TheRichSolutionsBlog

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I want to be wealthy, I hear about so many people who came from poor backgrounds who are now millionaires & billionaires. When I read books on investing, wealth building etc it always talks about investing in real estate or something else that requires more money then I currently have.

How can an average person like me become wealthy or at least very financially comfortable in 5-10 years? I’m a single parent that is tired of living paycheck to paycheck, I want financial freedom. Not sure where to start if I only have $200 bucks to invest.
Not interested in scams either.

Good advice appreciated. Thanks!

To be rich, you need to be smart. I understand you might have a lot of money but there are ways to make yourself rich. First of all, look at your expenses and eliminate unnecessary expense. Do try to learn to budget your income because its very easy to spend it without realizing it. A couple of dollars saved a day translate to a saving of more than 1000 dollars annual. (more than enough to buy a treasury bond). For your investment strategy, look into mutual fund. Some of them probably allow you deposit minimum of 500 so that’s not too hard for you. Regularly put it in a mutual fund (which you can the sector the fund is in, which gives you exposure to bond markets, money markets and stock markets). Remember first step to become financially successful is to control your spending. Second is to make your money work for you (investing it to make more return).

With medical expenses raising each year, cost of living and general day to to day living, what annual income or % of your current income would be enough for you to retire? Are you building wealth?

I’ve used this metric for years — it’s called FTI (for "F*** This" Index, ha ha):

FTI = Age * Net Worth / Yearly Expenses

When your FTI passes 1000, you’re probably good to retire. As you age, the number goes up because you have fewer years to support yourself. Obviously, a higher net worth and/or lower yearly expenses help, too.

It’s not terribly precise, but it’s useful for measuring your progress.

Good luck,

Doug

wealth products includes mutual fund,life insurance,gold,ulips etc…..this is for ma final project of bba degree…..plzzzzzzzzz anyone help….
i am doing ma research in indusind bank…and i wanna collect information from various banks like sbi.hdfc,axis,federal bank,icici etc…..
the questionnaire is meant for investors…whereas a questionnaire to the bankers are also neede…plzzz help.

You get an "F" in spelling, grammar, and punctuation.

plzzz help me understand what the heck it is you’re doing, ma brain neede help.

I read something about getting wealth from nothing. Not a business or a job but wealth building.

The idea that you can bulk buy something and sell it individually ( for a small profit ) and then use the money to bulk buy something else etc etc. And you keep going and you accumulate wealth.

Like you bulk buy some coffee and make individual bags and sell them. Is this a good way to make money and does it work ? Has anybody tried it and if so what are great things to bulk buy.

I realise that this question is all about money but please don’t reply with any spam ok ? ( or is that too much to ask ?)

Yes you can but you have to find a way to avoid competition with the big boys or else your margins will be too thin or you could get wiped out. Of course you know that there is no reward without risk but avoiding the obvious risks is a good start!

One way to avoid competition would be to do this in a place where money is scarce - like in Russia the first year after the collapse of the Soviet Union.

Another way to avoid competition is to have a niche business where you offer a highly specialised service that other people don’t want to do but for which there is demand. Take a look at eBay where you will see thousands of people doing this. I have been able to find spare parts for 50 year old pieces of equipment that way.

However, your posting is about wealth building. It is very hard to get rich this way because you also need an income. The cost of running your business and the time you spend on it will eat into your profits. The reason why Russia was such a goldmine is that there was no cash in the economy and the banks did not lend so that the market was open to anyone who already had a few pounds or dollars. I don’t think the eBay seller who had parts for my loudspeaker is going to get rich. He is probably just covering his costs.

I read something about getting wealth from nothing. Not a business or a job but wealth building.

The idea that you can bulk buy something and sell it individually ( for a small profit ) and then use the money to bulk buy something else etc etc. And you keep going and you accumulate wealth.

Like you bulk buy some coffee and make individual bags and sell them. Is this a good way to make money and does it work ? Has anybody tried it and if so what are great things to bulk buy.

I realise that this question is all about money but please don’t reply with any spam ok ? ( or is that too much to ask ?)

Thats how everybody else does it, tesco, discount stores, etc. It does work as I do it on a very small scale selling dog products it earns me £100 a month roughly but u need to find out what sells and what doesnt.

I want to be quite well off when I’m older, but everyone says that the earlier you start thinking about your money, the better off you are.
So I am 16, I’m going to study architecture at uni, and i have a job that pays about $4000 a year. I also have a little bit of money in long-term shares.
I was just wondering if you have any advice for ways I could create more money.
Thanks,
and yes, I’m serious

Buy some treasuries.

Depending on which one you tell me. What are the investments that I need to be going after if it’s growth? What are the investments that I need to be going after if it’s income? Are Blue Chip stocks great for building wealth and income?

Pick up a few books and read up on stocks. Go for low risk, low yield stocks first since you are new at this. Read as much as you can and watch youtube videos and documentaries. If you find the topic interesting then open a brokerage account somewhere and start buying stocks. Don’t open a forex account, I know lots of ads are out there promoting forex but trust me stocks are much better and safer to start out with.

I recommend a low fee brokerage like sogo who charge $3 a trade and also give you 100 free trades to start so make your first few trades really small ones. Trust me when you are playing small for the purpose of learning then you don’t need people charging you $10 a trade like most brokers do so sogo is good in that respect.

https://www.sogotrade.com/Setup/Default.aspx?rf=392837

Later if you become more seasoned you might want a fancier broker. And one last word of warning, never never buy and sell the same stock in the same day more than three times a week. It’s the PDT rule.

While you are learning about stocks also read up on options. That is a must if you want to be an investor.

Hit amazon and look for 5 star reviews on books. It all depends on how seasoned your uncle is on the stock market so I cannot answer but here is a hint, if he is not a total noob get him this book on options:

Option Volatility & Pricing: Advanced Trading Strategies and Techniques by Sheldon Natenberg

is sustaining the economy more important than building wealth on social status

Middle class baby, that is what has made America great. For ex., Mexico has a relatively small middle class, and an even smaller upper class. However, the upper class runs everything, and exploits thier employees ($2.40/day avg wage), not to mention the corrupt government. You need a strong middle class to sustain an economy, and to keep a check on government power.

Peace and Love

Character is better, wealth can be stripped from you in a second.