How to Get Rich From Nothing: 12 Proven Strategies [2023]

the millennial money woman blog post "How to Get Rich"

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If you analyzed every self-made millionaire and studied their strategies on how to get rich from nothing…

…you’d find your way to this blog post!

Let’s dive in.

In this article

Getting Rich Starts with Your Mindset

You may have asked yourself in the past, “how can I get rich with no money?”

And truth be told, getting rich starts with your mindset and not so much with your wallet.

My suggestion is that you should also work toward getting rich mentally and not just financially.

For example, it’s important to show gratitude and appreciate the things – and the people – that you do have in life.

Money is just a tool to help you accomplish your goals (like spending more time with family).

While money is an essential part of life, your focus should not be dedicated to money.

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How to Get Rich From Nothing

Are you ready to learn the 12 strategies on how to get rich both mentally and financially?

Then let’s get started!

how to get rich strategy #1: Adopt a Growth Mindset

1. Adopt a Growth Mindset

There are 2 types of mindsets in this world: 

  • Growth mindset
  • Fixed mindset

A growth mindset will help you:

Those who adopt a growth mindset typically achieve more than those with a fixed mindset.

Remember that perception is reality.

To change your reality, start by changing your mentality.

So the next time you hear yourself say:

  • I can’t do this
  • I’m going to fail 
  • This will take me forever

Tell yourself “STOP!”

Don’t allow yourself to think these negative thoughts. 

If you keep repeating negative thoughts to yourself, soon enough, you’ll start to believe them.

how to get rich strategy #2: Build Multiple Income Streams

2. Build Multiple Income Streams

Millionaires get rich not so much because of their commitment to 1 job and 1 income stream.

They get rich because they have multiple income streams.

If you’ve heard the saying “never put all your eggs in 1 basket,” then you should know to never rely on 1 income stream.

And millionaires never rely on just 1 income stream.

In fact, the average millionaire has about 7 income streams.

The average millionaire has 7 income streams

Source: IRS

There are so many different strategies to earn multiple sources of income.

Below are some examples of passive income streams you might want to consider building in the near future.

Income Stream Source

Dividends & Interest

Investing: M1 Finance

Rental Income

Passive Rental Income: RoofStock

REIT Dividends

Passive Income through REITs: Fundrise

Peer to Peer Lending

Passive Income through Crowd Funding: Groundfloor

Money is everywhere.

You just have to create your opportunity.

Related: Income Generating Assets That Will Make You Rich

how to get rich strategy #3: Save and Invest

3. Save and Invest

Millionaires don’t just become millionaires because of:

  • Blind luck
  • A big inheritance
  • A winning lottery ticket
75% of millionaires said that consistent investing over a long period is the reason for their financial success

Millionaires invest consistently, typically over several decades.

Millionaires use the power of compounding interest to build their wealth.

The earlier you start practicing the habit to save and invest, the earlier you’ll become a millionaire.

In plain English, compound interest is when your money makes you more money.

With compound interest, you probably won’t notice a significant change in your net worth over the first few years.

Take a look at this illustration of compound interest (and a $5,000 initial investment), below 👇

Compound Interest

If you look 20, 30, even 50 years down the road, compound interest will make a substantial impact on your portfolio.

"Compound interest is the 8th wonder of the world." - Albert Einstein

Here are a few other things I’ve noticed millionaires do when they invest:

  • They typically aren’t day-traders
  • They automate their investments 
  • They tend to invest in index funds
  • They typically hire financial advisors
  • They choose low-cost investment options
  • They typically avoid higher-risk investment strategies

The best way to become rich is to start investing – even if you can only manage a $5 investment – that’s enough to start.

If you have several $100 or even $1,000’s of dollars ready to invest, then consider checking out M1 Finance 👇

If you want to get rich, then investing could be a great option.

Just remember to keep a long term mindset.

Start today, your bank accounts will thank me later.

how to get rich strategy #4: Build an Emergency Fund

4. Build an Emergency Fund

The rich are masters in managing their risk exposure. 

