Broke to Rich: How to Get There

With the invention of the Internet, there’s never been more opportunities to go from broke to rich than ever before. People who have nothing with an internet connection and an idea can get there. As long as you’re willing to put in the work, it’s more possible today than ever before.

There are many people who made it happen. Who used their smarts, determination, and grit to control their own destiny and move up in the world. It’s no accident that 88% of all millionaires are self-made. It is more than possible than ever before to get there.

We are living in an information rich world where if we want to put in the work to get rich, we can absolutely get there. Going from broke to wealthy is achievable by the vast majority, if you are willing to put in the work. There are actual millionaires out there who are providing this information, for free.

Not only are they providing this information for free, it is accurate information. I am putting in the work that I learned from actual millionaires and hope that I can get there one day. I have complete faith that I can go from broke to rich and I am working every single day to make my dreams come true.

It’s not an easy route or road. However, going from broke to wealthy is achievable by the vast majority. It may take some luck while on the road. However, luck is when preparation meets opportunity. Success needs a luck component but it also needs hard work as well.

The vast majority have good chances to get there.

How to go From Broke to Rich

Below are the 9 concrete ways to go from broke to rich. It’s more than possible!

1) Accept that There are No Free Lunches to go from Broke to Rich

Whenever there’s money involved, people don’t give out free lunches. Employers aren’t going to pay you a million dollars overnight. It needs careful planning, If you want to go from broke to rich, no one owes you anything. The world doesn’t owe you anything.

It completely depends on your ability to put in the work and offer more value to others so that you can get what you want. The best way to get what you want is to help others get what they want. That’s how you get others to want to pay you more money. That’s how you go from broke to rich.

Your life is your responsibility and you have the entire power to move up in life. Everyone has the willpower and the smarts to get there. The question is, who is willing to put in the work? There are many people who want to get rich but few who put in the work.

The one who puts in the work over decades and decades will come out ahead. That’s when we see who was truly destined to greatness.

2) Surround Yourself with Friends Who Are Doing More

You don’t even need to attend 100 networking events to surround yourself with friends who are doing more. The easiest way to do so is to just get on Twitter. There are millions of people who’ve accomplished great things teaching others how to do it for free.

If you have four poor friends, you sure will be the fifth poor one. How you go from broke to rich is to surround yourself with people who are already doing what you want to do. There are so many other people that I learn from and it’s been absolutely amazing.

They motivate me to do even more and even better because I get inspired and motivated by their successes. They’re inspiring me to look at the world a different way. I look at the world a different way and have learned from their strategies for success and leveling up.

There are people who are doing better than you who are more than willing to help you out and lend you their advice. It’s time to learn from them.

3) Increase Income

The ceiling to increasing income is unlimited. There’s no ceiling. You can earn as much money as you have the capability to doing so. Increasing income is the way to go from broke to rich. When I first started out, I was earning $52,500 per year. It was the lowest salary offer I’ve gotten.

However, somehow, I knew that it would work out by the end. I was right. I increased my income to $88,000 in just six months of working. When you increase your income by ~60%, building wealth just becomes that much easier.

To go from broke to rich, you need a way to increase income. It’s time to start the side hustle, ask your boss for a raise if it’s the right time to do so, and the like. There are millions of income generating opportunities today because of the internet.

Anything is possible with a little bit of extra work on the weekends.

4) Decrease Expenses

There is absolutely no person on the face of the planet who got rich because they spent more money than they brought in. Going from broke to rich requires a bit of sacrifice to get there to not spend as much money as possible.

The ones who spend as little money as possible are the ones who have the capability to invest their money. There’s no reason to eat out every single night and buy a $100k car on a $100k salary. It’s just a giant waste of money. I spend the same amount of money as I was back in 2016.

My income dramatically increased since then and I still spend the same amount of money as I did six+ years ago. Increasing the spread between my income and expenses is the reason why I’ve been able to get rich and to get even richer as time passes.

You want to be in a situation where time is your friend who works for you, not against you.

5) Invest Money to go from Broke to Rich

No one ever became rich without investing their money. The key to investing is to never sell your investments and to buy and hold. The buy and hold strategy consistently put out millionaires and it’s expected to consistently put out more millionaires, though not guaranteed.

There are many quality asset classes out there today such as the stock market, real estate, cryptocurrencies, and the like. The key is to find an asset that you wouldn’t mind holding forever on. That’s the real way to riches. Not trying to get rich quick.

The fastest way to go broke is to try and get rich quick. That’s something that only the few understand and why the number of millionaires are in the minority. There’s a reason why I have a quarter million dollars in my 401k, alone.

Because I patiently wait and bide out any bear market news that are out there. The buy and hold strategy worked quite well for me.

6) Manage Expectations

You’re not getting rich overnight. Overnight success is a myth. It takes 10 years of consistent work before you become successful. You will not go from broke to rich in a matter of days, weeks, or a year. You get rich over years and years of consistent effort.

