7 answers
1
Question
7 answers
Paul Goetzinger MPA
Academic and Career Advisor | Freelance Writer | TRIO Program Director
1118
Answers
Updated
Paul’s Answer
I usually don't recommend quick money-making schemes. Instead, I think it's better to have a solid financial plan. This means building wealth through savings, investments, and income from work.
A simple plan I've seen is the 90/10 rule. For every dollar you earn, save 10 cents. Put this into a savings account or an investment plan to earn interest. Use the remaining 90 cents to pay bills and cover basic needs.
You can set up an automatic system to save 10% of your salary for investments or savings. This way, your money starts working for you before you spend it.
Don't let your money sit idle. Invest it in options like money markets, CDs, IRAs, and bonds that can grow over time. You can do this through local banks and savings institutions.
It's also smart to spread your investments across stocks, bonds, and mutual funds. Over the past decade, world markets have risen a lot, which benefits long-term investors.
Your main job will likely be your biggest source of income. So, make sure to take advantage of 401k plans, savings bonds, or other financial benefits offered by your employer.
A simple plan I've seen is the 90/10 rule. For every dollar you earn, save 10 cents. Put this into a savings account or an investment plan to earn interest. Use the remaining 90 cents to pay bills and cover basic needs.
You can set up an automatic system to save 10% of your salary for investments or savings. This way, your money starts working for you before you spend it.
Don't let your money sit idle. Invest it in options like money markets, CDs, IRAs, and bonds that can grow over time. You can do this through local banks and savings institutions.
It's also smart to spread your investments across stocks, bonds, and mutual funds. Over the past decade, world markets have risen a lot, which benefits long-term investors.
Your main job will likely be your biggest source of income. So, make sure to take advantage of 401k plans, savings bonds, or other financial benefits offered by your employer.
Updated
Alja’s Answer
To grow your wealth and become rich, the best approach is to start investing as soon as possible, keep it up regularly, and let time work in your favor. Understanding compounding can be like discovering a simple financial magic that helps you build wealth.
Updated
Kimberly’s Answer
Get a job and save $100 out of each paycheck and save it for five years. Invest in Nike stock or Nintendo stock and that will bring extra income.
Look at restaurants and stores consumers are always at McDonald's and Chick-fil-A and Domino's
Xbox and Netflix and Disney. Christmas is close and consumers will purchase
More and brands will bring revenue that are popular. Krispy Kreme donut.
Kimberly recommends the following next steps:
Hi Kimberly! Investing can be a good strategy for folks. Can you share more about how someone can make a more informed decision on investment options and learn about stocks to invest in? Perhaps you know of some resources!
Gurpreet Lally, Admin
I suggest a book about investing for beginners and the library has resources and books and dvds and they will share what investments are another stream of income. Football season now you can invest in the NFL and the SEC if you are interested. I'm naming some suggestions but what interests you. You can probably find investing on YouTube channel and I don't recommend investing big start small.
Kimberly Ferguson
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Jayden’s Answer
Look into different careers that offer high salaries—tech, health, and finance fields usually pay well. Complete free training courses and certifications on topics like AI to develop new skills and make yourself more attractive to employers to help land a nice job.
On the side, I’d recommend content creation using elements of AI. You can start side-hustles where you create flyers and/or marketing content for businesses, or even sell PDF guides on topics you’re knowledgeable in.
On the side, I’d recommend content creation using elements of AI. You can start side-hustles where you create flyers and/or marketing content for businesses, or even sell PDF guides on topics you’re knowledgeable in.
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Madan’s Answer
If your goal is to become wealthy, focus on developing valuable skills rather than chasing money directly. Choose a field that is in high demand, such as AI, software engineering, cybersecurity, cloud computing, or medicine, and become really good at it. Work hard in school, keep learning outside the classroom, gain practical experience through projects and internships, and learn basic financial habits like saving and investing early. Most people who build wealth don't do it overnight. They create value, solve problems, and continuously improve their skills over many years. The good news is that if you're willing to learn and stay consistent, there are more opportunities than ever to build a successful and financially rewarding career.
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Rebecca’s Answer
Thank you for your question. Firstly, you need to find out what careers you have interest. If you have interest on the career, you can perform well and earn decent income.
Below are my suggestions :
1. Think about what you have interest, eg your hobbies, favorite subjects, etc and identify the related careers
Eg if you like music, would you like to become a singer, musician, musical artist, music composer, music producer, etc
If you have interest in Maths, would you like to be an accountant, engineer, banker, financial analyst, maths teacher, etc
2. Find out more on these careers and determine what you have interest
3. Speak to someone who are working in these careers. Seek guidance from your mentor, school careers counselor, your parents, etc
4. Shortlist 1-2 you would like to pursue
5. Explore the entry criteria of relevant subjects in college
Hope this helos! Good luck!
May Almighty God bless you!
Below are my suggestions :
1. Think about what you have interest, eg your hobbies, favorite subjects, etc and identify the related careers
Eg if you like music, would you like to become a singer, musician, musical artist, music composer, music producer, etc
If you have interest in Maths, would you like to be an accountant, engineer, banker, financial analyst, maths teacher, etc
2. Find out more on these careers and determine what you have interest
3. Speak to someone who are working in these careers. Seek guidance from your mentor, school careers counselor, your parents, etc
4. Shortlist 1-2 you would like to pursue
5. Explore the entry criteria of relevant subjects in college
Hope this helos! Good luck!
May Almighty God bless you!
Updated
Christian’s Answer
If you want to build wealth, I’d focus on two things: increasing how much you earn and learning how to manage what you make. Look into careers or skills that pay well, especially ones you actually enjoy or are willing to get good at. You can also explore side hustles, freelancing, or eventually starting a business.
But remember, making a lot of money and building wealth aren’t necessarily the same thing. Learning to save, invest, and avoid unnecessary debt can make a huge difference over time.
I’d also ask yourself what being rich means to you. Is it financial freedom, owning a home, traveling, or never worrying about bills? Having a specific goal makes it easier to figure out how to get there.
But remember, making a lot of money and building wealth aren’t necessarily the same thing. Learning to save, invest, and avoid unnecessary debt can make a huge difference over time.
I’d also ask yourself what being rich means to you. Is it financial freedom, owning a home, traveling, or never worrying about bills? Having a specific goal makes it easier to figure out how to get there.