Investing, Lifestyle, Peer-to-peer Lending, Real Estate, Stocks

8 Legitimate Ways To Get Rich (If You’re Willing To Work For It)

More than half of Americans wish they were rich but over 75% think they will never become rich in their lifetime. But becoming rich before you die is not as hard as you think. However, it’s important to realize that the definition of “rich” changes based on how much you make.

Considering the median household income in the united states is only $51,000 a year and only 4% of households make $200,000 a year or more, it’s probably a safe bet to assume that most people would consider having $1 million to be rich. So how can you reach the $1 million milestone in your lifetime? Well, it’s certainly not easy, but here are a few things to consider:

Timing is everything, so start young

The younger you are, the more time you have to get rich. This means you can save your money longer and let your interest compound for more years. It also means you can take more risks. So if you want a real shot at becoming rich, make sure you start trying young.

If at age 25 you start investing $300 a month into a retirement account and your company matches at 50% (many companies match your 401k contributions at 50% of what you put in, up to 6% of your paycheck) at an average interest rate of 6.5% you would have over $1 million when you retire! But you can also take investing into your own hands without being a stock expert…

Invest in big ideas

You don’t have to be Warren Buffet to pick good stocks. Websites like Motif Investing make it easy (and even kind of fun) to buy portfolios of 20 to 30 stocks based on curated ideas, trends, or sectors. Each portfolio is called a “motif.” You can invest in motifs such as “Wearable Tech” or “Modern Warfare.” There are hundreds of motifs to choose from.

This unique approach takes the leg-work out of picking companies and let’s you focus on the ideas that you believe in. And, unlike traditional online investing platforms where you pay $9.95 per stock trade, Motif Investing let’s you trade an entire motif of 30 stocks for just $9.95.

Until December 31st Motif will add up to $150 to your account (on accounts opened with a minimum of $2,000 and 5 trades). You can open an account with as little as $250.

Join Motif Investing

Invest quality companies (with as little as $10)

Until now it’s been very hard for someone with little or no experience or people without a lot of money to buy stocks in quality companies. But an all-new service called Loyal3 allows you to buy stocks in companies you love with absolutely no fees. You can own shares in your favorite company for as little as $10 (yes, they allow you to buy partial shares). So instead of spending $10 a week on Starbucks you can actually own $10 worth of stock in Starbucks. There are lots of great company stocks to chose from! You can even sign up to an email list to get access to new company IPOs. (There has never been an easy way for the general public to gain access to IPOs until now!)

Start with $10 at Loyal3

Don’t Waste Money On Common Monthly Expenses

One thing that will hurt your chances of getting rich is wasting money that you could otherwise be saving or investing. So many people waste hundreds of dollars every month by overspending on things like car insurance, mortgagees, and other common expenses.

Instead of just staying with the status quo, you can use websites like eSurance.com to compare car insurance rates or sites like LendingTree.com to compare multiple refinancing rates for your house or car (yes, you can even refinance your car payments into a lower rate!). You could save literally hundreds of dollars a month between these expenses alone.

Don’t carry credit card debt (and consolidate it if you do)

Another area people waste hundreds, if not thousands, of dollars every year is on interest-bearing credit card debt. You should avoid credit card debt all-together, but if you’re already paying interest on a card you could significantly reduce your rate by dumping the credit card companies and consolidating your debt through a peer-2-peer lending service like Prosper Marketplace, where interest rates can be as low as 6.73% on up to $35,000. Loan payback terms can be 1, 3, or 5 years. You can get a free personal loan rate quote here.

Uncommon (but still legitimate) ways to get rich…

Invest in startups
In the last decade it seems like more investors than ever before have gotten rich off of investing in startups. When companies like Facebook IPO with a market cap of over $200 billion, even the earliest and smallest investors get filthy rich.

You don’t need to have hundreds of thousands of dollars to invest in startups. Many early stage startups raise money from friends and family and you can often take part in a round with just $5,000 – $10,000. And with new Crowd Funding platforms you can even invest less in early stage startups.

Invest in real-estate
If you watch Shark Tank then you’ve probably heard about how Barbara Corcoran turned a $1000 loan into a real-estate empire. Investing in real estate is not easy and it takes some cash to get started, but if you know what you are doing you can become seriously rich. If you know nothing about real-estate, don’t try it on your own. See if you can find a mentor to show you the ropes.

Start your own business (and sell it).
There are very few day jobs that will make you rich. So if you want to make some serious cash, don’t bank on getting there via a 9-5 job. Instead, consider starting your own company. Sure, a business comes with lots of risk, but there is also a lot of potential reward. But you can’t get rich starting any old small business; to hit it big you need to start a business in a large industry. These days many entrepreneurs are getting rich by starting successful companies in industries such as technology, healthcare, consumer products, etc. But keep in mind that about 50% of businesses fail after just four years.

