I'm not looking for get rich quick answers. Just sound advice from people who are already gaining wealth. Solicitations will be promptly deleted.
2007-08-09 11:59:45 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Your age has absolutely NO impact on the best way to acquire wealth. Starting younger increases the amount of wealth you will be able to acquire, by not the means of doing so. The key is to spend less than you earn and invest the difference. Investing $200 per month in a good mutual fund from age 35 to age 67 results in just over $1 million. Starting at age 20, $100 a month at the same rate of return reaches the same mark by age 60.
OTOH, the average lottery winner is bankrupt withing 5 years. Many people earn Over $100,000 a year and are broke. Others never earn $40,000 a year and retire as millionaires.
2007-08-09 12:35:47 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Statistics show that people with an education are more likely to make money. Get a degree.
Save. Save as much as you possibly can and invest it wisely.
The best way to acquire wealth is to let your money make money for you.
Actually - I'm not "gaining wealth" - because I've chosen not to play the game that way. I consider myself wealthy - because as a middle class American I am - I think - in the top 5% of the worlds wealthiest people. I live in a rental and drive a used car. But - my blessings are HUGE - and I'm happier than most of the "wealthy" people I know.
2007-08-09 12:09:53 · answer #2 · answered by liddabet 6 · 0⤊ 1⤋
Saving and Investing. Save your money in CDs, they're FDIC insured and will earn you 5% interest. You must do this regularly and your money will accumulate.Invest in mutual funds. Invest in land, property and try opening a new business. 24 hr Laundrymatts are really popular businesses that make a fair amount of money. You can open one and after that business is stable and turning a profit, you can open one more. Be an entrepenuer.!
2007-08-09 12:20:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Do you know a way to change the world? Start your own business and work towards that goal. Buy real estate. Have a safety cushion in the bank so you can make good long term solutions.
2007-08-09 12:18:48 · answer #4 · answered by William H 5 · 0⤊ 0⤋
If you can afford it, buy a house. Eventually, the house will appreciate it.
2007-08-10 13:44:20 · answer #5 · answered by Anonymous · 0⤊ 1⤋