8 Proven Ways To Become Rich

Posted by Fitz Villafuerte under Mindsetting on July 15, 2008

Everyone wants to become rich or at the very least, live a life without financial worries. We dream of having lots of money so we can buy all the things we need and most specially, all the things we want.

We want to be rich so we can help our family and relatives. If we’re rich, we’ll not have second thoughts of lending money to friends who need it.

Being rich also means having the ability to become more charitable to the less fortunate.

If becoming rich is our destination, then we must first learn how to get there. We should have a map that we can follow and prepare ourselves adequately for the journey. There are many roads that lead to the finish line and there are many ways to tread these paths. I advise you to choose wisely, travel safe and enjoy the trip.

1. Win the lottery
This is perhaps the fastest but the most difficult way to become rich. Why the most difficult? Because you don’t have any control over your destiny. Although you can find ways to increase your chances of winning, this path to fortune is almost impossible to achieve. No harm in trying though, just be sure that you use part of your entertainment budget to play.

2. Inherit a fortune
This one’s almost as difficult to achieve as winning the lottery. Simply because not many of us have the prerequisite to walk this path – a dying rich relative. Moreover, after seeing how dramatic these situations can become in movies and soap operas, I’d rather conserve my time and energy to other ways of becoming rich. It’s better to simply hope but not expect.

3. Marry someone rich
Unfortunately, some Filipina women consider this path as their only hope of becoming rich. They’d spend much of their time chatting online and logging on to dating websites just to find themselves a rich husband. Call me a hopeless romantic, but I still believe that one should marry for love and not for the money. Don’t gamble with your happiness and find your true ever after.

lego wedding 8 Proven Ways To Become Rich

4. Work your way up the corporate ladder
My father found success in this path and I honor him for doing so. For more than 30 years, he went to the office and worked relentlessly for us, his family. For most young urban professionals, this will also be their destiny. I salute them for having the patience and industry to excel in the corporate world. This is a good way to become rich but it does require patience, hardwork and continuous motivation.

5. Establish a professional career
This is how doctors, lawyers, probloggers, interior designers and many others become rich. Discover your passion, unlock your talents, hone your skills and market yourself. Be an actor, be a sports celebrity or be a leading expert in your field. This is the road of the self-employed. Get paid for doing what you love. Continuously improve yourself, network like crazy, specialize and build your reputation.

6. Work, save and live frugally
The reality of the corporate world is that positions are often limited and promotions are unpredictable and tainted with office politics. Moreover, not everyone is cut out to become a highly-paid professional. So what chance do you have in becoming rich as an ordinary person? The answer is to become The Millionaire Next Door.

In this best-selling book by Thomas J. Stanley and William D. Danko, it’s stated that a large percentage of America’s millionaires share seven basic traits which contributed to their extraordinary accumulation of wealth. These are:

  • They live well below their means.
  • They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
  • They believe that financial independence is more important than displaying high social status.
  • Their parents did not provide economic outpatient care.
  • Their adult children are economically self-sufficient.
  • They are proficient in targeting market opportunities.
  • They chose the right occupation.

frugal life 8 Proven Ways To Become Rich

7. Be an entrepreneur and start a business
This is the path that I’ve chosen. My reason for taking this road is simple – passive income. By building a successful self-sustaining business, I’ve come to enjoy more time freedom to do the things I want. Moreover, I believe that entrepreneurship gives the most value to my life because I know I’m helping others by creating jobs and providing opportunities. If you think that you have the focus, determination and discipline to succeed in this path, then don’t hesitate and take the risk.

8. Invest in financial instruments and businesses
A friend of mine became acquainted with the Philippine Stock Market during the turn of the millennium. After almost eight years, he has already quit his day job, bought a house and now lives as a full-time trader and part-time venture capitalist. He is well on his way to becoming rich and financially free. Like the path of entrepreneurship, it takes focus, determination and discipline to succeed. If you’re willing to learn and have a high tolerance for risks, then I suggest you consider exploring this path.