And don’t forget…Save, save, save!

One of the most obvious and overlooked ways to get rich before you die is to actually spend less than you earn and save your money earn interest on it (using traditional investment vehicles or services like Motif or Loyal3).

Conclusion

Getting rich before you die really is possible with some determination, a good plan, hard, work, and a little bit of luck. But it’s also important to always remember that to really be rich you have to be happy with what you have.

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120 Comments

  1. 1
    • 2

      I am not really rich, but I retired from the Post Office in 1992 at age fifty-three. I live in an NYC co-op worth over $800,000 and have a stock portfolio worth a bit over $700,000. I offer a few suggestions which might be helpful to some.

      1. Look to working for the government in some capacity which is unlikely to be privatized — the more essential the function seems the better.

      2. Save and invest your money from the earliest age.

      3. Be stingy in your enertainment expenses.

      4. Look to save on housing when young. Living with mom and dad may be a good way to save money you can use to invest.

      If you think about your old age when you are young yor old age will be a lot more comfortable.

      W.

      • 3

        Yea Walter..good advice about working for the govt. Not a bad gig retiring in your 50s with a fat pension for the rest of your life that is built on the back of the tax payers. Well done. You should be proud.

        • 4

          Lester, you ever carry anything heavier than a beer can for miles every single day? Working for the post office means making sure you get your mail delivered. What have you done that improves people’s lives?

          • 5

            Well Walter, the majority of postal employees carry nothing more than a welfare check given to them by the taxpayers in, The United States Of America(been like that for 20 yrs.). BTW, it is welfare because most postal workers couldn’t work for themselves, or a reputable private sector company. Where is the value in that as a taxpayer? If it wasn’t for the taxpayer allowing them to, sort mail, sweep floors, and drive around delivering junk mail, taxpayers would still be paying for them to sleep, eat, and breathe – just not at the USPS. With UPS, and Fed X, and many othcarriers, why would anyone need the postal service? And, btw, it hasn’t been needed for 20 yrs.!!! Just a waste of taxpayer money!!!!

          • 6

            Every post office employee I’ve ever dealt with has taken his/her job seriously. And those on the door to door delivery routes have to endure some miserable weather.

          • 7

            Lester,
            Both of my parents were life-long postal employees. It is not easy work and the environment they worked in was not good. There is a saying “going postal” because of the flareups that happened with postal employees during extremely stressful times. Postal employees would be suspended or fired for even the smallest mistake. Both of my parents also retired early but it was not their choice. They were forced into early retirements. In retrospect it was better for them as their lives improved after leaving there. But the fact is they worked hard while they were there and the pension they both receive is more than deserving for the stressful time they spent in the USPS employ. Both are also lifelong republicans.

          • 8

            Tax payers dont pay anyones welfare in fact you barely pay the interest on the national debt owed to federal reserve and world bank. So before you go on another drunken rant they took my money remember your tax payer dollars and everyone elses goes to a giant debt . Look into how our money system really works i cant stand ignorant swamp rats.

          • 9

            Oh BTW the USPS is cheaper than FED Ex and UPS when i have items shipped from online retailers and shipping items to buyers ER ER ER UH THEY TOOKERR JOBS UH UH HONEY GET MER BEERRR.

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          If either of you knuckleheads had ever seen the pay stub of a government worker you’d either continue to be clueless, or you’d understand that all things being equal, not one dime of retirement money comes from the public at large (non-government employed people). All things considered, I pay about $6K more a year in federal withholding taxes alone, than what the government “deposits” in my “retirement” account.
          Now consider that not all government workers spend enough time in federal service to qualify for retirement, you then have money set aside by the government for them, being rolled back into the system. So in sum, the private sector doesn’t really pay a dime to any federal government worker in the General Pay and Wage Pay Schedules. (I can’t speak for elected officials as the retirement system is a little different in terms of time in office being a little different in order to qualify for pensions.

          • 12

            Where do you think they get the money to pay your wages that they take withholdings from? It doesn’t come from thin air. The government doesn’t make anything of intrinsic value therefore the only source of income they have to use for employee wages is the confiscated earnings of real producers (read taxpayers) or to coerce the Federal Reserve into printing some for them. Get a clue and educate yourself about how the real world and it’s economy works.

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          Please always do YOUR homework before speaking. The Postal Service does not has not received one dime of tax payers money! I am a letter carrier ( and military veteran) of 25 years and we pay into our retirement by payroll deduction. We ALL have choices, so don’t be pissed off when some one else works and saves while you blow your money, YOUR CHOICE to do so!

