2007-07-04 06:36:58 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
So many people ask this question! The answer is always the same:
(1) Get an education
(2) Get a decent job and/or start your own business
(3) Spend less than you earn -- 10% less for starters.
(4) Invest wisely -- 401k, Roth, stock funds when young, moving over to more stable investments as you get older. And own your own home.
That's it. If you do this, you cannot *avoid* becoming a millionaire.
Doug
2007-07-04 15:33:08 · answer #1 · answered by Doug M 4 · 0⤊ 0⤋
Wow! Lots of slugs trying to get you to go to their scam sites and earn a couple of hundred dollars a month. Not sure that an income of a couple thousand a year would ever make you rich!
You should read the book "The Millionaire Next Door", "Rich Dad, Poor Dad", and similar. The secret is paying yourself first, living within your means, etc.
Drive a good used car that is payed for with cash.
Max out your 401(k) and or Roth IRA.
Be frugal.
Live in a home that you can easily afford and do it on a fixed-rate 15-year mortgage with at least 10% down.
Never carry credit card balances - pay cash.
Reduce, reuse, recycle.
Hope that helps,
Rick
2007-07-04 14:33:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well, people get a rich a couple of different ways. Start a business (requires TOTAL committment), invest (takes time and knowledge), or hollywood (requires limited talent and luck). But the best way assuming you can't make it in the NBA, is just to save money, invest it with a professional advisor, and be always in save mode and NOT in spend mode. The vast majority of people with money problems have behavioral problems, not an actual lack of income. You have to understand that you buy things when you can afford them and after regular savings have been deposited from you paycheck. Don't go down the road of debt, save money, and you can be "rich" by the time you are in your 50's or 60's, assuming you are a young person right now.
2007-07-04 13:55:55 · answer #3 · answered by The Scorpion 6 · 0⤊ 0⤋
The key is discipline in savings. Always apply the 10% rule of paying yourself first i.e. set aside 10% of your net income each month in savings. Then the balance should be applied to pay any mortgages on house, car credit card (best not to use credit card). Budget the amount you spend on food, lodgings, transport, entertainment, clothings etc. Reduce or curtail unnecessary expenditure or purchases.A financial adviser or your bank manager will be able to guide you on long term investments that will make your money grow.
2007-07-04 14:11:31 · answer #4 · answered by Melaka Lotus 3 · 0⤊ 0⤋
Read the book 'The Millionaire Next Door' as mentioned above. It is a case story of the common traits of millionaires.
2007-07-05 00:51:01 · answer #5 · answered by ADAM K 2 · 0⤊ 0⤋
Spend a fair amount less than you earn, and invest the rest.
Of course, a good education and a good job come first, so you can have some money to invest.
2007-07-04 13:53:25 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
Take a look on http://www.moneyaside.com on how to make money on-line. Just Tips and Ideas No Tricks
2007-07-04 13:43:47 · answer #7 · answered by Anonymous · 0⤊ 0⤋
go into realistate go buy a house make it over then sell it for a little more than u bought it. trust me it works
2007-07-04 13:42:28 · answer #8 · answered by britt 2 · 0⤊ 0⤋
trg
2007-07-04 13:46:14 · answer #9 · answered by 5585 1 · 0⤊ 0⤋