What are your tips for acquiring wealth and riches?

[Solly]

What are your tips and techniques in acquiring wealth and riches ?

Are there things you'd liike to share ?

Are there things you do everyday that help you on your way to success ?

Let's hear from as many as possible.....

 

[Trevor_S]

Re: What are your tips in acquiring wealth and riches ?

What are your tips and techniques in acquiring wealth and riches ?

1. Don't lose money
2. See Rule 1


http://travismorien.com/invest_FAQ/content/view/26/25/

 

[fodder-oz]

1.Live within your means.
2. Have a good Budget i.e spend alot less then you earn
3. Save 50% of your income.
4. Invest savings each week/month pay period.
5. Don't spend money made, keep earning interest on interest.

6. Starting your own business can help you get there if you can get it up and running in the first few years and survive.

7. Read the book Millionaire next door is a great starting point and rich dad poor dad is good for begineers.

Alot of people with flash cars and houses are up to their eyeballs in debt. You would be surprised who the millionaires are out there who you would never pick.

 

[bunyip]

What sort of wealth and riches and success are you talking about, Solly? The financial kind, or the other kind?

I've just finished a 2 hour breakfast on my veranda. Healthy food, rolled oats and rice milk with chopped fruit, followed by grapes and peppermint tea. As much as I wanted, no shortage. Beautiful Autumn morning of about 23 degrees, bright sunshine and blue sky, a nice garden of almost 2 acres to look out on, magpies carolling as they walked around the garden helping themselves to breakfast. Lots of other birdsong to entertain me as well. No traffic noise, thanks to living on six acres in a rural area.
Now I've wandered into my lounge room, sat down in my recliner, and cranked up my laptop to download the latest Forex data to see if there's any trades for me.
And logged into ASF to see whose been saying what.
On the weekend my wife and I will head for Brisbane to meet our kids at Colleges Crossing, which is a public recreation reserve in the form of a beautiful barbeque and picnic spot in a most attractive park-like setting on the banks of the Brisbane River, just west of Brisbane. We'll have a barbeque and then paddle up the river in our kayaks, and just generally enjoy each others company. We'll also enjoy the fact that we live in this great country where these sort of facilities are provided free of charge, and we have the lifestyle and climate and freedom to enjoy them.

Irrespective of any financial considerations, I think I have a rich lifestyle by many standards, particularly compared to people who live in troubled regions of the world, and don't have access to the sort of lifestyle and freedom that can be enjoyed in Australia.

 

[Ageo]

A good rule of thumb is any excess you have you should save 80% and spend 20% (80/20 rule but if you can save more thats great) and of course this goes hand in hand with your income vs expenses.

Remember Income should only pay the expenses that are necessary (water/power etc...) if your living at home then even better. Any extra spending then falls into the 80/20 category which should then be spent wisely, of course the more extra income that you have left the more you will have to spend and save.

Once you find yourself with extra cash then you need to keep it earning (make sure its not being lazy) any simple investments that compound will show you a massive difference in 5yrs, of course knowing what to invest in at what times always helps so you need to continue learning (and ASF is a great place).

P.S if you have any debts then i would suggest that 80% of your savings to dump onto it (if not 80% then a majority).

The simple key is this

*less debt means less money out *more investment means more money in.

Of course you know your on the fast track when your passive income covers your expenses by 2times.

Enjoy

 

[Tysonboss1]

Follow the one golden rule : Spend less than you earn, and invest the excess in income producing assets

following this rule will turn a poor person into a millionaire, breaking this rule will turn a millionaire into a poor person.

Remember, Money is like a game of basket ball, you have to play strong attack as well as defence if you want to win.

their is no point earning $100,000 a year if you spend $101,000 a year,

If you spend less than you earn you will clear debt and generate savings and wealth.

If you spend more than you earn you will burn your savings and wealth and generate debt.

 

[It's Snake Pliskin]

What are your tips and techniques in acquiring wealth and riches ?

Are there things you'd liike to share ?

Are there things you do everyday that help you on your way to success ?

Let's hear from as many as possible.....

Develop the right mindset and attitude.

Spend a percentage of your income on education and learning. Buy books, cd's dvd's, do short courses, seek the right people in the industry not just spin offs.

Be suspicious of people who say it is easy without work. There are many scams around.

Choose multiple sources of income, just relying on earned income alone is what socialists do. (actually they love handouts etc)

I have adopted the belief that I will not be in a state of retirement in the future but just in a state of relaxed management of life and business. (providing the socialists don't change things)

Know what your threats are to strategically position yourself. A current threat to all Australians is the socialist mindset of handout acceptance and a nation going into debt, for eg.

Saving money is not the way to riches, unless you have a very high income and interest rates are over 10% constantly.

 

[It's Snake Pliskin]

Re: What are your tips in acquiring wealth and riches ?

1. Don't lose money
2. See Rule 1


http://travismorien.com/invest_FAQ/content/view/26/25/

Yes but you need an acceptance of risk to make money. Sometimes that risk is relised in the form of a loss.

 

[CanOz]

What are your tips and techniques in acquiring wealth and riches ?

Intend it.


CanOz

 

[JAKSPARA]

nice one white_goodman lol:

what movie is that from??

remember seeing it a few years back and thought now theres an idea!