What does this mean?

If you want to learn how to get rich, then you must prepare for unexpected expenses, like:

  • A roof replacement
  • Medical emergencies
  • A broken car gearbox

If you’re not prepared for these unexpected expenses, then you might have to use your credit card and build up high-interest debt – which isn’t one of the best ways to get rich fast.

Debt is the No. 1 way to NOT get rich.

So how do the rich get rich and stay rich?

They stay out of debt by building up an emergency savings fund.

Believe it or not, most people don’t have an emergency savings fund.

57% of Americans don’t have enough cash to cover a $500 emergency expense

Let me fill you in on a trick I know that almost all of the rich I mentor use.

To earn a few extra dollars on the cash you store in your emergency savings account, consider using a high-yield online savings account instead of stashing your cash in a regular savings account.

Typically speaking, high-yield accounts have higher interest rates (around 0.60%) versus regular savings accounts (around 0.01%).

For a small investment, the 0.10% versus 0.60% really doesn’t make a big difference. 

But, if we’re talking about several $1,000 dollars in your emergency fund, your interest rate could make a big difference.

This is just one trick to getting rich faster.

Let’s take a look at the numbers behind a regular savings account versus the high-yield savings account idea:

Regular Savings Account

Initial Investment


Investment Time Frame

20 Years

Interest Rate


Final Value After 20 Years


Now, if you had opened up a high yield savings account, your numbers would look a little different over the same time frame:

High-Yield Savings Account

Initial Investment


Investment Time Frame

20 Years

Interest Rate


Final Value After 20 Years


Who wouldn’t want to earn a few extra dollars through a high-yield savings account?

Ok, let me be realistic: Not everyone has a spare $100,000 to dump into a high-yield emergency savings fund. 

So what?

Even if it’s “just” $1,000 or “just” $500 – what are you waiting for?

You’re still earning more with a high-yield savings account than if you had just opened a regular savings account.

If you’re ready to open a high-yield savings account, then check out Axos Bank.

It’s time to start your journey to getting rich.

how to get rich strategy #5: Set a Plan of Action

5. Set a Plan of Action

Millionaires get rich and stay rich because they have a plan of action.

They develop a way to assign goals for the:

  • Short term (1 to 5 years)
  • Mid term (5 to 12 years)
  • Long term (12 years and up)

Anyone can set goals.

But not everyone can keep their goals.

Millionaires revisit their goals every single day, which explains why 97% of millionaires achieve their goals.

millionaire financial goals

So, consider this:

Think about the last time you set your goals.

Now ask yourself when was the last time you reviewed your goals?

That’s why you should aim to develop a plan of action to conquer your goals and find financial freedom.

Develop a clear plan of action to help you conquer your goals:

  • Write down your goals
  • Create a vision board
  • Clarify each goal

Without my vision board, I would not be where I am today.

Seeing your goals consistently, day-in and day-out gives you that extra boost to motivate you to complete them.

Now the only thing left to do is start.

how to get rich strategy #6: Don’t Procrastinate

6. Don’t Procrastinate

Procrastination is why you haven’t accomplished your dreams yet. 

And to be very honest, procrastination gets the best of us. 

In other words, procrastination is a lack of discipline.

I’ll tell you a personal story about procrastination:

For the past 4 years, I’ve wanted to start a personal finance blog. 

I procrastinated for 4 years.

I never started because I thought I wasn’t good enough.

Plus, I thought I would fail. 

Finally, at the dawn of the COVID-19 pandemic, I stepped up to the plate and started my blog.

Best. Decision. Ever.

The antidote to procrastination is action.

There are many reasons why we procrastinate:

  • You’re not patient
  • You want immediate rewards
  • You haven’t set clear enough goals
  • You can’t imagine your future reward

Here’s how I eliminated my procrastination:

I started writing down my goals on a large whiteboard. 

Every time I accomplished a task or a goal, I crossed out that goal – and crossing out a task or goal was such a great feeling. 

