In my opinion the best way to get rich is with ASX shares.
You can buy shares in small or large parcels – you don't need to take on a huge loan or have $100,000 to make your first investment. You can start with as little as $500.
In reality it's very simple to get on the path to wealth:
Step 1: Save some money
The biggest factor to how rich you can become is how much money you can save to invest. If you save $1,000 a year it will take a long time to become a millionaire.
Every budget is different, so only you know where you can make a difference. Perhaps it means getting a side hustle and funnelling all those earnings into investments. Perhaps it means saving on costs somewhere in your life like food or transportation.
Whatever you come up with, whether it's more income, less expenses or both, the more you can save the more you can invest.
Step 2: Invest it
Now that you've set aside some money you need to decide where you're going to invest. I believe there are three good options:
Quality, diversified index funds such as iShares S&P 500 ETF (ASX: IVV), BetaShares NASDAQ 100 ETF (ASX: NDQ) and Vanguard FTSE Asia Ex Japan Shares Index ETF (ASX: VAE).
Investment managers who can beat the ASX after fees such as WAM Microcap Limited (ASX: WMI), Magellan Global Trust (ASX: MGG) and MFF Capital Investments Ltd (ASX: MFF).
Or, quality ASX shares that have long-term growth potential such as REA Group Limited (ASX: REA), Altium Limited (ASX: ALU), Costa Group Holdings Ltd (ASX: CGC) and Citadel Group Ltd (ASX: CGL).
Step 3: Be patient
People think that watching paint dry is boring. That doesn't take long at all!
Shares take years to generate pleasing returns. There will be a lot of volatility, including some scary falls.
But, you just have to look through history to see that share markets always recover and have an amazing track record of delivering an average return of 10% per year over the long-term.
Foolish takeaway
There is no quick fix or magic formula to getting rich quickly for the average person. We just have to work hard, save hard and invest well. If we do that, we should all become wealthy over the coming years.
