Ways to build wealth at a young age?

[ROE]

The best way to get rich is run your own business
Or have highly paid job and invest
Most of the excess cash..

Otherwise do what most people do
Find a job you enjoy and spend less
Than earn and invest the saving by
the time you retire
You should have a decent bucket..

It is possible to acquire millions having a
Normal job you enjou and invest wisely...

If I have my time again I do exactly the same thing
Find a job I enjoy and can work well into my 70s
and start invest and have family early in
Life...

When you have a job you enjoy you are
Less stressful and you tend to do well in that field
You have plenty of time for your kids and
Plenty of time to invest and enjoy life

No need to get excess rich -

Three things make people happy
1. Their job
2. Their health
3. Enough money to do their stuff they like on a daily basis

If you got a job you like and healthy that 2 out of three
You just need to slowly build up number three with time and
Compounding

 

[Gringotts Bank]

The best way to get rich is run your own business
Or have highly paid job and invest
Most of the excess cash..

Otherwise do what most people do
Find a job you enjoy and spend less
Than earn and invest the saving by
the time you retire
You should have a decent bucket..

It is possible to acquire millions having a
Normal job you enjou and invest wisely...

If I have my time again I do exactly the same thing
Find a job I enjoy and can work well into my 70s
and start invest and have family early in
Life...

When you have a job you enjoy you are
Less stressful and you tend to do well in that field
You have plenty of time for your kids and
Plenty of time to invest and enjoy life

No need to get excess rich -

Three things make people happy
1. Their job
2. Their health
3. Enough money to do their stuff they like on a daily basis

If you got a job you like and healthy that 2 out of three
You just need to slowly build up number three with time and
Compounding

What's with the
Use of poetic
Style of layout?

I guess it makes
For easy reading,
And that might ensure
Better understanding.

Each line
Begins with a capital letter,
And each stanza
Has its own theme.

I've noticed one feathered
Critter on ASF
Was the first to
Successfully adopt such a tactic.

Tricky.

 

[Julia]

Sam, your life path probably needs to be about more than money. One of the reasons so many people are up for studying for a few years in order to have a professional career, is not just the financial reward, but the social interaction that comes with it.

This might be something you find irrelevant. You might be entirely happy in your own company, trading.
But most of us need social interaction and many careers are built on family and social connections.

Once you have a good education, it's with you always and it's a lot harder to acquire later in life when - due to other commitments - you're obliged to hold down a full time job.

I'm not attempting to change your previously expressed view on this, but maybe a longer term focus on your future might balance out some of the impatience you seem to be feeling at present.

Kurwo..... gave some interesting stats above. Always the pessimist, I'd just add that we need to remember the number of businesses that fail.

 

[ThingyMajiggy]

Interesting replies.

Trading for me would be my business, I don't see why starting a business is the best way, when 1. You need a business idea to create 2. You need a huge lump sum of start up capital anyway and 3. 75% or whatever the latest percentage rate is of businesses fail within the first 2 years.

I have a much better chance of trading successfully seeing as I have much more experience in this than I do starting/running/sustaining my own business.

Yeah I guess I'm different to everyone else Julia, I don't need to do a course for social reasons. That is just a waste of time to me, I'd rather do what I want to do and push for something that my heart is in.

Lone Wolf, yeah that is where I'm at now, I feel I can trade crude well and have had around 6 losers in the last 100 or so trades so things are going okay, and I am of course saving as much as I can.

Thanks for the replies thus far, interesting read At least it's making me realise what I don't want to do, that's better than nothing. I have some idea now how I am going to build up, tech and Lone Wolf are on the money for me

I'd much rather build up my own self made wealth than inherit or get it some other way, much more appreciated and I think it'd help in being less reckless when deciding what to do with it and how.

 

[TheUnknown]

property reno/property development now currently overseas and got a lease on 40 new cars to set up a taxi service business estimated return of $1200-$1500 per day.

 

[tech/a]

property reno/property development now currently overseas and got a lease on 40 new cars to set up a taxi service business estimated return of $1200-$1500 per day.

Great hints for someone young and under capitalized.
For tosser value I score a 9.5.

 

[TheUnknown]

Well your input was better..how 20 years ago someone made money LOL or this part Sir O
here at ASF had Peptec at a few cents and sold at $3s making 100s of Ks.

tosser value i score 10.

i answered the OP by saying how i made money not bragged,clearly it said property reno/development and business venture they BOTH are easier to make money then SHARES.

