What is the fastest, saving money and the easiest way to accumulate wealth?
2007-07-11 03:06:22 · 8 answers · asked by private_footballfan 3 in Business & Finance ➔ Investing
online business? got youngsters get billionaire this way
2007-07-11 03:29:55 · answer #1 · answered by BigBen 5 · 0⤊ 0⤋
"Fastest" and "accumulate" don't go together. How rich you get and what kind of a lifestyle you have depends more on how you manage your money than on how much you make.
One way would be to stuff 10% of your income each paycheck into a stock mutual fund (maybe Vanguard's S&P 500 index fund) and don't get into debt except for a standard fixed-rate mortgage that you can afford and a car payment on a basic car.
Most people spend way too much on cars not because they buy luxury cars but because they keep getting new ones when the old one is just fine.
2007-07-11 03:32:17 · answer #2 · answered by Ted 7 · 1⤊ 0⤋
Getting rich quick won't help. Managing your money will. Read up on investing your money. There are 2 kinds of debt: constructive and destructive. Destructive is credit card debt and constructive is mortgage/business debt. If you are reading about the a.p.r on your credit card offer, you are in bad shape. Paying interest on credit cards will NOT help you acheive financial success. I know many people who do this and who keep adding to their mortgage by dumping their credit card debt on to their motgage. Then when they sell their home they are not making a profit. People are living way beyond their means. They buy things they cannot afford. All these people who bought homes with little or no money down will be hurting to.
2007-07-11 05:50:50 · answer #3 · answered by Your #1 fan 6 · 0⤊ 0⤋
Pay yourself first, at least the equivalent of one hours pay for each day worked. Deposit it in an interest bearing account, and leave it there.
2007-07-11 03:10:15 · answer #4 · answered by tandkalexander 6 · 1⤊ 0⤋
Invest in mutual funds or ETFs
You can read more about it here:
http://fundszine.com/13-investing-in-mutual-funds-the-advantages/
http://fundszine.com/15-investing-in-mutual-funds-the-advantages-part-2/
http://fundszine.com/62-buying-a-fund-questions-to-ask/
2007-07-11 05:04:57 · answer #5 · answered by Alex G 1 · 0⤊ 0⤋
Get a good paying job my freind!
2007-07-11 03:10:44 · answer #6 · answered by jonboy6073 2 · 0⤊ 1⤋
put atleast 15% of your pay in your company's 401K
2007-07-11 03:27:52 · answer #7 · answered by bizzbagg 4 · 1⤊ 0⤋
Spend less than you make.
2007-07-11 04:48:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