I guess that’s it. My eight proven (and legal) ways of becoming rich. Which paths are you currently on?

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Photo credits: captain doodle and Gaetan Lee

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39 Responses to “8 Proven Ways To Become Rich”


  1. Lee Angelo says:

    Nice informative post! I wish I could find that new book. More power to you Fitz! (and wealth ofcourse!)haha

  2. Pinyo says:

    I think #1-3 are just for entertainment purpose only. #4 is hardly practical in this age of investor-driven corporate downsizing mania. The only practical onces are #5-8.

  3. hmmmm, i’m on #7 (Be an Entrepreneur and Start a Business ), hehehe. maybe I could try my luck on that path. :-)

  4. Red says:

    Hi Fitz,

    I’ve been reading your blog. Nice post again.

    The thing is not all people are cut to be an entrepreneur or in a 8-5 work. I guess it depends on your passion and risk tolerance.

    I’m doing 4 at the moment but I’m starting to get bored. 6 is a must. I’m also into 7 and 8 but it’s not easy.

    Thanks.

  5. Fitz says:

    @Lee Angelo
    Thanks, more power and wealth to you too! ;)

    @Pinyo
    I agree, numbers 5 to 8 are the most sensible ones. Thanks for taking the time to comment. :D

    @Gusher
    I have no doubt you’ll succeed as an entrepreneur. Best wishes and thanks for always reading my posts.

    @Red
    Yes, working in the corporate world can get boring specially if it stops to be challenging. That’s why it’s important to discover our passion and learn how to earn from it. As they say, find a job that you love and you’ll never have to work a day in your life. As for entrepreneurship and investing, just be patient, it actually gets easier in time.

  6. ZernanV says:

    Hi Fritz,

    Nice blogsite. I’m a Filipino and I am also on my path to Financial freedom. I was interested in your site but this specific post you did. I have read it in a book and is not really your idea? Right? Because either he copied you or you copied him. And that is not legal

  7. Fitz says:

    Hi Zernan,

    The general idea of this post has been discussed and written by numerous bloggers and financial advisers before me. Searching Google for the phrase “ways to become rich” will give you several of them.

    I think nobody can really claim ownership on such topics. Moreover, I believe what’s important is that I’ve given my own thoughts on this subject and provided original content. The words were neither copied nor paraphrased from an existing article.

    Furthermore, a reference to the book, The Millionaire Next Door, was properly given before I stated some of the bullet-point facts given.

    I hope I was able to clear this little misunderstanding. Thank you for pointing out this observation because I’m afraid others must have thought the same way and by leaving a comment, I was able to clarify this matter not only to you but to others as well.

    I guess that’s it. :) I wish you all the best in your path to financial freedom.

  8. gladita says:

    I’m currently busy with #5,6,7. I sometimes try my luck with #1 but I’m willing to try #3 anytime. :-D

  9. Curt says:

    Great article.

    4. Work your way up the corporate ladder
    – This is not any fun, the corporate world has too many difficult people

    5. Establish a professional career
    – This is a good idea, but it will only get you out of poverty

    6. Work, save and live frugally
    – This is a slow process … but needs to be done

    7. Be an entrepreneur and start a business
    – This is my favorate and the only way to truely pay yourself first

    8. Invest in financial instruments and businesses
    – I tried this, but lost as much as I made

    Here is another one….

    9. Build a network of successful people, then leverage them in finding a good job, investments, and partner with you to start a business. I have a cousin that became very successful just because of who he knew.

  10. Zernan says:

    I heard of that one just a few days ago. Robert Kiyosaki’s suggestion….Leverage….One more thing if you use number six. Just remember no one likes cheap rich people. I think 7, 8 & 9 are good ideas.

