Im in my early 20's and make good money. What should I do to become financially independent in 10 yrs??
2006-09-22 12:20:57 · 9 answers · asked by msol800 2 in Business & Finance ➔ Investing
live extremely cheaply and put the money in certificates of deposit.
2006-09-22 12:29:00 · answer #1 · answered by waplambadoobatawhopbamboo 5 · 0⤊ 0⤋
Take a look at www.quarantz.com They can make you a free and personal financial plan and have different guaranteed options to invest in ways to be independent as you wish. No risk in talking to them, because of the 'no fee' for their consultation.
2006-09-22 23:08:38 · answer #2 · answered by Patrick L 3 · 0⤊ 0⤋
One component of your plan should definitely be income-producing real estate. If you're in an area where you can afford to, buy a duplex and live in one and rent out the other. Within 2 years, buy another, using the same idea. After that, you should be able to buy a single family home for yourself and then continue buying income properties after that.
The beauty of Real Estate is that it keeps on paying, whether you get out of bed or not.
It also helps to be handy with tools, but it's far more important to be business minded.
good luck.
2006-09-22 12:30:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Be willing to invest in some aggressive risky stocks for 3-5 years them pare back to more guaranteed stocks until retirement time.. Or take your lead from Ricky and Julien on The Trailor Park Boys. they had a brilliant FREEDOM 35 plan. It didn't work so well for them, but it might work great for you.
2006-09-22 12:25:56 · answer #4 · answered by Skanky McSkankypants 6 · 0⤊ 0⤋
purchase a house. The marketplace and expenses of pastime are down, and the stimulus invoice includes as much as $8000 for human beings procuring their first abode. in the journey that your costs have been getting paid yet you are able to not confirm the thank you to get forward, this could your superb wager. a million/2 your person loan will bypass to helping you out extremely than your landlord, and with how low expenditures are actually, lots of folk with sturdy credit and a delicate pastime can now locate the money for a house who in no way could desire to earlier.
2016-10-17 11:36:20 · answer #5 · answered by ? 4 · 0⤊ 0⤋
trading the financial markets offer a great opportunity, also young doctors make big money soon out of college these days, 2 really good choices ! buy a few stocks, see if you like it !
2006-09-22 12:26:20 · answer #6 · answered by The Advocate 4 · 0⤊ 0⤋
i think u should become an entrepreneur. things may not work out at 1st, but keep going, and it will work out, and when it does you will be in no financial problems.
2006-09-22 12:29:34 · answer #7 · answered by ? 3 · 0⤊ 0⤋
Tough..
I was a multi millionaire by 35...
Luck & right place at right time..
Noting special about me...
2006-09-22 12:29:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Work hard, work harder, work hardest........
Spend little, spend less, spend least, spend wisely......
Find out residual income, start sooner, lots of tips at http://job.splashine.com
Good luck.
2006-09-22 15:54:20 · answer #9 · answered by candy 3 · 0⤊ 0⤋