How to get rich in 5 years?
In order to get rich in 5 years, you're going to have to start some type of business unless you have the skills to get a really high paying job. Actually, after reading your requirements more carefully, if $200k is all you want, then realistically, working hard, being frugal, and investing would probably be your best bet.
How easily reaching $200k will be will depend on how much you make at your job obviously. Starting an online business on the side can help boost your income if you have the right tools and knowledge but realize that it takes time to build anything substantial.
The answer Madeleine gave sounds good on the surface but without the right know-how, you will be disappointed. If you look at her other answers, she basically promotes her CB link which she gets paid if people end up buying whatever she's promoting. It's sort of like the people who sell ebooks on making money and the book is about selling ebooks to make money.
"Oh hey, I make $1 billion a day and since I'm such a nice and awesome person, I'm going to take time out of my day to show people how I make money but not really go into any useful details but instead I'll leave a link which I get paid if you click on it and sign up with the program." People never exaggerate on the internet by the way.
She claims to be making over $1k a week on average when she just signed up for CB in November. What she failed to mention was that, assuming that screenshot is even real, it's unrealistic to expect to make that much in just 2 months starting from scratch. She already has websites or email lists or some other avenue where she gets traffic from so that income is achieved from months or years of building/acquiring channels/sites in order to get enough traffic to make that kind of money in "just 2 months". Or, she paid hundreds or thousands of dollars in ads in order to get those sales in which case, for someone starting with almost nothing, is hard to achieve.
Looking at one of her other answers on Quora, which is basically the exact same answer that she put on this question, she has over 130k views. So it's possible she made that income from her screenshot from that page. So there's her source of traffic so you can basically copy her tactic. You can do what you want with that info, I won't judge.
In all seriousness, I'm not saying it's impossible to make that sort of money online in 2 months starting from scratch but I AM saying it's not realistic which I feel she should've pointed out.
Putting all of that aside, with a time line of 5 years though, it's definitely realistic to make the $200k you want to make. If you're going to go the business route, the key to making lots of money is getting traffic. Whether it's an online business or an actual store, traffic is the key. The more people you can get looking at your products, the higher the chances of making a sale.
With an online business, traffic can come from a bunch of different sources such as:
- Search engines (using SEO techniques)
- Paid advertising (such as search engines, other people's sites, and social media platforms like Facebook)
- Social media (build up a fan base you can market to or create something that goes viral)
- Being mentioned by popular sites like Reddit
- Using already popular sites to get the word out about your product or service (which is what some people do with Quora)
- Word of mouth
- Joint ventures
- Building email lists etc.
If you don't want to build websites or write anything or build email lists or spend money on advertising, there's also stuff like Youtube. There are people making a good amount of money just posting videos on Youtube. Granted, your videos need to appeal to enough people in order to get subscribers and that in itself is a challenge but if you have an interesting enough idea, it could work, but again, it takes time.
Perhaps you have a skill that is marketable. Here's someone who draws anime characters and makes tutorials and mainly gets paid through subscriptions: Sakimi Chan's Patreon Page. At the time of this writing, she makes about $53,000 a month from 3,616 supporters/subscribers. However, this didn't happen right away. She's been quite popular on Deviantart for years and already had a sizable fan base.
There are people who create tutorials on how to train dogs or how to play piano or create music and all kinds of other things. Even popular Youtubers use Patreon. In fact, many of them create videos for Youtube and then drive traffic from Youtube to their Patreon page. The challenge here is the same, getting traffic.
Here are some visuals showing a few ways to get traffic to your online properties (video, blog, website, social page, etc.)...
I put out some ideas. From here, you'll need to do your own research and learn the specific steps necessary to be successful. Again, with your $200k goal, that could be achieved with just a job and good money management but to increase your chances, start a side business.
For those who want to be rich as in millions of dollars, a business is definitely the way to go. That or being good at investing.
Thanks For Reading How To Get Rich in 5 years
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