ANSWERS: 24
  • That's a rather broad question. You could rob a bank if you wanted to go the illegal route. I don't recommend that though. :) Gamble and be lucky enough to hit the jackpot. It's a possibility at least. A broad question will get a broad answer. Work hard and manage your money well. Educate yourself on how to make your earnings work for you. Managing ones money well is and has always has been the road that yields a comfortable lifestyle if not a rich one. Simplistic and realistic approach. Guess I wouldn't strike it rich pitching for infomercials, huh?
  • I agree with someone who said that it's about managing your money. When immigrants come to the United States, they do so well because they are frugal with their money. Are you living beyond your means? Do you spend more money then you earn? If so you obviously won't be rich but will end up in debt. You need to be able to budget and spend wisely and save money. And if you have enough then take some slight risks (stock market, etc). If you are already spending money only on bills and don't have anything extra to save/invest then you need a better paying job. Someone asked the question on here, why do you have to spend money to make money? College is a way of spending money that will hopefully earn you more in the future. Let's say you have to take out a loan to go to college. Depending on what school you go to, you may end up owing $100,000. It's as cheap as you make it to be. There are schools that have great credibility but won't cost you an arm and a leg. Now you may have a great debt when you get out of college but it will be easier to pay it off when you can get a good job because of your education. With an education you may earn at least $20,000 more a year then you would without an education. One other way to become rich is to have some innovative marketable product or idea that will revolutionize the culture/way of life in which you are living. Of course not everyone can do this easily. "A bigger risk reaps a bigger consequence." Notice I said a consequence, it can be good or bad. You can invest a lot of money and lose it all if you don't invest wisely. Or you can make out like a bandit. It's best to carefully calculate any risk you plan on taking. Of course it will still be a risk. One good way to make money is to invest in a savings plan through your work. Your employer may offer you a certain percentage to match whatever you save from your paycheck. At my job if I save 6% they will give me an additional 3%. It's money you won't miss because it comes out of your paycheck before you even see it. You won't have to pay taxes on it unless you take it out early, and it will add up over time.
  • The ONLY way to be rich, to have millions of dollars, is to either work with stocks or own your own business. Going to work everyday or working for someone will only give you a comfortable but stagnant life. You will probably get a promotion but you won't make enough money like many successful wealthy people do. Of course you must take a risk when dealing with stocks and owning your own business but then nothing in life is easy or free. You must work hard and study in school because the only way to make millions of dollars is to be in the business field. Some other ways to be rich is by inheriting money from wealthy parents, gambling, winning the lottery, etc. :)
  • Make sure you don't ask the Menendez brothers for advice.
  • Napoleon Hill's classic book "Think and Grow Rich" is the "bible" for entrepreneurs and wealth creation. On the cover of an excellent new edition -- "Think and Grow Rich!" (subtitled" The Original Version, Restored and Revised") -- best-selling author Brian Tracy has this to say: "This is the best single book on personal success ever written; it made me a millionaire -- starting from nothing." Any individual who studies this book, and diligently absorbs and applies the principles it teaches, can attain financial independence and even great wealth. I know. I have done so. For 68 years (the book has never been out of print), TGR has made thousands of people rich -- and not just in terms of money. Diligent application of the TGR philosophy can "enrich" all aspects of one's life -- family, friendships, religion, community spiritedness, philanthropy. Hill says, "Whatever the mind can conceive and believe, it can achieve." It's true. (Anyone who would read this classic should read this new edition, which is edited by a fellow named Ross Cornwell, who, like Hill, is a Southerner who ended up in South Carolina. It is the only edition I am aware of that contains all of the material from the original 1937 edition and also has endnotes, an appendix, and a really good index. All other versions I have seen -- and I think I've read them all -- contain a lot of language and terminology from the 1930s that today are considered obsolete, sexist, or racist. These problems are cleaned up in the Cornwell edition.) Here are a couple of links I have come across that apply: www.tgr-restored-revised.com www.mastermindpower.org I urge everyone to read, study, and apply "Think and Grow Rich." It can be a life-altering experience.
  • My best advise to you, coming from someone who knows many rich indaviduals, is to come up with a good idea of some sort. A great place to start are trade shows. Find a industry you have some interest in and find what expos are coming up in your area. See what people are doing. Try to see if you can come up with something better. One way to start a path to riches is to be a salesman. See if you can buy from one place and sell to another, and I mean in a wholesale level. Doing this will give you the knowledge and networking you need to grow. You do have to be smart. Business is no place for ignorence. Remember this: You do not need alot of money to start a business. If you have something good investers will be their. And to end I will say this : Learn to write a good business plan. A BP is the key to an open door. To also add to this - something you should know: It will be the hardest thing you will do in your life - so be prepared. Good Luck!
