When a person becomes rich what do you have to do to stay rich, I guess from a person like Donald Trump can answer my question or one of the riches man in the world or the riches women in the world. I believe there is some risk a person have to take and careful spending.I allways been very curious, that you have to find some type of hiding situation so the government don't take most of it and its a shame for a hard working person to be pentalize for working hard.
2006-06-13 03:40:47 · 18 answers · asked by Anonymous in Education & Reference ➔ Higher Education (University +)
Go to a financial advisor. Invest wisely, and consult with individuals about the best way to add longevity to the wealth. If you hide your money and don't pay taxes, you're being dishonest... eventually someone will find out and the punishment will take away more money than you would have had to have paid in anyway.
2006-06-13 03:43:46 · answer #1 · answered by Kerry K 2 · 0⤊ 0⤋
This is going to be a long answer but I hope a good one. I'm not rich by any monetary means but through my work experiences I have known people who are or have supported those who are rich. I don't pretend to know everything but here are a few things I have learned. First, find a advisor or accountant you can trust. Keep personal security a top priority, protect you're personal information, shred documents you don't need with important info, and so on. Keep up with the IRS and you're taxes so no mistakes are made, mistakes with taxes can cost millions. If you have a large amount of monetary wealth place a good portion in high interest savings account to grow and secure you're fortune. Investing is always wise but not for everyone. Before investing study and learn as much as possible and if you do invest find the avenues that will be best for you and the financial goals you do have. Also, never live beyond you're financial means. Example, if you have a net worth of 20 million with no other guaranteed income to arrive in the near future, don't go buying a 10 million dollar mansion. Find the happy medium of enjoying life and you're money but not moving past you're financial capabilities. Also, if you are rich you will eventually be bombarded by investors, charities, and more. Investigate anyone and any company fully before writing checks or getting involved. Another good way to increase fortune is real estate. There are a lot ways to purchase, upgrade, and turn real estate around for increased profit. Always remember! people want homes, people need apartments, and businesses need offices and space. That is practically a universal truth that will never die. Another that I feel is extremely important is education. You're wealth provides you a luxury many literally cannot afford. Go to school!! study the fields you are interested in but also study areas you may need to know. Take advantage of the fact that you're money will pay for school and that you do not have to hold actual employment and can invest full time into such things as school. This is important and here is a example, if you plan to open a business and be part of it's operation then you may want to know some things. Taking courses in accounting, management, marketing, and others will help increase you're knowledge, confidence, and chances of having a successful business. As I'm writing this I'm thinking of more I could say but I will stop here. Sorry for writing a book :-) this was a good question and I hope this was some what of the answer you were looking for.
2006-06-13 04:10:01 · answer #2 · answered by Xavier 1 · 0⤊ 0⤋
To stay rich you have to be smart on how you are handling your money. I guess I would invest my money I know there are some risks involved and sacrifices but the outcome will be magnificent. You have to look at Donald Trump he's rich right but he's a smart rich man. He builds buildings where he knows that he's going to get some profit back. It's true he has to spend some money but he get it right back. Let's say he buy a land and builds a condominium complex where he spend close to 15 million; when finish he know he has to sell each unit a little pricey. At the end of it He sees that he has just profit more than he ditch out and that's how I believe He stays rich. Maybe one day I'll become one and I'll do the same.
2006-06-13 03:50:51 · answer #3 · answered by LOU 1 · 0⤊ 0⤋
The problem is when people come into a large amount of money they turn it into play time. They buy things that they dont need because they can. It should be wisely invested so that it can earn interest over time. You could win a billion dollars and end on up skid row. It is based on how you spend and where you invest.
2006-06-13 03:43:46 · answer #4 · answered by hatingmsn 6 · 0⤊ 0⤋
They have what is called a residual income. It keeps coming in!
About the taxes, tell me something; would you mind paying half of your income if it were a million dollars? Half of a million is a whole lot better than keeping 75% of your current salary, not?
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2006-06-13 03:54:17 · answer #5 · answered by hvfaith2002 2 · 0⤊ 0⤋
Invest in real estate. Buy houses and fix them up then rent them. Buy commercial buildings, fix them up and rent the spaces out. Open a restaurant that is needed in an area. Invest in the stock market and large interest rate saving accounts. And spend wisely. Spend to live comfortably.
2006-06-13 03:44:07 · answer #6 · answered by foxzie006 3 · 0⤊ 0⤋
The smartest thing would be to make a fortune - move to a depressed economic climate & live off of it till you die.
Move to belize - India - South or Central America
not only do you live easy - but you contribute to the enhancement of a depressed economic structure.
2006-06-13 03:46:24 · answer #7 · answered by blackpualani 2 · 0⤊ 0⤋
First of all in order to stay rich once one gets rich, one has to not go overboard on spending. It's true that when you make more, you spend more, but like everything else...in moderation.
2006-06-13 03:44:09 · answer #8 · answered by lynda_is 6 · 0⤊ 0⤋
you have to be very careful spending your money and make your choices wise. Also you may want a part time job to stay rich just to get more money.
2006-06-13 03:43:54 · answer #9 · answered by steelerxfan 2 · 0⤊ 0⤋
wen a guy gets rich, in order to stay rich he keeps on doin watever made him rich in d first place. i case thats nt possible anymore he tries to find some other way of earnin money. and wen he feels that he has made enof money 4 doin all dat he wants to do 4 d rest o his life, he stops n starts spendin it.
2006-06-13 03:50:42 · answer #10 · answered by kd5891 1 · 0⤊ 0⤋