        • 15

          DO I HERE A BIT OF BAD WILL. SO WHAT GIVES YOU THE RIGHT TO EAT AND BREATH. ” most postal workers couldn’t work for themselves, or a reputable private sector company. ” SO IF YOU CANNOT WORK FOR A PRIVATE SECTOR COMPANY YOU SUCK. AS WE ALL HAVE SUBMITTED TO WALFARE THE DAY OR LEADERS GAVE BUSINESS,. BIG AND SMALL DEVELOPED AND NOT, SEND OUR BEST JOBS ANWARE WHERE THEY COULD BRAKE THE RULES AND THE PEOPLE COULD WORK FOR PASOS IN THEIR OWN COUNTRY.

          IF WE HAD REAL GUTS WE WOULD HAVE FOUGHT FOR OUR JOBS.

          NOT LOOK AT THOSE WHO KEPT JOBS. WITH DEFINABLE REPETABLE PROCESSES , WITH GREEN EYES.

          I HAVE A GIRLFRIEND WHO GOT FIRED FROM THE POST OFFICE BECUASE SHE WAS DOING TOO MUCH COKE AND A FEMALE BOSS ABOVE HERE DID WHAT ALL COMPNAYS SAY THEY DON’T —–FIRE YOU FOR GETTING MEDICAL TREETMENT FOR ADDICTION TREATMENTS. YET HER MALE BOSS WHO DRANK BOTH BEFOE AND AFTER WORK 5TH OF WHATEVER GOT TO GO THE DISTANCE. RETIRED WITH THE PACKAGE. WHAT FAIR ABOUT THAT.

          MY DAD SAID ” LIFE WASNOT MENT TOO BE FAIR “. i THINK HE SAID THAT CAZ HE HAD 7TH KIDS WHO LOVE TO POINT TO WHAT THEY LEARN SHOULD BE TRUE…… AND IS NOT. EVERY ONE NEEDS TO WORK WITH WHAT THEY GOT AND REMAIN HONEST AND UPFRONT.
          THATS WHAT I SAY. I HATE JUNK MAIL MORE THEN ANYONE IN FACT i BELIEVE IT PUSHED ME INTO A DEPRESSION ONCE. THAT COMES FROM BUSINESS, THE POST OFFICE JUST CARRIES IT.

      • 16

        You got that right get a government job so not only will you get a pension unlike the private sector that did away with those 20 years ago but now days pay really good. Used to be the government jobs had great benefits but low pay now you get the best of both worlds. And raises cause its easy to raise taxes and find a justification to give the govt workers a raise. Why work in the private sector anymore. Its terrible unless your one of the lucky few.

        • 17

          This Walter worked for a living and exercised excellent financial management. He has that portfolio and that town house from working a relatively low-paying job that yes, has a pension. He has done well for himself through his own hard work and diligence in saving responsibly. He is now offering valuable advice about how to save and invest properly.

          You two above rip that all to shreds because he worked for the “gov’ment..” That is just sad. What have you, Lester or Jeff done with your lives? You sound like two bitter losers that could not hang on to a job to me. Always blaming it on the government because you are too self-important to admit that you are a jealous failure.

          • 18

            Kevin, not everyone wants to or can work for the government.. Or wants to be a recluse who just works, spends very little money on going out AND stay living with your parents, for as long as you can… It’s awesome he made money for himself, and he was thinking of his future.. But not everybody can live that way… The funny Sarcasm from the commentators is just a different point of view…

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            kevin, it doesnt take a sore loser to be pissed about government cronyism jobs. my family contracts for the postal service and i can tell you that the whole usps is a waster of taxpayer money. that said, that doesnt mean that the delivery guys dont actually work. some of them do.
            however, they are very well paid for it and get wayy tooo many perks, holidays etc.
            cops in suburbs of chicago are now making over 80 thousand per year to do jack shit but harass people.
            the fact is that all who work for government are leaches in one way or another because these days they are all SORELY overpaid and underworked on the average.
            and it is the rest of us that carry the cost of these parasites, who of course vote to get themselves more raises, benefits, and early retirements AT OUR EXPENSE OF COURSE !!

      • 21

        Just a comment on the ‘work for the government’ idea. Federal, maybe. I currently work for a county government (Lexington Fayette Urban County Government to be exact (Lexington, KY)). Worst employer I’ve ever had. 1% to 2% annual cost of living raise, if any. $500 to $1000 per month for medical insurance (employee/spouse) depending on the plan. I could go on, but that’s a couple of the biggies.

        • 22

          My wife works for a small town school system (town government) as a school nurse (RN). The pay and benefits are both low for an RN and a very meager 403b is an embarrassment. She could earn much more elsewhere but choses to work with kids because she enjoys it. Luckily my private sector job carries us for benefits and retirement. So not ALL gov’t jobs are gravy. Second point… life is not always about the money.