    ZernanV

  11. Tristan says:

    If you’ve read Rich Dad Poor Dad, the leason you should have got from that is that you can get rich from working for someone else, as long as you “Mind your own business” – by this, Robert Kiyosaki means, have a business that you run alongside your day job. In his case it’s his property investments.

  12. ZernanV says:

    Agreed. I’m going that way. For me its savings, got small investment in supplement industry and of course blogging and surveys. For starters that what I am doing.

    ZernanV

  13. Fitz says:

    @gladita
    Likewise, I try my luck on the lottery once in a while. :D Good luck to us.

    @Curt
    Thanks for the great addition. Leveraging on a social network of successful people is indeed a viable way to become rich. It’s important that you make yourself trustworthy and reliable if you intend to choose this path.

    @Zernan
    It’s a good start for you. Congrats on your new blog!

    @Tristan
    Yes, I’ve read Rich Dad Poor Dad several years ago and found it very enlightening. Putting up a business that you can run alongside your day job was how I actually started. Now I’m out of the corporate world, thanks to a successful business, and is currently busy with investing. :D

  14. Bernard Ng says:

    Some interesting idea… lottery, marrying someone rich… gee, should i give it a try? hahaa…

  15. Fitz says:

    @Bernard

    Why not? :D

  16. april says:

    wow.. its nice to see posts like these..
    i started by reading rich dad poor dad… then think rich pinoy… then eventually attending the think rich pinoy seminar… and guess what?
    i’ve done it! i’ve successfully bought and sold 2 deals (real estate) and profited from it.
    i thought before that it’s all just in the books… but now i’ve proven to myself that it’s possible.
    i heard think rich pinoy is having another seminar this november, try googling the details na lang :D
    thanks to these 2.. and thanks to your post for reminding me :-)
    it’s cool to be pinoy!

  17. Fitz says:

    Hi April, thanks for sharing your inspiring story. :D

  18. april says:

    my pleasure… and i am open to those who want to be mentored :)

  19. edward says:

    I want to become rich but following these steps that you have need extra discipline because you do not know that you forget them again and you are back to your comfort Zone.

    I think the best way is to make them automatic.

  20. mario c. oli says:

    ive been searching for ways to becoming financially rich in my own way and i have read many books and articles about it. together with this knowledge in way #5 it best suits me because im a mathematics instructor and i am applying for masters in statistics in UP diliman.hope to be admitted.eventually , i will be looking for a scholarship to sponsor my finances. there is so much to get from being a full-fledged statistician, you can be a thesis mentor, an analyst in a company or agency or u can be a lecturer or speaker. much money could be acquired in here though i am connected in a gavoernmen state university.

    i really believe in that item. i have to establish my profesional career first and someday i will get what i want.

  21. Sphinx says:

    Thank you for this blogsite. I’ve learned a lot from comments/posts of my fellow readers. For me, the 8 ways to become rich gives us options. But to reach financial freedom needs discipline, proper mindset, and increasing our financial intelligence. Many people think that they can outsmart money problems through degrees, titles, going abroad and the like. But for me, you cannot beat money problems having a lot of money alone! Sounds crazy right? Because there are people out there who were very rich before and now became financially broke. For, example, If you want to excel in golf, you must study golf and practice how to be a very good golfer. If you want to be healthy, study health and practice health management.If you want to be wealthy, study the nature of wealth and practice wealth management! For me, there are a lot of things to be learned first if we want to have a financial freedom. Many people still need to understand topics about the enemies and allies of money, how to build a solid financial foundation and many people still needs to understand how money works for them instead of working hard for the money. Financial literacy must be incorporated inside the classroom especially for the Filipino children. From a survey, Filipino populace has a financial I.Q. of 47.something %! And only 1 percent knows how to invest in stocks, mutual funds, etc..Some people just invest in stocks for status symbol, but technically they are not equipped on how to take the risks such that these high risks become calculated risks. Therefore, Filipino people needs a financial wake up call!

  22. andrew says:

    It’s good to read blogs like these. Very informative. Those ideas you have on how to get rich are really realistic. Nice!

