I am 18 and really want to know how I can build wealth?

Question

What are things that I can do that are very lucrative? I am going to college and I want to know things that can allow me to live a good life. Other than doctor what do those rich people do to build wealth

Answer 1

If you take any profession and you are at the top of it by working hard you should be very well off.  

Business is where it is at, unlimited growth potenial.

Answer 2

Have you read Rich Dad Poor Dad by Robert Kiyosaki?

Answer 3

The key words are "build wealth".  This means savings over time.  Your income is not as important as what you do with it.  Save consistently.  There are many doctor's who are not wealthy, even though they have a wealthy appearing lifestyle.  They really are spending everything they make and can borrow trying to impress people.

Answer 4

Go to your local bookstore and check out the business and finance section. I would suggest the following:

"Beating the Street" by Peter Lynch

"The Warren Buffet Way, Investment Strategies of the World's Greatest Investor" by Robert G. Hagstrom, Jr.

"The Millionaire Mind" by Thomas J. Stanley, Ph.D.(Great choice)

"100 Best Stocks to Own in America" by Gene Walden

If you don't have the patience to read & educate yourself, go to a local investment firm. Tell them what you want to accomplish (don't say, 'I wanna get rich quick') and they should be able to put you on the right path.

If none of the above pans out, WORK. Make your money the old fashioned way - work, save, and invest it in some hi-yield accounts. Go to your local bank to find out what some good options are.

Just remember, if you want to build wealth, it's like building a house. You've got to start from the ground and work your way up. Put time and effort into it. Once you start building wealth, don't be too tempted to spend it right away. Try not to use credit cards unless you absolutely have to. And, most importantly, KEEP YOURSELF OUT OF DEBT!

Answer 5

Salaries can only get you so far, and it requires a lot of work. The best way to make money easily is, frankly, to have a lot of money to work with first. However, with regard to your situation, you must dump all unnecessary assets into cash, and dump all of the unnecessary cash into investments, as the preliminary step.

In discussing which investment to splurge the money on, we arrive at a myth that I will correct. Stocks are frequently overrated in the world of investing. Take it from a 15-year old who's completed a preliminary university investment course. What you really want, is getting some information about investing yourself or from the internet, and using that to diversify your collection of investments (portfolio), and start from there. Unfortunately, as I have no idea of the goals you wish to accomplish in your life, I will only give general advice.

1. Money in your hand is money losing money.

2. Investments can be profitable and fun.

3. Save what you can, and don't overspend in your early years.

4. Investing takes place after debt reduction.

5. Be aware of the risk involved.

Have fun.

Answer 6

Start investing in shares - unit trusts will be the best.  These are long term, and make sure you put away as much as you can every month.

Make this your FIRST priority in college - many people make going out or drinking their first priority and then saving.  Rather put away money at the beginning of the month, and budget for the rest.

All this, but remember to have fun as well.