4 answers
Samuel
Student
Elk River, Minnesota
4
Questions
Asked
523 views
How do I get rich?
I want a good job, like 6 figures. But I don't know how long that could take or what field to go into. Can some rich people reply and tell me what work they do?
4 answers
Poonam Singh
Engineer
14
Answers
Ohio City, Ohio
Updated
Poonam’s Answer
Remember, knowledge is the ultimate path to unlocking the doors of prosperity and abundance! Embrace the learning journey that has led me to success and beyond. Investing time and energy into mastering technology, skills, and education empowers you to soar to new heights. Seek out a fulfilling career that excites you and continually evolves to meet the demands of the ever-changing market. Believe in yourself and your potential—the world is your oyster, and the opportunities are endless!
Alex Belot
Project Manager
26
Answers
Orlando, Florida
Updated
Alex’s Answer
Hi Samuel,
Note: The below is not financial advice, make sure to do your own research.
To become rich you must first understand the mentality of being rich. There are so many steps one can take to get there. First, get a great education in a field that is in high demand and pays well from the gate, those could be in healthcare, engineering, attorney, last but not least own your own successful business and be your own boss.
Once you achieve the above than comes the hard part. When you earn a healthy six figure salary you will want to fight the urge of living beyond your means, meaning, just because you can afford a $80K vehicle does not mean you should, live a conservative life and save as much as you can. Invest any unspent extra funds in high return investments, but first always make sure you have at least 6 months worth of your salary saved away for a rainy day.
Most importantly, make sure to save aggressively in a high return retirement fund earl on.
There are so much that can be done to be rich, but that's a start.
Best of luck.
Note: The below is not financial advice, make sure to do your own research.
To become rich you must first understand the mentality of being rich. There are so many steps one can take to get there. First, get a great education in a field that is in high demand and pays well from the gate, those could be in healthcare, engineering, attorney, last but not least own your own successful business and be your own boss.
Once you achieve the above than comes the hard part. When you earn a healthy six figure salary you will want to fight the urge of living beyond your means, meaning, just because you can afford a $80K vehicle does not mean you should, live a conservative life and save as much as you can. Invest any unspent extra funds in high return investments, but first always make sure you have at least 6 months worth of your salary saved away for a rainy day.
Most importantly, make sure to save aggressively in a high return retirement fund earl on.
There are so much that can be done to be rich, but that's a start.
Best of luck.
Vamshee Gunturu
Principal Engineer
187
Answers
Chandler, Arizona
Updated
Vamshee’s Answer
I am not rich, but i can provide my perspective based on my professional experience and what i know from friends and family.
How to become rich or make more money with Job?
Choose a career which has more in demand and can sustain for long
Having Masters Degree brings better starting salaries and can help you grow in Carrer faster
Be the best in what you do.
Hardwork goes long way, Being Smart and doing hard work one can be successful in career and make good money.
Save and Invest the earned income wisely.
STEM (Science, technology, engineering and mathematics) careers are demand and will provide jobs with very good salaries to start with.
One can earn $100K per year with < 5-10 years of experience.
It's possible (top few) to get 100K per year starting salary if one can graduate from ivy college and land job in top companies.
It costs less to become an Engineer than a Doctor, Doctors make more money once they graduate and have few years of experience.
Find the best STEM jobs on the below link.
https://money.usnews.com/careers/best-jobs/rankings/best-stem-jobs
Careers in Finance, Business, Law & Marketing are an option, but i am not an expert on this matter.
Hope this helps!
How to become rich or make more money with Job?
Choose a career which has more in demand and can sustain for long
Having Masters Degree brings better starting salaries and can help you grow in Carrer faster
Be the best in what you do.
Hardwork goes long way, Being Smart and doing hard work one can be successful in career and make good money.
Save and Invest the earned income wisely.
STEM (Science, technology, engineering and mathematics) careers are demand and will provide jobs with very good salaries to start with.
One can earn $100K per year with < 5-10 years of experience.
It's possible (top few) to get 100K per year starting salary if one can graduate from ivy college and land job in top companies.
It costs less to become an Engineer than a Doctor, Doctors make more money once they graduate and have few years of experience.
Find the best STEM jobs on the below link.
https://money.usnews.com/careers/best-jobs/rankings/best-stem-jobs
Careers in Finance, Business, Law & Marketing are an option, but i am not an expert on this matter.
Hope this helps!
Anthony Ngo
40
Answers
Kirkland, Washington
Updated
Anthony’s Answer
Hello Samuel,
The path to rich is different from person to person. Warrant Buffet can give you his formular that he used to build his fortune, but when you execute it, there is no guarantee that you will amass the same level of wealth he has.
1 - You will need to define what is rich? Someone with one or two million dollars in total assets and still does not feel rich (like those live in San Francisco area) and someone with a few hundred thousand dollar can live fairly comfortable life style. So, what do you want?
2 - Saving is the key. You can have very high income ($100K, $200K salary...) but you spend all your earning you will not be able to build wealth. There are people who earn a lot but still live paycheck to paycheck. And there are people (very disciplined when come to money) who can put away in saving over time even they do not make a lot of money from their job.
