I want to become wealthy so badly but I don't know how

[TheCreature55]

This is very frustrating

Is anyone else in the same boat?

[SimplyTheBest]

invest, invest, invest, invest.

people who work there asses off 60 hours a week dont get ahead.

just invest them ****s. make smart decisions.

[ToucanLamp]

Money isn't everything, I'm more concerned with finding a job I enjoy, which I sort of have right now. They say that a person who just sets out to do something they enjoy and do it well has a better chance of being successful than someone who is just looking for the easiest option to make lots of money.

I'm probably in the minority, I earn a decent salary right now and I have a fair amount of cash left over after necessities and I just mostly put it in the bank of invest and stuff because I can't think of anything worthwhile to spend it on right now, little fancy gadgets and stuff or expensive dinners don't do it for me.

[TheCreature55]

invest, invest, invest, invest.

people who work there asses off 60 hours a week dont get ahead.

just invest them ****s. make smart decisions.

That's the thing... I know more about investing than the average person, and far, far more than other teens my age. I want to be a baller in my 20's though, I'm not too keen on scrimping and saving my whole life, putting it into low-risk investments and having a million dollars to 'enjoy' when I'm 60

Money isn't everything, I'm more concerned with finding a job I enjoy, which I sort of have right now. They say that a person who just sets out to do something they enjoy and do it well has a better chance of being successful than someone who is just looking for the easiest option to make lots of money.

I'm probably in the minority, I earn a decent salary right now and I have a fair amount of cash left over after necessities and I just mostly put it in the bank of invest and stuff because I can't think of anything worthwhile to spend it on right now, little fancy gadgets and stuff or expensive dinners don't do it for me.

Same here man, thankfully I have a career path lined up that I enjoy and I'm passionate about. But in most business careers, even if you are very competent you won't really be able to earn a high salary until you are old, judging by how I see it

[WorklessMind]

LOL If you want to become wealthy badly you should become a pimp or sell drugs. If you strongly desire to attain wealth you should listen to the serious advice in this thread.

[TheCreature55]

LOL If you want to become wealthy badly you should become a pimp or sell drugs. If you strongly desire to attain wealth you should listen to the serious advice in this thread.

But I don't want to become one of the lowest forms of life in the planet (ie. a pimp or drug dealer) in the process... a bit of a catch there

[WH06]

you can marry more money in 15 minutes than you can make in your entire lifetime.

[ToucanLamp]

That's the thing... I know more about investing than the average person, and far, far more than other teens my age. I want to be a baller in my 20's though, I'm not too keen on scrimping and saving my whole life, putting it into low-risk investments and having a million dollars to 'enjoy' when I'm 60



Same here man, thankfully I have a career path lined up that I enjoy and I'm passionate about. But in most business careers, even if you are very competent you won't really be able to earn a high salary until you are old, judging by how I see it

Well it's all about willingness to take risks. The people who end up the richest are the ones who were willing to take big risks - but - for every person whose business takes off, there are many more who go bankrupt - for every person whose stock spits 2-1 multiple times while going through the roof - there are many more whose crashes down or stays pretty stagnant for years.

There's no guaranteed formula for wealth or else everyone would do it.

If you convince yourself that your life will never be good unless you're a millionare, you're setting yourself up for failure. What do you consider a "high salary"? Lots of business people who a younger with good education make very respectable salaries. You have to pay your dues, there's no job in this world which you can just jump into and rake in the cash without tons of effort and hard work before.

[Killer_Demo]

play poker at a casino

[INGENIOSO]

invest, invest, invest, invest.

people who work there asses off 60 hours a week dont get ahead.

just invest them ****s. make smart decisions.

SO TRUE !!

[akap4surf]

marry a rich girl..... thats the only way i'm gettin rich

[governator45]

you can marry more money in 15 minutes than you can make in your entire lifetime.

If you can hold your temper, this is the way to go.

[TheCreature55]

Well it's all about willingness to take risks. The people who end up the richest are the ones who were willing to take big risks - but - for every person whose business takes off, there are many more who go bankrupt - for every person whose stock spits 2-1 multiple times while going through the roof - there are many more whose crashes down or stays pretty stagnant for years.

There's no guaranteed formula for wealth or else everyone would do it.

If you convince yourself that your life will never be good unless you're a millionare, you're setting yourself up for failure. What do you consider a "high salary"? Lots of business people who a younger with good education make very respectable salaries. You have to pay your dues, there's no job in this world which you can just jump into and rake in the cash without tons of effort and hard work before.

The thing is, the reason that I am frustrated is because I understand everything you posted (no guaranteed formula, taking risks, etc). I understand all this logically, but emotionally having lots of money is something that I've always wanted for my whole life. It's something I used to dream about as a little kid, but the reality that I am almost 20 has slapped me in the face.