Never failing to provide quality service and value to others who will pay for your products and services. The expectations are what destroys people. They want results as quickly as possible. It’s even made worse when you hear people who actually do get rich as quickly as possible.

Those stories are out there. But for every one story of a person who got rich overnight, there are millions who didn’t get rich overnight. No one ever likes to talk about them. Expect the journey to take years, if not decades. The destination will have been well worth the wait.

Good things come to those who patiently wait. This is how the rich stay rich.

7) Enjoy and Trust the Process

Get ready for a years and even decades long journey. There’s a reason why many millionaires become millionaires by the time they’re in their 50’s. These millionaires are even after working multi-decades in a career that bring them $500k+ worth of income.

The lifestyle creep is real and it’s harder for some people to control than it is for others. I expect my millionaire journey to take at least another 10 – 20 years before I get there. Although I’m doing everything I can to speed up the timeline, there’s no hurry or rush.

Going from broke to rich is not as easy otherwise rich people would be in the majority. However, that’s not the case. The amount of rich people is in the minority for good reason. Many don’t have the patience to wait it out for the next decades or so.

That is their greatest downfall.

8) Always Keep Learning

My career is in finance. I am not a marketing guy. However, I finally can say that I understand social media marketing, especially Twitter marketing. I also understand SEO as well. These are new skills I know will pay me dividends down the road.

Just like my finance degree took me four years to get, I wouldn’t be surprised if it takes four years before I realize the marketing skills I gathered over the years. I’m barely in my second year of marketing and I love every minute of it.

In bad cases of a recession, if I can’t find a job in the finance field, I can always diversify and market my marketing skills as well. There’s just so many possibilities and risk hedging because I diversified valuable skillsets that corporations could use.

You should never stop learning. There’s so much about the world we won’t ever know about that others will find valuable. Formal schooling never ends after college. This is how you go from broke to rich.

9) Never Give Up

The road to riches is hard and time consuming. There are many people who were literally on track to be a millionaire and aren’t because they simply gave up. No one ever said going from broke to rich was easy. It’s not easy and it shouldn’t be easy.

Imagine if everyone in the world was rich. Inflation would be so high that it would make the 40-year high inflation we experienced in 2022 seem like a cakewalk! The commitment to the process should at least be for ten years. Giving up before the 10 years is over is not the right move.

I’m in my seventh year of the wealth building journey and while I wish I could already be a millionaire, I’m still never losing faith. I’m still never going to stop putting in the work on the weekends to hustle my way to financial freedom. Not being financially independent just feels terrible.

Independence and freedom are valuable traits we value, more than anything in the world.

Getting Broke to Rich is Possible

The biggest mindset to keep in mind is that many people went from broke to rich and many people will continue to go from broke to rich. Some people will fail through the journey and even fewer people will succeed throughout. However, the key is to be consistent and always be working towards that goal.

Many people quit because they don’t think it’s possible. They think the stock market is a scam or they think that their poor background excludes them from the ability to build wealth. That’s just not true. The vast majority of people in the world has the ability to build wealth.

Only the select few actually puts in the work and is willing to exercise the behavioral characteristics that are necessary to get there. The road to riches is not all sunshine and rainbows. There’s going to be many sacrifices but the sacrifices will have all been worth it.

Take it from me. I didn’t come from a family of wealth, we were perfectly adequate middle class people who made do with what we had. I’m trying very hard to go from broke to rich in the next 5 – 10 years. It’s not going to be easy but I’m willing to put in the work.

I’ve been poor before and I did not like it.

Going from Broke to Rich Feels Amazing

When I first graduated from college, I lived on a $52.5k salary. After retirement account contributions, I had almost nothing leftover. I was living almost paycheck to paycheck. Therefore, I was penny pinching everywhere I went. The grocery store, online shopping, and the like.

Do you know how amazing it feels to not care about prices anymore? It feels amazing. While the journey to go from broke to rich is not complete for me, it feels liberating. Not only for the money but to prove to everyone in the world that I could do it.

I had an idea and conviction that my thesis would be right and I actually can execute the plan that I set out. It’s much harder than I thought but I wouldn’t have it any other way. One day, when I actually cross that millionaire status is when I’m going to feel like everything worked out.

All of that hard work and sacrifice paid off. It’s all going to be worth it by the end of it all. Going from broke to rich is a possibility for most and I want to inspire others that it’s a complete possibility. There are many people who achieved this seemingly impossible feat.

There’ll be many people who accomplish this feat and there’ll be even more people who accomplish this feat. There’s no reason why you can’t be one of them who go from broke to rich. The playing field is much more equal today than it was years ago.

It’s time to take advantage of the opportunity we were given.

How to go from Broke to Rich Shortlist

• Accept that there are no free lunches to go from broke to rich
• Surround yourself with friends who are doing more
• Increase income
• Decrease expenses
• Invest money to go from broke to rich
• Manage expectations
• Enjoy and trust the process
• Always keep learning
• Never give up