      • 23

        I also live in NYC – The police state with high taxes and high cost of living – most 50 year old retirees live like a King in Thailand with your portfolio with two Thai girls on the beach. Only dummies with no life live in NY where you have be to rich, famous or infamous to survive!

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    “8 (Legitimate) Ways To Get Rich Before You Die” I guess that’s a better idea than getting rich after you die!

  4. 27

    5 the eight suggestions say to SPEND with the last one being SAVE.
    What this article does NOT suggest, is HOW to SPEND those 5 times while SAVING $500 while dealing with school loans and employers that would rather hire 2 PART-TIME employees than pay health care for 1 employee (even though health insurance is only ONE of the expenses a company has to pay PER EMPLOYEE).

    Those employers are also only willing to pay minimum wage, which MCDONALDS proved was impossible on a single income.

    The article also includes LUCK in the suggestions. Would that mean that the stock-market crash of 2008 was “BAD LUCK”??? My savings (Diversified Investments in PROVEN companies including utilities) went from $60k to $15k in a single DAY.

    Should LUCK be the thing that STOPS me from being rich? If so, than THAT’S the biggest factor of these suggestions?

    These suggestions also don’t include an education (as its been proven that you don’t need to be smart or educated to be rich).

    If that’s really the case, then LUCK is all you need to be rich.

    • 28

      You say luck but of course you mean good luck. Dickens wrote (I am paraphrasing) “spend 10 pounds less than you make a year and you will be happy. Spend 10 pounds more and life is a misery.” Truer words have never been spoken. I am not the one who spends 10 pounds less than I make a year.

    • 29

      Quit whining! Don’t expect an employer to pay more for what you cannot provide. If you do not like what you are being paid, work for experience (and/or education) then find someone that will pay you more for the experience and education that you have.

      • 30

        Good point. But what about those who are over educated yet under experienced? I have a quality education yet nobody will hire me because I’m not experienced enough. Or I can’t get the job because I’ve had too much education. Why would McDonalds hire me with an associates degree in electronicsand maintenance when they can hire some high school student and again some larger corporate business won’t hire me because while I may have the education I don’t have the experience..

        • 31

          What employers want these days is someone just smart enough to do the job but still dumb enough to not know they are getting ripped off. Face it, companies don’t make billions of dollars a year by paying their employees what they are worth (a fair wage). They make all that profit by paying them as little as they can get away with. Now I’m not saying that a burger flipper at McDonald’s should make $15/hour to do something a trained chimp could do. After all, that kind of part-time minimum wage job was never intended to be a career. However, with the lack of decent paying manufacturing work thanks to free trade agreements like NAFTA allowing companies to freely produce their products in other countries that do not have the same labor, safety, and environmental regulations as the US, many people have no choice but to work that kind of job for much longer than they should have to. I’m merely saying that the job market is far from fair and keeps getting worse by the day. Bottom line: you’ll never get ahead in life working for someone else. Doing so only makes them rich instead.

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      Okay, Wendy Whiner.

      Oh you poor, poor (no pun intended) thing you. Life is so Hahrrrrrd. Get up, Get over it, and get off your whiney hiney. Good grief.

      And do please tell those “Diversified Investments in PROVEN companies including utilities) went from $60k to $15k in a single DAY. ” That’s just unbelievable. And if so, you must not have had anything that was ‘diversified’, ‘proven’, ‘utility’ or prudent if you sat and watched and allowed that to happen. Just unbelievable.

      • 34

        To those who don’t believe the 60K dropped to 15K in one day, it surely did. Even if one had their money invested in Stable Value Funds the losses were astronomical in the 2008 stock market ‘crash.’ If you don’t have money invested, then you wouldn’t understand, and wouldn’t believe this. I do, and I too lost $$$$$.

        • 35

          You only lost the money if you sold. If you held onto those stocks and bought after the crash you would be rolling in it now.

          • 36

            Possibly but no one could have foretold how the market would rebound, CJ. The other thing is many companies went out of business, and if you were invested in those companies you lost EVERYTING (WaMu for example, which was considered to be a solid, proven company up until the crash). Also, not all companies rebounded. If you had a solid mutual or index fund, you were probably ok, but many other types of portfolios got completely ripped to shreds during the crash, and there was no coming back.

            I think a lot of people here were either too young or too ignorant of the events that occurred in 2008.

          • 37

            Even index funds and mutual funds took a huge hit. I lost all accrued interest and 12 years of principle in one of my funds that was heavily backed by AIG. It didn’t matter what you did, if you were invested you got hurt. I am just now getting back to where I was before the crash.

    • 38

      you never heard of a stop loss order or a trailing stop? having 60k worth in investments and you don’t even know how to protect your gains? i dont even have more than 1k in investments and i know how to save my gains, i woul rather get taxed than lose 45k … you are an L7 weenie!