It sounds odd, but it’s true!

Imagine where I could have been if I had started my blog earlier?

Imagine where you could be if you start doing the things you want to do today?

how to get rich strategy #7: Create a Financial Hub

7. Create a Financial Hub

Millionaires are not average people. 

That’s because millionaires do what the average person won’t.

The trait that separates the rich from the poor is discipline.

Discipline is when Millionaires practice success-building habits even when they least feel like it.

What is 1 example of millionaires showing ultimate discipline?

They assign a purpose for each and every dollar.

In other words, they don’t blindly spend every cent they earn.

For example, Millionaires allocate their paycheck to the following:

  • 529 plans
  • Business accounts
  • Retirement accounts
  • Emergency savings fund
  • Joint / Individual accounts

Millionaires have automated their money process.

How can you become like a millionaire and stay on top of your finances?


One of my top picks for budgeting is YNAB [aka You Need a Budget] 👇

YNAB is especially awesome for people who are visual learners because it helps you recognize areas in your budget where you are:

  • Overspending
  • Underspending
  • Approaching your limit

Budgeting helps you get a better idea of what’s happening to your money.

If you’re looking to get rich, and slash costs, then I’d also consider couponing.

In fact, 93% of millionaires use coupons all or some of the time while they are shopping.

93% of millionaires use coupons all or some of the time when shopping

Millionaires know that getting rich means they have to save money. 

If you are looking to begin your couponing journey, then consider downloading Honey (it’s free). 

As you look at purchasing your every day online items, Honey will indicate which items have:

  • Promos
  • Coupons
  • Ongoing discounts

Honey takes seconds to install (it integrates with Google Chrome) and the app could save you $100’s.

By slashing your costs this way, you could be 1 step closer to getting rich.

how to get rich strategy #8: Find a Quality Mentor

8. Find a Quality Mentor

Millionaires do not become so successful without the help of others:

  • Their family
  • Their spouses
  • Their mentors

I want you to take a second and reflect on the people you know – specifically the people who have seen a certain amount of financial success. 

Ask yourself these questions:

  • Who are they?
  • Where are they going?
  • What did they do to achieve their success?
  • How are they different from the “average” person?

If you find these successful people and learn from them, chances are, you’ll go where they go.

In fact, over 90% of millionaires attribute their success to a mentor.

93% of self-made millionaires attribute their success to a mentor

Source: Insider

It’s my opinion that mentors are the ultimate shortcut to success.

Mentors offer you guidance in:

  • Your financial life
  • Your personal life
  • Your professional life

Finding a good mentor is not difficult, either.

Below are a few examples of the options you might have:

  • Close friends
  • Family members
  • Trusted professors
  • A local community leader
  • Someone from your office
  • Someone from your church
  • Someone from your volunteer committee 

You just have to open your eyes and create your opportunity.

If you don’t ask, you’ll never know what potential you can reach with your mentor.

If you want to learn how to find a mentor and some of the most valuable lessons I learned from my millionaire mentor, then check out my latest book: How to Get Rich from Nothing.

Mentors help you find shortcuts in life that otherwise you would likely have to wait years to learn. 

how to get rich strategy #9: Pay Yourself First

9. Pay Yourself First

The saying “pay yourself first” is hailed as one of the key strategies to getting rich.

Let’s take a peek at what “pay yourself first” actually means.

Here’s how this process to getting rich would work:

the millennial money woman blog post "pay yourself first example"

All you have to do is:

  • Determine how much money you want to save and invest
  • Determine where it should be saved and invested (e.g. 401k, IRA, etc.)
  • Determine how often you want to invest (weekly, semi-weekly, monthly, etc.)

Here’s how I’ve accomplished my automatic investing:

How to Invest Automatically

Step #1

Set up your outside investment account (Roth IRA, 401k, taxable investment account)

Step #2

From your investment account, connect your bank account number & routing number

Step #3

Select the frequency, amount and what you want to invest in from your outside investment account

Step #4

Sit back, relax and start building wealth!

