2007-03-09 20:05:47 · 4 answers · asked by mbuoro 2 in Social Science ➔ Economics
Earning more than your need and spending less than what you possess is the simple secret of building up wealth.Buying where things are cheap and selling them where they are scarce is another part of this trick.The third is to anticipate opportunities and to be ready to seize them when they arrive
2007-03-09 20:17:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Slow, steady, and consistent.
How does the USA get taxes? They pull amounts it from your paycheck before you see it. You too, can pull money from your pay check and save it. Many save mostly into retirement accounts (IRA's, & 401 K's), but a person saving for wealth will balance this into short term savings (banks, money markets, time depostis), long term savings in taxable accounts (Ind, JTWROS, Trusts) (bonds, mutual funds, and stocks), and long term savings in retirement accounts (IRA's, 401 K's) (bonds, mutual funds, and stocks).
Also getting coverage for existing assets through insurances: health, auto, home, business, and life.
Don't forget a solid "Will" and Durable Powers of Attornies (Health & Money) once you've got a foundation of wealth.
2007-03-10 04:10:13 · answer #2 · answered by Giggly Giraffe 7 · 0⤊ 0⤋
No one ever got rich by working for a living.
2007-03-09 21:27:30 · answer #3 · answered by liberty11235 6 · 0⤊ 0⤋
be born into a wealthy family, or at least with good credit and get a doctorate in something !
2007-03-09 20:13:34 · answer #4 · answered by Anonymous · 0⤊ 1⤋