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How do people get rich?

When you look around, some of your friends own expensive while you look on the other hand, and they could barely support a meal.
#struggle #gap #poverty #wealth-management

Thank you comment icon There two big factors that lead to people become rich. Drive, and Luck. edward

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Donald’s Answer

Hi! Depends on what you believe being Rich really stands for. For an example, I drive a kia but make 3 times more than a friend of mine who drives a 100k Mercedes.

Being wealthy starts with having a solid stream of income. Then you need to decide how much of that can you park away. Then once parked away, it needs to work for you - invest it. once you build up a larger sum of investments, you can use that money as leverage/borrowing power to purchase additional assets/investments like a business. If you have a business there are many many tax advantages.

If you don't think you are making enough, you need to ask yourself, what skills do you have that will allow you to pursue a different job or career? if you don't have those skill yet, surround yourself with those that do.

Its a long process but starts with what you are doing today. I came from nothing and the smartest decision i've made is to save 50% of my paycheck.

Lastly, you need to work your tail off. Put in the time now and it will pay off in the future.

good luck!
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Veronica’s Answer

People get rich by having a a rich mindset. They never stop learning new skills and things. And they have more than one streams of income I recommend reading Rich Dad, Poor Dad by Robert Kiyosaki.

Veronica recommends the following next steps:

Never stop learning.
Have multiple streams of income.
Invest
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Joseph’s Answer

Investing your money is more important than saving your money, even though that sort of goes hand-in-hand. Wealth is created when you "make money while you sleep." The earlier you invest your money, the more you have a head start to create wealth compared to people that may earn significantly more than you but do not invest their money. Always make sure you have enough in savings to cover 3-6 months worth of expenses. Anything above that should be dedicated to investing.
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Matthew’s Answer

Rich in knowledge?
Rich in wealth?
Rich in love?

Riches, of all sorts, are accumulated by making investments in those areas. For instance, a person attempting to be rich in knowledge would invest in education. An individual perusing riches in love would invest in relationships (depending on what love is to you).

Sometimes riches in one area can lead to riches in another.

Just remember, the most important resource you will ever invest is your time. It is the only resource you cannot make more of.
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Douglas’s Answer

It depends on what "rich" means to you. For some people it's money. For others it's working in a field that you love. You could be the poorest person on the planet, but it doesn't matter as you are doing something you love. Others can make all the money in the world, but be miserable in their life. I don't make tons of money, but I love what I do and the people I work with....and have been with my company for over 19 years. Whatever it is, you have to put everything into it and have a plan with goals. Hope this helps.

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