2006-11-02 06:41:39 · 7 answers · asked by BAM 7 in Business & Finance ➔ Personal Finance
There are only two ways: significantly increase your assets or significantly decrease your debts.
2006-11-02 07:55:54 · answer #1 · answered by Ethan 2 · 0⤊ 0⤋
I like the answer: "significantly increase your assets, or significantly decrease your debts." That was funny, but seriously, you have to invest in income generating assets. A car, for instance is not an income generating asset. And in most instances, a house is not either. And buying a house doesn't increase your net worth if you're financing the house with debt.
In my humble opinion, a house is not the best option for everyone. Real estate, even with the recent boom, has only averaged a 5% increase per year. That's not even what the S&P 500 Index has averaged (which is about 10~11% per year). Building wealth is a long process, but continually investing in income generating assets will get you where you want to be.
2006-11-02 21:08:36 · answer #2 · answered by dirtypanda 1 · 0⤊ 0⤋
Acquire assets that only grow in value not depreciate over the years.
2006-11-02 14:48:07 · answer #3 · answered by RACQUEL 7 · 0⤊ 0⤋
With good investments. Stocks or real estate.
2006-11-02 14:45:22 · answer #4 · answered by cityofoak 2 · 0⤊ 0⤋
Acquire assets that "pay you", not ones that "cost you."
Don't spend ostentatiously, either.
2006-11-02 15:34:48 · answer #5 · answered by Mike B 1 · 0⤊ 0⤋
consistent savings and good investments.
2006-11-02 16:26:24 · answer #6 · answered by waggy_33 6 · 0⤊ 0⤋
Buying a home (If you don't have one)
2006-11-02 18:22:01 · answer #7 · answered by Anonymous · 0⤊ 1⤋