20 businesses you can start with 20k according to Lagos entrepreneur

 

Lagos based Realtor and Entrepreneur, Olanrewaju Salu shares 20 businesses you can do with just 20k in Nigeria.

Lack of money is usually the excuse many people give for not starting a business, but lack of idea is a worse problem you've got to think about.

There are businesses you can start with as little as N20,000, but if you have no idea of what to do with 20k, you'll probably think starting a small scale business is the most difficult thing to do.

You don't have to think this way anymore, Olanrewaju Salu, a Lagos based Realtor and Entrepreneur, recently shared some fantastic business tips on Twitter and many have commended him for sharing such amazing business ideas.

So, if you've always thought of having a small scale business, money and idea shouldn't be your problem again. Just check your bank account, if you find N20k you're not going to use anytime soon, you can start a profitable business that'll give you a genuine financial freedom. Here we go.

1. Bedsheet/Beddings Production

Pay a visit to Lagos Island, or Oshodi where they sell bulk materials, pick good designs and I tell you they guys who will sew it for you are just within the same Market. You can start will less that 100k and diligently grow your money.

2. Shirt Production

A sweet side hustle. There are tailors in Lagos Island or better learn the skill it will save you all the heartbreaks imaginable. Taiwo Street in Lagos Island is where you should be. Materials ranging from 700 - 1k per yard, sew for 1500/2k, Sell for 5-7k.

3. Sales of men's underwear

Schedule a trip to Aba Market, The cost of production of boxers, you can get one for as low as N300, all you need is to package it in 3s, and market these babies properly beg your friend on twitter for RTs, we buy 3s pack boxers for 1500-2500 sell yours for 1200 gradually grow.

4. E-Payments and POS Business

You can a get POS machine from your Bank, and activate online banking: If you live in a place where banks aren't much you can handle e-payments for people and make your small change. I paid someone N200 to withdraw 10k in Ikorodu. ATM queue was crazy.

5. Mobile and electronic Accessories

Mobile and electronic Accessories such Pouches, Chargers, USB cables, HDMI cables, earphones and more, can be sourced on Alibaba, Ali Express, Deal Extreme, etc. The more you buy the lower the price. And they are light so shipping won't be a burden. Sell on here or jumia and co.

6. Popcorn Machine

We all know this guy! We buy everytime. Bags of corn - Mile 12, Branded Nylon, Sugar, Salt & Butter. The beauty of this is when properly made, its aroma will attract it's customers. Manual sealing machine -7/9k. Popcorn Machine is 65k on Jumia. Popcorn can be served anywhere.

7. Sales and Customizing of Football Team

Football team supporters always want to show how much they're rooting for a team. Consult my sister @The_Ronke. She'll show you how well you survived the business. She's cheerful enough to train you too.

8. Snail farming

Snail farming in Nigeria is even more popular, due to its relatively cheap cost of start up and If you market your products well, your business will thrive. This is a business you can start from your backyard. Best in mind, snails take almost a year to mature so Patience is Key!

9. Fairly used goods

Fairly Used Goods such as Jeans, Tops, t-shirts, shoes etc. They could be sourced at Badagry, even Cotonou. 100k can't get you a bale but you can select and mix them. Wash then and pack neatly. Marketing is all it takes, you'll Sell and see your money multiply.

10. Cleaning Services

Some people find it hard to clean their apartments cos they're busy from Monday to Friday and Saturday the have engagement and on Sunday all they wanna do is rest. Your tools won't cost you up to 30k and you can clean 6 apartments a weekend.

11. Home Cooking and Delivery

You can cook a variety of meals well and apply customer service, People will pay good money for your services, You can run this from home @Soup_A_Market and @Marrgarritah are more than capable when to comes to training you on how to start up.

12. Digital Marketing

The success of any business is in its ability to effectively reach its teeming customers and this is achieved by effective marketing: Get a Used Laptop and Smartphone, temporarily your smartphone can double as your hotspot Persistence and Passion is Key.

13. Cakes and Confectionery

This is one business that always comes to play, people celebrate, and bakers are always consulted. Ask my Boss here @mycreamydelight Get the required skill, a decent oven, passion and customer service! You'll grow! They are open to training too.

