Does the secret to being rich (in the US, of course) involve managing your money well?

Question

I am talking about having good income, fairly low expenses. Is that the "trick", or is there more to it?

Answer 1

There is no secret to wealth. Only people who are selling products will try to convince you of this. There are basically three "keys" to wealth. They are:

1. Reduce your expenses
2. Reduce your liabilities
3. Increase your income

That's it! Article below explains in more detail.

Good luck,

Answer 2

I think the big secret anymore is to manage the money you have. That means being on a budget, and giving every dollar a name on paper before you get it.

It also means paying cash for the things you buy and not going into debt. Without monthly payments, your cash is freed up to do cool things like invest.

Take a look at the book The Total Money Makeover by Dave Ramsey. He explains the concept very well.

Answer 3

Living within you income is a big part of it. Learning to use money to your advantage is another. Try not to borrow on the small stuff and dont use a credit card unless you can pay it off completely every month.

You dont really think to much about this earl in adult life but when you see retirement coming, you get onto it real quick. I am so tight now I could put a lump of coal up my butt and make a diamond in about 5 minutes. Gotta remember, rich doesn't really mean "things" . To me, it means being independent and no debt with enough money to live on.

Answer 4

You're right. There is no "trick." You answered your own question! Now just apply that knowledge and reap the rewards!

Answer 5

Handle money well, keep bills to a minimum, and have a decent job and you'll be on top.

Answer 6

Being thrifty is a good well of saving big bucks.

Answer 7

Oh hell yes!! To many people spend like crazy and don't save. You have to save, save save.