2006-06-20 04:26:51 · 20 answers · asked by Konfuzius 3 in Social Science ➔ Economics
SAVE to build WEALTH (Wealth is life long security)
1. PAY OFF ALL DEBT (Start paying off 40% of all earned income to pay-off debt)
2. Keep saving 40% of earned income and build up saving/checking account so that you have 9 months to a year of liquid savings.
3. After Debt is payed & Saving account created:
Continue saving 40% of your income as follows:
45% Housing (Ownership)
15% Retirement
40% Brokerage/Taxable account
Most will tell u to save into the house and retirement ... but its so important to save in a brokerage account for spendable money!!! So many people are borrowing from their 401
BUY Lottery Tickets & pray for RICHNESS (Rich is instant and short-term)
2006-06-20 10:47:32 · answer #1 · answered by Giggly Giraffe 7 · 1⤊ 0⤋
The first and foremost factor to remember: Very few rich people get that way through earned income (this is income derived from working at a job). The reason is simple: Most people live to their income levels (people who make $200K a year tend to live $200K a year lifestyles).
Most people become rich through unearned income. This is stock gains, home equity, etc. I know quite a few millionaires who are equity rich but drive around Honda's because they cannot afford anything else.
2006-06-20 04:56:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Get a high paying job, win the lottery, rob a bank, scam people, marry a rich person.
2006-06-20 04:30:34 · answer #3 · answered by Yankee Empire 5 · 0⤊ 0⤋
Two things that you can do yourself. Get educated, get yourself a good job. To get rich, however, we need more than the above mentioned two factors: GOOG LUCK. Without good luck (a factor which we cannot influence ourselves) It will be much more difficult to get rich
2006-06-25 23:44:08 · answer #4 · answered by misterteacher 1 · 0⤊ 0⤋
work hard day n night. If not financially then u will surely become rich spiritually.
2006-06-20 04:30:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Marry someone whos filthy rich! Thats my plan anyways..
2006-06-26 16:57:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
spend as much precious time with ur family and friends then u will be rich (not money wise but in a better way)
2006-06-25 23:45:42 · answer #7 · answered by loopylisa_99 2 · 0⤊ 0⤋
Work smart not hard.....
but I like the Richard answer best personally. Nice 1
2006-06-20 04:35:57 · answer #8 · answered by HarryBore 4 · 0⤊ 0⤋
get a web site like yahoo then you will be rich
2006-06-20 07:34:24 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Get a high paid job and work really hard. Or.....win the lottery. Or.....if crime is your thing, there are all kinds of scams you can pull to make a mint.
2006-06-20 04:31:43 · answer #10 · answered by Anonymous · 0⤊ 0⤋