14. Aso-Oke Beading and Stoning

Aso-Oke Beading and Stoning has become sometimes in vogue now, and this is another sweet business one can start with 100k. You just have to learn how to bead and unlock your creative mind. Ask my padi @wuragold2 The Also Oke Girl. She stated from the confines of her home in IB.

15. Bead Making

I'm not sure there's really much to say here. All you need is training, passion, creativity, unique designs and styles, then adequate marketing. You absolutely don't need 100k to start this.

16. Home Service Barber

This is another profitable small scale business. The beautiful thing about this is you bring your services to your clients for an extra token above regular. The starting capital to get the equipments and I'm sure you know we have rechargeable clippers.

17. Tutorial Classes

No matter your age, this is another well paying job, either as part-time or full-time. Many families are willing to spend what it takes for their children’s success and there's one subject you're well versed at. Just close the gap, meet their need for a fee.

18. Internet Services

Forget the extensive coverage of internet and the fact that people can assess it on their phones, Do you know how much applicants pay just to have Jamb applications filled online? You need a good system, printer & ISP. People pay as much as 1k per application.

19. Production Of Zobo, Smoothies, cocktail, small chops, cupcakes and chinchin!

You'd realise the importance of this combo can't be ruled out. You can render these services with 100k startup capital + proper marketing, branding and packaging. @aisinshugga @DojaCulinary can train you.

20. Production of Hand-Made cards

Do you know people pay good money for these thing made of paper and strawboard. This is one business you can start with less than 100k. My friend @CraftsVillageNG started from his bedroom! And his cards went far.

Here are the Easiest Ways to Make Money Online

Yes! There are many easy ways to make money online without sweating or getting frustrated.

There is no “push button easy” way to make money online. 99% of potential entrepreneurs quit because it’s harder than they expect.

With that said you have 2 options as a beginner:
1) Sell a product
2) Sell a service

Breaking that down further, as an absolute beginner, you’ll probably want to stay away from developing your own product and despite what some others might say, developing your own service.

Dropshipping & affiliate marketing are the 2 “easiest” ways for beginners to get off the ground…(again, easy is a stretch here)

How to Make $1,000 Online With Zero Investment

 First of all: YES IT IS POSSIBLE to earn $1000 with zero investment!!!

Here are few examples:
-Write some top quality articles and sell them (example Listverse pays 100$ for every article),
-Do some free guest posting on well standing blogs, but include some PPL affiliate program in the text,
-Solve a problem for someone (this is usually done in business consulting area, since there are a lot of companies with problems that are stopping them from doing certain things, growing and of course make more money). If you have some great knowledge or expertise that can benefit them, they are ready to pay for it.

Average Net Worth of the 1%: Here's how much the super-rich in the world are really worth

 

Many people perceive being wealthy as having nice houses and a pleasure yacht. But the kind of money that the wealthiest 1% of the world's households has dwarfs this concept. This segment of the population large portions of major corporations, multibillion-dollar investment funds, islands in the Caribbean, and even rocket ships taking them into outer space.

The average net worth of the 1%, aka the richest 1% of the global population's households, has mushroomed over the past two decades. It now towers higher above the net worth of the average citizen than ever before. Here are some of the basic facts about how the 1% lives.

KEY TAKEAWAYS

The minimum net worth of the top 1% is roughly $11.1 million.

A person would need to earn an average of $823,763 per year in order to join the top 1%.

The widening gaps in wealth and income stem from a variety of factors, including the wealthiest's increasing dominance of public and private equity, and tax breaks.

Demographic Breakdown

Before looking at the demographics of the top 1%, it's important to understand just how much this portion of the population earns. According to the Economic Policy Institute, gaining entry into the top 1% club requires an average annual income of $823,763.

That's a far cry from the annual income of $40,085 reported by the average taxpayer (the bottom 90%). Those who want to become part of the top 0.01% would need to live in a household making an average of $2.9 million annually.

Although the media and politicians have largely portrayed this group as greedy, uncaring Wall Street fat cats, demographic analysis reveals a very different picture. The wealthiest 1% are spread across many industries and come from many backgrounds. They include medical professionals, entrepreneurs, and executives, as well as those who inherited wealth.

According to IRS data, the top 1% earned over 20% of the total adjusted gross income in the U.S. and paid just under 40% of federal income taxes. They also accounted for just under one-third of all charitable donations.

