how to get rich quickly & legally ?

Answer 1

There are 2 ways:

1) The Labor Market.
2) The Capital Market.

1) Labor = improving your labor value by identifying and developing your passions, strengths, talents, skills, knowledge, personality, attitudes. When you increase your value in the market place, you have the chance to command a higher price/income. Although slower & more time consuming, this method is more personally + socially fulfilling, and may allow you to start your own business in the future.

2) Capital = saving up money (capital) and then investing it. Make money to make it work for you. This requires educating yourself in various investments, and finding the ones that are appropriate for you. Stock, funds, property, businesses (avoid high startup costs), etc. This method is faster, but slightly more risky in my opinion, unless you know what you're doing.

Personally, I agree with Hana, and primarily use #2. (I also use #1, but depend on it less.) Aim for an extremely high savings rate of 50% or more of net income. Cut your costs to as low as possible. (Think of yourself as a business, and you have to become more efficient by increasing your net profit margin.) Once you save "enough", educate yourself on investing methods and begin to invest.

If you can save 1K a month, you'll have 12K in 1 year, 24K in 2 years, and 36K in 3. That's a pretty good start up base for investing.

If you really want to be rich, you have to invest and pay a price in time, effort, and sacrifice. Some people are better suited to accumulate wealth via the labor market, while others the capital market. Obviously, the ideal is if a person can do and succeed in both.

I would also be careful of 1 very important thing: don't desire to be rich too much, because it could hurt your dealings with other people. You may get easily cheated or manipulated. After all, how much would you trust a person if you felt that their most important priority was making money???

On a positive note, have the attitude, skills, mind, and heart of trying to help other people. Develop the ability to identify problems and needs, and the ability to fix/fulfill them. If you focus on creating value, other people will be willing to pay you. Don't focus on chasing money - try to make it so that the money chases you.

Answer 2

Win the lottery. Although, it could take awhile or NEVER before you actually win.

Answer 3

try to reduce your expenses to half. you may eat cheaper food and eat less, try to go everywhere by foot, don't buy clothes and shoes and etc. and when you have to go for the cheapest. don't spend your money on leisure things, and save up all these money you may have spent, and put it in a bank account or something. it would become a large ammount of money in some time, depends on your income and expenses.

I hope that could help, Good Luck.

Answer 4

Try putting money in term deposit or GI and saving bonds, or a RESP Or from each pay check put some money in savings account good luck

Answer 5

Is a decade quick enough for you?

Most people are still broke after working for 67 years.

Answer 6

Hi, you have asked a pretty good question. You may want to make an assessment of your job and wealth creation vehicles you currently have at your disposal. If you think that these are not good enough or not making money for you fast enough (by your standards), you may want to research and consider other forms of wealth creation such as; (a) trading in currencies; (b) options trading; (c) earning an online (internet income); (d) marketing and selling products, both off-line or on-line; and (e) generally, serving a sector of the economy that has relatively higher growth than just the average growth of the world economy. Whichever option you choose, you would need to make an assessment of what needs to be done, how much work you need to engage in and formulate a sort of implementation plan, so that you can roll out your winning formula over the next 3 months. Roll out your plan over a targeted 90 to 100 days, so that you can see something being done; prior to going on to your next step, so that this gives you a chance to assess things and fine tune your efforts.

Cheers,
Malfoy

Answer 7

What's your definintion of 'quickly' ?

Answer 8

there are no shortcuts to success buddy!

u will hav to work day n night n that too with fullest concentration