Most people become fabulously wealthy by posting hundreds of questions to Warrior Forum, gathering the answers, and selling the results as WSO's. Why do you ask?

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People become wealthy by planning and executing until their unearned income exceeds their requirements. And beyond.

I figured this out way too late in life, about 10 years ago when working for a hedge fund. Starting way too late, I still managed to plan and execute on it however, and no longer have to work. However, I had the luxury of a high income in NYC to work with. For most people there is simply no way to get there in 10 years.

Nobody really ever explains this to you when you're young, and that's a real shame.

So many in their 20's are digging themselves a financial hole that will take them 20 years to get out of.

Look up Dave Ramsey and books like The Millionaire Next Door

Most wealthy people did it by investing in real estate. (I think about 80% of millionaires.)

Example: You could buy up to a 4-plex and the qualifying is the same as for a single family residence. Live in one unit, basically for free, and have three rental payments coming in. Of course you need to have financial reserves/income for repairs and vacancies. Oddly enough you want tenants with poor credit so they can't buy their own, but you want them to have good backgrounds otherwise.

Another example:
I had a high school teacher who did at least one fix and flip property every summer. And he had some long term rental homes as well.

Try to invest or save as much of your income as possible. Wealthy APPEARING people use loans
to buy toys and fancy cars and too much house... Truly wealthy people keep their credit good
and pay cash for vacations, appliances, TVs, toys and cars (unless they get a 0% or low interest loan) and live well within their means. Wealthy people will take out a loan if it is for something that will return more value-like real estate.

Learn how money, interest, IRA's and tax breaks really work:

When I was in the mortgage lending field, I had a prospect who had good income and high credit score because he kept up on all his bills... However, at the time I dealt with him he had teenagers and nothing in the bank for their college. He also allowed a large bank talk him into buying his new Chevy Suburban with a third mortgage on his home - just so he could get the mortgage interest tax deduction break. (Bank loan officers get commissions or bonuses or referral fees, so they may not have your best interests at heart.)

So, he has this Suburban on a 15 year loan at probably 9% interest because it was his third mortgage on his home - higher risk. The Suburban will be wore out and worth nothing before he has it paid off. The tax break may not have been legal because it was not for home improvement and amounted to maybe 1/2 of a percent on the loan. So it maybe made the loan like 8.5% instead of the 9%. At the time, GM was offering 0% or 2% financing on new cars for a five year term.

Which sounds better for a car loan - 2% interest for five years, or 8.5% for 15 years?
(5 year old Suburban that's paid off could still be sold for 10-15 thousand.)

Conservative investing in the stock market is another way, but I really don't know enough
about it.

Dan

Define Wealthy. I consider that to be 100m+

No matter what they did, the vast majority accomplished it with multiple income sources. There's very few Bill Gates/Mark Zuckerbergs in the club of people > 100m.

So they had a business that was working, then took the profits from that, got something else working, and kept scaling it up.

It could be something as simple as stocks that actually pay dividends.

There's only one rule: Use money as a tool.

get a little dirt on your hands

How do basic videos become viral?

You never know.

Now imo. If you were born wealthy with unlimited financial and other sources; Then that is not success. Especially since you were born with money and connections.

So I would direct the Thread question to the guy that didn't have nothing at all to begin with. But then may their money via a hope and prayer with a $100 Investment.

They invest more than they spend. They let their money compound over long periods of time. They repair stuff that is broken if it needs to be replaced they buy second hand. They buy real assets instead of stuff.

I tend to agree with bizgrower about real estate and read the Millionaire Next Store (great book). Even poor people that come here and purchase properties in bad areas have become wealthy.

Stocks can make you wealthy if you invest in high quality companies and hold them overtime. Some will set stop losses and move out if the stock declines 25 percent in a short period of time. Buffet only invested in businesses he understood and actually stayed out of the dot com boom and bust.

Investing in businesses that make money is another way, lend some cash for a percentage on the returns, usually a decent start up and some luck.

Some people would consider wealth not having good health, not worrying about money, and good friends and family relations. So you would have to determine what is important to you to determine true wealth.

Far as financial I have read books by Susie Orman, David Bach, Robert Kiyosaki, several Donald Trump books, Mark Ford and others. You can also subscribe to financial letters, like the Palm Beach Letter or value investing by Tim Price both at prices below $100.00 for a years subscription .

The more you spend on educating yourself, you may get a better understanding what is actually involved to obtaining real wealth. Good Luck in your search.

The only sure way is to take great care to choose the right parents!

Ray

They win the lottery

They make a lot of money, but I could be wrong

al

There are various levels of "wealthy" from comfortable to sinfully rich.

What they all have in common is simple: they routinely earn more than they spend.

What if you only make a dollar per day.

Can you become wealthy off of that?

How do you manage that?

I think it's amazing that the subject of money management doesn't come more on the Warrior Forum. I suppose it's 'get rich quicks' slightly less attractive sibling.

For most people there are small changes you can make which can have a big impact on your wealth perception.

One of the biggest changes that needs to be made is mental and that's not easy. A lot of society is let down by an education system that fails to teach money management as a life skill.

So let's go with some quick hits. These are in no particular order.

1). Pay yourself first

Choose an amount, either a fixed amount or a percentage of your wage and pay it to yourself. Put it into a savings account each month and as time goes on keep upping the amount until it gets to around the 20% mark. This may take a few years but that's ok.

2). Pay your bills.