A Worldwide Condition

The number of billionaires on Forbes’  35th annual list of the world’s wealthiest exploded to an unprecedented 2,755 in 2021—660 more than in 2020. Altogether, they are worth $13.1 trillion, up from $8 trillion on the previous year's list.

Wealth-X, a "wealth intelligence" research and marketing firm that is also part of the Euromoney Institutional Investor PLC Group puts the U.S. population of billionaires at 927. There were 410 billionaires in China. The total wealth of U.S. billionaires was $3.71 trillion.

The Widening Gap

The Economic Policy Institute reports that the net worth of the top 1% of American households has risen substantially. In 1962, the wealthiest 1% had net worths equal to approximately 125 times that of the average American household. Their net worths were shown to be approximately 225 times the net worth of the average household in 2009.

 The gap between the richest and the poorest more than doubled between 1982 and 2016.

172%

Percentage of the rise in the wages for the top 1% from 1980 to 2020—compared to 31% for those in the bottom 90%.

The minimum net worth of the top 1% of households is roughly $11.1 million. The top 10%, on the other hand, has a net worth of about $1.2 million.

 The wealth of the middle class is also rising, but it primarily rose between 1970 and 2000; median income increased by 41% during this time at an annual average rate of 1.2%. From 2000 to 2018, the rate was 0.3%.

The wealth of the top 1% continues to outstrip that of the entire middle class. In fact, the top earners hold more wealth than the middle and upper-middle classes put together. There's a variety of reasons for the disparity, but one chief factor is that they own more than 50% of the equity in both private and public companies. And they've also benefited from surges in the stock market. These gains help them reinvest their money back into exclusive investments like hedge funds and private equity ventures.

Underlying Causes

Much of the growing disparity can be traced to tax breaks on income, gift, and estate taxes, as well as the decline of labor unions in America. Although the middle class also benefited somewhat from the reduction in taxes, it allowed the wealthy to retain a much greater portion of their assets and pass them on to their heirs.

As of May, 9, 2022, the richest person in the world is Elon Musk, with a net worth of $268 billion.

In fact, there's been a lot of debate about how the Tax Cuts and Jobs Act (TCJA) of 2017—passed by the Trump administration—has influenced the wealthiest Americans. Though the Trump White House consistently defended the bill, saying it helped put money back in the pockets of the middle class, others have disagreed. For example, in their book The Triumph of Injustice (2019), economists Emmanuel Saez and Gabriel Zucman argue the tax reform bill gave the country's wealthiest households an effective lower average tax rate than the rest of the U.S. population: those who fall in the bottom 50%: 23% versus 25% for the working and middle class, and 28% for the upper-middle class.

Criticism of the Top 1%

There's been a lot of criticism of the world's ultra-rich, especially those living in the United States. They've been accused of hoarding wealth, lobbying for tax breaks, and not contributing their fair share in taxes. Responding to the criticism, many politicians are calling for more taxes on the wealthy.

Senator Elizabeth Warren proposed a tax on ultra-millionaires as part of her campaign to become the Democratic presidential candidate for the 2020 election. Senator Bernie Sanders, on the other hand, has pushed for an estate tax hike, meaning billionaire heirs would pay more in taxes. Their rationale? Taxing the ultra-rich would help cut down on the nation's income inequality.

President Joe Biden has also proposed significant increases in taxes on the wealthy. Outlined in April 2021, they include raising the top marginal income tax rate to 39.6% (starting with individuals earning $400,000 a year) from the current 37% (starting at people earning more than $518,000). The top tax rate on capital gains and unqualified dividends would also rise to 39.6%, up from a maximum of 20% now.

 Biden also wishes to increase the corporate tax rate to 28%.

How Much Net Worth Is Needed to Be In Top 1%?

The minimum amount of net worth to be considered in the top 1% is $11.1 million.

What Is the Net Worth of the Top 1% of Americans?

The total net worth of billionaires in the U.S. is $3.71 trillion.

What Percentage of the Population Has a Net Worth of $1 Million Dollars?

Roughly 10% of Americans have a net worth of $1.22 million or more.

The Bottom Line

Like the poor, the rich we always have with us: Disparity in income is inevitable in a capitalist society and a free-enterprise economy. However, the fact that the disparity seems to be increasing is a source of growing concern for many. The uneven impact of the COVID-19 pandemic shed a brighter light on the situation, though in fact, it had been developing for years: In the U.S., the share of the nation's wealth held by the top 1% increased from 23% to nearly 32% from 1989 to 2018.

