If you have a normal job you might be wondering if it’s possible to get rich and how.
The truth is, the vast majority of people work normal jobs. And it’s completely possible to get rich if you manage your money wisely.
In this post, I’ll explore how to get rich with a normal job, some tips for building wealth, and much more. Let’s get started!
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Best Ways to Get Rich with a Normal Job
Below are some of the ways you can get rich while working a normal job.
Invest in the Index Funds
If you want to become wealthy, investing in the stock market is one of the easiest and most common methods to increase your wealth.
By investing in a well-diversified asset like an index fund, you can expect your investment to generate strong returns with minimal risk over the long term.
You can get started investing in index funds by opening a brokerage account or utilizing a robo advisor like Acorns.
I recommend using Acorns because it is a simple app that allows you to invest in all of the most popular stock market investments with ease.
As a bonus, you’ll get $10 when you register with the link below!
So, how much money can you make investing in index funds?
It’s common for an index fund to return anywhere from 7% to 10% annually. While this might not sound like a significant return, your money will compound and grow exponentially over time.
For example, if you were to invest $400 per month into an index fund with average returns of 8%, after 30 years, your portfolio would be valued at more than $543,000. That’s a lot of money considering it’s only a $400 monthly investment!
Investing in index funds is one of the best ways to become rich while working a normal job.
Get Rich with Crowdfunded Real Estate
If you want to build long-term wealth, having a diverse set of assets is critical. If you invest all of your money into the stock market, this can be risky in case something happens to the companies you’re invested in.
By investing in real estate through platforms like Fundrise, you can worry less about losing large amounts of money if there is a market correction.
Fundrise is a crowdfunded real estate platform meaning that your money is pooled together with many other investors so the entire fund can purchase massive real estate deals. For example, they might invest in apartment buildings or commercial real estate.
If you were aiming to invest in these assets on your own, you would need a massive amount of money.
Crowdfunded real estate has strong returns averaging out to around 8% to 12% annually.
If you want to become rich with a normal job, investing in platforms like Fundrise is certainly worthwhile.
Invest in Rental Properties
If you’re searching for stronger returns and are okay with doing some work, investing in rental properties can be a viable way to get rich with a normal job.
Rental properties can be one of the best ways for the average person to generate passive income while retaining their day job.
You’ll need some money to start investing with this method, however.
If you want to acquire a rental property with a mortgage, you’ll typically need around 20% for a down payment. If your home is $150,000 this would amount to $30,000 – which is a nice chunk of change.
But the returns for rentals can be extremely lucrative. It’s possible to make over 20% cash on cash returns with some properties.
Investment properties can make money in several ways.
The primary method is your rental income. This is the money that your tenants pay you each month.
The second method is through mortgage pay down or equity that is built. Every month you pay your mortgage, you’ll own more of the property.
The next way is through appreciation of your property. Because most properties are considered appreciating assets, this means they will likely increase in value over time. It’s common for many properties to appreciate at a rate of around 1% to 3% per year. While this might not sound like a ton, on your $150,000 property – this could increase in value from $1,500 to over $3,000 per year. If you break that down into a monthly number, that’s an additional $100 to $300 per month in wealth built.
Lastly, you can receive rental income appreciation. In most cases your property will likely rent for more money over time as it appreciates in value. For example, if you rent your property for $1,000 a month for the first year, you might opt to rent it for $1,025 the second year. It’s important to remember that your mortgage payment will remain the same over time (assuming you have a fixed-rate mortgage). This additional income can help you make more money and get rich.
There are a few downsides to rental properties, however.
First, this can be one of the least passive methods of investing. Because a home is likely to experience some kind of maintenance issue while your tenants are living in it, you’ll need to deal with getting the home fixed.
You’ll also need to consider the process of finding and vetting tenants and collecting rent payments.
For these reasons, some real estate investors will choose to hire a property management company to deal with all of these issues. If you’re looking for passive income, hiring a property management company is essential. These companies will often charge around 10% of your monthly rental income and require a portion of the first month's rent for marketing costs.
Overall, rental properties are one of my favorite ways for the average person to get rich with a normal job. The amount of money you can make is lucrative and the amount of work required is minimal if you hire a property management company.