I don't see being a millionaire as a requirement to being happy, I see money as a tool that can be used to improve your happiness. Again, it's not something I can really explain, it's just something I've always wanted

And I would probably consider a 'high' salary over $100,000 a year

[TheCreature55]

marry a rich girl..... thats the only way i'm gettin rich

lol, the sad thing is I've actually thought of this... but the chances of finding a girl with all the suitable qualities of a wife who is also rich is pretty slim. I don't want to deal with an annoying old hag for my whole life just because she is rich - I don't want money that badly

[ToucanLamp]

The thing is, the reason that I am frustrated is because I understand everything you posted (no guaranteed formula, taking risks, etc). I understand all this logically, but emotionally having lots of money is something that I've always wanted for my whole life. It's something I used to dream about as a little kid, but the reality that I am almost 20 has slapped me in the face.

I don't see being a millionaire as a requirement to being happy, I see money as a tool that can be used to improve your happiness. Again, it's not something I can really explain, it's just something I've always wanted

And I would probably consider a 'high' salary over $100,000 a year

Well that's definitely attainable. A person who earns $100 000/year is probably in the top 3 or 4% of earners in the entire country, but I mean that isn't a salary where you can just live it up and money is no object.

That's the true thing is that money doesn't buy happiness, but what it does is eliminate a lot of the worries which prevent average people from being very happy. It gives you a higher degree of freedom. But it's all subjective, there are certainly lots of people who make 50k per year and are 100% satisfied and couldn't be happier and there are certainly tons of miserable millionares.

It's all education. Go to med school, become a doctor and you're guaranteed to be making probably a minimum of 250k per year in not that long, more if you're a specialist. Go to law school, lawyers can make rediculous salaries, my mom's friend is a lawyer and lives in Bermuda working for some big firm and I would guess that she earns at least 400k per year.

But you know it, everyone wants to be rich. And so, if you want to actually become rich, you definitely have to earn it. Med school, law school, that's a lot of years of school, and a hell of a lot of hard work. But, there's a reward behind it if that's something that appeals to you.

Going and getting an education which gives you a skill and knowledge which is of great value to society, ie. a doctor - is about the only guaranteed way of earning a very high salary.

Beyond that, it's all based on a combo of your intelligence, willingness to work extremely hard, and a bit of luck. The only sure thing is that nobody is going to give you the chance to be wealthy just because you really want it, you have to make yourself valuable to someone in exchange for it.

[TheCreature55]

Well that's definitely attainable. A person who earns $100 000/year is probably in the top 3 or 4% of earners in the entire country, but I mean that isn't a salary where you can just live it up and money is no object.

That's the true thing is that money doesn't buy happiness, but what it does is eliminate a lot of the worries which prevent average people from being very happy. It gives you a higher degree of freedom. But it's all subjective, there are certainly lots of people who make 50k per year and are 100% satisfied and couldn't be happier and there are certainly tons of miserable millionares.

It's all education. Go to med school, become a doctor and you're guaranteed to be making probably a minimum of 250k per year in not that long, more if you're a specialist. Go to law school, lawyers can make rediculous salaries, my mom's friend is a lawyer and lives in Bermuda working for some big firm and I would guess that she earns at least 400k per year.

But you know it, everyone wants to be rich. And so, if you want to actually become rich, you definitely have to earn it. Med school, law school, that's a lot of years of school, and a hell of a lot of hard work. But, there's a reward behind it if that's something that appeals to you.

Going and getting an education which gives you a skill and knowledge which is of great value to society, ie. a doctor - is about the only guaranteed way of earning a very high salary.

Beyond that, it's all based on a combo of your intelligence, willingness to work extremely hard, and a bit of luck. The only sure thing is that nobody is going to give you the chance to be wealthy just because you really want it, you have to make yourself valuable to someone in exchange for it.

Thanks for replying man, great post.

My career path has great salary potential depending on how well you do. Plus, I can start when I am 21 or 22 since I did a 4 year university course, and I won't have debt since I am paying for my degree as I go. However I just don't see it being enough to get what I want.

Basically, the only real ways to make lots of money as I see it are:

1. Get a well-paying job, and be good in your field --> I plan on doing this, but you probably won't really see higher salaries until you are an old man
2. Invest in good stocks or start a revolutionary business --> The risks and the failure rate involved in this should be pretty clear.

I guess the reality that I probably won't be able to turn the $40k in assets I have now into over a million $ of wealth by the time I'm 30 in 11 years time has sunk in, and it sucks

[Grinners]

The only guarentee to financial success is consistantly putting money away in the bank.

If you put 1/3 of your wage into a 5% interest account until your 50, you will be very well off, especially if your on a good starting salary. But this doesn't suit your needs.

To be a millionare at 25... your looking at lottery...

[Sibrek]

no you're the only f*cking person who wants to make a bunch of money but is too stupid to.

f*cking idiot

[TheCreature55]

The only guarentee to financial success is consistantly putting money away in the bank.

If you put 1/3 of your wage into a 5% interest account until your 50, you will be very well off, especially if your on a good starting salary. But this doesn't suit your needs.

To be a millionare at 25... your looking at lottery...

I'm not looking at 25, I'm looking at 30 years old. Still just as likely though lol

[WorklessMind]

But I don't want to become one of the lowest forms of life in the planet (ie. a pimp or drug dealer) in the process... a bit of a catch there

LOL that was a bit of a grammar joke, but that brings me to my real advice: educate yourself whenever and however you can. I'm not necessarily talking about a traditional 4yr degree but you will get nowhere without continually striving to better your mind and skills.




