Even billionaires such as Warren Buffett have expressed amazement that they often pay less in taxes than their employees do. Whether the 1% should be left alone or whether their wealth should be somehow shared will doubtless be an ongoing debate.

6 Investing Mistakes the Ultra Wealthy Don't Make

 

The ultra-wealthy, known as ultra-high-net-worth individuals (UHNWIs), make up a group of people who have net worths of at least $30 million.

The net worth of these individuals consists of shares in private and public companies, real estate, and personal investments, such as art, airplanes, and cars.

When people with lower net worths look at these UHNWIs, many of them believe that the key to becoming ultra wealthy lies in some secret investment strategy. However, this isn't usually the case. Instead, UHNWIs understand the basics of having their money work for them and know how to take calculated risks.

KEY TAKEAWAYS

Ultra-high-net-worth individuals often understand the importance of savings, the basics of investing, and how to take calculated risks.

Concentrating portfolios with investments only from the U.S. and the EU is an example of an approach that overlooks potential opportunities elsewhere, such as the emerging markets.

UHNWIs do not try to keep up with their neighbors or compare themselves to others but focus instead on achieving their objectives and goals.

Periodically rebalancing portfolios is essential when trying to achieve the right mix of stocks and bonds over time.

UNNWIs often find opportunities in private markets that are overlooked by investors that focus only on public markets.

In the words of Warren Buffett, the No. 1 investing rule is not to lose money. UHNWIs aren't mystics, and they don't harbor deep investing secrets. Instead, they know what simple investing blunders to avoid. Many of these mistakes are common knowledge, even among investors who are not particularly wealthy. Here is a list of the biggest investing errors UHNWIs avoid making.

1. Only Investing in the U.S. and the EU

While developed countries such as the United States and those within the European Union are thought to offer the most investment security, UHNWIs look beyond their borders to frontier and emerging markets. Some of the top countries that the ultra-wealthy are investing in include Indonesia, Chile, and Singapore. Of course, individual investors should do their research on emerging markets, and decide whether they fit into their investment portfolios and their overall investment strategies.

2. Investing Only in Intangible Assets

When people think of investing and investing strategies, stocks, and bonds normally come to mind. Whether this is due to higher liquidity or a smaller price for entry, it doesn't mean that these types of investments are always the best.

Instead, UHNWIs understand the value of physical assets, and they allocate their money accordingly. Ultra-wealthy individuals invest in such assets as private and commercial real estate, land, gold, and even artwork. Real estate continues to be a popular asset class in their portfolios to balance out the volatility of stocks. While it's important to invest in these physical assets, they often scare away smaller investors because of the lack of liquidity and the higher investment price point.

However, according to the ultra-wealthy, ownership in illiquid assets, especially ones that are uncorrelated with the market, is beneficial to any investment portfolio. These assets aren't as susceptible to market swings, and they pay off over the long term. For example, Yale's endowment fund has implemented a strategy that includes uncorrelated physical assets, and it returned an average of 10.9% per year between June 2010 and June 2020.

3. Allocating 100% of Investments to the Public Markets

UHNWIs understand that real wealth is generated in the private markets rather than the public or common markets. The ultra wealthy may gain a lot of their initial wealth from private businesses, often through business ownership or as an angel investor in private equity. Additionally, top endowments, such as those run at Yale and Stanford, use private equity investments to generate high returns and add to the funds' diversification.

4. Keeping up With the Joneses

Many smaller investors are always looking at what their peers are doing, and they try to match or beat their investment strategies. However, not getting caught up in this type of competition is critical to building personal wealth.

The ultra-wealthy know this, and they establish personal investment goals and long-term investment strategies before making investment decisions. UHNWIs envision where they want to be in 10 years, 20 years, and beyond. And they adhere to an investment strategy that will get them there. Instead of trying to chase the competition or becoming scared of the inevitable economic downturn, they stay the course.

Further, the ultra-wealthy are very good at not comparing their wealth to other individuals. This is a trap that many non-wealthy people fall into. UHNWIs stave off the desire to purchase a Lexus just because their neighbors are buying one. Instead, they invest the money they have to compound their investment returns. Then, when they've reached their desired level of wealth, they can cash out and buy the toys they want.

