How to get there depends upon your current situation. Most people can save money; most people can save a lot; most who do save can save more. We live in an age when people have (for the most part) more than they need, but they want to have a good time and live the way people in soap operas and movies live.
I have a clue: even Warren Buffet, the sage of Omaha, doesn't live that way. He is Frugal with a capital "F" and he has billions. (He also started out delivering the Omaha World Herald.)
So, if you are serious, if you are in reasonable health, etc., you can do it.
First, set down with paper and pencil (computer, whatever works best for you), draw up a balance sheet using debit and credit (or what you have and what you owe) and an income statement (debit/credit or income/outgo...whatever works for you.)
On your balance sheet, be as detailed as you want. The idea is just to see how much you currently have and how much you currently owe. E.g., house and lot, $250,000.00. Mortgage, $150,000.00 and so on.
List your income in your income statement. If you currently have any kind of savings accounts/IRA's, whatever, list the interest (even if it is retained in the account) and any other income. List all your expenses, even cups of coffee, newspapers, etc.
This way, you can see just what is happening to your money.
See if you can do without anything on the expense side.
Next, save as much as you can. Once you have enough saved up in a savings account, open a CD (some banks allow a CD for only $250.00). Once you have enough money for a month or two (in case of job loss, etc.) put some money into U.S. Savings Bonds. (You need to leave it there for about 5 years to get the full interest rate. Bonds pay a better rate than most banks.)
After that, you can venture into stocks, bonds (municipals, whatever), mutual funds. Once you have enough on hand, you can go into real estate, buying foreclosures, fit-it-ups, etc.
Of course, all this depends upon all the factors in your life, including your age. I am too old to do most of this, as I am already at retirement age.
Weigh your risk aversion; your risk of losing your current income, where you live, how expensive it is there, all the factors. Some places are much better to live than others. That is another option. Try Sperling's Best Places (on the net) to find a place where income and cost of living are in line.
Try all these steps. They do work.
2007-06-29 06:59:05
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answer #1
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answered by Nothingusefullearnedinschool 7
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I don't know how to make you rich but I do know how you can make a good amount of money on the side. I'm a college student in New York and my friend showed me a website that pays you to take surveys. Before you jump to conclusions, I tried it and it is 100% percent Legit and will cost you nothing at all. I tried it and just got my check in the mail. If you don't believe me I'd be glad to email you proof. I don't want to spam this website on yahoo so just email me at JamaicanGigal0w@yahoo.com and I will gladly send you and anyone else reading this the link.
2007-06-29 07:38:32
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answer #2
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answered by jamaicangigal0w 2
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Work hard, save your money and invest, as far as I know, there are lots of opportunities out online, I personally doing online business, it's possible to make money but you have to be consistent and dedicated to it, I have done lots of research on this online business and I found they are totally scam-free (BBB Certified!) if you need more information,
Click on: http://www.ezinfocenter.com/9673967/FREE
Email me if you have any questions!
Good luck!
2007-06-29 06:39:26
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answer #3
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answered by Anonymous
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Honey, if we knew that we wouldn't be on yahoo, we'd be selling the answers in a book for $30 a pop. If you find out, please share.
Trilli
2007-06-29 07:01:40
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answer #4
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answered by Trillium 4
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You could check out
http://www.choicehorizons.com/teamfarrell
Good luck to you and hope you find what your looking for!!!
2007-06-29 07:09:16
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answer #5
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answered by Anonymous
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