Start a Blog to Become a Millionaire
If you want to get rich online, starting a blog is a great option to start making more money.
Best of all, this can be done in addition to a day job so if you have some extra time on weeknights or weekends, you can make a lot of money by blogging.
While most people might see blogs as a personal venture, blogs can make good money when executed correctly.
Starting a blog costs less than $150 per year – most of that going towards your hosting.
To start a profitable blog, you’ll need to make a few decisions. First, you’ll need to decide what topics your blog will be about.
Second, you’ll need to decide how you will get website traffic to your blog.
Lastly, you’ll need to determine how you will monetize your blog so you can start making money from it.
All of these pieces can take some time to figure out. You’ll want to have a detailed roadmap containing your blogging strategy and how you will reach your financial goals.
To start a blog, you’ll need to purchase a domain name. This should be something similar to the topic you’re blogging about.
Next, you’ll want to purchase hosting to store your files online.
Next, you can install WordPress or another CMS to manage the content on your site.
Finally, it’s time to start creating unique content for your site so you can grow your readership.
Promoting your blog and growing traffic can be one of the most difficult aspects of blogging. There are many ways to get traffic but my favorite is through SEO.
Search engine optimization relies on creating content that people are searching for and satisfying their search queries. Every time someone visits a search engine you can get free traffic to your site.
SEO can take some time to be successful but once you reach a certain point your blog will become more passive and grow exponentially.
After you have grown your traffic you can monetize your blog through display ads and affiliate marketing.
Depending on the number of page views your blog gets, it’s possible to earn over $20,000 per month for some bloggers. There are some bloggers who even make over $100,000 a month from their sites!
Invest in Dividend Stocks to Get Rich
If you want to become rich with a normal job, another stock market investment option is dividend stocks.
Dividend stocks are a great method to build long term wealth.
The reason so many investors like dividend stocks are because of the cash flow they can generate. Whenever a company makes a profit, it can decide whether to distribute its profits to investors or reinvest the profits back into the business for further growth.
Dividends are typically paid quarterly and not every company will pay a dividend.
It’s common to earn around 8% annually on many dividend stocks between the increase in value of the stock and its dividend payment.
What I like most about dividend stocks is the ability to determine what to do with your money. You can choose to have your dividends automatically reinvested back into the stock or you can take your cash payments and invest in something else. The choice is yours!
Invest in Retirement Accounts
Retirement accounts like a 401k or a Roth IRA can be excellent ways to build your investment portfolio without having to spend a lot of time analyzing stocks and other investments.
These accounts contain many tax benefits that can save you a lot of money in the long run compared to investing through a traditional brokerage account.
Your investment will earn the same amount as a traditional brokerage account – so it can be a superb way to build your portfolio without working.
There is one main caveat, however. Because of the tax savings from these accounts, the IRS has special rules on when you can withdraw money from these accounts. You'll need to be at least 59 1/2 to withdraw money penalty-free.
Invest in Cryptocurrency
If you want to become wealthy and get rich with a normal job, investing in cryptocurrency can be one method to grow your wealth.
Cryptocurrency is extremely speculative and volatile, however. It’s not uncommon to see prices that swing upwards to 10% throughout the day.
If you have a high-risk tolerance, investing in crypto might be a good option. Just remember to only invest what you can afford to lose.
Some people have become millionaires by investing in cryptocurrency.
If you want to get started, I recommend using a platform like Coinbase. Coinbase allows you to invest in all of the most popular cryptocurrencies with an easy-to-use app. Register below to get started!
Invest in ETFs
ETFs (also known as exchange-traded funds) are similar to index funds and mutual funds in that it is a well-diversified stock market investment that is a great way to earn money in the long term.
Just like other investments, ETFs can earn as much as 7% to 10% per year. You can purchase ETFs through a robo advisor like Acorns. Don't forget to claim your free $10 below!
Grow Passive Income Streams
Passive income is essential if you want to learn how to get rich with a normal job because you might not have time to work a second job to earn extra money.
There are many ways to earn passive income. Check out the resources below for more help!