  23. Keelan Cunningham says:

    There are many ways to become rich. Each of has a lot of ideas installed. However, as the world progress, I would have to agree its becoming more crowded, you can’t easily find a slot which is solely unique for us.

    It is not all about the degree or what school you have been, right now Companies, and Corporation are now more relying on skills than the school background, they are more into experiences than their school achievements…

  24. arif says:

    currently i am doing a job as well as my side business but now i am finding out the areas which i can capture in this competitive world.so can u plz suggest me something on it.i am no more interested in doing the job.

  25. marydulce says:

    im a cvil eng’ng student, im interested becoming rich soon.. i like the idea of 4-7.. well it’s really inspiring knowing that in these 8 ways.. there are lots of people living a life without financial worries.. wish i could make it somehow.. ^_^ God bless us all.

  26. starlight says:

    For me, in order to be CONSISTENTLY RICH, you must possess financial literacy and discipline. You can do #1-#5 and #8 but you may lose it. If you have no discipline, you can’t do #6 and #7. How hard is it to accumulate wealth is how hard also to keep it!

  27. peter says:

    thank you so much for your informative ideas.. I’ve learn a lot.
    hope i could reach my dreams and that is to become a millioinaire..

  28. Vic says:

    The 6th, 7th and 8th are my best ways to get rich. Of course it is very exciting and challenging to do business with diligence and wait patiently for your profits.

  29. vee says:

    i have try verything not rich yet

  30. well everyone wanted to be stable when it comes to money right,i think being rich is an inborn or destiny as manny paquiao in his previous life he is simple as in living yet because of his skilled in boxing he is now wealthy at this point if you are going to ask me what is in mind i should answer to you is to become wealthy correct is very easy to say but its hard to be i just pray to our lord for blessing that he gave to me right now because i wanted to achieve more in my simple living life and thats why i finish first my degree and i thought im going to do better in my life its a big no.its just the first step in your life to become wealthy

  31. HenrySy says:

    Be Content of what you have and you will be the most richest man in the world.

  32. macky says:

    hi fitz thanks a lot, for sharing your thoughts’ yes maybe not everyone will loved or agreed to your opinion but keep on going by blogging lots of good advice and ideas. God speed and more power to your life and to your wealth.

  33. Ice says:

    Thanks for the blog Fritz. These are optimistic views/ideas that i will consider. never stop believing. Just keeping the faith! (^_^)

  34. Maria says:

    I’m More Than Blessed and very thankful to God for having No.2 and on my way to No.8. And I will try me best to remember The Seven Basic Traits. Thank you for this article :)

  35. bon says:

    glad i found this, well im trying to be the no. 5 person although some are saying that what im trying to be will never gonna happen but deep inside me im telling them “youll see someday” thank you sir for your your thought’s it empowers my motivation

  36. Cherry says:

    Hi, Hope you could make a blog samples of business, like small business to bigger business coz i do believe it will help a lot. thaks

  37. Sumer says:

    I can tell I already have no. 6.Now im still saving for no. 8 hopefully i could start this mid year. Thank you sir fitz for sharing your thoughts really helpful sir. Morepower to you sir.

  38. Entrep wannabee says:

    Hi Fritz,

    Thank you for sharing your insights, truely inspiring and I would pick some thoughts to contemplate with on my way to No. 7. I’ve been working in various industries for a total of 15 years now and I just realize I’m too tired of doing same things over and over again, just so I decided to alter my path to an Entrep and start setting up a small business. At the moment, I’m just waiting for my remaining 19(resignation notice) days and I will be going home soon to get ready for the business I’m planning to. I know it would take a lot of courage to make it happen however reading Fritz blogs towards business would somehow give me a startup lessons.

  39. brian says:

    i believe the words you wrote it makes me dream high again and never estimate yourselves ,pursue your dreams and never stop dreaming becuz you only live once

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