With no fraud and trickery...!
2007-01-18 05:16:23 · 12 answers · asked by ramzi 1 in Social Science ➔ Anthropology
Save 10 per cent of your income and invest it. The mathmatics of compound interest is your friend and if you are patient you will end up with a lot of money in your retirement. Be cautious about get rich schemes. Too often they are get poor quick schemes.
2007-01-18 08:43:32 · answer #1 · answered by JimZ 7 · 1⤊ 0⤋
Live really cheaply for a few years, don't own a car, eat healthy and exercise to avoid medical bills, budget, recycle, find out what you are unnecessarily wasting your money on and fix that, don't get married in California without a prenuptual agreement (or else he or she will get half when you divorce), don't have children (they cost $250,000 each)...
If you can't afford to comfortably buy your own house, which is the case for a lot of people in larger cities, then talk with a qualified financial planner and have them set up an "ethical" financial plan for you so that you can invest a large amount of your earnings (and even perhaps a loan, as long as the investment profits outweighs the loan interest) into a portfolio of combined investment areas such as savings, properties, stocks and bonds. It's less riskier than buying houses and property outright (which could lose you money if your properties depreciate, or worse, make you house-poor), and makes you more money in the long run than just keeping your money in a savings account.
Using the plan above, in about 15-20 years time you will be a millionaire*, depending on how much you invest of course. During this time you may lose something like $180,000-$240,000 in rent, but who cares - you will have $1,000,000 in investments that you can cash out with!
Worst case scenario is that your investments don't pay off as well as they were forecast to... no drama, you've still got all the money you invested in the savings portion of your financial plan.
* based on $1000 per month investment on a 15% portfolio yield, with an initial deposit of $10,000.00.
2007-01-20 23:03:49 · answer #2 · answered by shanhelp 3 · 1⤊ 0⤋
Every man is rich it just depends on what kind of wealth you are speaking of although it really does not matter because without a positive outlook on life and in life rich is just a word.
2007-01-19 08:08:12 · answer #3 · answered by whywhenwhowhatever 1 · 0⤊ 0⤋
Start your day off by being grateful for at least 10 things. Do this for 30 days everyday. It will change your world and you will bring new meaning to the word "rich"
2007-01-18 13:58:25 · answer #4 · answered by hulahoops 3 · 0⤊ 0⤋
If you have no debt try to save $50 from each paycheck. It could be more depending on weekly income. After so many weeks you will marvel at how your bak account is growing. Just dont use ccs and you will be in a good spot.
2007-01-18 15:20:15 · answer #5 · answered by The Masked Marauder 3 · 0⤊ 0⤋
Learn to lead a "rich" life without the need for lots of money. Love your family and friends, do what makes you happy, help others in need.
2007-01-18 19:33:33 · answer #6 · answered by forbidden_planet 4 · 0⤊ 0⤋
you are already rich, think about it, then think about this question. How can you separate your addiction for parishable items if your soul depended on heavenly items, only???
2007-01-18 16:01:38 · answer #7 · answered by romaniascott 4 · 0⤊ 0⤋
Come up with a million dollar idea and patent it.
2007-01-18 13:23:59 · answer #8 · answered by Justme 4 · 1⤊ 0⤋
count on the things money cannot buy
2007-01-18 13:25:00 · answer #9 · answered by Areeb A 2 · 1⤊ 0⤋
Work for your money.
2007-01-18 13:21:41 · answer #10 · answered by Anonymous · 3⤊ 0⤋