5. Failing to Rebalance a Personal Portfolio

Financial literacy is a big problem in America, but everyone should understand the practice of rebalancing their portfolios. Through consistent rebalancing, investors can ensure their portfolios remain adequately diversified and proportionally allocated. However, even if some investors have specific allocation goals, they often do not keep up with rebalancing, allowing their portfolios to skew too far one way or the other.

A balanced portfolio typically includes the right mix of cash, stocks, and bonds based on a person's age and risk tolerance.

For the ultra-wealthy, rebalancing is a necessity. They can undertake this rebalancing monthly, weekly, or even daily, but all UHNWIs rebalance their portfolios on a regular basis. For the people who don't have the time to rebalance or the money to pay someone to do it, it's possible to set rebalancing parameters with investment firms based on asset prices.

6. Omitting a Savings Strategy From a Financial Plan

Investing is essential to becoming ultra-wealthy, but many people forget about the importance of a savings strategy. UHNWIs, on the other hand, understand that a financial plan is a dual strategy: They invest wisely and save wisely.

As a result, the ultra-wealthy can focus on increasing their cash inflows as well as reducing their cash outflows, thus increasing overall wealth. While it might not be common to think of the ultra-wealthy as savers, UHNWIs know that living below their means will allow them to achieve their desired level of wealth in a shorter amount of time.

10 Steps to Financial Security Before Age 30

Being financially secure before you reach 30 may seem out of reach for many people in their 20s, but it's possible. Working toward financial security need not be an exercise in self-deprivation, though many people assume it to be.

Attaining this goal even has some immediate benefits given that financial insecurity can be a serious source of stress.

The following are 10 steps to consider to achieve financial security before you turn 30.

KEY TAKEAWAYS

Knowing how much you spend can keep spending in check.

Live within your means, don’t use credit to fund a lifestyle, and set short-term achievable financial goals.

Become financially literate and save what you can for retirement.

Take calculated risks, such as moving to a city with more job opportunities or taking on a new job that pays less but has more upside potential.

Invest in yourself by continually upgrading your skills and knowledge.

Strike a balance—working toward financial security doesn’t mean you need to deprive yourself. 

1. Track Your Spending

Knowing how much you spend and on what keeps your spending in check. A free budgeting app like Mint can help you do this.

You might discover that ordering in food several times a week costs more than $300 a month, or recurring charges for streaming services and subscriptions you never use are a waste of your hard-earned money. If you can afford to spend hundreds a month on ordering in—great. If not, you’ve just discovered an easy way to save money in addition to canceling those streaming services you forgot you had.

2. Live Within Your Means

Keep your standard of living below what your earnings can accommodate. As you advance in your career and gain more experience, your pay should increase. But rather than using this excess income to buy new toys and live a more luxurious lifestyle, the best move is to put the money toward reducing debt or adding to savings. If the cost of your lifestyle lags behind your income growth, you will always have excess cash flow that can be put toward financial goals or an unexpected financial emergency.

3. Don't Borrow to Finance a Lifestyle

Borrowed money should be used when your gain will outrun your borrowing costs. This might mean investing in yourself—for your education, to start a business, or to buy a house. In these cases, borrowing can provide the leverage you need to reach your financial goals faster.

On the other hand, using credit for a lifestyle you can't afford is a losing proposition when it comes to building wealth. And the added interest expense of borrowing further increases the cost of the lifestyle.

4. Set Short-Term Goals

Life holds many uncertainties, such as an economic crisis or the loss of a job, and much can change between when you are in your 20s and, say, 40 years later when you may retire. As such, the prospect of planning far into the future can seem daunting.

Rather than setting long-term goals, set a series of small short-term goals that are both measurable and precise—for example, paying off credit card debt within a year or contributing to a retirement plan with a set contribution each month. If you set goals, you'll have a better chance of achieving them than you would if you merely said you wanted to pay down debt, but failed to set a timetable. Even the process of writing down some goals can help you to achieve them.

 As you achieve short-term goals, set new ones. The constant setting and achieving short-term goals will help you reach longer-term goals, such as having a solid nest egg when you retire.

5. Become Financially Literate

Making money is one thing, but saving it and making it grow is another. Financial management and investing are lifelong endeavors. Taking the time and effort to become knowledgeable in the areas of personal finance and investing will pay off throughout your life. Making sound financial and investment decisions is important for achieving your financial goals.