Remember, when it’s automatic, it’s out of sight and out of mind.

They’re typically always very helpful.

Are you ready to start building wealth and getting rich on your own terms?

You can set up your outside investment account with proven investment platforms like M1 Finance.

With M1, you can set up:

  • Roth IRA
  • Traditional IRA
  • Personal investment account

If you’re wondering how to get rich, one of the first steps is investing today – no matter the amount. Just start.

In fact, by the time you’re in your 60’s, most experts recommend having between 8 to 10 times your annual salary saved.

The recommended amount to save for your 60s

Source: Synchrony Bank

Personally, I’m trying to have a lot more than “just” 8 to 10 times my salary saved by the time I’m 60.

My goal is to save between 50 to 100 times my salary.

Those folks who don’t have enough money saved for retirement typically spend their paycheck the second it hits their bank account.

What if you find yourself failing to save?

You can change!

That’s the beauty of life – it’s not stagnant.

Start today – and work toward your goal of getting rich and building the life you want.

how to get rich strategy #10: Steer Clear of Debt

10. Steer Clear of Debt

Debt can destroy your path to getting rich.

Sadly, debt is pretty common as 80% of Americans are stuck in debt.

80 percent of americans are in debt

Source: Dave Ramsey

There are 2 main types of debt: Bad debt and smart debt.

Smart debt could include:

  • Your mortgage
  • Your business loan
  • Any other low-interest debt

Smart debt is basically any debt that helps you buy or build appreciating assets (like a home or a business).

Bad debt, on the other hand, includes the following:

  • Auto debt
  • Credit card debt
  • Any other high-interest debt 

And once you’re in debt, it’s often difficult to pay your way out of it, unless you have a plan.

Getting out of debt doesn’t mean you need an MBA or a degree in finance.

Getting out of debt is about 20% knowledge and 80% a change in habit.

Changing your spending habits to get out of debt – and build your wealth – include:

  • Earning more
  • Investing more
  • Spending less than you earn

Just imagine how your life will look if you don’t owe money to anyone anymore.

Being debt-free means:

  • No more stress
  • Increased cash flow
  • Ability to save more
  • Ability to build your wealth and get rich

Now, let’s look at the 2 of the most common types of debt:

  • Credit card debt
  • Mortgage debt

If you are carrying a credit card balance (or multiple credit card balances) then consider consolidating your debt with Tally.

Tally is an app that:

  • Will likely lower your interest rate
  • Will help you avoid late payments
  • Pays off ALL of your credit card debt
  • Gives you 1 consolidated loan in return

Tally is currently offered in 30 states, and it’s expanding rapidly.

The point is this: Start your journey to building wealth today.

how to get rich strategy #11: Use the System in Your Favor

11. Use the System in Your Favor

Have you noticed that the majority of millionaires are wealthy because they own their own businesses?

In fact, 66% of millionaires are business owners.

66% of millionaires own their own business

Source: The Millionaire Next Door

After seeing this statistic, it became very clear to me that an answer to the question, “how to get rich?” is becoming a business owner.


You are your own boss, you reap the rewards, and more likely than not, you’ll probably put in a lot more work into your business than if you were a 9 to 5 worker, building someone else’s dream.

And typically, you’ll put a lot more energy and effort toward making your own goals a reality than someone else’s goals.

If you do become a business owner, that’s when it’s a good time to consider establishing:

  • S Corporations
  • Limited Liability Companies (LLCs)
  • Limited Liability Partnerships (LLPs)

These business entities give their business owners massive tax advantages – and liability protection in many instances.

Let’s take the LLC, for example. 

Below are some pros to establishing an LLC:

  • Tax deductions 
  • No double taxation
  • Personal liability protection 

Because I’m not an accountant, I urge you to talk to your accountant to see what tax benefits you could take to lower your tax liability and build your wealth. 

how to get rich strategy #12: Choose Your Friends Carefully

12. Choose Your Friends Carefully

Have you ever heard of the saying: 
You are the sum of the 5 closest people around you?