  • There are several legitimate ways of becoming rich. Invent something, and obtain a patent. I obtained a patent, but it didn't make me rich, unfortunately. Another method is try writing a novel or writing a non-fiction book! This is a good start; especially, if you enjoy writing Investing in the stock market can yield good results; although, it usually takes a large investment, in order, to get RICHER, so that may not be very helpful. Start your own home-based business. The overhead cost is usually lower than starting a traditional business (e.g., restaurant, grocery store, video store, department store), etc. Become a lawyer, doctor, engineer, investment banker, stockbroker--all these are lucrative professions; although, it will take incredible hardwork to become these and the workload is extremely stressful, but can be offset by not only the financial gains, but the people you're helping. These are some viable options for becoming rich that are both possible AND moral. The other solution is simply gamble by playing the slot machines in Vegas, or winning the lotter, but NOT only will you be unfulfilled by gambling, since it's immoral, but you won't be as likely to remain happy once the newness of being "nouveau riche" has settled because you're not making a positive impact on yourself nor society as a whole. I hope this helps and when you do get rich, you'll be my next best friend, right? (Just kidding) Good luck!
  • Hardwork is the key to success.develop your interest in a particular field in which you are interested.Dream big amd you will become big.think big become big.there is no shortcut to success.it takes time to become rich.
  • First, read books on how to accumulate wealth. I suggest start with Rich Dad poor Dad, Thinkand Grow rich, etc. Then apply principles written on these books. Lastly, pray, pray and pray so somebody up there will guide you. BTW, is it worth becoming rich if after accumulating riches you will pass away?
  • There are two ways people become rich due to their own efforts. 1.Most rich people work hard and save consistently over twenty thru forty year period.(This group usually live frugally and if they eat out, there is a good chance that you will find leftovers in the fridge.) 2.A much smaller percentage of people become rich quickly due to super high incomes.(72% of these folks don’t mind spending $450.00 on a hotel room, the others may live simple life’s.) Since I assume your more interested in the second option, I will cover that. What’s considered financially rich in the US? High net worth $1-$10 million Mass affluent $$500k- $1 million Emerging affluent $100k-$500K House hold income High net worth over $200k Mass affluent $100k-$199k Emerging affluent $75k-$99k Source of data: Cap Gemni @ Ernst @ Young The occupation of millionaires is most likely to be business owner, Doctor, Attorney, CPA or salesman (purchase consultant)(Clue)You will double your chances for wealth if you combine a business owner with one of the other top fields. NOW I WILL GIVE THE TOP 5 THINGS THAT WILL GET YOU TO THE TOP. 1.Cherish your failures. When your a baby and you started to walk, you fell hundreds of times, yet you never had a second thought about getting up. Yet today the slightest fall and you stay down. Keep standing tall and cherish your failures as they will guide you in time to success. 2.Focus on the process. Becoming rich will happen much quicker if you remove the money and focus on the process. Don’t get caught up in the thought of what you will do with all that money, use your thought and effort to stay focused on building and servicing clients. The road is better then the inn. 3. The road to greatness is through resilience The ability to recover quickly from illness, change, or misfortune; buoyancy. The property of a material that enables it to resume its original shape or position after being bent, stretched, or compressed; elasticity. RESILIENCE ITS THE KEY TO GREATNESS! 4. Specialization makes you an EXPERT. This is a little secret that is guaranteed to bring the money to your door. Take any one or two (if they tie in together)business subjects and read 2 (min) books per week. That’s over 100 books per year and in five Years you will be rich or well on your way. 5.All business are sales companies. Nobody gets paid until something is sold, so if you work for yourself or others make sure you only stay in a job where the company considers their business selling. Weather you’re a doctor or a dog walker make your business about sales. CHA CHING! Get away from business that don’t sell. Good Luck John Halloran certifiedgoldexchange.com
  • There are two ways people become rich due to their own efforts. 1.Most rich people work hard and save consistently over twenty thru forty year period.(This group usually live frugally and if they eat out, there is a good chance that you will find leftovers in the fridge.) 2.A much smaller percentage of people become rich quickly due to super high incomes.(72% of these folks don’t mind spending $450.00 on a hotel room, the others may live simple life’s.) Since I assume your more interested in the second option, I will cover that. What’s considered financially rich in the US? High net worth $1-$10 million Mass affluent $$500k- $1 million Emerging affluent $100k-$500K House hold income High net worth over $200k Mass affluent $100k-$199k Emerging affluent $75k-$99k Source of data: Cap Gemni @ Ernst @ Young The occupation of millionaires is most likely to be business owner, Doctor, Attorney, CPA or salesman (purchase consultant)(Clue)You will double your chances for wealth if you combine a business owner with one of the other top fields. NOW I WILL GIVE THE TOP 5 THINGS THAT WILL GET YOU TO THE TOP. 1.Cherish your failures. When your a baby and you started to walk, you fell hundreds of times, yet you never had a second thought about getting up. Yet today the slightest fall and you stay down. Keep standing tall and cherish your failures as they will guide you in time to success. 