If you have $30k but aren't sure what to do with it, don't worry – there are plenty of options worth considering.
Depending on your risk tolerance and goals, you can invest in a variety of assets, including stocks, real estate, small businesses, and much more – but you have to be careful.
After all, $30k is a nice chunk of change that you don't want to lose.
In this post, I'll show you exactly how to get rich with $30k, investing tips to help you build lifelong wealth, and much more. Let's get started!
What Does it Mean to Get Rich?
Before you start investing your money, you need to know what being rich means to you. This is key.
It's important to understand that this can vary from person to person.
For example, some people might think being rich means becoming a millionaire while others might think being rich means having all of the time in the world to do the things you want to do.
For me, being rich is having a mix of time freedom and money to be able to do what I want, when I want.
But for you, this might be different.
You must decide what being rich means to you before you can start investing your money.
How to Get Rich with $30k
1. Invest in Crowdfunded Real Estate with Arrived
Investing in real estate is one of the easiest ways people of all income levels can get rich.
Real estate investing offers a number of advantages, such as the potential for high returns, tax incentives, and a great hedge against inflation.
One of my favorite ways to invest in real estate is with a crowdfunding platform like Arrived. They allow you to easily invest in rental properties across the country with just $100.
Another thing I love about Arrived is the ability to pick and chose exactly which properties you want to invest in. This means you can generate larger returns if you can smell a good deal.
The returns can be exceptional but it will depend on your properties performance. You'll get paid out dividends depending on how the property performs.
The best part is that Arrived handles all of the grunt-work for you. They manage the property which allows you to earn completely passive income!
$100 minimum investment so anyone can get started
- Access to individual properties so you can pick and choose which properties to fund
- Quarterly payouts depending on your properties performance
- Open to both accredited and non accredited investors
- Minimal 1% management fee
- Some offerings are funded quickly
2. Invest in Real Estate Debt
Another option is to loan your money to real estate investors rather than buying a property yourself.
This is known as real estate debt.
It works by lending your money to investors so they can complete projects and earn a profit.
The returns on real estate debt can be very high, but the downside is that you could lose your entire investment if the borrower defaults on the loan.
My favorite platform is Groundfloor and you can get started with just $10.
They have no fees and you can earn consistent 10% returns on your money – which is a solid investment for anyone.
3. Invest in Commercial Real Estate
Commercial real estate is another tremendous method to get rich with $30,000.
Commercial real estate can include assets like office buildings, retail storefronts, warehouses, and more.
Investing in commercial real estate can be a great way to earn passive income and build long-term wealth and it's easier than you think to get started.
You can use a platform like Realty Mogul to get started with just $5,000.
The returns on commercial real estate have averaged over 10% annually, making it one of the more lucrative ways to start investing your money.
Additionally, commercial properties tend to be more stable than residential assets with longer term lease agreements. You can check out some of the pros and cons of commercial real estate for more info.
4. Own Rental Properties
Purchasing your own rental property is another solid real estate investment to reach your goals and get rich with $30k.
This can be one of the most profitable forms of real estate investing if you have the cash to get started. There are several different ways your rental property can make money.
First, you have the potential for monthly rental income.
Second, you have the possibility of earning money when you sell the property down the road (assuming it appreciates in value). This is also known as equity.
Third, you also get to take advantage of depreciation – a tax deduction that allows you to write off a portion of your property's value each year against the income you make.
Finally, as your property value increase, you can also increase the cost of rent making your monthly profit even larger over time.
All of these factors make rental properties an excellent way to get rich with $30,000.
While you won't get rich over night by investing in a rental property – it's a great long term investment that is relatively low risk.
Now, there are some considerations you'll want to think about before investing in your own property.
First is property management. Managing a property can be a major headache. To combat this, you can hire a property management company, but this comes at a cost (usually 10% of the monthly rent).
I've owned my own rental property for a few years now and the maintenance expenses have certainly added up.
You can manage the property yourself to save money, but you might be faced with emergency phone calls on Christmas day. If you don't mind that – it's wise to manage yourself!
5. Invest in the Stock Market
The stock market is another great option for people looking to get rich from $30,000.
It has the potential to generate a higher return than other investments, but it also comes with slightly more risk.
One way to mitigate some of that risk is to spread your money across a number of different stocks by investing in index funds, ETFs, or mutual funds.
