what should i start doing now so i can be rich when im older?

Question

i turned 16 yesterday and im applying for jobs monday. i recently was in beverly hills and i want to be rich enough to live in brentwood or westwood or even beverly hills itself. i want to be rich so badly! if i get the job i want ill be making 9.25 and hour. how much should i put away?
i really want to be a social worker and help people as my job. i know thats not the highest paying job but its what i want to do.
please help me with tips!

Answer 1

it is really simple. work

Answer 2

if your job offers a 401k take it. i didn't quite understand it and wish i would've started sooner. many jobs that offer 401k even match what you put into it so that helps to. it is taken from your check so you never really miss it. if you are too young for that or if it isn't offered start a savings account and try your hardest not to touch it or set it up so you can't till say 18 that way it isn't far off and will be there if you need it at that time. and a good rule of thumb is save 10% of each paycheck. the more the better, and since your still in high school and don't have the bills that adults do (no offense i mean that as someone over 18) i'd recommend saving 15-20% if you can. also steer clear of credit cards, not very many people do well with them and that is how you get into crazy amounts of debt. i recommend watching the suze orman show if you can find it in your listings. she can be very agressive but she has good points.

Answer 3

You don't say, but I hope you are still in school. You are very wise to start so young and because of it, you can be wealthy by the time you are older. It can be done, but it means passing up a few things on the way. Do go to college though. California has some great affordable schools.

The temptation is to buy things you want right now, that CD or that shirt. If you can limit those purchases and save save save, you can do it. It becomes such an ingrained habit that you begin to truly enjoy savings and watching the balance grow.

Open a savings account with the highest interest. Credit Unions, but even better, on-line. ING for example. I opened an account w/ them and they gave me $25 for doing so. free money.

Save minimum 10% of each check but that is only min. Save it all if you can, it will always be there if you need it, growing from interest.

When you get enough buy mutual funds, a good balanced fund to start. American Funds can be purchased to start at $250. They do have a sales charge, but its one of the only funds you can get into for so little to start. Until you are 18, your parents will have to make the purchase.

T Rowe Price is great but you have to have $1000 for IRA or $2500 for other to start.

Buy a book, read it cover to cover, then buy another on the subject. You can never be hurt by this knowledge and it will serve you all your life.

Answer 4

It's not so simple but it isn't complicated. First, don't spend money unless you HAVE to. If you don't spend it you don't have to make it. Next, put what you save into an account to take advantage of compounding whereby you get income on the interest earned. Search banks and savings and loans and find the highest interest rate. (There are online savings accounts that pay over 5% now which isn't too bad.) After that, when you have enough in the savings account, invest in mutual funds in a low-cost family of funds. Vanguard is very good. You may have to start an IRA with them to get the lowest initial investment. Look at the funds available and choose one that has a good return over the last five or ten years.

Answer 5

Work at home after your working hours or during weekend. go for the internet business which requires less of your time and the one that will not make you feel headache with web designing, or which require IT knowledge. Second, choose the internet based company which offer you the opportunity and at the same time giving you the convenience to start the business. Third, choose the business, which does not require big money to start it.

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Answer 6

I don't think social workers live in Beverly Hills. I don't think you will be rich like you want making $9.25/hr.
Let me tell you the only way to do it.
Marry a rich guy.

Answer 7

work. while working, save as much as you can. learn to identify wants and needs; assets and liabilities. if you're gonna buy or spend money, always analyze if it's important... it is, canvass, look for the cheapest at least the cheapest among the best.

after saving enough, invest it. buy stocks or start a business. now start with a kind of business thats linked or related to your interests. like if you're into cooking, try a restaurant.

hope this helped. =)

oh.. and don't forget, studying is soo important. so get a course that also related to your skills and interests.

good luck! if you're gonna work hard and put your mind and heart on it, you're gonna make it!!!!

Answer 8

Your ambition to succeed is admirable, but slow down a bit. Have you thought of going to college. For someone your age, 9.25 an hour is ok, but it's not something you can really put away unless you have no other expenses (cell phone, car). Try looking in the paper for jobs ,or even online. Post your resume on Monster (only thing is how much work experience/education do you have)? Best of luck to you.

Answer 9

I think the last thing poor people need is a rich social worker. What are you going to do- work with the poor all day and then escape to your rich neighborhood? You are sending mixed messages. I don't think you know yet what you really want.

Answer 10

Remembering this, money is the tool, it can make or break you., want to become rich, save invest wisely. do not spend like you are a banker.


Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.

http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com>... university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:

fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy

technical analysis==(chart+indicator)>> when to buy

Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live

At the age of 32. my 401k is amassed 71,000.00 and 30000.00 in taxble account. by follow simple rule

Answer 11

that is easy when you gen a job invest you money in a 401k or 403 b. Start a saving account or invest in a CD