In 2020, the question we all want an answer to is how to get rich. How to get rich quickly, how to get rich from nothing, how to get rich from real estate, etc. Hell, 50 Cent’s most famous album is, “Get Rich or Die Tryin.”
We all want to know how to get rich. But in a business world seemingly run by social media influencers, how do we know the best ways to get rich?
Luckily, TSB researched the best ways to get rich in 2020. So buckle up, because we’re going to break it down for you to make your first million.
1. How to Get Rich With Stocks
Many people ask, “How are the rich getting richer?” Well, investing is one huge reason.
We live in a world filled with information at our fingertips. Believe it or not, you can learn how to get rich with stocks on your phone. Building long-term wealth and understanding its importance is the first step to financial freedom. Also, with apps like Robinhood and Acorns, investing has never been easier. Let’s break down two of the most popular apps for novice investors.
Robinhood is a financial services app that allows you to invest in stocks, exchange-traded funds, and even cryptocurrency on its easy-to-use app. The reason many rookie investors love it so much is because investing with Robinhood is commission-free. In other words, the app won’t charge you fees to open and maintain your account or transfer funds.
However, before you download the app and invest in everything in sight, you need to gain a basic understanding of how to invest. Don’t worry; we’ll touch on some great resources for you to use. But for now, let’s move on to our next app.
Acorns is another financial services app that focuses on micro-investing and robo-investing. To explain, micro-investing is investing in super small increments by buying fractions of shares. On the other hand, robo-investing is a diversified investment account that is automatically managed by a computer algorithm.
The reason people love Acorns is that it automatically rounds up the change from your purchases. With this change, the app uses robo-investing in fractions of shares.
In other words, you’ll unknowingly invest small amounts of money over time. And the best part about Acorns is that you don’t need to be an expert to make money.
Now that you have a couple of great apps for beginners to take advantage of the world of investing, it’s time to educate yourself.
How to Learn About the Stock Market Quick
With mediums like YouTube and Udemy, there’s no excuse not to get your feet wet in the stock market and start learning today. Let’s break them down.
Most of us use YouTube for entertainment, but what many people don’t realize is how much information is at our fingertips with it. Here’s a screenshot of my search results regarding how to get rich with stocks on YouTube:
Obviously, we’re going to ignore the piece about how to get rich in GTA 5. But the rest of these results are a gold mine for learning where to start investing. Here are a few popular videos for beginning investors to get you started:
- Stock Market For Beginners 2020 | How To Invest (Step by Step) (378K Views)
- Investing For Beginners | Advice On How To Get Started (2.7M Views)
- Stock Market For Beginners 2020 (295K Views)
These videos will help you start building your portfolio. By and large, YouTube is a treasure trove of information for you to consume. If you’re not taking advantage of this free resource to learn how to invest, you’re doing something wrong.
Udemy is an American online learning platform aimed at professional adults and students. As of January 2020, the platform has more than 50 million students and 57,000 instructors teaching courses in over 65 languages.
You can use Udemy to find tons of free, helpful courses and videos on investing. And unlike YouTube, on Udemy, you’ll be able to enroll in short classes and test yourself on the progress you’ve made. You can find a list of Udemy’s top-rated, free courses on investing for beginners here.
However, keep in mind that a vast majority of Udemy’s more in-depth courses cost money. Now, they’ll be worth it. But if you’re looking for a free option to learn how to get rich quick with stocks, YouTube is the way to go.
Overall, don’t fall behind. If you’re wondering why the rich get richer, they understand the importance of building long-term wealth by investing. Start investing in the stock market as soon as you can to get rich.
2. How to Get Rich From Real Estate
It seems like almost everyone is investing in real estate somehow. So, why aren’t you? Now, there are two popular ways to get rich from real estate in 2020: investing or wholesaling.
Investing: The Buy and Hold Strategy
The first method to get rich from real estate is by investing. And similar to the way you can invest in stocks, you can invest in real estate.
The buy and hold strategy of real estate investing is simple. First, you’ll buy a real estate property. Then you quite literally hold on to it as it increases in value. The buy and hold strategy is so popular because it requires little to no effort. Once you own a property, you can sit back and focus on other ways to get rich while your property grows in value.
Not only that, but you can even rent out your property if you have the means. This way, not only are you watching your investment steadily grow in value, but you’re receiving a steady influx of cash while it does. It’s a win-win situation.
However, bear in mind that real estate investing is a long-term plan. So, don’t expect to see a quick return on your investment. Instead, when you buy a property, focus your energy on other ways to build long-term wealth. Many real estate gurus buy multiple properties with the buy and hold strategy and make a fortune selling them years later.
In 2020, real estate wholesaling is a legit way to get rich. Just ask Jake and Austin Deraff, co-founders of Raven3 Home Buyers. The twins dropped out of college together to wholesale real estate properties. Now, they’re making six-figure deals regularly.
Many people wonder how to get rich from real estate without spending a lot of money. Well, wholesaling is a surefire method. Here’s how wholesaling works:
- You, the “wholesaler,” acquire a contract from a property seller (usually at a discount) and assign it to an end buyer.
