how do u get rich?

Answer 1

1. Educate yourself - I don't mean go to school, I mean read. Robert Kiyosaki's Rich Dad, Poor Dad series gives a good start on some of the differences between how rich people invest and what poor and middle class do with their money. Stop spending your money on doodads and crap and start investing it. The rich don't work for money, their money works for them. So learn as much as you can about real estate, paper investments (like equities) or how to start and run a business.

2. You will almost never get rich working for someone else. Don't expect for your job to get you rich, even if its a high paying job. First, you'll only be paid what the company wants to pay you and second, as an employee, you're taxed more than any other group. If that's not bad enough, your expenses are paid out of after tax money, that is, Uncle Sam gets his cut before you get yours. On the other hand, if you were to form a corporation or LLC (which is not expensive or complicated by the way), then your expenses are paid out of pretax money and you're taxed on what is left over, meaning a lower tax burden, more money in your pocket which then should be used to acquire assets that generate positive cash flow.

3. Which brings us to assets. It doesn't take money to make money. It just takes creativity, persistence, a willingness to learn and to make and learn from mistakes. You can start small in real estate for example by purchasing a small house to rent out. Don't buy it to flip it or for appreciation, buy it for positive cash flow, meaning the rent covers the mortgage and all expenses on it and leaves a little left over. After a while, the cash flow from this will build up to a down payment on another building and then another and then if you have appreciation you can refinance and pull out some equity for more property. If you get really good you can then sell off your little properties and use whats called a 1031 exchange to then buy a bigger investment property (commercial, apartment building, etc) without having to pay any tax on the appreciation from the little properties. Cool huh? You might say "but I don't even have any money for a downpayment". Believe it or not, that might not be a problem. Maybe you can put together a seller financed deal for the amount of the downpayment as a second mortgage with a short repayment period of say 3-5 years. No one knows the property better than the seller and if he feels as though the cash flow will be positive even with the extra burden of a seller financed note, then if he is given extra incentive such as a competative interest rate or higher purchase price, then he might just be willing to go for it. How many positive cash flow properties can you afford to buy with no money down? I say, as many as I can get my hands on!

4. Real Estate is one way to go, but starting a business is another way. It may seem complicated which is why the first step is number one, learn as much as you can, make contacts with a chamber of commerce and other professional organizations and figure out what you want to do. The product is the least important thing in the list of what will make your business successful. What will make the difference is what systems you have in place, what kind of a management team you put together and what their experience is and what your goals are and how strong are those goals. A strong management team with good experience that covers everything from accounting and cashflows, to putting in place business systems, legal protections and marketing can usually attract investment capital and be successful regardless of the product.

The bottom line is that its not overnight or get rich quick. That almost never happens. But if you have a plan and you follow that plan and you educate yourself and start using your resources to build assets that generate cash flow, you can be rich. It doesn't have to take too long either, just a few years to start to see a big difference in your passive income.

Answer 2

I would say, you should read. Read every day! Most of the wealthiest people in the world read every day at least 20 minutes. So, start reading. If you do not know what to start with, here is a great pdf list of books about building wealth, making money, building a business etc: http://goo.gl/buAhlW.

I wish you good luck!

Answer 3

Start saving, and learn how to invest. Go to school, get some education, keep on learning, and never give up.

Answer 4

Inherit.

Answer 5

You have to have the mindset first of all, then the brains to back it.

And dont be afraid to take financial risks, and let your money work for you.

Answer 6

If we knew this, we would ALL be rich!

Answer 7

Stay away from credit cards, think before you buy, and invest wisely.:)

Answer 8

You can get in anyway less than working.

Answer 9

Kill people and take their money
No, JK, invest, work hard

Answer 10

play the lottery. Good luck