      • 39

        You realize that a stop loss order doesn’t do anything if the stock is falling too fast. Simply because you take a $60 stock and tell your broker to sell it if the stock hits $50 doesn’t mean anybody’s buying by the time it hits that price. You could have that stop loss in place and the stock hit $30 with no buyer if it falls fast enough and nobody’s buying.

        Also, he could have had investments such as a retirement portfolio which might have limited his diversity and made it impossible to cash out quickly. Maybe his investments were in major corporate bonds which, because they’re unsecured, can lose enormous value very quickly if the company takes a hit, often fluctuating much greater rate than the loss would seem to justify. Maybe his investments were in company stock options which he got from his employer and his employer tanked. Maybe he was simply trying to ride the bad period out, which is what I did and all my assets have rebounded well above where they were, and now his have too. There are a lot of possibilities.

    • 40

      The Bible says that it mostly is luck, or God

      Ecclesiastes 9:11 “I returned, and saw under the sun, that the race is not to the swift, nor the battle to the strong, neither yet bread to the wise, nor yet riches to men of understanding, nor yet favour to men of skill; but time and chance happeneth to them all.”

      Time and chance happeneth to them all!

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    This is the game they were playing with me after nearly killing me at Shaw Industries, although it wasnt a 10 dollar investement. They were takeing me bandaged and limping to roll foam padding onto cores by the NECK, and they beat me uncontious in the parkling lot because I absolutely refused to go back inside the building. The building was on S.Dixie, the guy hit me so many times, I was being knocked uncontious, then knocked contious, because he was snatching me by the collar of my shirt, and yanking me into his fist, my head also bouncing off the hard ground.

    • 43

      Are you sure you’re in the right comment section? Sounds like your situation would fit more in the workplace safety category. And why were you working for such an organization if they truly did this to you? What kind of people were these: employees, hired goons for the corporate elite, or what? I’m not sure a company could get away with this and not be held liable.

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    Uh Warren Buffet does not buy into startups. He is a value investor and does take some risk but he DOES NOT invest in startups and never has. He has always been a guy to purchase good companies that he thinks he can make bigger and that is where his excessive gains come from. Also individual investors WILL NEVER BEAT AN INDEX FUND in the long run ie will never consistently beat the market by picking their own stocks. There is certainly some good advice on here but there is also a lot of misinformation. As for starting your own Business or investing in Startups, both are not good ideas for a novice and should not be taken lightly. There is nothing like failing your own business and amounting a lot of debt that will undoubtedly prevent you from obtaining future financial security. The #1 thing on the list should be to EDUCATE yourself on good investing techniques. These ideas apply to all sorts of life planning and stages and need to be understood before doing the majority of the other things on this list.

    • 53

      Mutual fund managers, not individual investors, cant beat the index funds because of over diversification and of the pressures of keeping with the industry as a whole. Well educated investors who understand the basics of financial accounting and put in the hard work can beat the index fund over the course of many years. People who just want the easy way out by looking to trade frequently without any rational thought will never make it. The majority of investors follow the herd mentality and then fail. Also, Mutual fund managers need to perform well each year and be comparable to their cohorts. If they don’t-they are out of a job.! As an individual investor you don’t need to outperform your peers each year, so if you hang on to a great company with conviction through the bad times, in the long run you will outperform. For instance, UA is a company that I have researched indefatigably and have reasoned why it would be a solid investment in the long haul. During the not so good times I have bought during the dips. Also, Gilead Sciences, which I have held for 8 years, is another firm that I have a strong conviction in. Over the 8 years, I have kept up with 8ks, 10qs, and 10ks in order to have an awareness of its financial position along with its standing in the industry. Gilead provided me an annualized return of 122%.

      The take home message is that you have to view your portfolio as an investment firm, not just as a brokerage statement.

    • 54

      I just want to tell a little story, My son was in the 4 grade he came to see me for Thanksgiving. He was 10 years old. I was running to the store and I ask him if he wanted any thing, he said a Wall Street Paper, I said said Its $1.50 do you really need this he said it was for his 4 grade work in math. I come back and give him the paper and he goes threw it to the stock market. His little finger points to a stock and say (its gone up, good ) party time. I ask what this was all about . He told me his 4 grade Math teacher teaches math threw the stock market. He showed us how to do research and everything else and we research the stocks and when they found 1 stock that the class thought would go up by the end of the school year he would buy some and if it goes up he sell it and throw them a party.. But what he really got where kids that reading got better math went way up and a skill thy can use for life. What a great teacher he was, 20 years latter my son still fallow the stock market has 10 to 15 picks he watches , 1 went form 35.00 to 4 in a few wks he could not find out why it went down so he bought a 100 it went back up a few wks later to 33.00 so he sold 50. Thats my son.