- Wholesalers earn money through a wholesaling fee attached to the transaction.
- Unlike house flipping, wholesaling doesn’t necessarily involve renovations to the home, which means it includes no costs.
In other words, you can make money without having to invest any by wholesaling. However, it’s not as easy as it sounds. Like anything, wholesaling requires persistence. Jake and Austin didn’t make their first deal until a year after starting their business.
So, if you’re wondering how to get rich quick for free, wholesaling as opposed to investing is a practical option. The difference is that wholesaling involves rapid and frequent transactions as opposed to investing, a long term plan to buy and sell a property. Based on this information, you should decide which is the most practical option for you.
But don’t underestimate the difficulty of wholesaling. To learn more about it and how to get rich from real estate, you can listen to TSB’s exclusive interview with Raven3 here.
3. How To Get Rich from TikTok
TikTok has quickly become one of the simplest ways to reach millions of people. The newest social media outlet has over 1.5 billion downloads on the App Store, with over 500 million monthly users. From viral dance videos to helpful DIY tutorials, the possibility of gaining a following and becoming wealthy is exceptionally high with this platform.
If you’re looking for a way to get rich from nothing in 2020, TikTok is the way to go. Thanks to its automated feed algorithm, the app only shows its users what it thinks is relevant content. In other words, if you put out content, TikTok will show it to people who will like it.
If you’re unsure of where to start to grow your TikTok following, here are a few things you need to focus on when getting started.
Creating Your First TikTok Video
Before you can get rich using TikTok, you have to put out content. First, you’re going to want to know how to create a video. Luckily for you, it’s simple.
To create your first TikTok video, head over to the App Store or Google Play Store, and download the official app. From there, you’ll need to create a profile with a unique username.
Picking a username
Most popular social media users use their full name as their username. If you do this, no one will have trouble identifying you. For example, my TikTok username is @jeremiahwashington.
If you can secure your full name as your TikTok username, you should use it. However, if that username is unavailable, don’t worry. As long as your username is unique and identifiable, you’ll have no trouble firing off a successful TikTok account.
Focus on Pets and Children
Now that your account is all set up, it’s time to shoot some videos. Because TikTok’s user base is younger, videos featuring animals or children statistically have the highest chance to go viral. If you have a cute dog, cat, or little sibling, it will help to highlight them in your content.
Now, don’t let this narrow your content ideas. You don’t have to post videos of your pets and siblings strictly, but it will help tremendously in your journey in becoming TikTok famous, especially in the beginning stages.
Now that you know how to create your TikTok account and first video with content that can go viral, you’re ready to start growing your following and making money. Here are two of the most popular ways TikTok users monetize their audience, according to Elise Darma, an expert in the space.
Get Rich By Growing and Selling Accounts
This method is becoming a growing trend in the eCommerce industry. By growing your TikTok audience to a moderate size, you’ll inevitably attract people or brands who will want to buy your account.
The easiest way to ensure a chance at selling your account is to make your TikTok content is as targeted as possible. This way, a potential buyer for your account will know what type of products they can use your account to sell from.
Get Rich By Influencer Campaigns
By managing an influencer campaign, you are virtually connecting a buyer and a seller.
In other words, you’ll be joining a TikTok user with a brand who would want to work with them. By setting up these types of engagements, you can charge a facilitation fee for your work. Now, I know what you’re thinking. “Why do I need to be TikTok famous to do that?”
Well, having at least a solid TikTok following of your own will help create social proof for you to present to potential clients. Don’t neglect to build your audience in your quest to find influencers to manage. Managing influencer campaigns is a lucrative option to get rich through TikTok, but you need to check all the boxes first.
I’m not a good dancer; never have been, never will be. Luckily, you don’t have to be to get rich with TikTok. Don’t believe me? If you’re good at something, post a tutorial video on the app, and take the time to caption it with quality hashtags. Come back to me with the number of views your first post gets.
It’s not a hoax, folks. Make yourself a TikTok today.
- You can get rich by building long-term wealth with the stock market. Not sure where to start? Resources like Udemy and YouTube are vital to getting your feet off the ground and starting your portfolio.
- You can learn how to get rich through real estate investing and real estate wholesaling.
- The most popular method of real estate investing is the buy and hold strategy: buy a property and hold it while it increases in value.
- Unlike house-flipping, wholesaling doesn’t necessarily involve renovations to the home, which means it includes no costs. So, wholesaling is an effective way to get rich from real estate with no money down.
- Becoming famous on TikTok is a surefire way to get rich in 2020. With a vast organic reach, you can build a faster and simpler following on TikTok than any other social media platform.
- Two of the most popular ways to get rich from TikTok are growing and selling accounts as well as managing influencer campaigns.
- If you’re good at something, don’t do it for free. Learn how to get rich quick and monetize your skills by marketing yourself, calculating your worth, and following the demand.
What do you think? Are you going to use one of these methods to get rich in 2020? Let us know in the comments below!
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