How To Get Rich With No Money

Have you ever wondered how to get rich with no money? Well, as it turns out, there are numerous proven methods people use to build wealth, even when starting from nothing.

In fact, the majority of millionaires are self-made. And between a combination of side hustling, saving money, investing, and smart choices, it's possible to get rich fast from nothing. Let's explore the steps you can take to do the same.

Table of Contents

1. Invest Consistently

One common trait people who get rich from nothing have is that they begin investing consistently.

Building investment income is a key to building wealth. And even if you start out with a small amount, time and compound interest help you accelerate your wealth in the long run.

ETFs, stocks, mutual funds, and money market accounts are just a few examples of how people invest for passive income. And again, the real power comes from compound interest.

For example, if you invest $250 a month for 30 years at an estimated interest rate of 7%, you'll have over $290,000 at the end of it all. And that's only with $250 a month and never increasing your monthly contributions.

With this same timeline, investing $500 a month will leave you with over $500,000 after 30 years. And the more you diligently invest, the higher your chances of becoming rich from nothing.

Plus, you can invest in these income generating assets in tax-efficient ways. An Roth or Traditional IRA are your best friend. And your work might offer a 401(k) matching program that's essentially free money if you take advantage of it.

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2. Get Rid Of Debt

Getting rid of high-interest debt like credit card bills, medical debt, and personal loans is another key step to becoming rich.

Saving more money each month and putting the extra cash towards your monthly payments is a great first step. People commonly use debt payoff strategies like the avalanche or snowball method to tackle their payments.

If you have $10,000+ in high-interest debt, you can also consider debt consolidation. Companies like TurboDebt can help you pay less in interest and only worry about one payment by consolidating your most painful debts.

As you’re working on paying down those balances, be sure to try to avoid racking up more debt elsewhere. You can try a no-spend challenge for the month, or find ways to trim your budget further.

3. Diversify Your Income

How do most people get rich? The answer is often from having more than one income source.

You've probably heard the saying that the average millionaire has 7 or more income streams. This isn't always true. However, most wealth individuals have several income streams that help them diversify and accelerate their wealth.

At WebMonkey, we're huge advocates of creating numerous income streams. And here are some of our favorite methods:

Starting a blog, podcast or YouTube channel
Investing for income (as mentioned)
Becoming an online freelancer
Make money with gig economy apps like Rover, DoorDash and Instacart
Starting an ecommerce business
Becoming a social media influencer
Writing and sell ebooks
Start some kind of boring business that has decent cash flow
Launching a service-based business
Starting an at-home business
Making money on Etsy
Flipping stuff for profit

This is just scratching the surface. And our Editor-In-Chief Tom has a video on the best business ideas you can start with $0 for even more ideas to get rich with $0.

Extra Reading – The Top Low Cost Side Hustles.

4. Stick To A Budget

Do you regularly have more income going out than coming in? Do you know how much a month that you’re actually spending?

If you have no clue about how much you spend each month, it's impossible to get rich. And this is why creating a budget to track your expenses and prevent overspending is so important.

Apps like Rocket Money make this process super simple. It automatically tracks your income and expenses, highlighting potential areas of overspending. And it can help you find expensive subscriptions or bills you might want to renegotiate too.

You can check out other free or paid budgeting apps as well. Or, just use a simple spreadsheet or a method like envelope budgeting, where you set aside cash for different monthly expenses.

The goal is to increase your savings rate and reduce wasting money. That way, you can put more of your money towards wealth building through investing or funding side hustles.

👉 Get Started With Rocket Money!

5. Create Passive Income Sources

We've already covered the importance of creating multiple income streams to get rich from $0. And this is why we're such fans of passive income over active income.

With passive income sources, you can earn on autopilot. This lets you focus on more active forms of income that are high-paying while your money works for you.

Several passive income ideas you can start include:

Investing in real estate (companies like Arrived let you start with only $100)
Bonds (you can use Worthy Bonds and earn 7% APY)
CDs
High-yield savings accounts (you can use Current to earn 4% APY and get a $50 sign up bonus)
Dividend stocks
Peer-to-peer lending
Using a cash-back credit card

Again, even a small starting investment can turn into a serious passive income stream. And you can reinvest income to continue scaling or use the money to create new income sources.