    • 55

      Only $51,000 a year ? Where? Can you even make 20k at a job? – if you can even get the job in the first place? Where do they come up with these figures?

  9. 56

    cant make any real money, all trapped on a wireless grid, thats just what theyre getting, im a tortured POW holocaust victim at large in virtual concentration camp and the queen is their stupid smarthore, poor CEO of yahoo,

  10. 57

    I have read dozens of biographies of self-made millionaires and it appears that most made their fortunes by buying up businesses. Some ended up with hundreds. It’s about leveraging the first to buy the second and so on.

  11. 58

    I dont think im a spammer, except someone intentionally botted it to happen to me.
    NOW
    Im NOT willing to work.

    I worked really hard to live after nearly dieing at Shaw Industries, just to stand up.

    I worked even harder, to recover from the self inflicted suicide injury because I had more pain than I could tollerate, then really hard work, just to think.

    I worked for years, so a bunch of arsewipes can play exploit the civil paper game, and have lost everything I ever accumulated and family that was ALL that kept me wanting to live, in the post injury poverty.

    Im not willing to work back into a roof over my head again, my body is too old, too tired, and Im tired of my life being a revolving door for someone to destroy. you can ALL eat peanuts at my funeral, although Im going to be dumped into the sea and your not invited.

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      It didn’t say a bank would pay you 6.5%, it was about your 401K which would be an investment and likely in the market, where 6.5% shouldn’t be too, too hard to expect.

  13. 63

    A savings account with 6% interest? in your dreams.

    Highest is 1% for the first year then 0.65%. No ones going to give you anything higher than that.

    • 64

      try to find a 770 savings account. Most banks are not allowed to advertise or tell you about them. They do pay about 5% but there are no taxes! Not allowed by the the gov. to tax these accounts, but hard to find, no one wants to tell the public about them.

      • 65

        770 accounts are annuitized insurance policies, not savings accounts, lol. Good luck getting rich with that “savings” plan.

        The bottom line is that when it comes to investments, risk and reward is not constant over the long term. I still remember when my savings account paid 7% interest. A successful savings plan needs to be diversified and you need to adjust it often.

  14. 66

    The key to investing is to find undervalued assets that have the potential to recover and buy them in the bargain bin prices. In 2008, las Vegas homes were in the bargain bin and since there is still a thriving service and entertainment economy, home values recovered. Detroit is undervalued but still there is no recovery so it is still a bad investment. Real estate prices for condos even came down in New York in 2008 so I bought one with my brother. Stocks are way overvalued and I would wait for a correction. This leaves gold and silver which are oversold. I would buy metals now while they are at a low. As for saving, live below your means. Cook your own food in bulk and pack enough food for 2 meals in containers you bring to work instead of paying for expensive meals in restaurants. I also live with my brother and share the mortgage payments with him. It doesn’t have to be a brtoehr, it could be any roommate: a friend, a relative, or a spouse.

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    Living in Florida, 60 years old no one will hire you (your too old) you sell everything to live till you have nothing left. That sucks. So be smart, Don’t get a credit card pay everything in cash. Don’t buy toys till your home is payed off. Drinking, smoking, drugs & big boy toys should be on the end of your list. If you need to impress use your Saving Account.
    I wish this info was given to me. good Luck

  19. 73

    Money is overrated. The taxman takes it all before and after you die. So why build a pile for them?
    Do what makes you happy. Real wealth is happiness and good health. Best to work on that if you want to be around when the economy crashes again.

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    1-live within your means
    2-develope habit for savings…if you have to start small, by any means do it!
    3-invest! ….. there are so many options
    4- stay away from credit! eliminate by all means!

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    Starting at age 25, please name one company that will match your $300/month investment till you retire. Get serious. Most companies have no interest in your hanging around that long. Besides that, even if you get to 45 or 50, they’ll be looking for ways to get rid of you so they can hire a 20-something at half your salary.

    • 85

      Many companies have a 401k program that will match a portion of what you contribute up to a certain amount. This is fairly common. You do t have to stay with the same company until you retire to keep what they matched as there is typically a vesting period of just a few years.

      • 86

        Actually, there are also many companies out there that will put a portion of your salary into an account for you without you having to put any money into it yourself. It’s called profit-sharing. I’ve worked for three companies in my career that did this and it was one of the best opportunities that I’ve ever had. In fact, after the first company I worked for did this, I have since looked for and only worked for companies that provide profit-sharing as an employee benefit.

    • 87

      Publix supermarkets will match 6% of your paycheck.
      And on top of that, they will also give you shares of stock for free.
      You just have to get a job there and stay there to become invested.

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  30. 90

    Very insightful, it clearly shows that it takes money to make money, and maybe even a little risk, no fear here! Rich people aint ever scared lol

  31. 91

    Invest in real estate? Lol. That’s one of the worst investments out there. The housing market tanked in 2007 and still hasn’t returned to normal. Houses are still worth half what they were worth 7 years ago.

