2007-03-02 05:08:42 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Rich is relative.
Live on less than you make and have time to enjoy life.
2007-03-02 05:18:56 · answer #1 · answered by R Worth 4 · 2⤊ 0⤋
Start by placing AT LEAST 10% of your money/earnings in a 401K, IRA, mutual fund, etc..
Try and pay cash for EVERYTHING, get rid of your debt and credit cards. Take the mindset that if I don't have the money to buy it now, I don't need it. Excluding your vehicle and your house.
Start cutting back on costs, i.e. buy used goods (used cars, used tires, used appliances, used TVs, etc. Basically become thrifty. Why buy a BMW when you can buy a Honda that basically does the same thing? THey both get you from point A to point B.
Coupon, coupon, coupon at stores.
Buy property, number one, property ALWAYS appreciates and number two,the interest from your mortgage is tax deductable.
Stop eating out at restaurants, buy food at the grocery store (see coupons above)
In closing, never try and live above your means, hope this helps. BTW, I am 41 my house is almost paid for (only 5 years to go) and I hope to be retired by age 55.
2007-03-02 13:19:56 · answer #2 · answered by schneid123 3 · 0⤊ 0⤋
Save as much as possible, "pay yourself first". If your company has a 401k program where they match your contributions to a certain percentage this is usually the way to go.
Pay off all debts, you will never aqcuire wealth paying someone else 18-25% APR interest.
2007-03-02 13:28:07 · answer #3 · answered by Gman 4 · 0⤊ 0⤋
you could be rich with friends,.. rich with family, rich with bad breath, or you can be rich with money.
to gain instantaneous $$ wealth you will probably need to win the lottery
2007-03-02 13:12:20 · answer #4 · answered by hailey 4 · 1⤊ 0⤋
You want to be Rich:Here it goes...
1.Strong products that is needed for everyone.
2.Determination
3.Comittment
4.Integrety & Accountablilty
5.Good Character
6 Focus
7 Do not think what other people say about your business (negativity)
I teach people to set up a home based business for last 3 years to help them succeed.Drop me an email for more information if you feel that you need more.
setuup4@yahoo.com
Good luck.
2007-03-02 13:17:20 · answer #5 · answered by Prakash P 2 · 0⤊ 0⤋
Get a roommate, don't go out, save most of your paychecks, invest, don't eat out. Best thing for this is to play video games all day on your days off.. Get a 2nd and 3rd job.
2007-03-02 16:21:49 · answer #6 · answered by Pluto 3 · 0⤊ 0⤋
Go to college so you can get a good paying job
2007-03-02 13:12:24 · answer #7 · answered by C 2 · 0⤊ 0⤋