I'm just a 20 year old middleclass person wondering where i should invest most of my energy for the next ten years. and yes money is everything. are there any multimilllionaire who spend time on yahoo answers!!!!
2006-08-10 23:28:15 · 17 answers · asked by Anonymous in Arts & Humanities ➔ Philosophy
Drastically reduce your spending, cut down on you standard of living. Stop taking vacations. Instead INVEST all your free money in diversified stocks.
Say you make 60,000(do-able after college with good major, accounting, or computer engineering and 2 years of experience -- starting age 25). You can easily survive on 20,000 though.This gives you 40,000 a year to invest. Assume 7% return rate.
After a quick calculation in 10 years you will have: $552657. Not exactly a multimillionaire but getting there.
So to REALLY become a multimillionaire in 10 years you will have to take risks that pay more then average. Then again if you take those risks you can loose a lot too!
P.S. If you stick with the scheme i described for 24 years you will hit $2137445! If you are 25 now multimillionaire by age 50 is not TOO bad.
2006-08-11 04:50:54 · answer #1 · answered by hq3 6 · 1⤊ 0⤋
From what I know the best way is to start a company with some valuable intelligent property i.e. patents or some special know-how. The main point is to make the company look like that it has a lot of potential. Then sell this company to a bigger company and you will get your millions.
What you need: educate yourself in some area that interests you. Learn to be a specialist. Be innovative. And be prepared to work like crazy.
2006-08-11 00:01:27 · answer #2 · answered by BonAqua Identity 3 · 0⤊ 0⤋
Be a Hard Glam Model which earns (if you get famous) 2 Million sterling pounds a year or better yet be an A-list actor which you could command 20 Million sterling pounds per film. There's no business like showbusiness
2006-08-10 23:37:53 · answer #3 · answered by FastMoments 2 · 0⤊ 0⤋
Be an inventor. Invent something and get ppl to help you develop it. Or start up a business and sell it. Start up another one and sell that one too. Or just stick to the business and hope it does well for you.
There's a vast market out there and you should try taking advantage of it.
2006-08-10 23:34:11 · answer #4 · answered by pacific_crush 3 · 0⤊ 0⤋
definite it has develop into sparkling. What fools they're. we could have had use of our very own oil and so much less dependence on the middle East. How would desire to greater proper off and safer we'd all be. As for problems/pollution, we could have put in safeguards and we could have achieved it greater proper and greater effectively.
2016-09-29 03:55:52 · answer #5 · answered by marceau 4 · 0⤊ 0⤋
Hi! Afraid there is no Honorable ways of becoming a Mi£$ionaire these days ...Do what my sister done .. Marry one.
2006-08-10 23:32:09 · answer #6 · answered by ? 4 · 0⤊ 0⤋
If I would have known the answer then I would have done that ten years ago.
2006-08-10 23:34:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋
just thinke that u will and try to find new things that are very attractive among the people...reading book about ur topic is a good way too..
2006-08-10 23:35:37 · answer #8 · answered by hamid 3 · 0⤊ 0⤋
I could give you some tips but I cannot post here, because it might be considered as spam. and I cannot sent it straight, through email, because you have no open line.
you can email me though and then I can reply.
2006-08-10 23:37:05 · answer #9 · answered by UncleGeorge 4 · 0⤊ 0⤋
You need a personality first!
2006-08-11 23:40:40 · answer #10 · answered by sassyme... 2 · 0⤊ 0⤋