2.Focus on the process. Becoming rich will happen much quicker if you remove the money and focus on the process. Don’t get caught up in the thought of what you will do with all that money, use your thought and effort to stay focused on building and servicing clients. The road is better then the inn. 3. The road to greatness is through resilience The ability to recover quickly from illness, change, or misfortune; buoyancy. The property of a material that enables it to resume its original shape or position after being bent, stretched, or compressed; elasticity. RESILIENCE ITS THE KEY TO GREATNESS! 4. Specialization makes you an EXPERT. This is a little secret that is guaranteed to bring the money to your door. Take any one or two (if they tie in together)business subjects and read 2 (min) books per week. That’s over 100 books per year and in five Years you will be rich or well on your way. 5.All business are sales companies. Nobody gets paid until something is sold, so if you work for yourself or others make sure you only stay in a job where the company considers their business selling. Weather you’re a doctor or a dog walker make your business about sales. CHA CHING! Get away from business that don’t sell. Good Luck John Halloran certifiedgoldexchange.com
  • How to become rich is just like asking how do I get in shape? First, you have to define your goal. Are you looking to just get more income than your expenses? Are you hoping that your assets will be of high value? Or are you just hoping to make millions upon millions? In any case, once you have defined your goal, you then have to select your vehicles to use. Since there are hundreds of different possible goals you can have, there are hundreds of different possible vehicles to use to get you there. Unfortunately, none of them will be completely effortless but with a little discipline and education you can accomplish a lot (just like losing weight). If you have a goal to increase your current income, I have found the following to be great vehicles: real estate that provides positive cashflow, selling covered calls on stock that you own and legitimate multi-level marketing businesses. Real Estate offers huge tax incentives since you are able to completely deduct the interest on the mortgage and the depreciatioin of the property not to mention any expense involved with operating the property. This is why many professionals (doctors, lawyers, etc) buy property, just to help to offset their highly taxable income. The key to buying good property though is to make sure you don't pay too much for it. You want to make sure that after your PITI (principal, interest, taxes and insurance)and whatever other expenses are involved, you still have positive cashflowing into your pocket. It's not too difficult to find properites (especially multiunits) that can easily give you an extra $300-$500 a month. So, a reasonable plan could be to just buy one positive cashflowing property a year and after 10 years, you will have $3000-$5000 extra a month. Not to mention all of the equity in all of those properties which all of your tenants have paid for you. Not a bad deal if you can manage it correctly. Another great way to increase your income is by selling covered calls. You can do this by putting some money aside so that you can buy stock. Once you are able to buy 100 shares of a common stock that is optionable. What you can do with this is after you bought the stock, you can give someone the "option" to buy that stock from you (preferably at a higher price). The other individual who bought the option from you will pay you a "premium" to buy it from you. All this means is that they want your stock and they are willing to pay you a fraction of the current price for it. So, because this can be confusing if you have never done this before, let's have an example: I buy 1000 shares of EBAY stock. It's current price is $26.62 (as of Friday July 7, 2006), I now want to give someone the right to buy this stock from me one month from now. I look up the August "option chain" for EBAY and I see that the next "call option" is $27.50 and the current price is $1.35/contract. Contracts are sold in 100 share blocks so if you wanted to buy or sell 1 contract it would cost $135. Since in this example we purchased 1000 shares of EBAY, we would want to sell 10 contracts. This would give us $1,350 right now if we agree to sell our 1000 shares to someone else for $27.50 a share on the 3rd Friday of August. Now, remember we bought the stock for $26.62 and we will be selling for $27.50, so that also means that on the 3rd friday of August, we would make $.88/share which means another $880 will come in on the 3rd Friday of August as long as the stock price is above $27.50 by that time. Now if it isn't, you still keep the stock and the original $1350 for just agreeing to sell it to someone else. So, in our example you could pocket $1350 for selling the call option and another $880 once it sells for a total of $2230 or an 8.3% return for one month. This process of course works a whole lot better if you purchase the stock and let it rise in value a little before you sell the option, but as you can see, you can make over 8% in a month by just buying and selling right now. So, once you have a little chunk of change set aside 20-40k could actually provide you a solid $2000-4000 a month if you learn how to do this process correct. It does take some time to learn though, I would recommend goin to http://finance.yahoo.com and looking up companies and their option values. Try checking out the example I just gave there and see if you can walk yourself through the steps if