How can i become wealthy?

Question

I am 18 and, I am really big on saving and investing.

Answer 1

CLICK THIS LINK TO SOLVE YOUR PROBLEM..
http://www.mysalary.co.uk/wealth/wealth_tips.php

Please click a link from the list below to view information on a technique, tip or strategy that you can use to help with wealth accumulation:

* Gaining control of your money
* Compound your wealth
* Control your retirement date
* The Rules of Money
* Got wealth? Stay wealthy!
* Help your children build wealth
* Get wealthy quicker: destroy debts
* The property ladder helps you get rich
* Protect wealth: take action against inheritance tax
* Wealth building is linked to investment
* Wealth and paying tax

Answer 2

You have started out right by saving and investing while you are young. I never had much money, but I was able to retire at 47 years old by following the advice of an old farmer in Oklahoma. He told me no matter how small my wages were, just pretend there were 5% less and live on that much. Invest the 5% before you spend the rest of your paycheck. That is like "paying yourself first" before you pay anyone else. He also told me never to buy anything on a time-payment plan, because that is like taking a 15 to 20% reduction in wages. Admittedly, I lived during the "good times" when money invested would double every 12 years. Since I started saving in 1943 (when I was earning $6. per week), I could afford to retire in 1970. Now that I am 82, I have enjoyed doing just whatever I wanted to --- on my 200 acres---for some 36 years now --- much longer than I spent working for a living.

Answer 3

Hi, my name is Eunice Saunders and I think the best way to become wealthy is to work hard and save, save and save some more. Don't spend a dime on anything that is not needed....someday you may have enough to make your kids or grandkids wealthy.....good luck! Land and Real Estate are good investments! But be careful they can also be money suckers! Winston Salem North Carolina is a good place to buy investment properties. Kernersville, Highpoint, Clemmons, Advance, Greensboro...all are good areas an opertunities for investment properties.

Answer 4

I began investing at 17. I retired at 45. Investing is the single most profitable thing you will every do. That would be why it is not taught in high school. Don't you just love public education? Do some reading. Your first investment should be in your mind. Find a brick and mortar broker who lives in your area. Start there. Yes it cost more to have a full service broker who you can see face to face. When your starting out, its worth it if he or she is worth their salt.

I invest in stocks that pay dividends. Thats my bread and butter money. Next I sell options against my stocks. Last level of investment income is buying options. Mostly puts. I like the leverage I get with options.

Answer 5

When you save, the money is safe. When you invest, It's a calculated gamble. So a lot of knowledge about investing will give you a far greater chance of succeeding. I cannot emphasise this enough. Know what you are doing.
Have a look at http://investing.hammocksurvivalguide.com/
It's got a lot of articles about investing. Perhaps it will give you a few ideas. When you know what you want to do then make sure you know all about it.

Answer 6

To be wealthy -

1. Work hard
2. Take care of your health - stay fit and healthy
3. Invest soundly and for the long term. Dont speculate unnecessarily in stocks or property.
4. Get a good education - it pays a lot of dividend.
5. Be wealthy not just in money terms but in terms of relationships also - be kind to people and respect them. You will earn a lot of respect in return which will be bigger than any monetary reward.

Answer 7

Just save your money.
Put it in a variety of no load (low fee) mutual funds, mostly in index funds (S&P 500, and total stock market funds).

Put some in an international equity (foreign markets) no load fund.

Keep your spare money in US I-bonds (you have to hold them for a year before being able to cash them, but there is no state taxes, and you'll get about 4.5% (so far) return).

There is also on-line banks (ex. Emigrant Savings Bank) that you can connect to a checking account that will earn about 5%.

Answer 8

when I was your age, I purchased stocks (some that made me a little money). I also invested in gold and silver......which turned out to be a very GOOD idea....put your money away in a interest bearing CD (if you have that kind of cash lying around)....and reinvest this money over and over again into other vehicles. It may not be a bad idea to get an IRA set up at your age also.

good luck to you...

Answer 9

-Save your money, don't spend it on passing fads or to win the approval of those you don't care about.
-Luck
-Financial intelligence
-Willingness to lose money for the chance of making money.

I would recommend taking some financial planning or investment classes. It may be the best thing you ever spend your money on.

Oh, and don't ever get married, especially if you're already wealthy.

Answer 10

Good luck, seems like you are on the right track. Just watch your investings.