👉 Start investing in real estate with Arrived!

6. Build Your Emergency Fund

Did you know that only 44% of Americans can handle an emergency expense of $1,000 according to a recent study from US News?

Emergency expenses pop up all the time. It could be your car breaking down or your water heater going bust. But if you don't have an emergency fund, you'll have to rely on your credit card, cash advance apps, or personal loans to cover expenses.

This is how people fall further into debt. This is also why having an emergency fund of at least 3 – 6 months of living expenses is recommended.

We suggest parking your emergency fund in a high-yield savings account. Options like Current pay you 4% APY on up to $6,000 and don't charge any bank fees. You can also check the saving account options your current bank offers.

👉 How To Get $500 By Tomorrow.

7. Invest In New Skills

Did you know that one of your best investments can be in yourself? By learning new skills you make yourself more desirable to employers and land higher-paying jobs. Plus, new skills are also a great way to launch a new side hustle.

There are plenty of skills you can sell online too. Getting into freelancing is how many people diversify their income and eventually become rich. And there are tons of fields you can consider, including:

Freelance writing
Graphic design
Video editing
Digital marketing
Website design
Programming
Virtual assistant work
Proofreading and editing

The list goes on. But it's important to develop a growth-based mindset and to invest in yourself regularly.

This could look like buying courses, going to school for a diploma program, or even learning new skills for free through YouTube. The options are endless, but to get rich from nothing, you need to grow as an individual.

👉 How To Make Money Without A Job.

8. Become More Frugal & Avoid Lifestyle Creep

Did you know that even Warren Buffet is frugal? This multi-billionaire is well known for living in a modest house, driving an older car, and eating at McDonalds.

Frugality is a common trait in millionaires and wealth individuals. Once again…the more money you save, the more money you can invest and put to work to build real wealth.

There are plenty of ways to adopt a more frugal lifestyle too. Cooking your own meals, driving a used car, cutting useless entertainment expenses, and eliminating vices are just a few examples. You can also use reward apps to save money, move to a low cost of living area, and focus on having fewer material things.

9. Network & Find Mentors

If you're still wondering “how can I get rich?” – the answer might lie in who you surround yourself with.

Networking is an amazing way to find new opportunities and to learn from others. And if you can land yourself a mentor who's been in your shoes, the advice you get can be incredibly valuable.

Whether you join the chamber of commerce, a young professionals group, or another networking group, these in person organizations can help you find connections and opportunities in your area. You can also network online via LinkedIn and other professional apps that focus on specific skills and industries.

10. Become More Tax Efficient

Becoming more tax-efficient is another tactic people use to become rich. And while you don't need to consider this right from the start, reducing your tax burden is important in the long run.

Investing in tax-advantaged accounts is a great start. You can also consult a professional tax advisor or investment advisor for advice for your specific situation.

Pro Tip 💵 Get tailored investment advice from a Certified Financial Planner through Fruitful. Invest in custom portfolios, hop on video calls with your advice, and even earn 5% APY on your savings!

How Do Most People Get Rich?

Research has proven that most millionaires are self-made. You don’t need to inherit money to become wealthy. And most people get rich by starting businesses, investing, getting into real estate, and just making smart financial decisions.

The key is to make the right decisions consistently. You can't become a millionaire overnight unless you win the lottery or strike it big with a lucky investment. For most people, the path to getting rich from nothing requires years or decades of work. But it's certainly possible for anyone to quit the rat race and finally become rich.

Extra Reading: How To Make $10,000 A Month.

Final Thoughts

Can real people become millionaires without inheriting income? Absolutely! And it isn't rocket science either.

Save more money than you spend. Work on creating new income streams. And put your money to work for you by investing and diversifying your income.

If you do this and pick the right partner, you can get rich from zero and build a wonderful life for your family. And even if you start with just one small change, small habits have a way of stacking up into massive wins over time.

Want more ways to increase your wealth? Checkout: