This might sound like an artificial question but what is the best way to get rich? Starting from 0.?

Question

Just Need and want all the advice I can get here. Thanks for taking this question seriously and taking the time to answer it.

Answer 1

Save money, invest smart, have the money work for you and be around smart and rich people.

Answer 2

There is a tried and true method that works for everyone that follows it.

#1 Get a good job, or better yet, get educated and find a career you love

#2 From the earliest possible date (teen years if possible) learn to pay yourself first a minimum of 10% of your gross income. This means savings.

#3 Invest your savings wisely. This doesn't mean highly speculative ventures. The truth is that far more people get dirty rich with conservative investments. Ask Warren Buffet if you doubt this one.

#4 Learn to avoid debt like the plague. The only debt worth having is a mortgage in an area where real estate appreciates. If you live in an area that doesn't, consider paying cash. Credit cards will kill your dreams faster than almost anything else.

#5 Plan your family. You shouldn't be having children until you know you can support them. Investigate what it costs before getting pregnant.

#6 As your obligations grow, make sure you are properly insured otherwise one blip, like an extended illness, or accident could wipe out everything you have.

If you do those things, regardless of your actual job earnings, you will accumulate wealth.

If you have the ability, consider self-employment. That, if you are successful (and most small businesses fail) can be a fast road to financial success. Just keep in mind the same rules apply - limit debt and work according to a solid business plan.

Good luck.

Answer 3

"Dollars beget quarters. Quarters beget pennies. Pennies grow up into quarters. Quarters grow up into dollars."

Suppose that you put away $1,000 every month, at 5% interest, compounded monthly, for 20 years. Then your investment of $240,000 would have grown to $411,033.67. Suppose that you did this for another 20 years. Then you'd have another $411,033.67, right? No, you'd have a total of 1,526,020.16 (to the nearest penny). The $411,033.67 you already had would have increased at 5%, and its earnings at 5%, and its earnings' earnings at 5%, etc. The graph of your accumulating wealth would approximate an exponential function (that means it grows very fast).

Be on the earning side of interest, and not on the paying side. Keep re-allocating your savings to future earnings. Save those pennies and get them working to make more pennies.

But 40 years is a long time, is it not? Suppose you want to get rich while you're still young.

Then what you will do is invest PART of your savings as though you are already rich. Meaning that, instead of chasing after risky speculations, and wasting your precious working capital, the way that poor folks who wish they were rich do, you will take Nathan Rothschild's (rich guy) advice, and buy "when there is blood in the streets of Paris".

Meaning that you will patiently wait for good opportunities for profit, after others have sold for huge losses. Suppose that you had bought BLUE CHIP, dividend-paying stocks in the US stockmarket the day after "Black Monday" in 1987. Not so terribly risky, since the market had already crashed and the stocks were unlikely to go to zero. Or suppose that you had bought 30 year bonds back when interest rates were running around 20%. This would have been a trickier choice to make since you would have had to realize that the economy was going into disinflation, and that Henry Kissinger had broken some kneecaps in foreign countries. But had you made those investments then you would already be rich.

Since there are such fabulous opportunities available to you, you will only risk what you can afford to lose. I keep about half my net worth in tangibles and cash, and invest the other half. I do not speculate (make risky investments, hoping to get lucky). There is no need, when one is patient and prudent, and in the long run the diligent tortoise beats the impatient hare.

This answer is provided for informational purposes only and does not constitute advise to buy or sell securities. Do your own due dilligence.

Answer 4

The key is leverage, with whatever you do. If you're a writer, write a book so that millions of people can read it. If you sing, make a record so you can mass-sell it to millions. If you clean houses, start a company and get others (a lot of others) to do work for you, and keep a small portion of what they make. All are trite examples, but you get the point......you can work hard, but you'll make more by working smart. Most self-made millionaires just 'clone' themselves to do simple work, but to do it over and over again through other people or mediums.

Answer 5

Hard work coupled with intelligent thinking. Concentrate on the job which you know the best and try and excel in the business. Once well established in your business, try and strive for downward integration. For e.g. if you are dealing in paints, become a best paint dealer, slowly start manufacturing your own paint and then start manufacturing raw materials for paints, etc. Good luck and God speed.

Answer 6

What Lori said

Answer 7

Have you considered Network Marketing? Many have made millions, but you have to be willing to work for it. If you would like more information on one opportunity check out my web page.

http://liquidity.myvoffice.com/phxcashmom/

Please let me know how things work out for you.

Answer 8

get a job...if you arent old enough, help your parents out around the house

Answer 9

Ok, first you get a million dollars...

Answer 10

Honest, moral, hard work.