9 Fastest Ways To Get Rich, According to Financial Experts
Becoming rich is a goal many people aspire to — not just for luxury, but for financial security, freedom, and a comfortable retirement. While there’s no magic shortcut to wealth (outside of winning the lottery), financial experts agree that smart strategies and long-term commitment are key to building real wealth.
Let’s explore the top nine expert-approved ways to become get rich faster, based on proven financial principles.
1. Eliminate or Avoid High-Interest Debt
Debt can be a major roadblock to wealth. While not all debt is bad — such as manageable student loans that fund a profitable career — high-interest debt like credit cards should be eliminated quickly.
“Modest student loans can be considered ‘good debt’ if they provide career opportunities,” says Robert Johnson, CEO of Economic Index Associates.
On the other hand, credit card debt should always be prioritized for repayment. Financial planner Ariel Acuña advises putting at least 20% of your income toward debt until it’s paid off.
2. Be Intentional With Spending and Cut Costs
Wealth creation starts with spending less than you earn. That means budgeting, tracking expenses, and making deliberate choices with every dollar.(Get Rich)
Acuña recommends developing a prioritized spending checklist for every paycheck. The goal is to reduce expenses and redirect that money into savings or investments.
3. Start Saving Early(Get Rich)
The sooner you start saving and investing, the more you’ll benefit from compound interest over time.
For example, investing $250 per month starting at age 25 could grow to over $620,000 by age 65 with a 7% average return — compared to less than $300,000 if you start 10 years later.
Time is one of the most powerful tools for wealth building, so don’t delay.
4. Invest in a Diversified Portfolio
Experts recommend investing heavily in the stock market, supported by assets like real estate and other investments to Get Rich.
A sample allocation: 65% stocks, 25% real estate, and 10% speculative investments, according to Jeff Burrow, founder of Sierra Ocean.
Max out retirement accounts like 401(k)s and IRAs first for tax benefits. Then, consider taxable brokerage accounts to grow your wealth even more.
5. Focus on Career Growth
There’s a limit to how much you can cut from your expenses — but no ceiling on your income if you continuously improve your career or business.
“As your salary increases, always save more than you spend to avoid lifestyle creep,” Burrow advises.
Upskilling, networking, and seeking better-paying opportunities can significantly speed up your path to wealth.
6. Launch a Side Hustle
Starting a side business or freelancing can bring in extra income that can be saved or invested. Platforms like Uber, TaskRabbit, or Fiverr make it easy to get started.
Burrow suggests taking on 2–3 side hustles and saving as much of that income as possible to accelerate your financial goals.
Learn More : Gen Z To Become Richest Generation By 2035
7. Build an Emergency Fund
Before focusing heavily on investing, build a safety net to protect your finances from unexpected events.
Financial expert Laura Adams recommends saving 3–6 months of living expenses. For example, if your monthly costs are $4,000, aim for at least $12,000 in your emergency fund.
This helps avoid dipping into credit cards or long-term investments during a crisis.
8. Learn About Personal Finance
Financial literacy is a game changer. Understanding how money works — from budgeting and credit to investing and taxes — can help you make better financial decisions.
“Being financially literate helps grow your net worth and avoid costly mistakes,” says Adams.
Books, courses, podcasts, and financial news can help you stay informed and ahead.
9. Pay Off Your Mortgage Early
Mortgages are often the largest debts people carry, and even with lower interest rates, they can cost you hundreds of thousands in the long run.
A 30-year, $350,000 mortgage at 7% interest can cost over $488,000 in interest. But a 15-year term would cut that down to $216,000, saving you $272,000.
Once your home is paid off, that money can be redirected to investments, savings, or even launching a business.
Final Thoughts: Slow and Steady Wins the Race
There’s no one-size-fits-all formula to get rich, but the path is clear: spend wisely, eliminate debt, invest early, and continue learning. While these methods require patience and effort, they offer real, lasting financial growth that can lead to true wealth.
