7 effective ways to get rich quickly
By rizzpathan1.blogspot.com
Wealth: nearly everyone wants it, but few people actually know what they need to do in order to get it. Becoming rich takes a combination of luck, skill, and patience. To get rich, you'll need to set yourself on a path that leads to a monetarily enriching career, then handle the money you earn wisely by investing it, saving it, and reducing your living expenses. Getting rich isn't easy, but with a little bit of perseverance and skillful decision making, it's definitely possible.
Put money in the stock market. Invest money in stocks, bonds, or other vehicles of investment that will give you an annual return on investment (ROI) great enough to sustain you in your retirement. For instance, if you have one million dollars invested and you get a reliable 7% ROI, that's $70,000 per year, less inflation.
Don't get enticed by day traders who tell you it's easy to make a quick buck. Buying and selling dozens of stocks every day is essentially gambling. If you make some bad trades — which is unbelievably easy to do — you can lose a lot of money. It's not a good way to get rich.
Instead, learn to invest for the long run. Choose good stocks with solid fundamentals and excellent leadership in industries that are primed for future growth. Then let your stock sit. Don't do anything with it. Let it weather the ups and downs. If you invest wisely, you should do very well over time.
2
Save money for retirement. Keep saving. It seems that fewer people are saving adequately for retirement. Some feel they may never be able to retire. Take advantage of tax-deferred retirement plans such as IRAs and 401Ks. The tax treatment they embody will help you save faster for retirement.
Don't put all your trust in Social Security. While it's a good bet that Social Security will continue to work for the next 20 or so years, some data suggest that if Congress doesn't radically alter the system — either by raising taxes or reducing benefits — Social Security won't be available in its current form. It is probable, however, that Congress will act to "fix" Social Security. In any event, Social Security was never designed to be the only resource for retirees in their later years. That makes it all the more important that you save and invest for the future. [1]
Invest in a Roth IRA. A Roth IRA is a retirement account to which working individuals can contribute an annual sum of $5,500. That money is then invested and gathers compound interest. If you wait until retirement age to take money out of your Roth IRA, the money that you withdraw isn't taxed, because it was taxed at the time you first earned it.
Contribute to a 401(k) account. This is an account set up by your employer where pre-taxed contributions can be invested. Your employer may choose to match all or part of your contributions. This is probably the closest thing you'll get to "free money" in your life! Contribute at least enough to take full advantage of the match.
3
Invest in real estate. Relatively stable assets like rental properties, or potential development land in a steadily growing area is a good way to build wealth. As with any investment, there are no guarantees. Many people, however, have done quite well with real estate. Such investments are likely to appreciate in value over time. For example, some people think that an apartment in Manhattan is almost guaranteed to increase in value over any five-year period.
4
Invest your time. For example, you might like having free time, so you give yourself a few hours a day to do nothing. But if you were to invest those few hours into getting rich, you could work towards having 20 years of free time (24 hours a day!) with early retirement. What can you give up now in exchange for being rich later? Investment advisor Dave Ramsey likes to tell his radio audience, "Live like no one else today so that you can live like no one else tomorrow."
5
Track down your expenses. To soar your efficiency on cutting your expenses, it is vital to keep track of them. Pick one of the numerous expense tracking applications there are around, like Money Lover or Mint, and record every single penny that goes in and out of your wallet. After 3 months or so, you should be able to know where most of your money go and what can you do for that.
6
Spend your tax refund wisely. In 2007, the average American tax refund was $2,733. That's a lot of money! Can you use that money to pay off debts or create an emergency fund instead of blowing it on something that will lose half its value the second you buy it? If you invest nearly $3,000 wisely, it could be worth ten times that much in as many years.
Break up with your credit card. Did you know that people who use credit cards for purchases end up spending more money than people who use cash?[6] That's because parting with cash is painful. Using a credit card doesn't carry that much of a sting. If you can, divorce your credit card and see how it feels to pay with cash. You'll probably end up saving a boatload of money.
If you do maintain a credit card, do things to reduce expenses. Try to pay off the full balance each month and on time. That results in interest-free credit. At the very least, make the monthly minimum payment before the due date to avoid a late fee.
