2006-12-27 04:59:02 · 7 answers · asked by starsgirl021687 2 in Business & Finance ➔ Personal Finance
by making shrewd investments.
2006-12-27 05:07:27 · answer #1 · answered by mstrywmn 7 · 0⤊ 0⤋
You are correct. That's what rich people do, or rather I should say, that's what people do to get rich!
You should read The Millionaire Next Door that studied exactly how many millionaires got to be millionaires. Most didn't start out rich. They started out poor or middle class.
What they did is they lived beneath their means, and quite a bit so. Then they took that extra money they had every month, and invested it in their businesses, or the stock market or real estate, or some other money making investment.
The key is that they didn't buy all the junk and toys all their neighbors were getting. They didn't have a boat and 2 motorcycles, or the deluxe home entertainment system, or the new Mercedes or Lexus, and the payments that go along with all those things. By and large, they drove domestic used or older models that were plain, and cheap! They bought and lived in less affluent homes in less affluent neighborhoods. They didn't do debt for anything except their homes or for assets that would make them money.
You may also want to read Automatic Millionaire to see how to save and invest that extra amount every month - automatically!
2006-12-27 05:10:22 · answer #2 · answered by Uncle Pennybags 7 · 1⤊ 0⤋
First you need money to invest in order to make it work for you. If you deposit $100 in the bank, it is working for you by earning interest. People that become rich, or that are already rich, don't live beyond their means and take the extra money they earn and invest it in a various number of ways.
You need to work to create the money to invest, and that money will work for you.
2006-12-27 05:15:55 · answer #3 · answered by dougzinboston 4 · 0⤊ 0⤋
First you need to have the money before it can work for you. This generally means earning it unless you know someone that will hand you a bunch of money.
2006-12-27 05:03:09 · answer #4 · answered by nickfromct 3 · 0⤊ 0⤋
investing long term is the way to go, i hope when i am retired that my money provides my income, through interest
that would be my money working for me, an income while i sit home and relax
2006-12-27 05:15:21 · answer #5 · answered by swenjj 4 · 0⤊ 0⤋
Open your business!
2006-12-27 05:08:41 · answer #6 · answered by Rainier 3 · 0⤊ 0⤋
invest in stocks, real estate, certificates of deposit, treasuries, etc.
2006-12-27 05:04:31 · answer #7 · answered by momonster 3 · 0⤊ 0⤋