    • 92

      Actually Mike that’s not entirely true. If you buy a house just for appreciation, then yes, it can be a bad investment. I buy single-family homes as an investment and rent them out for the cash-flow and I’ve not lost money on them yet. I own many and have made a small fortune doing so. I could care less if the ‘value’ goes up or down as long as they’re cashflowing.

  32. 93

    Trout fishing is the only “reel” answer …………….. get off the rat wheel…. it ain’t worth worrying over… The more we make, the more they take… all equals out in the end …. three score and ten is all we have in this life… focus on your passion and make enough to support that………… cheers…………………………….

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  34. 95

    Passive Income streams are better than the train wreck created by Wall Street again and again. Get out of the rat race and into the driver’s seat. R-E-A-L E-S-T-A-T-E passive income streams with built in depreciation and interest write-offs. Money mangers mange your money into their pockets!

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  36. 97

    if there was a real answer how to make money no one would say it…… because only under 4 percent even make 200k………… they keep the real money a secret………

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    • 99

      I made my fortune selling drugs to the middle and upper middle class. Huge market of junkies who have parents that have plenty of disposable income.

  38. 100

    In America today, this title absolutely does not apply. If you work and create wealth with your toils, you WILL have it taken from you. So, how do you really get rich in America today? you have to betray and then steal other peoples money.
    In case you missed the announcement, Cyprus-style bail-ins are coming to a bank near you.
    On November 16, leaders of the G20 Group of Nations – the 20 largest economies – made an important decision. The world’s megabanks now have official permission to pledge depositor accounts as collateral to make leveraged derivative bets. And if they lose a bet, the counterparty to the contract . . . has first dibs on your money.
    The governments of these 20 countries are now supposed to put these arrangements into law. Most, including the US, have already done so.
    The only provision of Dodd-Frank that has any teeth is the provision that says if the big banks are going to be casinos and gamble on derivatives, they cannot do that in the depository institution where depositors have their accounts. They have to farm it out into subsidiaries. So, if the subsidiaries get into trouble, the subsidiaries have no access to depositor’s money. This is the only real reform part of Dodd-Frank. Citigroup got put into the recent spending bill, the repeal of this, so banks can gamble on derivatives, and taxpayers and depositors are on the hook for the losses. Why would you do that unless you had a lot of derivatives trouble. It could easily be the oil derivatives. . . . The banks can gamble all they want and they are covered by the FDIC, which has no money. . . . This gives the banks access to depositor’s money. . . . This is sick, and it shows the United States government is the most corrupt government on earth, far more corrupt than Russia or China.
    So, stories like this are all we will have as our media parrots press releases from their corporate owners turning our once great nation into a giant Skinner box where our self appointed elitists can manipulate our behaviors with just a few choice words. So, by all means, go get rich. BHAHAHAHAHAHA . . . .

    • 101

      wow! An informed comment? What the hell are you doing in this place? Who told you what’s going on? if you learn to read between the lines they will poke out your eyes! Be careful now and think real hard what does that mean you should put your money in?….. follow the money do as they do not as they say.

    • 102

      You’re absolutely right. The surest way to wealth is to steal it (Wall Street), to evade antitrust laws to avoid competition and force even those who don’t buy your product to give you money (MIcrosoft and Apple), to outsource industry and jobs to slave-labor markets (Apple again), and–most of all–to “invest” in the government by buying politicians to make sure you get things like set-your-own-price/no-bid contracts and massively overcharge the government (defense contractors), over-the-top copyright protection (Hollywood), to impose artificially high prices for your product (Big Pharma), etc. For this those same politicos not only get legalized bribes (called “campaign contributions”) if they play nice they (and their family members) get cushy “jobs” paying hundred of thousands if not millions of dollars each year as their “reward” even if they lose the next election (on the other hand, if they don’t play nice, they and their families get blacklisted.

      As for getting rich by building a better mousetrap or delivering a superior service–that is SOOOO mid-20th century!

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    Some other ways to wealth…the old tried and true , marry well. View marriage as a business deal. Be kind to your well off relatives. Who knows you may get lucky and be in a will. Just some thoughts from a middle aged man, who married for love (big mistake) and who should of kissed some butt to get in some wills.

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    In order to have $ 300./month be 6% of your salary, you have to be making $ 60K at age 25. MOST people aren’t in that boat.