LULZ!!!

[Grinners]

http://au.pfinance.yahoo.com/calcula...simulator.html

[Ajuice72]

I am the same.

I am going to school right now to help ensure I at least have a steady income with room for improvement.

After that I want to do some things but honestly i'm not sure how to get rich.... if it was easy like everyone said it there would be more rich people.

[ToucanLamp]

The only guarentee to financial success is consistantly putting money away in the bank.

If you put 1/3 of your wage into a 5% interest account until your 50, you will be very well off, especially if your on a good starting salary. But this doesn't suit your needs.

To be a millionare at 25... your looking at lottery...

A 5% interest account? Good luck. The highest these days you'll find is like 1.5-2%! Guaranteed investments are a terrible idea for someone young. Even locking something in long, long time you won't get 5%

People always worry about the volitility of stocks, but the bottom line is, throughout all of modern financial history, a diversified portfolio of stocks - either through direct investment or mutual funds and such - has outperformed every other investment vehicle long-term. The fact that stocks go up and down every day is meaningless when you're in it for the long haul.

Definitely saving and investing is the key to being wealthy long-term. The earlier you invest and the more you do, the bigger the payoff down the road. Just keep yourself diversified, that way your risk is greatly diminished while still giving you the potential for great returns.

[killermike]

become a ganster rapper

[Grinners]

A 5% interest account? Good luck. The highest these days you'll find is like 1.5-2%! Guaranteed investments are a terrible idea for someone young. Even locking something in long, long time you won't get 5%

Thanks for the advice but you are clearly very naive.

I currently have my money in an account getting 6.85% interest, with all signs pointing to an increase in this amount. My 5% was a conservative estimate.

Look outside the US. I would prefer a guarenteed 6.85% interest with (practically) 0 risk, then a risky 7.5% return.

Each to their own.

[TheCreature55]

I am the same.

I am going to school right now to help ensure I at least have a steady income with room for improvement.

After that I want to do some things but honestly i'm not sure how to get rich.... if it was easy like everyone said it there would be more rich people.

True... the main obstacle as I see it is that unless you manage to start a revolutionary, incredibly successful business, you need money to make money (as the saying goes). I'm sitting on about $40k of assets at 19, and turning that into large amounts of money isn't really possible without getting lucky with penny stocks or using leverage to buy shares/property.

A 5% interest account? Good luck. The highest these days you'll find is like 1.5-2%! Guaranteed investments are a terrible idea for someone young.

People always worry about the volitility of stocks, but the bottom line is, throughout all of modern financial history, a diversified portfolio of stocks - either through direct investment or mutual funds and such - has outperformed every other investment vehicle long-term. The fact that stocks go up and down every day is meaningless when you're in it for the long haul.

Definitely saving and investing is the key to being wealthy long-term. The earlier you invest and the more you do, the bigger the payoff down the road. Just keep yourself diversified, that way your risk is greatly diminished while still giving you the potential for great returns.

Agreed, the Australian stock exchange claims that a diversified stock portfolio can earn 10-12% per year with fairly low risk. The only real way to earn more as I see it is to invest in cheap companies on the rise or use leverage, which are both quite risky

[TheCreature55]

Thanks for the advice but you are clearly very naive.

I currently have my money in an account getting 6.85% interest, with all signs pointing to an increase in this amount. My 5% was a conservative estimate.

Look outside the US. I would prefer a guarenteed 6.85% interest with (practically) 0 risk, then a risky 7.5% return.

Each to their own.

True, it depends on the country I guess. In Australia I have a $5,000 6-month term deposit and I think I'm earning close to 9% interest off it. Mind you the cash rate here is about 7.25 atm, so it wouldn't normally earn this much

[CodiMac]

Thanks for the advice but you are clearly very naive.

I currently have my money in an account getting 6.85% interest, with all signs pointing to an increase in this amount. My 5% was a conservative estimate.

Look outside the US. I would prefer a guarenteed 6.85% interest with (practically) 0 risk, then a risky 7.5% return.

Each to their own.

A 6.85% rate in a savings account? Where, in the Congo? Sure you can get those kinds of rates buying junk bonds but then your returns are limited and statistically it's just as high a risk as stocks. Practically 0 risk? Who's being naiive now. If there was a truly guaranteed way of getting a 6.85% annual rate of return, everyone would be jumping into it right now.

[A New Era]

The only guarentee to financial success is consistantly putting money away in the bank.

If you put 1/3 of your wage into a 5% interest account until your 50, you will be very well off, especially if your on a good starting salary. But this doesn't suit your needs.

To be a millionare at 25... your looking at lottery...

Wow you have plenty to learn. 5% interest will not even keep up with inflation. Your money today will be the same value or less 25 years from now. With a well diversified portfolio you can expect about 10% interest. Some years much better. I'm sitting on 43% gains so far this year.

[Grinners]

Close to 9%! Who with? I woulda put more than $5,000 of 40k i wreckon.