When people hear the term “get rich quick,” they often think of scams or winning the lottery. This doesn’t necessarily have to be the case if you have a healthy view of what getting rich quick should mean to you. A healthy view of getting rich quick means you expect to build wealth within the next five to 10 years, as opposed to over the next 30 to 50 years. It all depends on the type of mindset you have regarding how to build wealth. The difference between getting rich quick and getting rich slowly is that people who learn how to get rich quickly have mastered the skill of making money work for them versus them working for money. The traditional view on getting rich slowly entails working hard at a job or career for years and years, moving up the corporate ladder and saving money as you go to put toward a retirement fund. The problem with this mentality is, as we have seen with the economic downturns of today, it is very easy to have everything taken away from you when you depend on one avenue (your job) as your means for survival and building wealth. To succeed at getting rich quickly, you have to find ways to develop and achieve multiple streams of sustainable income.
The type of money you make without having to work is known as residual or passive income. When you have sources of residual income, they are considered assets that you own. Assets supply you with money as opposed to liabilities that expend money from your accounts. There are many ways to create residual income, although they don’t all come very easily. With any type of residual income you want to make for yourself, it will require some investment of either time and/or finances. Creating residual income for yourself is sort of like planting seeds that eventually grow and flourish on their own, providing that you oversee and maintain them so they can continue to produce fruit.
Creating passive income involves the use of education and ingenuity. Some of the basic ways to make this type of income include things like owning and leasing real estate, investing in stocks, bonds, mutual funds or private business ventures, becoming a business owner, hiring others to do the work for you, developing a franchise, earning royalties from published works such as with music, art, written works or films, earning commissions such as with multi-level marketing ventures or sales jobs where repeat commissions are made from a single sale, and online business ventures such as with websites, blogs and the sale of digital products. You don’t necessarily need a lot of money to invest to begin building residual income. All you really need is your creativity and your drive to succeed at whatever goals you set toward building income-generating assets. So instead of focusing all your attention on working hard at your job to achieve your next highest raise, on your free time outside of work, try focusing on developing ways to make money without having to work.