Things You'll Need:
- Financial Calculator
- Personal Financial Software
- Brokerage Accounts
- Bank Account
- Financial Advisers
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Step 1
Decide what 'rich' means to you. Does it mean money for everything you need? Money for everything you want? Enough to retire where you live now? Enough to retire and live in Costa Rica?
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Step 2
Start saving. Most experts agree that investing 10 to 15 percent of your gross monthly income creates a very comfortable nest egg for later years.
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Step 3
Take advantage of compound interest, earning interest on your interest by letting investment returns accumulate and build on themselves.
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Step 4
Resist temptation, whether that means a brand-new car right out of college or weekly dinners at nice restaurants. Invest the money you save by buying a used car or going out only twice a month, and you will have thousands of dollars more at retirement.
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Step 5
Take care of yourself. This will reduce medical costs later on in life, as well as extend the years you can work and save.
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Step 6
Go to college. By one study, college graduates earn roughly $20,000 more per year than people with just a high school diploma, and a post-graduate degree nets $20,000 more than a bachelor's.
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Step 7
Get married. Married people are generally healthier than singles. Plus, they can economize on expenses, and they have more to invest. And because married people live longer, they can work and save longer.
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Step 8
Enjoy the ride. Don't be so concerned with amassing a fortune later on that you neglect to enjoy life now. Strive for balance.
Comments
enest said
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liliales said
on 8/26/2009 Good advice.
gettingrichfast said
on 8/3/2009 The Science of Getting Rich (http://www.thesgrprogram.com/online/lessons?a_aid=50d885b6) is a timeless classic written in 1910 by Wallace D. Wattles. It is a bold title for a book and suggests that getting rich is a predictable outcome if one can master the principles outlined in the book. Here is how Wallace D. Wattles puts it in his own words, “The ownership of money and property comes as a result of doing things in a certain way. Those who do things in this certain way, whether on purpose or accidentally, get rich. Those who do not do things in this certain way, no matter how hard they work or how able they are, remain poor. It is a natural law that like causes always produce like effects. Therefore, any man or woman who learns to do things in this certain way will infallibly get rich.”
dieny said
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loydford said
on 2/1/2009 This is exactly right. If you want to be rich, you must set a course - have a plan. That plan must start with saving money. Even if you just start with 1% of your after tax paycheck, start. Each time you get paid, up the savings 1%. Put the money in a high interest money market "Emergency Savings Fund." And don't touch it. Let it compound.
If your employer offers a 401k, DO IT. You can also save by having small amounts ($25) taken out of your pay before you get it. You can do this with sites like ING DIRECT or T ROWE PRICE.
Good luck.
Loyd Ford
www.STICKYASSET.com/blog