This allows you to invest in hundreds of companies with one single investment rather than doing it yourself.
For example, check out the returns of the S&P 500 since its inception. It's hard to argue against those returns!
When it comes to invest in the stock market, you need to remember that you're in it for the long run. With the majority of day traders losing money, it's wise to invest for the long haul rather than trying to make a quick buck.
6. Invest in Small Businesses
Starting your own business can be very time consuming and costly. And not everyone is cut out to become an entrepreneur.
That's where platforms like Mainvest come in.
With Mainvest you can invest in small businesses across the country with as little as $100.
The returns on these investments can be very high, sometimes up to 20% or more.
But like any investment, there is risk involved, so I wouldn't recommend investing all $30k in small businesses.
I love the ability to chose exactly which businesses you invest in and there is a portal where you can communicate to the business owner to get updates.
7. Start an Online Business
If you have the time and energy, starting your own business is a great way to get rich with $30,000.
There are many different online businesses you can start with very little money.
One option is to start a blog or niche site.
Another option is to start an ecommerce store.
You can also start a service-based business and offer your services online.
There are endless possibilities when it comes to starting an online business but my favorite is blogging. Here's why.
I started my blog over 3 years ago with less than $100 and it now makes over $15,000 a month.
Here's what I like most about this form of online business – you have complete control of your income and effort.
If you're willing to work hard and put in more work – you can make more money.
Where traditional investments will increase based on the companies performance, you can control the performance of your blog – allowing you to make much more money.
That said, it's by no means easy.
Check out my website income over the past year.
Despite countless hours of hard work at first, it generated very little in revenue but it grew rapidly over time.
Don't be disappointed if you don't make a ton of money at first. Just give it time and keep working hard and your efforts will be rewarded.
Ready to start your own blog or niche site? Check out the video below!
8. Invest in Cryptocurrency
Cryptocurrency is probably the most speculative investment on the list, but it can also be the most profitable.
Depending on your financial situation, it could be wise to invest a small percentage of your money into cryptocurrency and other speculative assets.
But be aware, losing money with cryptocurrency isn't just possible, but in some cases likely.
To get started, you can use a platform like Binance to buy and sell all of the most popular cryptocurrencies.
9. Store Money in a High Yield Savings Account
While I wouldn't recommend putting all of your money into a savings account, it can be a good idea to have some money stored away in case of an emergency.
Savings accounts offer a risk free way to store your cash and earn a small amount of interest on your money.
I recommend using CIT Bank because they offer one of the highest interest rates on savings accounts, around 7 times more than the national average.
The best part is that you can open an account with as little as $100. Create your account below to get started!
10. Start a Side Hustle
The average salary in the United States is around $54,000, which can make it difficult to get rich with that income.
One way to combat this issue is by starting a side hustle.
There are many side hustles you can start with no money that can be great options for the average person to increase their income.
For example, delivering food with Doordash can be a simple way to make some extra cash on the side.
Another option might be to start flipping. This is a simple side hustle that can be started with very little money and can actually make decent money.
You could also do odd jobs here and there. Check out the pay for helping people move in my area!
Side hustles can help you become rich, especially if you're able to invest the extra income.
11. Use Retirement Accounts
Retirement accounts are a no-brainer when it comes to becoming rich.
These accounts allow you to invest money without having to pay a fortune to the government in taxes.
This means you can grow your money much faster in a retirement account than you could in a regular brokerage account.
There are two main types of retirement accounts – 401(k)s and IRAs.
401(k)s are offered by employers and they often come with employer matching.
IRAs are Individual Retirement Accounts and you can open one even if you don't have an employer-sponsored retirement plan.
Both 401(k)s and IRAs have contribution limits so you won't be able to invest your entire $30,000 in one account – but you can over the next few years.
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How Can I Get Rich with $30k?
The best way to get rich with $30,000 is to invest your money in multiple assets like the stock market, real estate, and small businesses.
How to Invest $30,000
The best way to invest $30k is by keeping your portfolio diversified through different asset classes. This will protect you from volatility and market fluctuations.
If you want to become a millionaire and get rich and you have $30k to start with, there are several different options that you'll want to explore.
Between investing in real estate, the stock market, and other businesses – growing your money and building wealth can be effortless.
Just remember to never put all of your eggs in one basket and stay diversified to maximize your returns and limit risk.
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