If your wealthy what is your secret? I was just wondering lol.
2007-01-10 10:44:15 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I grew up with the hoarding gene. My grandparents hoarded, my parents hoarded. It was inevitable for me & my sister to hoard as well.
We saved, invested, and still shop smarter than anyone we know. I buy things for sometimes pennies on the dollar. I then turn around and invest what I saved. I realized early on that saving money ultimately makes more money.
Today I buy even more investments... I feel why buy things that cost me money. I rather buy things that will make me more money. It has worked for me and I got my son investing at a very early age. Now he is 20 and more than most 50 year olds in his asset column.
Save save save, read read read everything you can about money and how it works. You will come to your own conclusion of what works well for you and life will be grand !!
2007-01-10 11:29:18 · answer #1 · answered by Kitty 6 · 2⤊ 0⤋
Thats a great question to ask, the answer is simple but understanding it might be harder.
One can say, by effectively taking advantage of market opportunity. But that really wouldn't help you, although, thats whats it's all about.
Anyone can be rich, in America anyway. There is a very conservative method, it's conservative because it almost always works but it just takes time. Maybe 30 years but you can accumulate a few million dollars in todays value.
It's common sence really but there are some books that explain the method. Rich Dad Poor Dad, Millionaire Next Door, The Wealthy Barber. If you read any of those you will see how easy it is.
Other methods of building enormus wealth fast include comming up with a great idea for a product or services then starting a business. This method can make you very wealthy and very fast but there are many risks, like loose your original investment.
I don't want to ramble here so if you have any additional or more specific question I would be more than happy to answer them, just e-mail or IM me.
2007-01-10 19:56:01 · answer #2 · answered by Economics Guy 3 · 0⤊ 0⤋
It depends on what you call rich. A close relationship with your family and friends makes you very wealthy. Money won't change that much. Education will make you financially rich.
2007-01-10 18:59:01 · answer #3 · answered by sm4125 3 · 0⤊ 1⤋
Born into a wealthy family that owns a lot of property.
2007-01-10 19:10:32 · answer #4 · answered by Sarah__xoxo 3 · 0⤊ 1⤋
spend it when you have it, not when you don't.
make hay while the sun shines.
eat beans when necessary and steak when flush.
spend only the interest, not the Principal.
don't make others rich by paying high interest and spending money out, rather, stay home and choose your purchases carefully.
invest in real estate, not automobile.
investments are like elevators, some go up and the others????
which person are you????
2007-01-10 19:38:36 · answer #5 · answered by ticketoride04 5 · 0⤊ 0⤋
You have to be willing to take risks. Ask yourself what industry you truly love. And then ask; how are you going to manage or even start up a business of your own. The key is always keeping your goal in mind. It's easier than it seems.
2007-01-10 19:17:32 · answer #6 · answered by herrarte7878 1 · 0⤊ 1⤋
Inheritance.
2007-01-10 18:52:13 · answer #7 · answered by Yea Yea 4 · 0⤊ 0⤋
hard work, i find people who are rich because of parents PATHETIC. try making a business?
2007-01-10 18:52:49 · answer #8 · answered by Anonymous · 1⤊ 1⤋
Buy a house.
2007-01-11 00:54:07 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Hard work and ...delay of gratification.
2007-01-10 23:16:55 · answer #10 · answered by CC 7 · 0⤊ 0⤋