In today’s economy, more and more Americans are hunting down ways to get rich. Since working hard is simply not enough to actually make a consumer rich, consumers need to think outside the box and use methods that are still legal but actually effective in making them rich. These methods can range from playing your chances with the lottery to actually investing in the right market.
Playing the Lottery
Though it seems a little uneasy, it has been proven that winning the lottery will make you rich. While your chances of winning the lottery are slim, there are individuals who have actually won the lottery more than once. ABC News reported the story of Joan Ginther, who won the Texas lottery four times. Even if you think your chances are slim, remember that someone has to win the lottery.
Reinvest Money You Earn
Though we are usually compelled to spend the money we have earned working or investing, to get rich you have to actually reinvest that money. This means that when you earn dividends off the stock market, rather than going out and buying new clothes or a television, reinvest your profits into other stocks or the same stock.
This age-old way to get rich is still around in today’s economy. Though the federal government will tax your inheritance, most individuals who inherit a large amount of money do eventually become rich or will become instantly rich, depending on the amount inherited. If you inherit a smaller amount, invest the money elsewhere and make earnings off that inheritance.
Just like the lottery, gambling is a way that people will get instantly rich and without a lot of time involved. Gambling is a high-risk way to get rich, but individuals who win big on the blackjack or craps tables rarely regret their decision.
These days your wallet may be full of credit cards and often those with high interest rates. The amount of money you pay back to these credit card companies is money that you could have kept in your pocket. By eliminating the amount of money you borrow on your home, automobile and with credit cards, you can invest that money elsewhere.
With many people becoming do-it-yourself experts, there is no better time to purchase a home, fix it up and then resell it for more than you purchased it for. This process is only successful when individuals can get low-interest rates on the property and complete the majority of the repairs on their own and in a timely manner. This method also requires knowledge of the real estate market in the area you are “flipping” as well as any property laws that might prevent you from purchasing and selling within a said timeframe.
Long-Term Stock Investments
Though many individuals can make hundreds of thousands of dollars in day trading, the real money appears to be in long-term stocks. Purchase stocks at their low point that have been listed as “buy and hold” stocks and keep your money there. Long-term stocks are typically treated like savings accounts and the longer you leave your money there, the more returns you will receive.
Garage Sales and Your Old Junk
Believe it or not, a lot of stuff that we would term “junk” can actually be valuable. Items such as old toys, comic books and even antique furniture can sell for large amounts of money when they are in good condition. Scour your basement and family storage for old items and have them appraised. Visit local garage sales for items people sell as junk for a few dollars, but could actually be worth something.
Though you may laugh at the people on the news suing for spilling coffee on themselves or having botched dental work, these individuals typically become instantly rich upon settlement. Large companies are always looking to pay off lawsuits rather than have publicized court hearings that can damage their reputations. Though this does not mean you should go out seeking a lawsuit, it does mean if you have legitimate reasons to sue that maybe you should consult an attorney.
Register Domain Names
In today’s industry, the world is about being on the Internet and having a website presence. Large companies want both domain names that match their company names and generic terms that can automatically reroute consumers to their site. Purchase domain names that are generic and sell them at online domain auctions where large corporations are willing to spend hundreds to thousands of dollars to purchase that domain name.
Shailynn Krow began writing professionally in 2002. She has contributed articles on food, weddings, travel, human resources/management and parenting to numerous online and offline publications. Krow holds a Bachelor of Science in psychology from the University of California, Los Angeles and an Associate of Science in pastry arts from the International Culinary Institute of America.