Hi all,
Sometime i wonder how come people
can become so rich, yet have so many free
time to spend.
How do they make it in life ?
What is the aspiration behind or
wat kind of attitude and character they have to make so much money.
Expert, pls share yr opinion,
Thanks.
2007-12-30 16:58:30 · 6 answers · asked by James Lim L 1 in Business & Finance ➔ Personal Finance
Live below your means. By that I mean try to spend a great deal less than you earn. Keep your expenses low that are repeating expenses like rent or car payments. Invest the money you aren't spending. Keep some for emergencies. If you do nothing before you are 30 except stay out of debt you will be ahead of most people. If you also are saving 20% of your salary for a home, to start a family, retirement and other major life goals not just vacations and cars you will be living the good life.
The ways many people waste money that you can easily avoid are overpriced cars and paying out high interest. Get a car if you need a car, if you don't need a car to get to work use public transportation. If you get a car get one you can pay for so you can drop some insurance coverage and you reduce your price per year of transportation expense. Don't try to show off spending money. A car that runs is a good car you don't need better than someone else. Clothing that is good enough for work is good enough, designer probably isn't needed. Take care of what you own so you don't need to replace as often.
The motivation is the freedom you get and your ability to help others and never need to beg for help.
2007-12-30 17:00:50 · answer #1 · answered by shipwreck 7 · 1⤊ 0⤋
Firstly, have about 3-6mth of your monthly expense in the bank. Invest the rest in global equities for long term needs like buying house, kids' studies and retirement. Spend below your means. Use this formula:
Expense = Income - Savings
Not, Savings = Income - Expense.
The last thing to do is to increase your income. There are some many books and self-help on that. But you must read "Think and Grow Rich" by Napoleon Hill.
2008-01-02 05:05:16 · answer #2 · answered by Anonymous · 2⤊ 0⤋
It is called time management. If you can manage your time then you can have time for everything.
You need to be pasionate about what you do and desire to acheive excellence in it.
You an find some information here which will not make you millions but can earn you some good money.
2007-12-31 21:56:24 · answer #3 · answered by Justin 2 · 0⤊ 0⤋
Although I am not rich YET i do know you have to have passion for your field and work twice as hard to become an expert in the field and plan as well to become financially free.
2007-12-31 01:06:43 · answer #4 · answered by Joe T 2 · 0⤊ 0⤋
We all wish we knew. I have heard multiple times that the way to become rich is to build wealth.
2007-12-31 01:04:49 · answer #5 · answered by TuckT 2 · 0⤊ 0⤋
getting rich takes time if you work pay yourself first and save save save never break the habit and that money will make money like they say money makes money plant the seed and water so you can enjoy the fruits its simple.
2007-12-31 02:06:44 · answer #6 · answered by mana 2 · 0⤊ 0⤋