This saying is true.

Think about the 5 closest people you hang out with most often. 

Soon, you’ll realize that:

  • You think the same thoughts 
  • You have the same goals
  • You offer similar advice

There is a very high chance that you’ll become like the people you surround yourself with – whether good or bad, that’s up to you.

And if you aren’t similar yet – then you probably will be, in time.

People inspire you, or they drain you - choose them carefully.

Chances are, the people you are looking for, are also looking for you.

You just haven’t met them yet.

So here’s my challenge for you:

Don’t be afraid to be the least intelligent and least experienced person in the room.

Surround yourself with people who are:

  • Smarter than you
  • More motivated than you
  • More accomplished than you

And figure out how you can shape your life by just 1% to be more like them.


People get rich mainly because of time, mindset, and discipline. In addition, people get rich by increasing their income, investing in themselves, decreasing their expenses, adopting a growth mindset, saving 30% or more of income, and investing in stocks.

It’s possible to get rich with no money. 79% of millionaires did not receive any inheritance and had to figure out how to become rich with no money on their own. If they got rich with no money, you can get rich with no money. 

The 3 highest-paid jobs in America include lawyers ($144,120), physicians ($180,000), and R&D managers ($142,120). However, the top jobs that create millionaires do not necessarily have to be the highest-paying jobs.

Closing Thoughts

To those of you who are wondering how to get rich and whether you can be the next millionaire in your family – the answer is you absolutely can accomplish these goals.

"Whether you think you can, or you think you can't – you're right." – Henry Ford

Your attitude can literally make or break your future.

Whether you become a millionaire is based on your mindset and whether you believe in yourself.

If you believe you are a winner, you will become a winner.

If you believe in:

  • Yourself
  • The process
  • Your potential

…then you will make it.

How do you crush fear and your doubts? 

Confidence and action crush fear.

Never allow someone else’s opinion to become your reality.

It doesn’t matter what others think. 

What matters is what you think.

And the bigger you think, the more you’ll accomplish.

Now that you’ve read this article, you can:

  • Manage your money better
  • Increase your confidence
  • Improve your network
  • And so much more

As long as you believe in yourself, the world is your taking.

Now go and crush your goals, get rich and pay it forward. 

Your bank accounts will thank me later. 

Which wealth building strategy will you pursue first? Let me know in the comments below!

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Fiona Smith
Fiona Smith
Fiona Smith is the founder and CEO of The Millennial Money Woman. She has spent 10+ years studying finance, with the last 7 as a wealth and investment advisor. She has worked with clients with a net worth of up to $100M and holds her Master of Science Degree in Personal Financial Planning. She has also co-founded a local non-profit community teaching financial literacy and her work is featured on Forbes, FinCon, and MSN.

26 thoughts on “How to Get Rich From Nothing: 12 Proven Strategies [2023]”

  1. 02.26.21
    Hello Fiona,
    Had noticed that you leave comments on ESI’s blog, and always admired how “positive” you have been to all of the interviews (millionaires/six figure income/retirees) presented on ESI’s blog. We are millionaires with a net worth at $2M, and this post hits all of the things that were done to accomplish our level of net worth. I have been coaching my 32 year old millennial twins (boy and girl) on this exact “money stuff” you write about. I will be recommending your web-site to my millennials. You are well beyond your age in wisdom, and wish you the best success in your financial journey!

    1. Hello Stephen,

      Thank you so much for your kind words and for reaching out to me. It’s fantastic to hear that the very things listed in this post worked for your situation as well – and clearly, you’ve done well for yourself. I am humbled and honored to hear that you will be recommending my website to millennials. Good luck on your journey as well – and I look forward to staying connected.



  2. There are 3 routes to wealth. Saving and investing, starting a business, or inheritance. It’s fascinating how the advice around saving and investing are all the same across every rich person who became rich that way.

