I've grown tired of the get rich quick schemes littered on t.v. , radio and the internet, so I figured why not ask people who might have a better insight and give truthful aswers without trying to sell me something.
2007-08-23 03:57:02 · 6 answers · asked by dmurphy1525 2 in Business & Finance ➔ Investing
If you work for 40 years and earn $25,000 per year you will have made a million $. So, most of us will earn $1 million is our lifetime. So save some money and invest intelligently and you will be fine--you can't buy a new car every year though.
2007-08-23 04:31:20 · answer #1 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
If you have $2,000 invest in real estate on your own, follow my plan.
As a young kid I bought a cheap home real cheap. Actually it was no down, $32,000 for a two story 3 bedroom and I used my Visa card to pay closing costs. It would have been better if I had some money saved, but I wanted to start immediately. I spent two years living in it and fixing it up, then refinanced and took $12,000 out of it. I used that to purchase another home I moved into, and turned the first one into a rental. Over the next several years I bought 6 properties, each time living in them for 12-18 months, doing some mild work on them, then turning them into a rental. I did this while I was in the Army, moving from station to station. I ended up with houses in Tennessee, Kentucky, Arizona, California, Washington and Nevada.
I actually sold all my properties between 2004 and 2005, except one place in Las Vegas. With the real estate situation now, I'm starting to buy again.
Right now there are VA repo homes for sale, not a lot, but enough that there should be one somewhere around you. You can buy these for 0% down if you plan to live in them, or 5% down if you are an investor. Terms are 15-30 years fixed rate loans at 6.5%. Your credit does not matter much, the main thing is do you have enough reliable income to pay the loan. Buy one, even if it is not your ideal house, but it is a way to start earning for a better future. Live in it for a 18-24 months, then refinance it to get cash and buy another one...
In about seven years you'll own 3-4 houses, have equity in the houses, a monthly income that grows each year, and a solid start. You'll be able to invest without living in the homes, since you should have the credit, cash and investment income to increase your investing tempo. In 15 years you could have about 15 homes, you can turn all of your properties over to property managers and never work again, unless you want to.
Hope this helps.
2007-08-23 11:35:24 · answer #2 · answered by rlloydevans 4 · 1⤊ 0⤋
Probably most of the people in America who have a million dollars got there by saving. Usually, they did it a little bit at a time. But if you save early, often and regularly, you can get there. See the webpages listed below for details and numbers.
2007-08-24 03:18:17 · answer #3 · answered by Uncle Leo 5 · 0⤊ 0⤋
Shut off your t.v and spend that time working at another job.
Between the cost of cable, television and accessories,
and the amount of money you spend after being inspired by commercials, coupled with the fact that you aren't earning any money watching television, it has been proven that
over the course of a lifetime, your savings and earnings could easily reach over $1,000,000.
2007-08-23 11:01:32 · answer #4 · answered by $Sun King$ 7 · 0⤊ 0⤋
The best way to make money is by not having to sell product to others. Jennifer
2007-08-23 11:32:18 · answer #5 · answered by Jennifer 6 · 0⤊ 0⤋
well, there is really no such thing, at least, rarely such thing as "Get Rich Quick"
Check out this "Double To A Million Dollars" system
And you could become a millionaire in 28 steps starting from scratch, you don't even ever use any of your own money....
And no one is selling you anything!
You can download it free here thttp://www.cashocean.com/dyw/
2007-08-23 11:13:21 · answer #6 · answered by The King 2 · 0⤊ 2⤋