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The desire to get rich is certainly nothing new. Wealth accumulation is something people have wanted for generations, even before our current monetary system, and researchers have been able to trace the income gap as far back as 11,000 years ago. Getting rich is something people have always seemed to strive for, but it is seldom ever easy.
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Let’s address the elephant in the room: you shouldn’t expect to get rich in a week. You can start getting rich in a week by setting up the right systems or starting a new business venture, but building wealth itself will likely take time.
Still, nothing should stop you from getting started. Depending on your skills and the resources you have in terms of time and money, there are several ways you can get rich in a week. Many of these trails have been around for decades, while others have only emerged in recent years.
GOBankingRates polled the pundits for their best get-rich ideas, and they responded with ideas that are fairly new alongside proven wealth-building methods.
More: 10 ways to build wealth fast
Put your money to work
Putting your money to work is undoubtedly one of the proven ways to get rich. Real estate, for example, is a tool that people have used to build wealth for generations.
Jessica Weaver, CFP says real estate is a great way to build residual income. However, you must take the necessary steps to ensure that the property is a good investment. “The first step is to do your research and see if the real estate market favors buyers or sellers,” says Weaver. “You don’t want to buy too expensive for a rental property.”
Learn: 8 insider tips to get rich in real estate
Weaver recommends finding a location with lower utility bills, taxes, and homeowners association fees, since they all have to be borne by the renter.
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Additionally, Weaver recommends stocks as a way to make your money work. “There are many strategies for investing in the markets, such as buy and hold, dollar cost average, or tactical trading,” says Weaver. “You can do this yourself or hire a financial advisor or wealth manager to invest for you.”
Invest in private mortgage funds
The previous section focuses on real estate as a way to get rich, but that assumes you’re buying your own rental properties. However, there are many more ways to invest in real estate, and one way is through private mortgage funds.
If you don’t want to buy your own real estate outright, these funds come into play. For example, they can lend money to house fins that need the capital, says Lyle Solomon, lead attorney for Oak View Law Group.
“There can be home fin money buying houses for commercial use,” says Solomon. “Lending money to reputable house fins can help spread the risk of that investment.”
“Invest” your time
You cannot invest your time in the same way as you invest your money. After all, you can’t buy a rental property or shares with a block of time. However, you can invest the time to build a side hustle or a business that can generate significant income. And in fact, you might even be able to set one up in a week.
Discover: 22 side jobs that can make you richer than a full-time job
Weaver offered tips for starting a business that will help you get rich. “Start by emptying your brain of all the things you love to do; It’s time to identify your area of genius that is so special and individual to you!” In other words, find out what you love to do and what you’re uniquely good at.
“The next step is to research who else is doing what you love to do, and what are they charging?” Weber says. She recommends finding out what people are doing and figuring out how you can offer more value and, in turn, charge more.
Automate your savings
It’s easy to automate your savings these days, making it a must-have for anyone serious about building wealth. Whether you’re automatically paying into a savings account, a retirement account, or both, it’s important to get started.
Related: 7 Fastest Ways to Save $20,000 According to Experts
“If you want to start getting rich this week, the best thing you can do is set up automatic savings plans,” says Clayton Quamme, financial planner at ` Wealth Management. Quamme recommends opening a Roth IRA and setting up automatic weekly or monthly deposits into your account.
“This is also known as the ‘pay yourself first’ strategy, which means you save money first and then figure out how to spend the rest,” says Quamme. “Most people do the opposite and never save enough to get rich.”
Create videos for social media platforms
Not everyone enjoys making videos, but if you’re a natural in front of a camera, it can be a great way to start earning income. Plus, it doesn’t take much to set up.
“Creating content for numerous social media outlets is one of the best things to do on the internet,” says Solomon. “Creating films for YouTube, Facebook, Instagram and Vimeo is the most successful content.”
It’s true – those who make videos on YouTube and other platforms can make a lot of money. Some YouTube channels even make millions every year. It’s certainly not easy, but you could earn a decent income from it, maybe even one that rivals your day job.
And you can get started in a week.
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This article originally appeared on GOBankingRates.com: How to Start a Get Rich Plan in Just One Week
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