 

[tech/a]

Well your input was better..how 20 years ago someone made money LOL or this part Sir O
here at ASF had Peptec at a few cents and sold at $3s making 100s of Ks.

tosser value i score 10.

i answered the OP by saying how i made money not bragged,clearly it said property reno/development and business venture they BOTH are easier to make money then SHARES.

Well---
Having experience in both
Have a Civil Construction Company and
Have run many of my own developments.
There is a time/place/ capability
All three for the OP are missing.

Practical value then I score a 0

 

[ThingyMajiggy]

There is a time/place/ capability
All three for the OP are missing.

Huh??

 

[tech/a]

Huh??

Sam
Your not serious?

Time
Now is not the time for property Reno development
Or new business venture
Place
Here and now
Capability.
You don't have the capital for either.

 

[db94]

I myself am in the same situation as you. I'm 19 years old and currently at uni, looking for ways to build some wealth. If you find a good way, let me know :

On a serious note, I have traded shares and had some success and some losses as well. It appears my biggest trouble is getting enough capital to invest properly, which sounds like is your problem as well. From what Ive learnt from others who are successful, it comes down to hard work, discipline and perhaps a bit of luck.

I guess it comes down to your definition of 'wealth', time frame to get wealthy and how much risk you'll take.

 

[ThingyMajiggy]

Sam
Your not serious?

Time
Now is not the time for property Reno development
Or new business venture
Place
Here and now
Capability.
You don't have the capital for either.

Ahh I see, I thought you mean't I didn't have time, was in the wrong place and had no capability, didn't realise you were referring to the property reno development my bad!

 

[tech/a]

I myself am in the same situation as you. I'm 19 years old and currently at uni, looking for ways to build some wealth. If you find a good way, let me know :

On a serious note, I have traded shares and had some success and some losses as well. It appears my biggest trouble is getting enough capital to invest properly, which sounds like is your problem as well. From what Ive learnt from others who are successful, it comes down to hard work, discipline and perhaps a bit of luck.

I guess it comes down to your definition of 'wealth', time frame to get wealthy and how much risk you'll take.

Lots and lots of luck.
As the saying goes

" the harder I work he luckier I get "

But I look at it a little differently.

(1) Look for opportunity
(2) Learn how to take advantage of the opportunity
(3) DO SOMETHING!

Most recognize opportunity
Few know how to take advantage of it or are in the position to.
Of those that can ---- few do anything --- frozen with fear!

Ever noticed how those who take advantage of opportunity and are successful
Many spectacularly so are often seen as terribly LUCKY!

Are they?

 

[tech/a]

Ahh I see, I thought you mean't I didn't have time, was in the wrong place and had no capability, didn't realise you were referring to the property reno development my bad!

Haha
The English language.
Clearly I lack clarity!

 

[Smurf1976]

It is possible to acquire millions having a
Normal job you enjou and invest wisely...

....


Three things make people happy
1. Their job
2. Their health
3. Enough money to do their stuff they like on a daily basis

I'm doing a normal job (electrician) but I choose to put in the effort to be more valuable than the average worker in this trade. That plus I've gone into a specialised field of work = well above average pay.

Downsides? Well there's only one employer in the state doing this work so a change of job would mean either dropping the specialist stuff, and likely a big pay cut, or moving. But it just so happens that I like the work - actually most of it I don't really consider "work" as such - that I'm being paid to do it doesn't change the fact that I actually like it. So there aren't really any downsides of significance to me personally.

Health - Doing my best to look after myself as well as I can. I'm no athlete, but I'm no couch potato either.

Money - So long as I seek value when spending, I have enough money to do what I want. If petrol goes to $5 a litre (for example) then I'll still go for a scenic drive on a Sunday afternoon if I want to, it won't worry me in the slightest. A key point there is that my lifestyle is fundamentally low cost, such that most expenses are discretionary.

I own the house outright and it's in good condition - so it costs very little to maintain and I can DIY (to a high quality standard) practically anything that needs doing anyway. I drive a modest car - I could pay cash for a brand new one tomorrow but I'm quite happy with the old one I've got now. I like doing the garden so I won't be paying someone to do it for me. I don't need a new phone, TV and computer every 6 months in order to be happy etc - that alone saves a fortune.

But then I'm more than happy to spend on things I like. If a band that I like is touring then I'll quite happily spend $1000 on a weekend away to go to the show. Air fares, airport parking, taxis and hotel at the other end plus the actual concert ticket - not cheap but then life is for living and I can afford to do what I want to do so I'm happy.

