Tired of working for a boss? Want to take control of your financial future? With some strategic moves, you can build significant wealth without being dependent on traditional employment.
We spoke to experts to get their top tips for entrepreneurship, passive income and investing so you can get rich on your own terms. Combining a few of these strategies can put you on the path to financial freedom.
Invest In Real Estate
“In my opinion, the quickest way to make serious money without having a boss is by starting a real estate business,” said Doug Greene of Signature Properties.
He explained that real estate allows you to earn “big ticket” paydays while being your own boss.
Greene noted that you need very little startup capital for real estate investing. By procuring great deals for other investors at first, you can start earning money quickly. Then utilize borrowing strategies to purchase and renovate your own properties. Though it takes work, real estate offers the high upside potential lacking in other options like stocks or inventing products.
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Buy an Existing Business
Kevin Henderson, founding partner at SMB Law Group, recommended entrepreneurship through acquisition: “The fastest way to build wealth and be your own boss is through ETA, aka buying an existing business instead of building it from the ground up.”
With baby boomers leaving their businesses, it presents a major opportunity to buy instead of starting from scratch. Henderson noted that grants and government programs also make financing more accessible for first-time buyers. Purchasing an established business can provide the fast track to success.
Invest In Dividend Stocks
Building a portfolio of dividend stocks allows you to collect regular passive income that can compound into substantial long-term wealth. The key is reinvesting dividends to purchase additional shares through a dividend reinvestment plan (DRIP) and continuing to add new capital when possible.
Over decades, even modest initial investments reinvested into dividend growers can snowball into diversified six- and seven-figure portfolios. DRIPs make it easy to grow your holdings on autopilot without having to actively trade stocks or time the market.
While not quite as exciting as launching a business, dividend investing requires minimal effort and provides inflation-resistant recurring cash flow. The combination of an initial lump sum investment with years of compounding dividends and growth makes this a powerful wealth builder.