6. Save What You Can for Retirement

When you're in your 20s, retirement likely seems a lifetime away, and planning for it may be the last thing on your mind. If you can take a few steps now to start saving, compounding will work in your favor. Even a small amount saved early in your life can make a big difference in your future. Building a retirement nest egg becomes more difficult the longer you wait.

Try setting up automatic monthly contributions to a retirement plan, such as an employer-sponsored 401(k) if you have access to one, or an IRA if you don't. You can increase your contributions when your income rises or when you've achieved more of your short-term goals.

 If you implement the pay yourself first ideal, you won't have to worry about how much you're contributing. The most important thing is to develop the habit of saving.

7. Don't Leave Money on the Table

If you work for a company that offers a 401(k), make sure to contribute at least up to the maximum of what your employer will match, otherwise you are leaving money on the table. In addition, you can deduct your contributions in the year you make them, which lowers your taxable income for the year.

If you don't work for a company that offers a 401(k), contributing to a traditional IRA will result in tax savings too because you can also deduct contributions.

8. Take Calculated Risks

Taking calculated risks when you are young can be a prudent decision in the long run. You might make mistakes along the way, but when you are young, you have more time to recover from them.

Examples of calculated risks include:

Moving to a new city with more job opportunities

Going back to school for additional training

Taking a new job at a different company for less pay but more upside potential

Investing in high risk/high return stocks

As people get older, some may assume more responsibilities such as paying down a mortgage or saving for a child's education. It's easier to take risks when you have fewer responsibilities.

9. Invest in Yourself

Look at yourself as a financial asset. Investing in yourself will pay off in the future. Your skills, knowledge, and experience are the biggest assets you have. Increase your value by continually upgrading your skills and knowledge and by making smart career choices.

Though this investment often starts with going to college or a trade school, keeping skills up to date and learning new ones that are in high demand can help make you a more attractive and higher-paid part of the workforce. Investing in yourself should continue over the course of your lifetime.

10. Find the Right Balance

Striking a proper balance between your life today and the future is also important. Financially, we can't live as if today is our last day. We have to decide between what we spend today versus what we spend in the future. For example, set a short-term goal to save for a trip to a destination you've always wanted to see instead of using a credit card to finance it. Finding the correct balance is an important step toward achieving financial security. 

9 Strategies to Build Wealth Fast

 

If you want to build wealth fast – like really fast – then investing in a vehicle such as a Roth IRA will not get you there.

If you’re younger and your income limits allow, open up a Roth IRA. Invest in mutual funds and ETFs. Make sure you have enough cash in your emergency fund. Starting your financial life with those good habits will bleed over into your success in building wealth.

Okay, so how do you build wealth fast? Let’s take a look.

Drop Your Living Expenses Like Crazy

I know, this isn’t very exciting, but this is the definition of wealth. As Todd Tresidder of FinancialMentor.com says, “Great wealth builders focus on both saving money and earning more.”

What Todd is pointing to here is the gap between your expenses and your income. Expenses should always be lower than your income. The larger that gap, the more wealth you can accumulate.

Let’s face it, you can’t invest unless you have money to invest. If you’re currently living beyond your means and have no additional money to put to work for you, you’ll never build wealth.

1. Save on Vehicles

I was very fortunate that I learned this lesson when I was still in college. This led to me driving a 1998 Chevy Lumina that was completely paid for because I inherited it from my deceased grandmother.

 

Not having a car payment allowed me to invest in myself, my Roth IRA, and my 401(k).

According to Jason Fogelson for Forbes: “The biggest mistake a car buyer can make, especially in the age of the Internet, is to buy a car without doing research first. Some buyers are so eager to get through the car-buying process that they don’t take the time to find out everything they can about vehicle reliability, pricing, and financing.”

I agree. But let’s focus on the financing part for a minute. Car loans come with ridiculous interest rates that nobody should have to pay for to obtain transportation. Car loans can easily be one of the highest-cost debts of many American households.

Too many people view the car payment as “normal.” Sure, it’s normal, but “normal” won’t help you produce wealth, my friend. Instead, consider doing what I did and drive a car that you own outright. It’ll be easier on your pocketbook over the long-term – I promise.