 

[korrupt_1]

...Beautiful Autumn morning of about 23 degrees, bright sunshine and blue sky, a nice garden of almost 2 acres to look out on, magpies carolling as they walked around the garden helping themselves to breakfast...

compared to people who live in troubled regions of the world, and don't have access to the sort of lifestyle and freedom that can be enjoyed in Australia....

You paint a good picture Bunyip. I think the point of being 'rich' and 'wealthy' is relative....

I think someone in Africa, Asia, etc would look to us and envy what we take for granted...

 

[moXJO]

nice one white_goodman lol:

what movie is that from??

remember seeing it a few years back and thought now theres an idea!

The old Lock, Stock movie

 

[stl_08]

Find some wet snow and the biggest hill u can find and start rolling

 

[Old Mate]

Lol White. I love that movie...one of my top 5

 

[metric]

vote liberal...

 

[bunyip]

It would be presumptuous of me to tell you all how to acquire financial wealth. So I won't. What I'll do instead is tell you about the advice I've given my kids for when they join the workforce.

* Open two bank accounts - one for investment, one for daily living expenses.

* Draw up a budget to keep track of your finances.

* Put at least 20% of your income, preferably more, into your investment account each pay day. The remainder goes into your living account.

* Don't touch the investment account for any purpose other than investment.

* Borrow money to buy a house just as soon as you've saved the deposit and can borrow the rest.

* Live in the house yourself for at least a year so it doesn't attract capital gains tax if you sell it.

* Get other people to pay off the house for you, either by renting rooms to them or renting the whole house to them.

* Use the increasing equity in your house to raise more capital for another house as soon you can afford to do so. Repeat this process over and over again. Keep getting other people to pay off your houses for you.

* Give preference to growth areas in growth states like Queensland, where more than 2000 people from interstate are moving every week.

* Use big supermarket chains to guide you as to where the next growth area will be. When you see Coles or Woolies build a big new shopping centre in a new area, you can bet your bottom dollar that a boom is just around the corner for that area. I've seen it repeatedly. The big retail chains really do their homework when deciding where to build new shops.

* Use stockmarket slumps as buying opportunities to build a blue chip share portfolio. But don't buy while the market is plunging. Wait to see which companies get wiped out and which survive. The ones that survive will come out of the slump lean, mean and efficient and positioned for strong growth when the economy turns the corner.

*Join the ATAA so you start mixing in trading circles and learn about technical analysis. When you can adequately fund a trading account, start trading currencies with just a very small portion of your capital until you achieve a decent level of proficiency. Currency trading has the sort of profit potential that can significantly boost the earning power of those who become proficient traders. In fact it can replace job income eventually.

* Spend modestly on inspirational books. A simple little book like 'The Richest Man In Babylon' will inspire you to stay on track and achieve your wealth creation goals.

* Seek the company of successful people....success tends to rub off.

* Write down your goals and read through them regularly.

* Enjoy life along the way. Make provision in your budget for recreation and social life to keep you in touch with friends and ensure that you stay interested in your life.

My youngest daughter has just left school and is already putting this plan into action. She's working for a year before starting uni, and she already has two bank accounts and is putting 30% of her fortnightly pay into her investment account.
My eldest daughter will finish uni at the end of this year and is mad keen to start implementing her personal wealth creation plan.

 

[waza1960]

Another idea along the lines of White Goodmans ....Start off internet business selling penis enlargers guaranteed to work 100% of the time,charge say $50/item and you actually send magnifying glass (well it does work so not illegal I would think) Also Surefire Fly Killer Guaranteed 100% again charge what you want and you send two small wooden blocks with the following instructions ...Place fly on block A and hit with Block B

 

[beerwm]

Develop the right mindset and attitude.

Spend a percentage of your income on education and learning. Buy books, cd's dvd's, do short courses, seek the right people in the industry not just spin offs.

Be suspicious of people who say it is easy without work. There are many scams around.

Choose multiple sources of income, just relying on earned income alone is what socialists do. (actually they love handouts etc)

I have adopted the belief that I will not be in a state of retirement in the future but just in a state of relaxed management of life and business. (providing the socialists don't change things)

Know what your threats are to strategically position yourself. A current threat to all Australians is the socialist mindset of handout acceptance and a nation going into debt, for eg.

Saving money is not the way to riches, unless you have a very high income and interest rates are over 10% constantly.

I think Snake has the right idea. education/ability

money * %/pa = Riches

i'd focus on increasing %/pa rather than savings,

anyone can stash cash in the bank - thats more financial security than riches.

 

[gfresh]

Bunyip's tips seem like good ones.

I think having a car that is fully owned from day one, and learning how to do your own mechanical repairs can save you in the order of literally thousands of dollars a year. For most people their car is their second largest asset, and unfortunately they are depreciating assets, wasting too much money on them is one of the best ways to throw money away.

Also having additional money generating ventures other than your "day job" can help you get ahead. I have two extra ones which can be used now and then when I wish to work harder to earn extra money. Always be on the lookout for further ones, they can often come along.

 

[Smurf1976]

A simple rule, do not buy anything that is poor value.

That applies to everything from mobile phones to how you heat the house. Some people pay $3000 a year to make pointless phone calls and download jokes on the internet. Meanwhile, others get perfectly adequate phone and internet service, which is just as good as what the big spenders had 12 months ago anyway, for a quarter of that price. They're the ones who end up rich...