on.
- Answer surveys. Survey companies I recommend include American Consumer Opinion, Swagbucks, Survey Junkie, InboxDollars, VIP Voice, Pinecone Research, and Opinion Outpost. They’re free to join and free to use! You get paid to answer surveys and test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
- Move furniture and find jobs on Craigslist. Movers can earn a broad range when it comes to hourly pay, but it’s usually somewhere around $50 an hour if you run your own business.
- If you love animals, then you may want to look into how to make extra money by walking dogs or pet sitting. With this side hustle, you may be going over to your client’s home to check in a few times a day, you may be staying at their house, or the animals may be staying with you. Rover is a great company to sign up with in order to become a dog walker and pet sitter.
- Babysit and/or nanny children.
- Sell your stuff.
- Rent a spare room in your home to someone else.
As you can see, the list is endless when it comes to making more money.
Have more than one source of income.
The wealthy and successful tend to have many different forms of income streams. In fact, it’s been said that most millionaires have seven sources of income.
They may have a day job, a business, rental properties, dividend income, and more. They do this because they know that one source of income may not last forever. Plus, having multiple streams of income will lessen your financial risks.
If you ever feel too reliant on one source of income, then you know how important this is. Maybe you are afraid that one day you will lose your job or that something will happen to your main source of income.
If you work towards building up multiple income streams and diversifying your income, then you won’t have to worry as much if something happens to one of your income streams.
By diversifying your income with multiple income streams you will have a backup plan, you may be able to retire easier, you will learn how to become rich, and so on.
Finding another source of income can even be something as simple as finding a side hustle you can do outside of work. Some side hustles are active work, but they can still help you build passive sources of income (like investing) that will help you diversify your income even more.
Even the wealthy are frugal.
One myth about wealthy people is that they all spend tons of money on crazy things they don’t need. That’s just not true at all!
Sure, there are stories about rich people who spend their money like crazy and end up in bankruptcy. But surprisingly, the average millionaire is frugal knows how to manage their money well.
Don’t believe me? Here are some examples of millionaires and billionaires who still find ways to save money:
- Warren Buffett lives in a house that he bought in 1958 for around $30,000.
- John Caudwell (worth $2.7 billion) rides his bike 14 miles to work every day and even cuts his own hair.
- Jim C. Walton (son of Walmart founder) drives an old truck with no air conditioning.
Another interesting statistic is that the average couponer is someone who earns over $100,000 a year. Surprisingly, those who earn less than $100,000 a year rarely use coupons compared to those with high incomes!
By finding ways to save money, you’ll be able to keep more of your money, learn how to get rich, add more to your investments, and so on. You worked hard for your money, so you may as well find ways to keep more of it!
Don’t try to impress others.
When was the last time you bought something that was mainly purchased to impress someone else?
Sadly, this is something that the average person does quite often.
If you want to start building wealth and understand how to get rich, then you’ll want to stop trying to impress others and start living your own life.
The rich tend to live below their means. Yes, many of them still spend money extravagantly, but many aren’t living paycheck to paycheck in order to do so. Many millionaires buy items used, they drive “normal” cars like Toyotas, and they aren’t buying things for the sole purpose of impressing others.
This is drastically different from those who aren’t rich.
Many people try to keep up with others and fall for lifestyle inflation, which can prevent a person from being a good money manager.
When trying to keep up with the Joneses, you might spend money you do not have. You might put expenses on credit cards so that you can (in a pretend world) “afford” things. You might buy things that you do not care about. The problems can go on and on.
Instead of trying to look rich, work on managing your money better so that you can one day be rich.
Know the value of your time.
When I was still working as a financial analyst, I had a client that had an assistant whose sole purpose was paying bills. The assistant just spent their day remembering what bills to pay, such as the home electricity bill.
At the time, I thought this was nuts. After all, I was having a difficult time paying my own bills and managing my debt, so thinking about how someone had the luxury of hiring someone for such a small task (one that could even be automated) sounded absurd to me.
However, I’m sure they never had a late payment. And, perhaps, they just actually disliked managing that aspect of their life.
Now, I’m not saying you should hire someone to pay your bills, but you can still outsource some of your tasks so that you can focus your time on which tasks you actually want to and value doing. This can help you grow your wealth significantly faster than a person who never outsources or does very little of it.
Here are some tasks you may want to outsource:
- Cleaning your home.
- Mowing your lawn.
- Getting your groceries delivered.
- Hire an assistant.
- Having an expert do your taxes.
And so on.
Before you outsource something, think about how much it costs you to do that task. In the time it takes you to do a task, can you be earning more with your time by doing something else? Can hiring an expert save you money or help you make more money on something? Will occasionally outsourcing a task let you spend more time with your family?
This is definitely a rich habit. The wealthy and successful understand the value of their time and use it to their advantage. They don’t waste time doing things that they don’t see a benefit from.
What do you think it takes to learn how to become rich? Do you consider yourself to be rich?
How to Get Rich Conclusion
Not everyone is suited to college, but everyone can learn how to get rich. Plus there is no shame in deciding to venture down another path.
Instead, it is important to take inspiration from the many entrepreneurs who have become a success without a college degree.
You simply need to find or make a path that suits your personality and skill set.
With positive thinking and determination, you could join the long list of people who have become rich without the expensive college education.
Have you got any entrepreneurial advice you would like to share? Leave a comment below to share your words of wisdom.