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  45. 110

    Don’t focus on money for money sake. Do what you love and love what you do. who cares how much you make if you spend thirty years doing a crap job that is not rewarding to you. I have tried the government job and the private sector and been paid well by both in the end I was miserable until I found a lower paying job that I loved. My passion for my work led to many better opportunities than I could have dreamed of in my stable safe and desirable jobs! And saving money is like hording and shouldn’t be allowed because new money has to be created to keep the economy going causing the original money to devaluate, so its never a good idea to let anyone accumulate large hoards of anything in a healthy working system a reserve yes a stockpile no. My opinions for what they are worth, but I’m a happy man so I’m better off than most!

  46. 111

    hardworking manual labor is how I get rich from 8am-7pm making 18 an hour. im able to save between 500-700 a month depending on what I buy. its a slow race but it has always gotten better since I ve started working 6 years ago. im 26 now and have managed to save just under 20,000 living on my own, time flys when you work it to death 🙂 not a better feeling in the world like a Honest Hard days Work. it all started with me being on food stamps for about two years, 6 years ago I was making 8 bucks an hour getting 30 35 hours a week only, and rent was 400.. so I found a second job that paid 8.50hr, I would work 5am-2pm, then 2pm-10pm. got off food stamps. and continued forward to a job that paid 10.50, than hard work an luck paid off an I found a job that paid 16, then a second job that pays 20 cash for an hours work all year round.. plus dinner. life on lifes terms

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  48. 113

    Live a greedy stressfull life saving every penny and being on phone all the time. No time for kids or do anything fun just so you have money when your old laying in bed and cant do half the entertaining stuff you could have when your younger. You only live once people! Live a comfortable life and enjoy yourself (I do work but, I go golfing, fishing and I have kids, and a grandson I enjoy!)

  49. 114

    Sweat a little bit…go to eharmony find a Millionaire widow from California or Florida, get married and you are already rich.

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    He forgot things like don’t get a major illness or disability (or have a family member or spouse do so), don’t get sued, don’t be affected by a natural catastrophe or accident, etc. Can we put these Horatio Alger stories to rest? I’ve been doing all the above for decades and I’m not rich–maybe OK, better than most, but rich?–no.

    As for the real estate/startup/ etc etc etc strategies, statistically speaking for every “hit” there’s thousands and thousands of “misses”. It’s like a football coach going for an onside kick every kickoff or a Hail Mary on every play, there’s more than can go wrong than can go right.

    Can’t we be honest and say the surest way to wealth in today’s America, the one with by far the highest correlation coefficient, is to be born into it? If your parents are rich, then you will be rich too, no matter how actrocious or stupid your habits.

  52. 117

    The two ways to get rich that work every time….. steal like a billionaire, if you can stay out of jail you will be rich as gates, or be born in to a rich family. That’s the two ways, take your pick, all the rich guys did already.

  53. 118

    Don’t get married. To often, no only do you have to make excuses for working long hours, after they’ve been supported for 20 years, they want 1/2 or more of what’s left when they run off with another woman.

  54. 119

    The article had a lot of good advice, but of course everyone’s situation is different, and every suggestion won’t work for any person.

    I liked the emphasis on starting your own business. I’m self-employed, and according to the IRS, I own a schedule C business. But a business isn’t always complicated. It doesn’t always take money, or buildings, or inventory.

    I am a professional poker player. I started playing poker tournaments 10 years ago,, and started playing full-time 5 five years ago. Since I am self-employed, whatever I do for income is considered my business by the IRS. That means that all reasonable expenses are business deductions, for example, hardware and software to play onine, net loss tournaments (net win tournaments are income) and poker books.

    That said, there is no free lunch. I study game theory, follow poker forums and buy poker books to keep up with the changes in poker theory.

    I work with flash cards, doing a lot of memorization. If someone is playing about 40% of his hands, I need to know what that range (the top 40% of hands) looks like. I need to know where my hand ranks against a top 10% hand, or against a random hand. I need to know the expected value of playing a weak hand when receiving good odds. I study at least 15 hours a week and play at least 45 hours weekly.

    Most of all, I have to be good at managing my money, both at the poker table and away from it. Tournaments specialists have very irregular incomes, and have to manage their money well to be successful. If you’re self-employed, no one is putting money in your 401k or playing for your health insurance–it’s all on you now.

    You can turn almost any idea or ability into a nice income if you have the guts to go out on your own. But keep in mind that for every athlete or actor or poker player who makes a million dollars a year, there are just as many that never make any serious money. The actor might be waiting tables during the day and going on auditions at night, One very successful vocalist (the lead singer of Pentatonix) was rejected twice by American Idol. And yes, poker players crash and burn all the time.

    If you have the talent and the drive to turn what you’re good at into a business, go for it. Most of the richest people in the US didn’t inherit their wealth. They worked very hard doing something they loved, often starting with nothing but an idea (Bill Gates is a great example)

  55. 120

    you can also not put everything on the side, enjoy your money and live everyday like it was your last, you might never get rich but your life will be a lot more interesting

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