you are completely unfamiliar with it. Next idea to increase income is to start a multi-level marketing business. There are hundreds to choose from. You will want to make sure you do plenty of research before hand since there are a lot of scams out there. Although, there are a lot of good, solid, legitimate businesses that will allow you to build a huge business through selling high quality products. Depending on your interests, there are businesses for everyone. I just talked with someone the other day who is in a network marketing business who just sells scrap books and she makes over $6000 a month doing it. I know there are a ton of companies focused on health and wellness, which if you have any interest, you could probably sell some of the products to your friends or even better help them become distributors. Typically how most of the network marketing businesses work is you buy your products from the individual who sponsored you into the business (most of these businesses are automated and online these days) and then you should try to sell some of these products to others you know, but you can also sponsor other people into your business and these people you sponsor can run their own business and make money for themselves but their business volume still runs through your business and you get a % of that (usually somewhere around 5-10%). So let's say for example, you start XYZ MLM and you sell some products to your friends and make a few hundred extra bucks. Then your friends ask you how you got started doing this business and you show them how to get started. So now they go sell some products to their relatives and other people they know and they make a few hundred. So now you are making let's say $200 a month from selling products and if you sponsored 6 of your friends, then you could probably make another $400 for a total of $600 a month extra. Then the following month these six help a 3 people get started in the business and now your business volume grows. Your next monthly check could be possibly $1000-$2000. Now there are a lot of variables to this. This just depends on you and your friends ability to sell products. I know some MLM's that focuses just on buying products from "yourself" and helping others buy from "themselves" but a legitimate business must focus on selling products in order to stay in business. Some good ones to check out might be USANA, Quixtar, Shaklee, Avon, Mary Kay. You can search for them and get a huge list and do your due diligence. Just make sure that when you talk with a representative and you get over the hype of "becoming financially independent" you ask them if they focus on selling products and if they can help you do that. If they don't give a straight answer, check out the next business. These are all good examples on how to increase your income. But, by all means there are many, many more ideas. I have a friend who just happened to fall into a business of selling bead making tools online. Her average monthly sales total over $20,000 and she has very little overhead since she has some relatives that help her make the tools. You can do any number of things. Another good way to go about making more money is to determine what your strengths are and start advertising that. For example, if you happen to be a teacher, start a tutoring business start making more on the side. If you know how to clean up well, start a part time cleaning business. Starting your own business is the best way to increase your income right away. Then once you start to get a little extra money coming in, you can put it into buying more real estate or selling covered calls or whatever! Then there is the be frugal and save/buy mutual funds options which might make you some money when you are 70 years old. This isn't necessarily a bad idea, since the majority of America is in debt beyond their eyeballs, but I know there are easier and more lucrative ways to do it, so I mine as well do it faster. In any case, I know this has been extremely long winded but I hope it has helped and possibly sparked some ideas. If you have any specific questions feel free to email me at jeh2@unh.edu. Take care and God Bless.
  • "Napoleon Hill's classic "Think And Grow Rich" is recommended reading." I actually bought this book and also obtained the audio version. I must admit I do not fit the requirments but it has quite a few good solid tips inside.
  • Get yourself a copy of "Think and Grow Rich!: The Original Version, Restored and Revised." Read it. Study it. Apply the principles it teaches diligently. This book has made more millionaires than any other book ever published. It has also taught more people how to lead successful, full lives, in all aspects of living than any other book or resource, with the possible exception of The Bible or other holy works.
  • Read the Bible every day and apply what you learn in your life.
  • rich, rich, rich, which, which, which, switch, switch, switch, bitch, bitch, bitch, witch, witch, witch, The witch is a bitch, she turned on the switch which made her rich, rich, rich.
  • What if you were to borrow money, and then put it in to a high interest account or a share. You would pay off the loan from the interest of that money. Would that work???
  • Learn your uniqueness and exploit it in the service of others. -Larry Winget
  • Cheat, rob, steal, and complain. That's what seems to get people in the "good life" these days.
  • Go through the courts and get your name legally changed to Richard....Then they can call you Rich!
  • Play lotto and be Lucky!
  • Add two teaspoons of butter !
  • Start saving and be strict with your money and also invest but you might need to watch yourself in this economic climate but nonetheless good luck!
  • Choose your parents very carefully.

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