Take home pay: £1500 per month. Mortgage: 700 Others 600. Saving: 100. How to get richer in this country? If you are rich, why do you become so rich? Please exclude answer like gambling or working as a male whole. Thanks.
2007-02-16 05:43:13 · 13 answers · asked by Beckham 2 in Business & Finance ➔ Personal Finance
By world standards you are already very rich. 1,500 a month and your own home... 95% of the world would consider themselves very rich with that. Perhaps it's your frame of mind that needs to change rather than your bank balance.
2007-02-16 06:08:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
If you want to become rich then start saving for your own business. I never had money until I got my own business. It was really worth it, even though it was a lot of work. I had a husband and we worked together at the business with my son. It would be good if you were married, so you can get some help. It might take awhile, but don't give up. You can do it.
2007-02-16 05:57:34 · answer #2 · answered by shirlandjerry@yahoo.com 2 · 0⤊ 0⤋
Open your own business and stop working for weekly wage.The better your business does the more money you will make.When you get ready to buy a house don't do it, instead buy a 4 unit house that you can rent out the three units and you live in the other unit.Don't worry about keeping up with the showoffs,most of them are so indebted with credit cards that they are broke.Also shop in discount stores,most stores at the mall are over priced stay away from there.
2007-02-16 06:04:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I do not live in the United Kingdom.
I was born in a poor Third World country.
I strongly suggest you to increase your mortgage payments to 750 if you can and reduce your expenses to 500 and increase your savings to 150
Also look for a second job on the weekends.
If you want to know how I made my first million back when I was young in 1997 then email me.
Top 4 Answerer.
2007-02-16 10:31:13 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Become smarter at using your money......... use the excellant advice in articles & price comparisons at http://www.fool.co.uk to see if you can get your mortgage cheaper elsewhere, along with things like Electricity & Gas + bank accounts.
Stick the leftovers in a savings account that pays decent interest, such as the variable rate WEBSAVER account from the Halifax
http://www.halifax.co.uk/savings/variablewebsaver.asp
The current interest rate on that, with card for withdrawals (what I currently have) has just been upped to 4.75% a year, so........ playing around with the Savings calculator on Fool.co.uk reveals that at that interest rate, sticking £100 a month over the following time periods (with the aid of compound interest) builds up to this amount:
1yr = £1,230.66 (£1,200 + £30.66 earned in interest)
2yrs = £2,519.77
3yrs = £3,870.11
5yrs = £6,766.27
10yrs = £15,299.63 (£12,000 paid in, £3,299.63 earned in interest).
Invest some of the cash from the savings account both on Premium bonds (£100 minimum purchase, maximum holding of £30,000 worth) + on the stockmarket through Halifax's SHAREBUILDER account investing in stable well established companies that pay out a good dividend, which you then use towards reinvesting in a few more shares in that company (e.g. HBOS, Royal Bank of Scotland, Severn-Trent Water, Kelda Group)
http://nsandi.com/products/pb/index.jsp
http://www.halifax.co.uk/sharedealing/sharebuilder.asp
Or try this new way of investing, by lending money out through ZOPA.com at interest rates you choose yourself.
http://www.zopa.com/ZopaWeb/affiliate/?referral=duck1979
Additionally, as every penny counts....... find a few ways to earn a couple of extra ££££'s on the side, such as by doing surveys & reviews @ Ciao - http://www.ciao.co.uk/reg.php?AffiliateId=5613249
And instead of slinging out unwanted items (like most people seem to do in this country), first see if there's any demand for such items at eBay and flog it instead of junking it.
2007-02-17 08:51:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The way you get rich is to be rich to start with or to con and screw other people out of money. The rich get richer and the poor don't. That's how capitalism works.
If you are very lucky you can become rich, if you work yourself half to death and save every penny you can become rich.
The saying "Money breeds money" is very true in the UK.
2007-02-16 05:52:54 · answer #6 · answered by monkeymanelvis 7 · 0⤊ 1⤋
This is a huge question, but the short answer is this.
1. Reduce your expenses
2. Reduce your liabilities
3. Increase your income
There is a full explanation of this at the URL below. It is called "Maximum Prosperity"
2007-02-16 06:50:41 · answer #7 · answered by Ethan 3 · 0⤊ 0⤋
Invest in property. Prices rise by £40 a day
2007-02-16 08:38:25 · answer #8 · answered by naplusultra 4 · 0⤊ 1⤋
Do you desire to understand one of the factors normal Law of attractionmaterial does not work for lots of individuals?Consider it like a diet plan. If you wish to reduce weight and you work hard to lose it
2016-05-18 11:54:11 · answer #9 · answered by ? 2 · 0⤊ 0⤋
open an investment portfolio. split the 100 you are now putting into savings and put half in savings and the other half in investment portfolio
2007-02-16 05:49:19 · answer #10 · answered by simplyme 3 · 0⤊ 0⤋