A simple advice I can offer is to follow what you are passionate about and what energizes you. If what you choose as a career invigorates you and keeps you excited everyday, you'll naturally have the drive to help you succeed in any field.
Monetary wealth is only the by product of the success and fulfillment you get from doing what you truly enjoy. If you chase after it while neglecting what you are passionate about, the journey could be much harder and less bearable. That is the rationale behind why many people go into a field for the compensation only but quit quickly because their interests do not align with their career choices.
If you want to get rich, work really hard and save every dollar. Or just win the lottery.
There's a million ways to get rich. But there's only one way to be wealthy.
Think about how money moves and how you can generate cash flow. Have you ever wondered why a company like Amazon has never made a single dollar in profit but rewards its creator as a billionaire?
Because he's figured out a way to make a cashflow of $200 billion per year.
It's very insightful and should put you on a path to find your answers. My biggest takeaways from this:
1. Focus on creating wealth
2. Be a "builder" or "creator"
3. Stay true to yourself
4. Learn how to effectively communicate
Spend less than you earn.
If you have $1,000,000 dollars in the bank, and you owe $1,000,001 dollars you are not rich.
Educate yourself and choose a career that will provide a steady income stream.
Contribute to a 401K or similar retirement program.
Work for a company that provides comprehensive health care.
Outside of home and auto loans, don't borrow money.
Pay the balance on credit cards each month to avoid finance charges.
These should get you started. Looking forward to hearing from others.
1. Find something that people really don't want to do but none-the-less need
2. Do it, a lot
One thing I have observed is that there are many people out there who want to get rich and quite a few prepared to make the many sacrifices it takes to get there, but that's not enough. There's thousands of aspiring actors in Hollywood. One of them drove the tour bus I took to see the star's houses.
The key is to find something essential to people but unpalatable for some reason. Here in Australia, plumbers earn great money because people like me would rather pay a plumber than unblock their own sewer pipe. I have seen this effect in lots of places. Companies pay high prices for consultants that will handle complicated (perhaps dangerous) IT problems that they don't want to tackle on their own.
Come up with great revolutionary ideas like Microsoft did and Apple. Your question is subjective as do you want to be rich or wealthy?
An education will help out. Try to go to the furthest education you can as possible without taking much school debt.
Once you start working, try to save up as much money as possible. Open up a savings account with interest. Deposit a big portion of your income into the savings every paycheck. Find a high paying job, make sure the company matches 401k, set up a IRA. These are steps for a future to retire early.
Just save up money, find a high paying job and try your best. Good Luck!
How To Get Rich
1) Make a lot of money
a. Get well educated AND learn a trade/job skills/a profession that pays well. It is much easier to have a high net worth when you have a high income
b. Don’t stop learning when you leave formal schooling
c. Work hard
d. Be willing to take reasonable risks
e. Consider being an owner rather than an employee
2) Don’t spend a lot of money
a. Start saving early. Remember that every dollar you save in your twenties and thirties is 8 times as valuable as one saved in your fifties
b. Don’t be all hat and no cattle
c. Rent your lifestyle (Don’t buy a boat, a time-share, a second house, a plane etc) Keep your fixed expenses low so when hard times come you can cut your lifestyle back rapidly
d. Realize that buying a house or cars that are too expensive for you will likely keep you from getting rich. The big things matter most
e. Be prudently frugal and selectively extravagant. Be sure that you are spending your money on the things you value most
f. If you can’t afford to pay cash for it, you can’t afford it. The only exception is a house (because it will generally appreciate at just over the rate of inflation), where the rule is if you can’t afford to put 20% down and use a 15 year fixed mortgage you can’t afford it
g. Marry well, marry once, marry someone who shares the same thoughts, or with whom you can work out an acceptable compromise beforehand, on “The Big Four” (Money, Religion, Kids, and Sex) and STAY MARRIED
h. Credit cards aren’t for credit; if you have paid interest at a higher rate than 3% or paid a late or over-the-limit fee more than once you shouldn’t use a credit card
3) Make your money work as hard as you do
a. Read at least one good basic personal finance book, one good investing book, and one good behavioral finance book. Consider Personal Finance for Dummies , The Boglehead’s Guide to Investing, and Why Smart People Make Big Money Mistakes and How to Avoid Them.
b. Get the market return; use fixed asset-allocation, index mutual fund investing as your default strategy
c. Minimize taxes. Know the basics of the tax code, max out tax-advantaged savings accounts, and use them to your advantage
d. Keep investing expenses low
e. Understand basic financial calculations and lingo. Understand compound interest, the time value of money, financial risk, and the expected rate of return of various financial assets. Know how to use the excel functions-FV, XIRR, PMT, PPMT etc
f. Simplify your financial life. Put bills on automatic payment and investments on automatic withdrawal. Minimize the number of accounts you hold and the number of investments you have as much as possible
g. Understand why your savings rate matters a lot when you’re young and very little as your approach retirement. Understand why your investment return matters little when you’re young, more as you approach retirement, and a great deal during your first decade after retirement. Understand the concept of a safe withdrawal rate
h. See the end from the beginning. If you fail to plan you plan to fail. Have a written investment plan you can refer to when contemplating portfolio changes.
4) Don’t lose your money
a. Insure well against catastrophe-Life, Disability, Health, Liability, Property but self-insure whenever possible using a safe, liquid emergency fund (High benefits/limits but high deductibles/ waiting periods). Self-insure against medical expenses by maintaining a healthy lifestyle. After you retire, consider a single premium immediate annuity to insure against outliving your money and long-term care insurance to insure against having an extended period of dependence at the end of your life. Don’t mix insurance and investments. Cash-value (non-term) life insurance and variable annuities are generally products meant to be sold, not bought.
b. Get rich once, get rich slowly. Good investing is boring investing
c. Hire professionals to teach you, not just to “do it for you.” This includes accountants, estate attorneys, real estate professionals, and investment advisors. Be sure to bounce the advice you’ve received off someone with no conflict of interest in the transaction, realizing that no one cares about your financial success nearly as much as you do. If you are reasonably well-educated and interested, you can teach yourself to do your own taxes, sell your own house, and invest your own money