2. Save on Shelter

In addition to that, my wife and I rented a house for the first year that we were together. Not having the mortgage payment allowed us to build up our emergency fund and also save for our retirement.

But what if renting seems to be more expensive than having a mortgage payment? According to Beth Braverman for Forbes: “Rentals offer far more flexibility. Buying a home typically means committing to a 30-year mortgage. Most people don’t stay in a home for anywhere near that amount of time, but it’s much harder to pick up and move from a home you own than it is to leave a rental.”

And what happens when you can’t sell your home when you need to move due to a job change or another reason? You pay a whole lot of money not only for the house you can’t sell but also for the house you move into.

If you need flexibility, consider renting like we did – even if the rent payment is higher than a comparable home with a mortgage payment.

3. Don’t Buy Crap

Lastly, we didn’t buy crap we didn’t need.

Ask yourself what you really need and really don’t need. Do you really need that million-inch flat screen TV? No, you don’t!

4. Save a Percentage of Your Income

Savers like my wife and I are definitely in the minority. Very few people save a substantial amount for the future, but if you think we’re in the minority, then check out Pete from MrMoneyMustache.com who advocates that you should be saving between 30 to 50% of your income. While that’s definitely on the extreme side of things, Pete is just another example of how it can be done.

Granted, the more you make the larger a percentage you can save. The point here is to make some steep sacrifices so that you can put more of your wealth toward investments that are right for you.

Earn Much, Much More

As the old saying goes: “You have to have money to make money.” I know what you’re thinking though:

“Well Jeff, I don’t have any money, so how can I make money if I ain’t got no money?”

First, let’s address something. When you say that you don’t have any money and believe that, you’re already setting yourself up for failure. You have to change your mindset and believe that you can find a way to make more money.

5. Work Hard Now

When I think back to how I was able to advance my career, I remember when I was an unpaid intern at the brokerage firm that ended up hiring me. As an intern, I was working 12 to 15 hours a week, showing up when I was told to show up, dressed, and ready to impress. The majority of my duties were shredding important documents, filing, and other basic administrative duties.

Even though the work was boring, I did everything that was asked of me and above. My work ethic and drive spoke for itself. After that summer internship, I was offered a full-time position.

If you have a job, even though you might not like that job, give it everything that you’ve got. Treat the company that you work for as if you own it.

Imagine then that you’re the CEO.

How would you approach your daily duties differently if more was on the line?

It’s really difficult to find great opportunities. It’s possible, but it isn’t easy. For now, I recommend that you focus on working hard. People around you will start to take notice.

Just like I was offered a full-time position because I worked hard as an intern, you will find doors of opportunity opening for you when you give your work all you have.

6. Invest in Your Education

Another way that you might be able to make more is to invest in your education. This could be getting your degree, getting an MBA, or getting a specialized designation. For me, getting my CERTIFIED FINANCIAL PLANNER™ certification has yielded thousands of dollars of revenues over the years.

When I first passed the exam for my certification, many people asked me, “Congratulations, does this mean that you get a raise?” There was no immediate financial benefit for me.

It was a year out of my life where I studied my butt off, but I knew having that designation would give me the education and also the credentials to set myself apart from the competition.

 

While I didn’t see any immediate financial benefit, I can attribute several new clients as well as several media opportunities to the fact that I’m Jeff Rose, CFP®. You can get your certification too!

7. Invest in Yourself and Your Marketing

Over and above that, I have invested in myself. When I was first starting off, I didn’t have a lot of money, but I knew I needed to look the part so I bought fresh shirts, ties, suits – anything I could to make myself look more like a professional. I also invested in personalized brochures, seminars, and other marketing materials to put myself out there.

Another way I invest in myself is by paying $7,900 per year for Strategic Coach – a coaching program with workshops, program advisors, and like-minded entrepreneurs.

Dan Sullivan of Strategic Coach has created a program I’ve found hugely beneficial to my business – my business has grown as a result of his work. Many of his quotes like this one pack a punch:

For a company to grow 10x, it doesn’t need you managing – it needs self-managing.

I always made sure that I didn’t overextend myself to where I was spending more than I could afford. A lot of the money that I earned wasn’t going toward frivolous things such as big-screen TVs or going out to eat at high-end restaurants.

Instead, the money went toward investing in myself and my business.

8. Venture into Entrepreneurship

I highly recommend you start building wealth by venturing into entrepreneurship.

