The easiest way on how to get rich with 30k is to invest in your earnings potential. Your active income is the majority of your income and when you maximize that earnings potential, that’s the first step to get rich. Making $100k is easier with a 9-5 than a side hustle.
I get it. You see these bloggers making $100k in the first year or YouTubers making $100k in their first six months and you want to go all in! What they leave out is that this isn’t their first channel they started. Or they leave out how much money they spent to get that revenue.
While a side hustle is a great way to get rich, the first income source to maximize is your 9-5. College is a great way to maximize income. I started making $100k when I was just 24 years old. All because I went to college and picked a high paying major.
How to get rich with 30k isn’t just about investing. It’s about using the money to generate a return in the future. You can easily get rich with 30k if you invest in quality assets such as the stock market or real estate. However, the number one income source you need to maximize is your active income.
Too many glamorize the social media influencer lifestyle without talking about the dark sides of entrepreneurship. Many of entrepreneurs do NOT make it, even after working full time. Investing money is great but maximizing income is even better.
The great news is that there’s endless opportunities to win with money.
How to Get Rich with 30k: 9 Ways to Build Wealth
Below are the 9 ways on how to get rich with $30k. I am personally using a lot of these steps myself to make more money and build wealth. It’s why I have a $400k+ net worth to boast in just my 20s.
1) Invest in Your Earnings Potential and Increase Skillset
While I firmly believe college isn’t for everyone, spending $30k on college to make $100k 2 – 5 years after graduating is worth it. It’s one of the easiest ways to increase your earnings potential because the results are proven to work. The results are dependent on how you perform in college.
Rather than how you perform based on external factors. I graduated with a finance degree, which allowed me to earn $100k when I was just 24 years old. A top bracket income just in my 20s alone, the foundation is now set!
How to get rich with 30k means investing in your earnings potential. It’s worth it to spend money to get an education certification if there is a high probability to increase earnings. Attending trade schools to get state licenses allow you to charge more and earn more money.
Clients trust certified electricians to do the job well. Your earnings potential and skillset is what gets you to a high income.
2) How to Get Rich With 30k? Invest in Quality Assets
Investing in quality assets is the easiest way on how to get rich with 30k. I personally have a heavy opinionated bias towards the S&P 500. There’s high quality asset classes like real estate as well. I personally do not invest in individual stocks because it’s too much of a hassle for me.
But in any other case, a $30k down payment to buy a $150 – $300k house is more than doable, as long as you do the research on real estate investing. In my home town of Austin, TX, it’s almost impossible to do real estate investing for cash flow because the prices are so high.
However, not everyone just lives in Austin. If real estate is not for you, then there’s always the possibility to invest in stocks. I prefer a broad market based index fund where you bet on the entire league to win instead of just one team.
Over the long term of 40 years, that 30k compounds into $651k at an 8% interest rate. That’s not bad.
3) Start a Blog
A blog is one of the best ways to get rich because it doesn’t require a lot of capital. I started my blog with just a $300 investment paid over 3 years. However, I could’ve gotten ahead faster if I paid for courses that taught SEO, Facebook Ads, and more marketing expenses.
Even then, it would’ve been hard to spend $30k to start a blog. The great thing about blogs is that it’s all sweat equity. it’s not a lot of upfront capital but a lot of your time that’s necessary to make it a success. How to get rich with 30k means investing a little bit of money to start a successful side hustle.
This is the best side hustle because you want to pay with sweat equity instead of with money. That way, if the venture doesn’t work out, you still have the money to pay for living expenses with. Although blogging isn’t easy by any means, I still love and have immense passion for it.
You never know where blogging might lead you. I get reached out for opportunities all the time.
4) Start a YouTube Channel
YouTube is the next gold rush many are trying to capitalize on. I personally started an anonymous YouTube channel in 2023 and will be seeing how it goes in the next year. How to get rich with 30k means investing that $30k on equipment costs.
I bought a brand new MacBook Pro during Black Friday of 2022 and paid $1k for the computer. I expect it to pay great dividends with my YouTube channel. There’s also the iPhone 14 that I bought in 2023. Investing the $30k in equipment to start a YouTube channel is a great investment.
The results aren’t guaranteed. But many are doing fantastic with YouTube. You could even only spend $2k to start out and see how it goes. Then add more money as your videos get traction. The possibilities are endless. You will learn an immense amount of things like how to capture an audience’s attention.
And marketing and creating quality videos. Companies pay top dollar for great YouTubers who are very influential to their subscribers.
5) Rent Cars Out on Turo
How to get rich with 30k by renting out your car on Turo means you buy 2 – 3 reliable cars. Then rent them out on Turo or any other rental marketplace for ~$1k – $3k per month. That’d recoup your entire investment in 1 – 3 years. Then after those years, you do the same thing all over again with more cars.
Many customers are renting cars from Turo instead of dealing with traditional rental car companies like Hertz. It’s cheaper for the customer because the seller doesn’t have the overhead of rent and employees to manage. If you don’t use your cars on the weekend anyway, then why not make money from them?
You could test the market with your own car first and then slowly buy more cars to rent out. It’s the same concept with real estate investing, except you don’t have a large risk, as compared to real estate investing. Cars are much cheaper than real estate.
Too many are sleeping on the cash flow potential of the sharing economy. AirBnb and Ubers are on the rise to make side income on the weekends.
6) Invest in Real Estate
Real estate is another asset class that allows you to cash flow $500+/mo with a $30k investment. Finding a quality tenant is the #1 key with real estate investing. How to get rich with 30k means using the $30k for a down payment.