In short, I choose to be happy. Rather than whinging that economy class travel isn't brilliant, I just take it as part of the experience. A century ago few would have believed that it would even be possible to get from Australia to the US (for example) in less than day. So I'm more than happy to be living in 2013 - sitting in a seat that doesn't recline much and eating mediocre food on the way is a trivial matter really that just doesn't bother me. I'd rather invest more money than spend it on a bigger seat that I'll only sit in for a few hours anyway.

Investing - The main thing I've learned there is to do it sensibly. Get rich gradually, don't aim to be a millionaire by the end of next week. Personally, I'm focused primarily on building a passive income via investment. All investment income is currently put back into more investments, as is a fair bit of my income from working. Good income, low living costs = plenty left over to invest.

Focus on being happy and then everything else becomes a lot easier in my experience. And if you find reason to complain then just consider what life was like for previous generations, all those people fighting wars right now or suffering serious illness and so on. That puts things into perspective pretty quickly and turns a lot of "needs" into what they really are - "wants" that you can choose whether or not to spend your money on with minimal consequence if you don't buy it.

 

[SuperGlue]

Trading for me would be my business,

I feel I can trade crude well and have had around 6 losers in the last 100 or so trades so things are going okay, and I am of course saving as much as I can. .

If that is what you want, try or keep trying for a trader's position with one of the Proprietary Futures company, use their money to do what you love i.e trading.

 

[ThingyMajiggy]

If that is what you want, try or keep trying for a trader's position with one of the Proprietary Futures company, use their money to do what you love i.e trading.

I have. I was at Propex for 8 months, but they wanted me to trade the boring local crap that I have never traded before, plus I have to be in Sydney to do that. Which is massively expensive. My only option left as far as prop goes would be something online like Top Step Trader, but I still can't decide what my opinion of them is yet.

 

[waimate01]

Just curious as to your thoughts on ways to create/build wealth for a young person these days, I am in my 20s and was just thinking over what I could do to build up some wealth, obviously as fast as possible.

Get a job, work hard and always go the extra mile with no expectation of immediate reward.

Do that for 4-5 years, then quit and start your own business. Work hard and always go the extra mile with no expectation of immediate reward. Treat your staff well and ensure they are rewarded when they go the extra mile (it'll make them go three).

Do that for 5-10 years, and start making some serious money. Pay off your mortgage. Get debt free. Then start investing.

Pretty boring, I know. But overwhelmingly the proven and most reliable path to wealth (say $5-$10m net)

 

[boofis]

I have. I was at Propex for 8 months, but they wanted me to trade the boring local crap that I have never traded before, plus I have to be in Sydney to do that. Which is massively expensive. My only option left as far as prop goes would be something online like Top Step Trader, but I still can't decide what my opinion of them is yet.

Don't try out for TopStep would be my opinion.
Start trading 1 contract and only 1 contract sim on Crude for just one month, during that month beg your parents/mates/strangers on the internet to let you live at theirs for free and if you have any bites then take them up on the offer while you go live with 1 ctr on crude. What you got to lose at our age?...answer: hopefully alot less than we have to lose in 20 years time :

waimate01, if we were to liken life choices to trading, would you say your method has an edge?

 

[medicowallet]

Ok.

I think for a young person the best place to invest is in YOURSELF.

Firstly time is akin to money. wages represent time that you have invested into a pool which you can use to save time or recruit the specialities of others to supply you services or goods.

However if you invest wisely be that in investments or businesses, I think the greatest goal one can aspire to is income generated that is in excess of the equivalent wages you can earn as a full time employee.

So how would I invest my time and money if I was in my 20s again?

1. I would make sure that my qualifications are competitive in my field
2. I would make sure that my experience is competitive in my field

(1 and 2 need to be in balance)

3. I would try to obtain a good diversified portfolio of safe investments which show good capital growth, and for most this would be shares and property, with a cash buffer. The faster they rise the faster the fall if they are too risky. I see no difference between having $20 million and $50 million if your lifestyle is not too extravagant.

4. Most will only become very wealthy by "gearing" on the shoulders of others (ie owning businesses)... getting skills in this area is very very easy for those confident to have a go, and very rewarding. = So I would move into a business relatively early ( I was early 20s when I purchased my first business )

5. I would not invest too much time as to not enjoy my youth... This is a big trap that luckily I did not fall into.


MW