how do i get rich,,, i have so many responsibilities and debts, everday people turn millionaires,?

Question

what are they doing,,,,others have a way out legally but will not share. complex i guess.

Answer 1

1. As someone mentioned, living within your means (getting rid of debt) or another way of looking at it is going into debt for the right reasons, such as, real estate.

2. Patience - millionaires didn't become milliioinaires overnight. They studied and worked.

3. Read and develop a plan - how did people become millionaires? What did they do? What can you do?

4. Work! Work! Work! I think people are too eager to live the highlife (posers) instead of working towards the goal in a meaningful manner.

Answer 2

HI Nardia,

Welcome to the world of woes and frustration. It's not just 'U' that is bothered by this question. So don't worry.
From what I understand, and what is (just) visible in the outside world.... It's pretty clear that usually people tend to (beleive) live below their level to save more money.(as mentioned by one of our friends on the top)
But in my view (no offense) it just creates a sense of insecurity among the family members if you try saving money living at a lower level of luxury. I say that sort of saving is PESSIMISTIC THINKING. Coz they are thinking they won't be able to make millions if they spend more.

My point here is :
Many can become a millionaire in the long run. Just keep up your income to a decent level. Spend for your necessities,( never limit the necessities), get the difference between necessities and luxuries.
My advice here would be this:
Live your normal life for a month or more to get accurate analysis.
Then start make a chart listing
1) the 'extra'(penalty) taxes, late fees, fines, tickets, etc (all the penalties).
2) What are the luxuries you 'over spent'? List them down.
3) What are the necessities you could not spend but would have like to?
4) What was the total amount you spent for the necessities (food,house,other basic necessities)?
After you do your charting, add 3 and 4, lets say it 5, and add 1 and 2,lets say its 6.
5 gives you average of what you would/should spend.
6 gives you how much you spent unnecessarily for one month.
Now that gives you whether and when you'll become a millionaire.
Take your income and subtract what you spent and debt.
Get your earnings and that's it you know what to do next divide by million to get the number of months. Would work better if you do all these calculations for year instead of per month.
That gives you your number of working years to become a millionaire.

To decrease those years I would suggest you to put that income into some good mutual fund or stock market or whatever you think would give you better yield depending on your risk chances.

OK now I stop here .. it's already too long and people here would be cursing me when they see this long a response. But I think it should work out quite well. Don't be frustrated. Last thing I would like to say... Being a millionaire is not the only thing you are here... enjoy the life.. money is only a factor but not everything. Don't get too frustrated.

Answer 3

In my experience, there are two things that make you rich, Stock market and Real estate. Save your hard earned money and get a real estate license. Keep doing your regular job and try to get a mentor in Real Estate and join a firm as an agent. Talk to a financial advisor and start investing. Depending on your age and risk tolerance, he or she will be able to set you up with a portfolio that matches your goals. Keep doing this and you'll start increasing your net worth. If you work these two strategies
with all your heart, you'll become a millionaire more sooner than what you expect right now.

Answer 4

Great question! Sure you will get answers ranging from marry someone rich to play the lottery. This I know to be true. For the average person, its all about spending less than you make and invest the rest. Go to dowtheoryletters.com and look for popular articles and click on "rich man poor man". It's an eye opening article about the importance of saving and investing. Check it out. Good luck.

Answer 5

Work a little harder and smarter, save a lot more, spend less and invest in safe investments unless you really know what you are doing in other investments with higher risks and returns.

You said, "debts" which means you spent more than you make. Be sure to match the two and then you won't be in debt.

I have invested in movies, high risk high return. Last movie I invested in was" What Love Is" being released on March 23rd. Wish me luck! It should do well. Yes, you'd better know what you're doing.

Answer 6

I'm not a millionare yet but do what I did it is hard to do but it works what I did was worked for a lawnservice for 12 years and my second year I became supervisor and every extra dime I had I bought equipment to do my own and when I had every thing I needed I said see ya later. and I didn't owe anything no debt

Answer 7

Getting rich requires having a decent income, then living below your income and saving a good amount of money and investing it wisely, and a little bit or a LOT of luck with the investments.

Answer 8

Week 1
If you make $100 a week and you charge $110.00 to your credit card then you are worth -$10.00

Week 2
You make $100.00 this week and you used $100.00 to pay your bills you are still worth -$10.00

Imagine for a moment you are rich if you save $1,000.00

Week 3
You decide to get rich.
You make as always $100 a week and you DON'T CHARGE ANYTHING TO YOUR CREDIT CARD THIS WEEK.
Also you only use $99.00 to pay your bills.

As you can see at the end of the week you still have $1.00

$1.00 down
$999.00 to go.

Not exactly rocket science.

Can you save $100.00 in your bank account this month?

If you can then you are on the right track to save $1,000 and then $10,000 and then $100,000 and then $1,000,000

You get rich SAVING not SPENDING.

Answer 9

learn to work for profits and not for wages