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How did you become wealthy?


Yes, I know college is a good way! But did anyone invent anything, start a business, create something? Start a website? Anyone become a millionare by doing this? Tell me all about it!!

Want a magic way to do it? Earn it, the old fashioned, hard way.

I started when I was 18 and invested in my IRA's to the maximum I could. Then I invested more in other accounts - in long term investments (stocks and REITs).

After college, I invested more of my income, but here's the real trick - I never lived to my income- I always lived 20% below my income level and never maxed out my credit cards.

While all my friends bought their new Accords and then BWM's, I stuck with my 5 year old car after it was paid off and drove it for 2 more years and put that money in the bank.

Then, I took that money and put it as a down payment on a house.

When real estate started going up (it has NEVER been down for more than 7 years in a row) I took that money and - yes, you guessed it- bought another home and rented that out.

While all my friends (any everyone in the entire country) bought a newer, bigger home, a new BMW, and plastic surgery, I also got a nice new Corvette convertible (I deserved it) but invested even more into the stock market, another investment property, bought an existing business, and another rental property.

It's not easy, it's not pretty, but now, at 34, I have learned to :
1) live below your means but still enjoy nice things
2) travel the world and drive a nice car
3) invest in stock and your IRA's
4) buy real estate
5) when real estate goes up, use the equity to buy another home

Did I invent anything? Nope. Am I really smart? Nope. How did I do it? Living below my means (don't ALWAYS go for the bling), investing in the long term, keeping assets a little longer than normal. It just takes discipline.

You can invest your money in realestate.

I am not wealthy but I have a house (paying off the bank) a job, a partner and two kids + the dog and pet rat. How wealthy do you have to be to be successful? How much money is enough? I suggest you pick a job you love and you work is the normal way to build up your wealth. Anything that usually sounds too good to be true usually is, and get rich quick schemes usually are very high risk. Tread carefully :)

I accepted God

Well im wealthy, but not by having millions of dollars. Im wealthy by being 100% debt free. I work a regular job making $12.50/hr and I don't have to worry about anything but my regular bills like cable,phone,electricity and food.
I have more savings since being debt free and its a great feeling.

all necessities are priorities but not all priorities are necessities.

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  Small Business   Renting & Real Estate   Personal Finance   Investing   Insurance   Credit   Corporations
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