9 ways to get rich in 2022 – GOBankingRates | Vette Leader

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Many people dream of being rich, although what that means varies widely among people of different backgrounds and experiences. For some, it means never having to worry about expenses. For others, it doesn’t work as many hours. Others define it as complete financial independence.

Regardless of how you define rich, experts offer suggestions on how to start your journey to greater wealth.

Learn: Here’s how much you need to earn to be “rich” in each state
Also Read: 25 Secrets Every Rich Person Knows

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What does it mean to be rich?

“Being rich means having freedom of time and place to do the things that are important to you,” said Andrew Lokenauth, CEO of Fluent in Finance LLC. “Wealth often comes first through thrift. Many millionaires are wealthy because they know how to keep and invest their money — and not spend it on unnecessary things.”

Beyond frugality, Kyle Kroeger, finance expert at The Impact Investor, expands the definition of wealthy to include “someone (who) earns enough on a regular basis to be far from paying their fixed expenses, such as rent, electricity and other utilities, car maintenance costs, health insurance, and education spending.”

Find out how much it takes to be “rich” in 50 major US cities

pay it off

Rich people know that debt is holding you back.

“If you want to get rich, stop carrying so much credit card debt,” said Matt Dixon, RFC partner and financial advisor at TruNorth Advisors. “You need to organize your debt and start attacking the lowest balance first, paying as much as you can on that card while maintaining minimum payments on your other cards. That doesn’t mean you should never use a credit card, but make sure you use it responsibly and make your monthly payments.”

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How To: Make a Debt Free Future Your Reality

Be mindful of your risk

Also, consider playing fast and loose with your finances because, Dixon said,Wealthy people try not to take too much risk and are very detail oriented. Be selective about the opportunities you pursue. Make sure your portfolio is diverse. Try investing in real estate or land. A diverse portfolio can help you hedge against the ups and downs of the market.”

Start your own business and later sell it

If you have an entrepreneurial spirit, you should consider starting a business that you can sell for more money, said Jared Bauman, co-founder and CEO of 201 Creative LLC, a digital marketing agency.

“To be more successful,” he said, “it’s preferable to find an innovative solution to a specific problem in the market and start a business around it. …However, if you are successful, you will reap enormous rewards. This is a common practice among wealthy individuals.”

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See also: How to support small women-owned businesses

Participate in a startup and get shares

Startups still abound, and they’re always looking for new blood.

“If you can acquire equity interests in a start-up company or companies, you could make a significant financial gain if the company thrives and either goes public or is sold to a larger company,” said Daniel Carter, SEO Manager by Skuuudle.

Although few of them succeed on this scale, he emphasized, “On this basis, early contributors at Apple, Google and Microsoft became millionaires.”

Focus on your retirement plan

Retirement accounts, which are usually publicly traded and therefore tend to generate good returns, are a good way to build wealth for later.

“If your employer has an employee retirement plan, make an effort to contribute,” said Francis Locknear, founder of TheCostGuys.com. “Employers contribute to 401(k) plans the same amount that you contribute to your account. You can consider an IRA if your employer doesn’t offer you a retirement plan.”

Tip: put money into retirement provision or savings? Here’s how to know

Try affiliate marketing

Website owners, social media “influencers” and bloggers use affiliate marketing to promote a third-party product by providing a link to it on their website or social media account. This earns you revenue that can add up over time, said Adam Wood, co-founder of RevenueGeeks.

“Although Amazon is the most well-known affiliate partner, other big brands include eBay, Awin and ShareASale,” Wood said. “Instagram and TikTok in particular are growing in popularity among those trying to build a following and market their products.

“Affiliate marketing is considered passive because you can basically make money just by posting a link on your website or social media account.”

Increase the amount you save

With inflation and interest rates soaring in 2022, managing your personal budget will become even more important, said Shawn Plummer, CEO of The Annuity Expert.

“Set a goal to increase the amount you save in 2022,” Plummer said. “You can then use that to either pay off high-interest debt, contribute to retirement savings, or just have the security of having more savings in the bank. In addition, think about where you can reduce spending so you can build more savings.”

Invest in REITs

Another investment option is a real estate investment trust (REIT), which according to Gerrid Smith, CEO and founder of Property Tax Loan Pros, “is a fancy nickname for a firm that owns and manages real estate.” “REITs have a unique legal structure that allows them to pay minimal or no corporate income tax while returning the majority of their profits to their shareholders.”

You would receive the dividend that the REIT pays out.

“The best REITs have a track record of increasing their payout annually, so you might end up with a steady stream of dividends over time.”

See also: 8 insider tips to get rich from real estate

What about NFTs?

On the more controversial side of wealth creation are non-fungible tokens (NFTs) – a very new non-tradable digital product made possible by blockchain technology.

“Non-fungible tokens and the Metaverse offer the best opportunity to create, grow and sustain wealth,” said Harriet Chan, co-founder and marketing director of CocoFinder. “Right now, minting NFTs, holding them and selling them at a higher price is one of the most viable ways to grow your wealth in 2022.”

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About the author

Jordan Rosenfeld is a freelance writer and the author of nine books. She has a BA from Sonoma State University and an MFA from Bennington College. Her articles and essays on finance and other subjects have appeared in a variety of publications and clients including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times, Ozy, Paypal, Die Washington Post and for numerous business customers. As someone who has had to learn many of her lessons about money the hard way, she enjoys writing about personal finance to empower and enlighten people on how to make the most of what they have and live a better quality of life.

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