With real estate investing, you get rich with 1. appreciation 2. deductible mortgage interest 3. principal pay down 4. rental income. It doesn’t happen in one year but eventually you will have cash flowing properties that pay for 100% of your living expenses.
Although there are risks, there’s no one who got rich who never took risks. How to get rich with 30k in real estate has been done before. I’ll be looking for a house in late 2023 to 2024. I’m sick and tired of paying rent working with for a landlord who I highly dislike.
The cash flowing assets are out there, it’s just up to you to find the quality assets to get rich with.
7) Sell Covered Calls
Covered calls is selling options contracts on 100+ shares you already own to speculators who bet on the price of the underlying stock. It’s a good way to earn an extra $500 – $1,000 per month by investing the $30k in an underlying stock and selling options contracts on them.
How to get rich with 30k means looking for unorthodox ways that people don’t see. I wish I learned the selling covered calls strategy earlier. It could boost your stock returns by an additional 12% per year. If you’re going to keep the shares anyway, why not earn cash flow with them?
It’s another way stock holders earn cash flow with their investments, aside from the quarterly dividends they earn. It’s a way to generate cash flow from stocks that may not may a dividend. It’s a long term play but it may just well pay your living expenses after a couple of years.
Taking advantage of speculators and actually becoming the house is a great way to get rich.
8) How to Get Rich With 30k? Take Advantage of Estate Sales
When I was in college, I bought cheap products online and sold them at a higher price on eBay. Some companies liquidated their inventory and sold brand new products to me. I once got an Otterbox iPhone case for $15. Then I sold it for $50!
My competitors would charge $60 so it was easy to sell them. How to get rich with 30k is looking at your local market and looking for estate sales. Estate sales are a great way to buy cheap and sell high on eBay because the products are usually high quality.
Additionally, the seller generally doesn’t care about maximizing revenue. They just want to get rid of their inventory. Now, obviously, don’t spend the $30k all at once. But you could spend $500 in one estate sale and see how it goes. Then move on to bigger amounts. And so on.
Too many overlook just how great estate sales are. You can get very good quality products for very low prices. It can generate an additional $500 – $1.5k/mo in income.
9) Improve Your Home
Spending $30k to improve your home value by $100k is worth it. Some even add an additional bedroom with $30k that improved their home’s value by $100k in one year. There’s creative ways to add value to your own home.
How to get rich with $30k means spending that money to earn more back. Home improvements are a great way to do so. It’s important to spend money that actually add value to your home, however. One of my friends put in an extra $18k to convert their patio to a fancier indoors hang out spot.
It didn’t increase the value of the house whatsoever. If you know what you’re doing with home improvements, it’s a great way to build wealth and get richer. You will be surprised at what a prospective buyer is willing to pay for a home in pristine condition.
Improve the assets you already own is a relatively low risk way to earn more money.
How to Get Rich with 30k Should Come After the Basics
There’s no point in thinking about how to get rich with 30k if you don’t have your basics taken care of. Things like having a 6 – 12 month emergency fund, no debt, and having a job are crucial components of the basics on how to get rich with 30k.
There’s no point in learning how to get rich if your home base isn’t even covered. By trying to get rich, you may end up going backwards. I didn’t start thinking or implementing side hustle ideas until five YEARS into my financial independence journey.
With a $400k net worth, I now have some leeway to deploy capital to good opportunities that’ll make me even more money down the road. I didn’t try any of the steps above in the first five years except invest in quality assets because I didn’t have the money to make mistakes.
Now I do. And let me tell you, it’s one of the most rewarding things ever. I pursue side hustles that I love and I work on my own schedule. I found out in 2023 I have biological issues with my digestion that allows me to only really work outside of business hours.
Therefore, side hustles are a perfect way to earn extra income while working hours that I want to work. I already took care of all the basics and have a year’s worth of emergency funds. Now comes the fun stuff of making additional money.
Making money is, and always will be, one of people’s favorite hobbies.
How to Get Rich with 30k: It’s Possible in the Long Term
This isn’t a get rich quick scheme. How to get rich with 30k requires a long term outlook. $30k is just not a lot of money to get rich in one year. However, it’s a great start. The best side hustles turned into big businesses because of sweat equity.
The ability to turn the small side hustle into a large scale business happened because of compound effort. I personally invest $30k per year in assets to make my dreams come true. It’s how I amassed almost half a million dollars in my 20s. Not many have that accomplishment.
$30k is the beginning of the wealth creation journey and not the end. With smart investments and the right choices, there’s no reason why $30k can’t turn into hundreds of thousands, if not millions of dollars in 40 years. The 9 steps above are ones I’m personally using.
It’s not generic side hustle advice. I have a deep desire to get rich and I’m sharing and being transparent with my decisions. How to get rich with 30k means putting in the effort. You already made it this far by having $30k, you can go even further to heights no one ever saw before.
Over the long term, it can easily happen. There’s no need to think short term when your entire life happens over multiple decades. Investing money is a surefire way to get yourself out and reach upward mobility. Plenty of people proved it can be done and are doing well in life.
There’s no reason why you can’t be the next one to make it happen.
How to Get Rich with 30k: The 9 Ways Shortlist
- Invest in your earning potential and increase skillset
- How to get rich with $30k? Invest in quality assets
- Start a blog
- Start a YouTube channel
- Rent cars out on Turo
- Invest in real estate
- Sell covered calls
- How to get rich with $30k? Take advantage of estate sales
- Improve your home
