How To Get Rich With No Money [11 Practical Ways]
It’s no surprise that the average millionaire has seven streams of income. And some of them became rich with no money. If you’re wondering how can I get rich with no money, you’re in the right place!
Getting rich with nothing all starts with your mindset. And truth be told, the way you think about money and having money does play a part in attracting wealth.
Have you ever noticed, how rich people think vs the poor think about money?
Let’s compare:
| Poor Mindset | Rich Mindset |
| Success doesn’t matter | Success is taken as a priority |
| Blames others ( parents, government, etc) | Tries to take responsibilities |
| Spends money | Invest money |
| Refuses to learn anything new | Wants to learn new things |
| Focus on the past | Focus on the future |
| Thinks small | Thinks big |
| Driven by their income | Driven by their net-worth |
| Fear Change | Embraces change |
| Work driven | Goal driven |
| Don’t understand their failures | Learned from failures |
| Not interested in reading books | Read mindset books, listen to podcasts |
| Think negatively | Thinks positivity |
The first step in changing your mindset is to understand your WHY, be grateful for what you have, and focus less on what you don’t have. The more you set and execute success goals the closer you will become to getting rich without money.
Keep in mind that having a lot of money doesn’t bring happiness. True happiness starts with freedom, health, and time.
How to Get Rich With No Money
1. Change Your Mindset
Now If you look at the table above you’ll see that your mindset has a big part in how you become rich with no money.
How does one change their mindset? Here are 5 tips to help you change your mindset:
- Visualize the future you want
- Correct your limited beliefs
- Be grateful
- Think positive, lean on positive affirmations
- Embrace a growth mindset
Once you have taken time to break into these habits, your life will begin to change.
It’s important to note that having a growth mindset will help you get rich with nothing. If you take on new challenges and improve as you go, then you will become rich.
Instead of saying “I can’t” say “I can”
Instead of saying “I’m going to fail” say “I’m going to learn”
2. Build multiple streams of Income
Most millionaires have multiple streams of income because 1 income is next to none. You don’t need money to start making money, however, you’ll need to invest your time.
About 62% of Americans have side hustle jobs to help with their cost of living. There are multiple ways to acquire multiple sources of income.
Passive income streams are the best income ideas as you can make money while you sleep or travel anywhere.
Here are some examples of Passive Income Investments Apps that most Millionaires use:
- Earn up to 5% on individual AYP savings accounts with M1.com or you can choose to invest and borrow.
- Invest in Real Estate Rentals with Arrived for only $100. They find the best rental deals that grow your money residually.
- Invest $10 with Groundfloor and earn an ROI of 10%
3. Invest more than you spend
One of the analogies that we can see is that if you want to become rich, you must choose to invest your money rather than spend it.
The benefits of investing are that you can have another source of income, fund your retirement, and become rich. Many rich folks will tell you that they’ve invested their money whether it’s in businesses or real estate.
The S&P 500 is one of the most used and recommended investment options. It is made up of the largest companies in the USA. All you need is a brokerage account to get started.
4. Build an Emergency Fund
Apart from your personal savings and investment account, there should be a separate account for your emergency funds. Your emergency fund must have at least $1000. This money will be used in the event of a medical emergency, or any unexpected life shifts.
Instead of wondering around when something happens or borrowing loans to offset your emergency, having an emergency fund is a priority.
Since your emergency funds could be sitting there until something comes up, it’s best to have this money multiplying while you wait. Instead of having a regular savings account, use a high-yield savings account like M1.com to help you grow your money.
5. Set Goals
One of the ways to get rich with nothing is by planning your short-term and long-term goals. Your short-term goals are things that can be done within one to five years.
An example of this can be starting a business and learning how to acquire customers. Working in an organization and being promoted to a higher one.
Long-term goals are more fiscal ranging from 10 to 30 years. They can involve, setting up multiple locations for your business, paying off your mortgage, owning multiple real estate, retirement planning, and more.
6. Live Below Your Mean
One way to get rich with no money is to live by a budget. Most millionaires will tell you that they didn’t buy the most expensive clothes, or shoes or lived in the most expensive apartments, they lived below their salary.
Living frugally doesn’t mean that you are poor, instead, you are deciding to learn how to be disciplined with money. A lot of people end up broke because they live by trends. Smart millionaires will invest in high-end designer things that can be flipped or return money on their investment. Whistle wanna-be millionaires spend all their money on depreciating assets.
7. Your Network is Your Net-worth
LinkedIn is a nice social platform to network with successful people. If you want to diversify your network outside of the online space, you can also try networking events in your city. Look for events where investors and business professionals meet up.
Networking is one way millionaires learn from each other and it helps individuals who are seeking mentors.
8. Find a Good Mentor
Instead of spending years figuring out things by yourself, seek someone who has already done it. Mentors are teachers and people that have been where you are. Look for people who have a passion for leadership and can help you grow. No millionaire learned everything on their own.
When looking for mentors, choose people who can empower, motivate, and give you directions. It’s not about how much money you make that defines your success it’s how many people you have inspired to achieve their dreams.
9. Don’t Procrastinate
Procrastination is a disease of the mind that keeps people behind from making the first step to success.
The reality is that people want to know how to get rich without money but they don’t realize that it takes hard work and a dedicated mind.
Procrastination is wanting to do something but being put off because of fear of failing.
Overcoming fear of rejection, and failing are the most common reasons why people don’t start in the first place. When you adopt a growth mindset, you won’t worry about these things.
10. Use Systems and Software
If you want to get ahead, using the best systems and software will help you save more time and money. CRMs and marketing tools are the most useful software that individuals and businesses use to scale their sales.
11. Cut Off Toxic Families and Friends
If you are not from a rich family but want to get rich with no money, removing negative families and friends should be on your list. When you have people of limited belief or people who don’t want to see you win, it’s time to cut them off.
Remember the people you spend the most time with will impact who you become. Don’t be afraid to cut off toxic people from your life, it will help speed up your success and give you peace.
Go around people who support you and cheer for you in your time of success. Surround yourself with those that bring out the best in you.
Final Thoughts
There’s no doubt that you can get rich with no money by simply changing your mindset and adjusting the decisions you make in your life. Your attitude determines how far you go in life. A negative attitude gives no success but a positive attitude helps you accomplish your goals faster.
It doesn’t matter what others think, you can achieve your goals as long as you are focused and dedicated.
Do not be influenced by people that aren’t in the position you want
Learn to say no, and don’t feel bad about it.
Everyone’s journey to success looks different