How to Be Rich

For most people, making money's easy--it's holding onto it and growing it over the years that's tough. Mortgages, car payments, children and inflation can steadily eat away at your income and savings until there's nothing left. With the right strategies, however, you can take the money you earn and build a solid financial foundation with it. With a little luck, too, you might wake up one day to find that you're genuinely rich.

Difficulty: Moderate

Instructions

1. Improve your earning potential with higher education and professional training. You might be the greatest investor in the world, but you won't get rich without a solid income feeding your investments.

2. Pursue promotion in your job. Doing your best work and making inroads with the management is a reliable way of working your way up the professional ladder.

3. Become self-employed if you get the chance. Having more control over your jobs increases your profits and opens the door for creative career moves that aren't possible in the rigid corporate environment.

4. Live well within your means. Even if you're making a six-figure income, you'll never get rich spending nearly all of it each year.

5. Invest your money in long-term, low-risk stocks. Feel free to throw some cash into volatile stocks every now and then, but solid slow-growing stocks are the best bet for building your wealth.

6. Make risky financial and professional moves only when you're reasonably sure you won't fail. Even if something seems like a gamble, thorough research and a growth-oriented mindset can keep you out of trouble.

7. Explore investment options outside of stocks, such as currency and real estate. These often present the chance for huge profits and keep your investment portfolio from becoming stagnant during economic dips.

Resources

• Get the skills you need to be rich at Investopedia.com.

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[huijun]

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[CashInFull]

on 9/21/2008 This is a great how-to, covering all the aspects of personal finance it takes to set yourself on the road to being financially successful. Step six is right on, research can remove a lot of the risk we see in different investment. Well done.

[CashInFull]

on 9/21/2008 This is a great how-to, covering all the aspects of personal finance it takes to set yourself on the road to being financially successful. Step six is right on, research can remove a lot of the risk we see in different investment. Well done.