3 - Passive income. Have your money makes money for you! You only have 24 hrs in a day and 365.25 days in a year. And you cannot physically work and earn money all of those time (need to sleep) but your money can. In the beginning, your earned income from works will be greater than your passive income but overtime your passive income will (especially if you invest carefully) will be much greater than your earned income. So what is passive income? There are ton and ton of information about this subject and it can be something as simple as put your money in the bank to earn interest to complex portfolio of risk diversification investment. (I will leave this to the financial experts if they want to explain it.) To give you an example: (Assuming you already finance your primary home. I do not have time to give you all the calculation and I will only generalize everything here.) After working for a few years, you have saved enough money for a down payment for a rental property. Normally this will require 20%-30% of the purchase price of the house depending on your credit score and financial situation. Let say the rental house is $500K, so you would invest $100K (20%) plus a few thousands for other costs. Now your rental is ready, and you start to collect rent. For a few years, the rent you collect will not be enough to cover your monthly mortgage payments and other costs associated with you rental. You will need to put in additional fund to make the mortgage payment and other costs. The additional fund you put in will go into paying down the principal (additional investment.) If they rent collected equal to the interest on the mortgage and other cost of the rental, this is the breakeven point. But over the years, rent payments will increase and greater than what you will pay out monthly/yearly for this rental. At this point, you do not have to worry about putting more money into this house, then at some point in time it will generate access money. In a sense, your renters are paying your mortgage. And that is not all, the value of your house will also increase over time (appreciation), Again, I oversimplify the whole thing, but you get the idea how you can have your money working for you. Similarly, that 100K you put in this rental, you can also invest in the stock market if you do diligent research. (I do not have the expertise here, so I use a financial planner.)
Only you can get yourself to be wealthy. If you look at getting rich quickly, you will probably be disappointed. When you read in the news that this person that person get rich doing this doing that, those are the extreme exceptions. (Who knows, you may be one too.) It's hard works and well-disciplined that will get you there.
Good Luck.
Anthony
The path to rich is different from person to person. Warrant Buffet can give you his formular that he used to build his fortune, but when you execute it, there is no guarantee that you will amass the same level of wealth he has.
1 - You will need to define what is rich? Someone with one or two million dollars in total assets and still does not feel rich (like those live in San Francisco area) and someone with a few hundred thousand dollar can live fairly comfortable life style. So, what do you want?
2 - Saving is the key. You can have very high income ($100K, $200K salary...) but you spend all your earning you will not be able to build wealth. There are people who earn a lot but still live paycheck to paycheck. And there are people (very disciplined when come to money) who can put away in saving over time even they do not make a lot of money from their job.
3 - Passive income. Have your money makes money for you! You only have 24 hrs in a day and 365.25 days in a year. And you cannot physically work and earn money all of those time (need to sleep) but your money can. In the beginning, your earned income from works will be greater than your passive income but overtime your passive income will (especially if you invest carefully) will be much greater than your earned income. So what is passive income? There are ton and ton of information about this subject and it can be something as simple as put your money in the bank to earn interest to complex portfolio of risk diversification investment. (I will leave this to the financial experts if they want to explain it.) To give you an example: (Assuming you already finance your primary home. I do not have time to give you all the calculation and I will only generalize everything here.) After working for a few years, you have saved enough money for a down payment for a rental property. Normally this will require 20%-30% of the purchase price of the house depending on your credit score and financial situation. Let say the rental house is $500K, so you would invest $100K (20%) plus a few thousands for other costs. Now your rental is ready, and you start to collect rent. For a few years, the rent you collect will not be enough to cover your monthly mortgage payments and other costs associated with you rental. You will need to put in additional fund to make the mortgage payment and other costs. The additional fund you put in will go into paying down the principal (additional investment.) If they rent collected equal to the interest on the mortgage and other cost of the rental, this is the breakeven point. But over the years, rent payments will increase and greater than what you will pay out monthly/yearly for this rental. At this point, you do not have to worry about putting more money into this house, then at some point in time it will generate access money. In a sense, your renters are paying your mortgage. And that is not all, the value of your house will also increase over time (appreciation), Again, I oversimplify the whole thing, but you get the idea how you can have your money working for you. Similarly, that 100K you put in this rental, you can also invest in the stock market if you do diligent research. (I do not have the expertise here, so I use a financial planner.)
Only you can get yourself to be wealthy. If you look at getting rich quickly, you will probably be disappointed. When you read in the news that this person that person get rich doing this doing that, those are the extreme exceptions. (Who knows, you may be one too.) It's hard works and well-disciplined that will get you there.
Good Luck.
Anthony
Good answer. I would add that you’ll want to get familiar with compounding interest as a mechanism to build wealth in the long run. The earlier you start investing and taking advantage of that the better if wealth is your goal. You can’t cheat time!
There’s a great book called “The Wealthy Barber” which explains how to “get rich slowly” in a really consumable way.
Alister Fairley
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