When I became an entrepreneur, my wealth-building journey really took off. Several years prior, I had read the book Rich Dad Poor Dad. In that book, author Robert Kiyosaki introduces the concept of the cash flow quadrant.

He looks at four different entities: the employee, the self-employed, the business owner, and the investor. When I read that book I fell under the employee quadrant, but I knew that if I ever wanted to make serious money, I had to get into the right type of quadrant – either the business owner or the investor quadrant (the investor quadrant is actually the best).

When I first started as a financial advisor, I was still an employee. I had the ability to make my own hours and to grow my business as much as I could, but I also had a lot of restrictions.

My first step was crossing over into being self-employed. Just by making that shift, I saw a 30% increase in income in my first year. Since then, I’ve become a business owner – and now I consider myself also to be an investor. As a business owner, I own my wealth management firm. I own my blog, GoodFinancialCents.com, and I also own a few other online properties that all yield my income.

Yes, blogging can be very lucrative – I’ve made over $1,097,757 from blogging. In fact, I could almost consider my blog as an investment; while blogs do require some upkeep, they certainly do not require nearly the upkeep needed for my financial planning practice.

I’m certainly not the only person who has made a lot of money online. Steve Chou’s wife replaced her $100,000 income with an online store so she could be a stay-at-home mom. It’s amazing what you can do if you put your mind to it.

Whether you are thinking about starting an online business or growing your brick and mortar business, it all goes back to working hard now. But you know what? You have to work hard at the right things or you’ll just be spinning your wheels.

My current businesses are the result of several business ventures that didn’t work out. I tried multilevel marketing on a few occasions. I tried real estate.

I tried a solo 401(k) business. None of these worked out for me. In some, I lost a lot of money. In others, it was just a waste of time. But in all those experiences, I learned one thing . . . it is important that you adopt the mantra: “Win or learn, never lose.”

9. Try Real Estate

Speaking of real estate, although it didn’t work out for me and it’s not right for everyone, it has certainly worked out for others. I asked Brandon Turner from BiggerPockets.com just how quickly real estate investing can help individuals build wealth. Here’s what he had to say:

Real estate investing may not make you wealthy overnight, but it can add zeros to your net worth in a shorter timeframe than many other traditional investments. For example, purchasing a fixer-upper house, rehabbing the property, and selling it for more can net you a significant windfall if you do it correctly. Just be sure to buy low, rehab smart, and sell fast. House flipping, as this process is called, is largely a math game, and significant profits can be made by those willing to take on the challenge.

Another strategy that can help you add wealth quickly through real estate is by purchasing multifamily properties that produce significant monthly cash flow. This cash flow can be saved and reinvested into more deals, creating a domino effect that will allow you to exponentially grow your real estate portfolio.

For more information, read The Ultimate Beginner’s Guide to Real Estate Investing from BiggerPockets.com.

Concluding Thoughts

To build wealth really fast, you’re not going to get there by investing $50 to $100 per month into a Roth IRA. While yes, it’s great as a long-term strategy, it’s not going to make a difference in the short-term.

A lot of financial advisers I talked to don’t want to encourage you to take that risk now. Heck, I was one of those financial advisors several years ago.

While not letting you know about all the wealth-building options isn’t financial malpractice, it’s certainly better if your financial advisor gives you a variety of options based on your financial goals – even when it doesn’t help his pocketbook.

It’s always a good idea to talk to several professional investors to see what has worked for them. The best question you can ask any financial professional is how they are investing their money – it will speak volumes.

Let’s step back for a moment. You might be thinking: “How in the world can I learn and do all this stuff? Is it even possible?”

Don’t think that you have to do everything. Instead, focus on a few things and do them well. It all starts by investing in yourself. Listen to podcasts, read books, take millionaires out for lunch (yes, you buy).

You can start by subscribing an excellent podcast by Lewis Howes: The School of Greatness Podcast. There, you will become equipped to think differently about yourself and your wealth. It’s fantastic.

As you make it a habit to find ways to better yourself, you’ll also find new potential ways to build wealth faster than ever. Everyone does it differently, and nobody will do it exactly like you.

You’re unique and you’ll find a way. Just give yourself a chance! I’m so glad I gave myself a chance to succeed. You will be too.

This post originally appeared on Forbes.com.