- 27 Best Passive Income Apps
- Passive Income vs Active Income
- Passive Income Ideas for College Students
Get Rich Starting a Side Hustle
Working a normal job can make it seem impossible to build wealth and become rich, but it’s completely possible.
By dedicating a few hours each day to a side hustle, you can get rich and build long-term wealth by increasing your income.
There are thousands of potential side hustles you can start to make extra money and earn more.
Some side hustles can even be higher paying than your traditional job. Finding the right side hustle for you can take some time. You might need to try a few different options before landing on the right gig for you.
Some of my favorite side hustles include:
- Freelance writing
- Virtual assistants
- Taking surveys online
- Side Hustles for Couples
- Passive Side Hustles to Make Money
- Best Digital Side Hustles
- 70 Best Side Hustles for Teens
Start a Side Business to Get Rich
If you have a traditional job, you might not think you have the time to start a business on the side.
But there’s plenty of business opportunities that might not require your full-time attention.
For example, starting a lawn care business or car detailing business are great service businesses that you could start on the weekends.
To market your business, you can pass out flyers, promote your services on social media, or try more traditional advertising techniques.
These small businesses can turn you into a millionaire if you have the right skills to grow and build your business. As your business scales, you'll be capable of taking a step back from the company and your earnings will become more passive.
Find a New Job to Boost Your Salary
Increasing your salary or pay is one easy way build wealth. You can then use your additional income to invest to further increase your wealth.
For the average person, their salary from their work is their largest source of income.
One of the fastest ways to increase your salary is by finding a new job. By switching jobs you can be capable of growing your salary by more than 20% overnight.
You'll need to spend time looking if you want to find a new job – but it's time well spent.
Ask for a Raise
Another way to increase your salary is by asking for a raise. This can be one of the fastest ways to grow your income.
One of the reasons I love this method is because you'll earn more money for the exact same amount of work with minimal effort.
Whenever you ask for a raise, be sure to come prepared to meet with your supervisor. You'll want to back up your work with any numbers or accomplishments you've made to better your chances of landing a raise.
Get Rich Living Below Your Means
When it comes to your finances, there are two main components, your income and your expenses. Determining how much money you can save comes down to one simple equation.
Income – expenses = savings.
Learning how to get rich with a normal job will require some discipline when it comes to your spending and lifestyle.
It's common for an average person to slowly increase their lifestyle as their income increases. However, if you want to get rich with a normal job, you'll need to live below your means.
This means that even though you might be able to afford something, it's smarter to start investing that money instead.
Cut Expenses to Build Wealth
As mentioned previously, there are two sides to wealth building, growing your income and your expenses.
By boosting your savings you can afford to invest more and reach your goal of becoming rich with a normal job.
Most families spend a significant portion of their income across several categories.
Take a look at these areas to start saving more money.
Your housing costs are often your most expensive monthly expense. This means you can save a good amount of money if you can lower these costs. By finding a cheaper place to live you can save more money to reach your goal.
Do you have a car payment?
Between a car payment, auto insurance, and gas – transportation costs can force you to spend money and save less without thinking.
There are many ways to lower your transportation costs like:
- Purchasing a used car
- Finding a fuel efficient car
- Negotiating auto insurance rates
- Driving less to start saving fuel
Food and Groceries
Food and groceries are another big expense that can break your budget if you aren't careful. The amount you spend at the grocery can be astronomical if you don't make a grocery list and purchase name-brand items.
If you want to start saving at the grocery, be sure to create a list and plan your meals ahead of time. It's also a good idea to eat before you shop to avoid unnecessary purchases.
Invest in Yourself
Investing in yourself is one of the best things you can do for your future self. This investment can come in a variety of shapes and sizes.
For some people, this might mean going back to school and furthering their education. For others, it might mean getting more sleep each night.
Investing in yourself can be one of the best investments you can make.
Final Thoughts on How to Get Rich with a Normal Job
Learning how to get rich with a normal job is simpler than you think. But it will take a significant amount of work and discipline to get there.
It can take years to reach the million dollar mark if being a millionaire is your goal.
Most people may never reach this level of wealth, so you'll need to be dedicated and motivated to stay on track.
Between making good investments, saving money and living below your means, and increasing your pay, you can certainly get rich with a normal job.