We're proud to partner with BUILD, a program that prepares students for success in high school, college, careers and beyond through entrepreneurship. BUILD students collaborate to create real businesses, and learn how to do everything from researching competitors to marketing their ideas.
By rizzpathan1.blogspot.com
Wealth: nearly everyone wants it, but few people actually know what they need to do in order to get it. Becoming rich takes a combination of luck, skill, and patience. To get rich, you'll need to set yourself on a path that leads to a monetarily enriching career, then handle the money you earn wisely by investing it, saving it, and reducing your living expenses. Getting rich isn't easy, but with a little bit of perseverance and skillful decision making, it's definitely possible.
Don't get enticed by day traders who tell you it's easy to make a quick buck. Buying and selling dozens of stocks every day is essentially gambling. If you make some bad trades — which is unbelievably easy to do — you can lose a lot of money. It's not a good way to get rich.
Instead, learn to invest for the long run. Choose good stocks with solid fundamentals and excellent leadership in industries that are primed for future growth. Then let your stock sit. Don't do anything with it. Let it weather the ups and downs. If you invest wisely, you should do very well over time.
Save money for retirement. Keep saving. It seems that fewer people are saving adequately for retirement. Some feel they may never be able to retire. Take advantage of tax-deferred retirement plans such as IRAs and 401Ks. The tax treatment they embody will help you save faster for retirement.
Don't put all your trust in Social Security. While it's a good bet that Social Security will continue to work for the next 20 or so years, some data suggest that if Congress doesn't radically alter the system — either by raising taxes or reducing benefits — Social Security won't be available in its current form. It is probable, however, that Congress will act to "fix" Social Security. In any event, Social Security was never designed to be the only resource for retirees in their later years. That makes it all the more important that you save and invest for the future. [1]
Invest in a Roth IRA. A Roth IRA is a retirement account to which working individuals can contribute an annual sum of $5,500. That money is then invested and gathers compound interest. If you wait until retirement age to take money out of your Roth IRA, the money that you withdraw isn't taxed, because it was taxed at the time you first earned it.
Contribute to a 401(k) account. This is an account set up by your employer where pre-taxed contributions can be invested. Your employer may choose to match all or part of your contributions. This is probably the closest thing you'll get to "free money" in your life! Contribute at least enough to take full advantage of the match.
Invest in real estate. Relatively stable assets like rental properties, or potential development land in a steadily growing area is a good way to build wealth. As with any investment, there are no guarantees. Many people, however, have done quite well with real estate. Such investments are likely to appreciate in value over time. For example, some people think that an apartment in Manhattan is almost guaranteed to increase in value over any five-year period.
Invest your time. For example, you might like having free time, so you give yourself a few hours a day to do nothing. But if you were to invest those few hours into getting rich, you could work towards having 20 years of free time (24 hours a day!) with early retirement. What can you give up now in exchange for being rich later? Investment advisor Dave Ramsey likes to tell his radio audience, "Live like no one else today so that you can live like no one else tomorrow."
5
Track down your expenses. To soar your efficiency on cutting your expenses, it is vital to keep track of them. Pick one of the numerous expense tracking applications there are around, like Money Lover or Mint, and record every single penny that goes in and out of your wallet. After 3 months or so, you should be able to know where most of your money go and what can you do for that.
6
Spend your tax refund wisely. In 2007, the average American tax refund was $2,733. That's a lot of money! Can you use that money to pay off debts or create an emergency fund instead of blowing it on something that will lose half its value the second you buy it? If you invest nearly $3,000 wisely, it could be worth ten times that much in as many years.
If you do maintain a credit card, do things to reduce expenses. Try to pay off the full balance each month and on time. That results in interest-free credit. At the very least, make the monthly minimum payment before the due date to avoid a late fee.
We're proud to partner with BUILD, a program that prepares students for success in high school, college, careers and beyond through entrepreneurship. BUILD students collaborate to create real businesses, and learn how to do everything from researching competitors to marketing their ideas.
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