The top five ways to get rich quick

Wealth: everyone wants it but few people know how to get it.

Aussie’s tend to assume that if they work hard and save money then one day they will end up wealthy – but in fact, becoming rich is more likely down to a mixture of luck, skill, patience and determination.

Why struggle with hard work or lots of studying to make a ton of money when there are plenty of simpler ways to boost your bank account?

Also read: How to get rich using social media

Here are five tips to get rich quick – some of which are more effective than others.

1. Start your own business

If you can find a gap in the market for a new business or approach to a customer need and build a profitable business, then you can create real value which quickly accumulates.

The risks are high and many businesses fail but the potential rewards are huge to rocket your bank balance straight into the millions.

2. Buy and develop a property

Buying, developing and selling property is a well-established and simple way to create a significant amount of wealth in a short timeframe.

The risks include buying in right property in the right area and avoiding a property downturn or ‘bubble’ but Australia’s robust market and inflated market still makes it a proven way to accumulate wealth.

3. Invent something

Although it’s a less common route to wealth, inventing and patenting a new invention, which big companies then want to buy, is a sure way to get rich quickly.

Also read: Five bizarre ways millionaires got rich

4. Join a start-up company

If you can get an equity position or stocks in a new start-up company it could open the door to serious capital gain if the company prospers or is even sold to a larger business.

Early employees in Google, Apple and Microsoft became millionaires by joining the business in its very early stages and gaining shares as a result.

5. Invest in stocks and shares

The Aussie stock market has been on a downward trajectory during the course of 2016, but while this has caused some element of concern, stock market crashes also open up great buying opportunities for savvy investors.