One of the most common questions asked online is how to get rich and that too fast. We scoured through Reddit threads where people have asked this question and got answers from actual millionaires or those who went from rags to riches. We summarized the best answers and picked up the most common themes.
Invest
Investing in stocks remains one of the best ways to get rich. However, it requires patience. Consider this: If you invested just $100 in Apple stock 20 years ago, as of April 2024, your invested capital would have ballooned to about $36,000. This is the effect of compounding and that’s exactly what made people Warren Buffett, Ray Dalio and Seth Klarman rich. However, investing in stocks comes with risks. For beginners, it’s a better idea to start investing in ETFs and index funds and then move to individual stocks.
Tech Startups and STEM Jobs
If you start scouring Reddit threads to see how people get rich these days, you’d find tons of examples of software engineers and tech startup owners becoming rich. That’s because companies worldwide are pouring money into technology and are willing to pay top dollar for top tech talent. A Redditor commented that he got rich through stock options from a software company he worked for back in the day. Another said he owns 7 startups at the age of 31 and has more money than he can spend. If you want to become rich fast, a good way (if you like tech) is to start from an entry level position, work hard and then try to start your own company to get rich.
Job Hopping and Career Expansion
One of the best ways to get rich over the next five years is to develop abundance mentality and start looking at job hopping as a positive thing. If you get cozy in a cushy job, you become lazy and never develop your skills. But if you start applying for new jobs (even if you are happy in your current job), you might land a high-paying opportunity where you’d develop your skills and make more money. Rinse and repeat. A lot of Redditors became rich following this formula. However, make sure your industry and skill is a high-paying one (tech, finance, marketing).
Live Frugal and Save
One of the most common money advice to get rich you will find on Reddit is to live within your means. If you are not prudent with money and like to spend more than you can afford, you can never become rich. Here is an interesting comment from a Redditor that sums up this theme:
“We moved to a not-so-great apartment in a so so neighborhood for about 3 years. We stopped going out to eat. Cooked everything at home. We used to order HelloFresh and kept the recipes and then just bought the ingredients in bulk and meal prep every week. Didn’t spend any money whatsoever. Took me 5 years to get where I wanted to. I joined a big Fortune 100 company and climbed there and within 3 years became head of engineering for one of their business units. Leveraged that title to become a Director Product Manager at a startup and within a year became VP of Product with a comp package of over $500K/year. Still drove a Civic and a 200K mile Ford Explorer and lived in a shitty apartment.”
Invest in a Skill to Unlock Wealth in Future
This advice could be generic but it’s the key to generating wealth. You shouldn’t hesitate to think long-term and invest in developing a skill that would make you money. For example, everyone knows AI is one of the most lucrative skills right now. And we know the world needs AI engineers. If you are poor right now, develop a will to start learning AI-related skills however you can and enter the industry even if you are offered a minimum wage. After 5 years you will be making far more than you could imagine (if you work hard).
