Tips to being wealthy?

Question

Im a college student majoring in Business managment. Im 20 and was seeking advice from anyone older on some tips to being wealthy. Im starting up a 401K now and am looking for internships.

Thanks

Answer 1

Live below your means.

Don't worry about image.

Work hard.  Very few 40 hour per week, Monday thru Friday workers become wealthy

Say yes sir and yes ma'am to your bosses

Before you get married make sure your spouse has these same beliefs

Keep your cars until the wheels fall off

Buy the book the millionaire next door

Answer 2

You're off to a good start, that being getting  a good education in a field which pays well. Next part is getting a good job and working very hard at it, becoming the best you can be. Then you need to live well within your means. Spend a lot less than you make. Then you need to invest those savings wisely. Tax deferred accounts like 401K's are a great place to start. You say that you're starting up a 401K now which sounds confusing. Individuals cannot open 401K accounts, they are offered by some employers. The only kind of account you can open on your own before you become employed by an employer who offers them is an IRA. I'd open up a 401K before an IRA as you can contribute more to them and they generally involve a company match (free money). One more piece of advice, whatever you do, avoid a messy divorce as that can ruin all your financial plans. Good luck to you.

Answer 3

There is only one solution:Work hard for it!

Answer 4

I agree with yetanoth. I've been married 35 years and my wife made me turn over a certain amout of my pay every 2 weeks and i'm glad I didn't argue with her.

Answer 5

Wealth is easy to build; spend less than you earn (25% less, if you can do it), and invest the balance for the long term...

Answer 6

Firstly I would avoid the 401K plan. Open a Roth IRA. The 401K does not pass well onto heirs due to the proceeds being taxed, plus the estate taxes. If your heirs are unable to pay the estate taxes you might as well give the money to the government.

The investments in a 401K would most probably be stocks and bonds. This is guaranteed to be a roller coaster ride. The stock market is based on the model you possibly make your money when you sell the asset. Everyone else but you are guaranteed their money. I have a hard time with that. The resale value of the asset does not necessarily respresent the value of the underlying asset.

Educate yourself. Learn about investing outside the stock market. You can easily and SECURELY make 20% on your money. Spend 30 minutes a day with your finances and investing and within a year or so you will start seeing lots and lots of opportunities.

The model you follow is that you make your money when you buy the asset and NOT when you sell it. You should have very little or no money at risk ever as all the steps in the investment process must be secured. Your investments must always carry themselves and ideally produce a positive cash flow from the get go.

Use your job to carry yourself while you learn the ropes of business and investing. Once you get it, then there is no turning back. You will see that both the business and investment avenue is very lucrative (and I believe they go hand in hand). You will soon discover why retail products, such as stock, bonds, houses etc, are never profitable. With these models there is always the hope that the asset value improves without adding any value; in essence the value of the underlying asset never really changes by any significant amount. In other words this is a gamble.

Get into the business of changing the value of assets and securing all the variables before taking action. Investing is not risky, ignorance and gambling is.

Good luck.

Answer 7

Steal from the homeless.duh!

Answer 8

spend less and work for yourself:

here are some tips:  http://saveyourdough.blogspot.com/

http://unusualjobs.blogspot.com/

Answer 9

There are a lot of things that are important to consider for being wealthy both now and in the long term. You should really check out personalfinance.byu.edu. It is a website that I helped my personal finance professor build. It contains a wealth of resources (pun intended) to help you build your bottom line, while setting goals as a foundation for your financial plan.

So check it out: personalfinance.byu.edu

Read the intro and then click Beginning Lessons. That will start you off on the basics and then you can do the intermediate and advanced lessons as you progress. Good luck!

PS- I just graduated in Finance and I started a job on Wall Street in New York two weeks ago. If you have questions in that regard, you can email me - [e-mail].

Save 20%+, max out your employer 401(k) matching plan, invest long-term, minimize current expenses, get out of debt, and build a personal financial plan using the website. :)