There are a few ways of doing this. You can have different bank accounts, or jam jars or envelopes choice is yours. Name each one after a different bill and pay into each the amount of the bill. Do this on pay day so you know the money's accounted for.

3). Add a jar

Create an emergency fund. As quick as you can try and get this to a £/$ 1000. This is a fund to cover household emergencys like broken washing machine. If need be fill this jar before you pay yourself.

4). You know it's coming jar

You have 11 months to save for Christmas put some away little and often to ease the burden in December and January.

5). Cut your bills

Be frugile yourself and cut your energy bills

• Cook tonight's and tomorrows dinner in the same oven.
• turn electrical items off at the wall
• turn lights off
• turn heating down a couple of degrees and put it on later.
• Layer up before turning the heating on.

Shop around for a new provider. You can make big savings on your monthly bill. If you get a cheaper price switch but continue to put the old amount into the jar. This is what I call save and save again.

Do the same for all your bills.

If your mobile contract is coming up switch to payg. Keep your old phone and pay the difference into your jar. Reaseach shows most people vastly over estimate their usage needs.

6). Create a meal plan for the week.

Boring I know but create a meal plan and have it reuse ingredients so you are not cooking all the time. For example a ham can do a dinner a soup and sandwiches. Chicken can be nice leftovers on Monday. Oh and always take a packed lunch.

7). Use a shopping list

Another boring one but you spend less with a list.

8). Drop a brand

Try a different cheaper brand and see where you can save money on your shop. Also don't buy deals unless they are on your list.

9). Never buy a new car

They are a liability not an investment. As soon as you buy a car it drops in value. The second hand market is a buyers market you can get great bargains. Remember buy with insurance and running costs in mind.

10). Haggle

Everything you buy try and haggle a deal. If you are shopping online check for codes/coupons and cash back offers. Pay the difference between what you bought it for and the asking price into a jar. Save and Save again.

11). Repair don't replace

12). Use things until they break

Don't buy new for the sake of new. How many pens that you don't need do you lying around.

13). Repurpose

Turn clothes to rags. Jeans into shorts. T shirts to pyjamas etc.

14). Have a round up jar.

A round up jar is simple. After you've been shopping you will have spent something like 10.51. In your mind round it up to 11 and put the 0.49 into a round up jar.

There's more but I think you get the idea. Stop spending, cut your bills and save the difference.

When I go shopping I always ask myself a question is this a need purchase or a want purchase?

On the flip side to save and save again there is earning more:

1). Clear out the clutter

Sell everything you don't need or use. Have a yard sale or sell online (just remember fees).

2). Do overtime

3). Work harder at work

This is especially true in sales environments. Enjoy work but understand why you are there. You might as well earn as much as you can whilst there.

4). Get a second job or freelance

Give these a go. You'll see these make big changes relatively quickly. It can even get fun and at the end of a year you'll have saved more than you ever will have thought.

To take things further you need to look at investments in stocks and shares and the creation of a pension pot. It's really important to plan for the future.

people starts the business,seel things online and do hard work and becomes wealthy.

A: You have to work your ass off.

B: You inherit money.

C: You win the lottery or something to that extent.

That's the whole secret of getting rich =).

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Along the lines of losing weight - but translated into "spend less, make more"

Mad TV - Eat Less, Move More (Crista Flanagan) - YouTube

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I know for certain that it all starts with your mindset. If you think people only get wealthy by "luck" (like winning The Lottery) then your chances of being wealthy would be slim.

It takes a lot of perseverance and never giving up in what every your doing in life, even if it has nothing to do with making money or trying to get wealthy. I hope this has helped

WTF are you people talking about?

I will say the next! There are no same exact ways for success! It is a very personal thing! You can have a lot of rules about it, but it will be only theoretical! Very important to have a lot of possibilities in education, in traveling! Also, your friends it is one of the best keys to your success! Wealthy persons don’t have friends as homeless, silly and lazy people! They respect their time, money and ideas!

To answer your question more directly, the Average Joe/most people have a whole set of "programming" and beliefs/mindsets that are preventing them from becoming wealthy.

This is something I learned from a program called "Self-Made Wealth". (YouTube it.)

on a related note, whats up with princess? She can a full ban rather than a timeout??

A quick reminder that nearly all businesses show you the way to save yourself to wealth but most people are blind to the message that is in front of them each and every time they buy something...

Here is an example.



All you need to do to get wealthy, apart from generate adequate revenue, is save and then get a return on those savings.

Adverts like the one above "SHOW" people what to "SAVE"

Ever wondered why when people "save money" buying something and they don't benefit?

Just save the "SAVINGS" shown to you quite clearly everywhere.

When you recognise this simple method wealth creation becomes automatic.

However...most people spend their savings rather than invest them for their future,.

Best regards,

Ozi

Like many people said... they invest in themselves first.

The 'I Will Teach You To Be Rich' Blog

Joshua Kennon – Thoughts on Business, Politics, and Life from a Private Investor

are two of my fav sites for such things.

Additionally, wealthy people don't waste their money.

They don't buy what they don't need....

... nor do they try to keep up with the Joneses.

They fly below the radar, quietly saving for their family and the future.

They might also take advantage of discounts at grocery stores (ie, Shoprite has a 50-70% off section on food that supposedly expires on the same day/tomorrow. It feeds the family and works great.... and the money saved is money you can use to pay yourself once more).

Not rocket science by any stretch of the imagination.

people become wealthy by doing some different task in life & giving there best in that......................................

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