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how to get rich?

how to get rich

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Subject: Career question for you

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5 answers


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david’s Answer

Hi, Paul,
If lots of wealth is your goal, I advise you to start planning early.
- define the career area that appears to pay well
- excel in college in that area
- get your master's in that area
- actively market yourself to the highest paying starting position
- in the job, continue to focus on what the next level up is and position yourself for that
- big promotions are often easier by changing companies, not staying the loyal employee for decades, so always stay open to a new position that may be in a different city.
- actively network with people in superior positions. Join committees, attend political conferences, make your name widely known for the active work you do in whatever attracts the interest, e.g., work on political campaigns, help chair a community fund drive, and the like.
- in every job, put in at least 50-60 hours a week. You need to do that to ensure that your performance is above all expectations.
- for first decade after college, invest all your income in marketing yourself. After that, lay aside at least 15% for investing.

OR
Excel in an activity that pays far above the norm, such as professional sports. In such a case, lay at least 50% aside for investing, as your career will be short. Good luck, and when you're rich, remember all of us who helped. :) All the best to you.
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Brian’s Answer

Getting rich. Here is my advice.

1. Location. You need to be were the opportunity and rich people are. I recently moved my entire family to Naples FL, it is one of the 10 richest cities in the U.S. I am upper middle income myself, but not rich. My children will be around wealthier people that presents opportunity. If you are in an area with no opportunity or rich people, think about relocating.

2. I work in business sales, small business up to large corporation. The majority of wealthy people I have met were small business owners. Usually construction, MFG, or service related. These people do not have college degrees, nor do they wear suits, or even smell good. They are hard workers and generally worked their way up learning a skill and outworked everyone. They all tell me they work minimum 12 hours a day, usually 6 days a week, especially the 1st Decade or 2. The tax benefits of owning a business are what really make it lucrative, it is very hard to get rich working for someone else.

3. College is a good investment if you are going to make a lot of money. If you spend 100k or 200k on making 50,70,90k per year you basically ripped yourself off. I have a 2 year degree in Admin of Justice but I ended up in business sales making over 200k per year. My 2 year degree probably cost me 10k at most. I make more money than the average surgeon but I did not spend 8 years in college and have 200k in student loan debt. I am not saying college is a rip off in every case but it sure can be if you choose the wrong career. Make sure the ROI is reasonable, do some research. People always say do what your interested in, but that is nonsense if your interested in ancient Persia. Keep that as a hobby and choose a job that makes money and is something you can do and not be unhappy. I will say not to depend on teachers and guidance counselors, they are biased towards education in all cases. No teacher or counselor ever recommended sales to me and I make well above average, so why is it never recommended as a legitimate career?

4. Personal sacrifice and personal discipline. It is an axiom that is takes money to make money, so you need to have some sort of good paying job to save money to invest in your self or your business. As a young person you need to save early and invest your money on things that add to your personal value. When I was young I did not go on vacations, I did not move out of my parents home until I was 31 years old making 180k per per year for many years. I saved 155k in cash, I did research and I bought a home at the bottom of the 2008 home crash in 2010 for 550. I put down 20% so I could avoid a mortgage insurance and 2 loans. I paid bi weekly to cut further into the interest. 10 years later I sold for 1.1 million. I moved to FL from CA to get rid of the high taxes to a no income state, I bought for 1.2 million and my home is now at 2 million. You need to follow the economic news. The point is, I sacrificed fun to invest money in property and now I have a 2 million dollar home but I do not make a ton of money, I saved and followed the markets to get in when the time was right. You can to, it is all free news. No big secret.
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Brian’s Answer

It's not a bad thing wanting to be rich (it sure can beat being financially insecure). But I think you should ask yourself, "Why do I want to be rich?" If you believe the answer is because it will make you happy, that's not necessarily true. Find what makes you happy. Find what motivates you to excel and do your best. Find something that makes you excited to go to work and contribute. But if all else fails, I do like Scott's answer: Marry a millionaire :)
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Denise’s Answer

Most importantly, get a good education first. Begin by getting your business degree and then master's degree. Work for a company in the industry that makes you happy and learn all you can about it. Then, go and start your own business. Should you work for a company instead, if they offer a savings program, be sure to participate, as many companies will offer up to 6% matching.
Other tips:
- Create a budget
-Live below your means until you start racking in the money
-Save, save, save,
-Buy property, and rent it out
-When you can afford to buy more property, buy it and continue the cycle of renting it out to create a cash flow
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Aisha’s Answer

Identify your goals. ...
End your high-interest debt. ...
Start budgeting and saving money. ...
Pay yourself first. ...
Start investing as soon as possible. ...
Increase your income. ...
Have the right mindset.
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