Original question from Quora:
What are some realistic ways to get rich in 5 years?
Most of the people give the same advice “ Save and invest for years “ i agree this is the best way to achieve this goal but i want to be able to enjoy a few things while i’m still young. I’m 25 now and want to hit around 200k USD by the age of 30. What are the options
If your goal is to simply make money, you need to get good at selling things. Sales is the easiest way to control your financial destiny. However, I don’t mean you need to become a salesman for your day job.
What I mean is you need to practice the act of selling things to people. Use Craigslist, eBay, Facebook, Amazon, Google Ads, whatever it doesn’t matter. There are 100 different ways to get practice selling things.
But, you have to get practice in selling things because at some point, all money making comes down to selling something to someone else at some profit. Even stock trading.
You must get familiar with the idea of arbitrage or what I think of as “playing the spread”. There exist millions of opportunities where you can simply purchase something in one market, and sell it in another market for a profit.
Here is a simple example. You can go to Goodwill or thrift stores and find used clothes that might still have the tags on it. Or, you can find cheap items on clearance at many, many stores.
Then you take those items and sell them on a different market. Some flip items on eBay or Amazon or Craigslist and can make as six figures simply doing that.
I’ve heard of people buying cheap firesale deals on gadgets, then turning around and selling them on Craigslist. They make money on the information imbalance between a global and local marketplace.
Some people buy broken down cars, fix them up, and sell them for a tidy little profit. Some find used books and sell them on Amazon. Some find affiliate offers and buy cheap traffic on Facebook to promote them. Some buy undervalued stocks and sell them days/weeks/months later and sell them at a profit.
The point is, you have to get in on the transactions. You have to hustle.
Once you gain skill in buying and selling things at a profit, you’ll over time notice more and better opportunities. You’ll even realize that some very successful retail operations like Gamestop are operating on this principle at scale.
All retail works on a notion of arbitrage. Buy wholesale in bulk, break the bulk and sell at a profit in your store.
If you do this long enough, eventually you’ll gravitate to a market that suits you best. A group of suppliers and customers you like buying from and selling to.
Selling things at a profit is a valuable skill, one of the most valuable skills in the world actually. If you develop the skill, it doesn’t matter if it is one year, five years, or ten years. You’ll get to where you want to be.
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