    It tells us that there’s a reason why the advice are all centered and look the same. That’s because it works. There’s no secret to becoming wealthy, the information is all out there. It’s all up to the people to actually implement the steps that everyone’s been recommending for all these years and decades.

    1. Hi David,

      I think you nailed it when you say that most of the advice out there works – it’s really just a matter of how disciplined and how committed one is to pursue their goals. Building and maintaining wealth is really no secret. The information is out there. Now, it’s just up to the individual to determine whether they will take the information to heart and start pursuing their goals with commitment.

      Thanks for sharing your thoughts and good luck on your journey!



  3. Hi we are just in the process and the middle of getting to grips with our finances and money. And starting to get our shit together. And I mean starting to get all debt paid as we’ve paid a couple of small debt’s and bills off. And can’t wait. Now to see everything that’s totally paid off in full and be totally debt free and I mean totally debt free. And never ever again have any debt we want to build wealth and bye our home. And I want to learn to we want to start renovating houses in the future and at the moment we’re selling everything.

    1. Hi Diane,

      I love reading comments like yours!!
      Debt can certainly be detrimental to one’s overall net worth and future financial success… while there certainly is “smart” debt (like a mortgage), most debt (I find) is “bad debt” or high-interest debt like credit card debt, and that’s something I try to eliminate ASAP. Once you pay off your debt, I am positive that you will feel more peace of mind. Keep up the fantastic work – and I hope you continue to share your comments and results with us, readers!



    1. Hi Katlyn,

      Typically, you’ll want to start out by collecting and reviewing your statements – which include your mortgage statement, car loan statement, student debt, credit card debt, home equity line of credit, etc. If you already have linked your outside accounts to a budgeting tool (like YNAB or Mint), then in theory, all you would have to do is log into your YNAB/Mint account to see your overall debt (and net worth).

      Hopefully this helps!


  4. So much value in this blog post.
    Thank you so much.
    The procrastination point really hit home.
    Putting off my writing side hustle for 2 years and it has taken the break down of my marriage to kick me into action.
    I’ll have to bookmark this to read over again.
    Thanks to you I’ve signed up to Art of Purposes’ course.

    1. Hi Aaron,

      I’m so sorry to hear about your marriage – but am glad that this blog post could make a positive impact on you 🙂
      It took me 4 years to jump into gear and start working on my website, too. But – the good news is that we’re in full swing and we’re ready to make a positive difference in our lives with our new found side hustle passion.

      Keep hustling and good luck!



    1. Hi Romeo,

      Thank you so much for your kind words!
      So glad to hear that you had the opportunity to learn something new 🙂

      Good luck on your journey!



  5. I’d like to have financial advisor but I don’t know what credentials to look for when selecting one, do you have any suggestions? Thanks-Andrew

    1. Hi Andrew,

      That’s a great question.

      As you’ve noted, not all financial advisors are equal.

      That’s why I would make sure to take a look at the following 2 most important credentials (in my opinion): CFP (a Certified Financial Planner; A CFP must go through rigorous training, a 7 hour exam, plus ~3 years of prior experience; A CFP is focused on the financial planning side like retirement planning, social security analysis, tax planning, estate planning, etc.) and CFA (Chartered Financial Analyst – the top tier investment professionals hold these designations, typically it takes 3 years to accomplish the CFA designation and these folks are focused mainly on the investment side).

      There are other designations as well that can provide specialization for you like the CDFA (Chartered Divorce Financial Analyst; CDFAs provide help for divorcing individuals), CRPC (Chartered Retirement Plan Counselor; specific to retirement planning), and AIF (Accredited Investment Fiduciary; Mainly focuses on the fiduciary standard of the investment professional…aka by law these professionals MUST make the best decision on your behalf and not just decisions based on what will make them the most money).

      Bottom line, I’d definitely focus on the CFP designation and if you are working with an investment manager, I’d also see if they hold a CFA designation.

      Also, another tip, make sure you ask if they are fiduciaries (they are required by law to do what is in your best interest).

      Good luck!


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