I'm currently a lifeguard, earning $7 an hour (I know that's not alot, but it's pretty good for my age) and work an average of 30hrs a week. Basically, I make between $300 and $600 every other week, because I get paid bi-weekly. I have around $5,000 in a savings account and don't spend all that much on myself. I'm not looking for answers of "get another job" or stuff like that, because I couldn't fit another into my schedule. I'm looking for answers from people who have accumulated wealth and held onto it, who have experience with making their money work for them (ie people who invest or live off of interest from their savings account)
2006-07-14 17:19:50 · 7 answers · asked by xgreedx123 2 in Business & Finance ➔ Personal Finance
I would also appreciate having a full how-to plan of what to do instead of just being told what to do.
2006-07-16 04:32:06 · update #1
Serious answer - Take some finance classes at a local community college. Learn about stocks, commodities and real estate. ( A four year degree or professional training to boost your income wouldn't hurt ) Read Money magazine and Investors Business Daily for some of the best investment advice out there. Jim Cramer has a best seller that's pretty good as well (Real Money - Sane investing in an insane world). (put that 5,000 dollars into a solid stock or two like Plains All American Pipeline or Devron Energy.
Whatever job you ever have, save at least 20% of it and invest it wisely in stocks and real estate. You should accumulate well over a million in 20 years, especially if you get a solid job.
One more solid piece of financial advice: Beware who you get married to.
2006-07-14 17:38:15 · answer #1 · answered by jjttkbford 4 · 0⤊ 0⤋
The surest way to be wealthy in old age is to invest wisely and frequently.
But it helps to have a large income to invest with.
The surest way to have a large income is to be highly educated and a hard worker.
The best thing you can do when you're 17 to ensure a positive financial future? Stay out of trouble and study diligently.
Might sound like a crappy answer, but it is the truth.
2006-07-14 17:29:06 · answer #2 · answered by pluralist 2 · 0⤊ 0⤋
you shold invest in long term trust (link w/shares or real estate)
those are the fastest growth investment plan
most self make millionaires invested throught these plan.
bad investment is letting your hard earned money lay in your bank
without investing itself.
tks
tan k
2006-07-14 17:29:28 · answer #3 · answered by tan k 1 · 0⤊ 0⤋
Open a Roth IRA. By the time you're in your 50's, you could be a millionaire.
2006-07-14 17:26:06 · answer #4 · answered by mom2babycolin 5 · 0⤊ 0⤋
Do surveys online. They will help you get more income.
Mark me as best answer because I helped you become rich.
2006-07-14 17:25:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i set up a company
2006-07-14 17:23:26 · answer #6 · answered by Ivanhoe Fats 6 · 0⤊ 0⤋
live below your means.
never be in debt to ANYONE.
2006-07-14 17:32:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