how can you get rich while your still young?

Question

How do you get rich while your young? when ever I hear or see a rich guy he's an old guy .... or woman. I don't know any young people that are rich unless they inherited the money which I guess means I still don't know any one rich that's young but still. I know I hear of most younger people not having any money which is why they can't get rich it takes money to make money. I have about 40k saved how do I get rich?

Answer 1

The reason most of the rich people you see are older is because wealth accumulation takes time. There are some exceptions, where young entrepreneurs have turned a big profit in a short time (e.g., Google, Youtube), but for the most part you're right - it's hard to be young and rich if you're starting with nothing.

An old tried and true way is to marry money, which traditionally is much more common for women than men, but anyone can do it. Prenups have presented a big roadblock for many looking to profit from this method, however.

Short of marrying or inheriting money, though, you're going to have to get there the most common way - working hard, working smart, and investing well, all for a sustained, long period. Sounds like you're on your way, though. Good luck.

Answer 2

Time, time and more time. Rarely do people get rich quick whatever the age. But you can have more money at a younger age when it truly counts.

Usually the case is a young person just spends their money on whatever. Must have the great car, go out all of the time, needs the newest trendy things, etc. But if one gets an education and learns about money things are different. One can work whatever job and invest wisely. It is the difference of waking up at say 40 with nothing or having a few hundred thousand in the bank.

Answer 3

Read the book "The Millionaire Mind"! It's a look at what the super rich did to get there and how they stay there! It's a bit of a read, but you're young, right....So you've got the time.... Most financial advisors will agree that getting rich is a game for the long haul.... So start now and good luck.

Answer 4

it takes a while to get rich if you havent inherited anything or win the lotto but the reason you see more old people rich is because they decide to get rich while they where young so they probably started investments or buisnesses its not hard to become rich its just take a long time and lots of work so you better start now

Answer 5

Internet Marketing - I cant enthuse more about this - virtual products, ie products that you only have to make once but you can sell 1000 times in your sleep. Find or create such a product, learn SEO and build - this requires virtually no investment (never pay for internet marketing info - its usually no good) and there is no upper limit on earnings. Just make sure you put enough aside for tax etc (I've learnt this the hard way).

Answer 6

If you have $40,000 saved, you need to get some of that money out of "savings" (which I assume is a regular bank savings account at a relatively low interest rate) and invest it. Don't put all of the money into one investment, though! It is important to diversify your investments. Keep some in an interest-bearing bank savings account, and put the rest into a diversified portfolio of stocks or into mutual funds. The big difference is that a mutual fund will charge you fees that typically are higher than managing your investments yourself, but the advantage is that you do not have to do research and make decisions about individual investments to make money. Be sure to research mutual funds in great depth before giving them one cent, however. Some funds have very high fees that can actually make you LOSE money or come out with very little gain. You stand to make more money if you wisely manage your own investments, but you will need at least one hour per week per stock to do research, listen to conference calls, etc. about each stock you invest in.

I suggest looking for the book "Jim Cramer's Real Money" to get started in stock investments if you want to manage those investments yourself. He doesn't B.S. around about anything, and what he says in the book will help you brave the difficult path to understanding the stock market and making money from it.

Answer 7

Open a brokerage account at E*Trade and drop me a line.

I will help you for FREE.

I am a Portfolio Manager with over a decade of experience in the Stock Market.

Answer 8

40k is still a lot of money. Why don't you just get a job that you like doing, no matter how much it pays? That way, you'll be happy, and not just rich.

Answer 9

You can try to work a J-O-B or be your own boss. There are a lot of opportunities out there.
I work from home and make money that grows more and more every month.
Check out my profile if you are looking.

Answer 10

There are lots of people who would laugh at the possibility of altering their fates. This is due to the fact that it thinks that no one gets more that what is put in his fate.