'Do you want to be rich?' is the easy question.
Most likely you do, unless you believe you're not guilty.
In that case, you want to be able to live comfortably without worrying about money.
Either way, you have to be rich.
Can you be rich? Most likely you can, but there are many different deciding factors.
First, what does it mean to be rich to you? I'm not talking about being rich with friends, love, caring, or any other feelings.
I mean rich as in wealthy.
How much money makes you rich? When you were a kid, having $100 probably made you feel rich.
Right now, $20,000 seems like a lot of money, but for many, this would not last entire year.
If rich to you means being able to retire at 65 years old and still live comfortably as you are, being rich is very attainable, depending on the next factors.
If being rich means have $1,000,000 by age 40, then again, it very well might be attainable, depending on these next factors.
First, how old are you? If you are 20 years old, you could start saving $5,000 a year in an IRA account, earn a conservative 8% annual return in the stock market, and in 40 years have over $1.
3 million.
If you are 20 and want to have that same amount but retire at 45 years old, several things need to change.
Either you need to save more, get a higher return, or both if you can.
Another deciding factor is how much money you make and how much of it can you save.
If you make over $100,000 a year that's great, but if you can only afford to save $500 a year, your salary does you no good.
You have to cut your expenses so that you can save more.
If you make $40,000 a year and are able to save $5,000, you are actually much better off then the other guy.
Unfortunately, many people can't afford to save a dime.
You might feel like you could never have any sort of wealth, and you won't if you don't change.
You have to find a way to make more money and spend less money.
I never said it was easy.
Another factor is what you do with that money.
If you save $5,000 a year for 40 years and keep it in a jar on your dresser, you will have $200,000.
That's a lot a lot of money, but it doesn't make you wealthy and it's a nothing compared to $1.
3 million.
You have to invest your money.
As long as you are 20 or more years away from retirement, you must invest in stocks.
Bonds just won't earn you the same kind of return.
At best, with bonds you can beat inflation, but you really can't expect much more.
Whether you ever become rich depends on how old you are, how hard you are willing to work, how much less you are willing to live on, and how well you plan.
If you want a lot of money, you need to make goals and build a plan to get you there.
It can be done, but it takes a lot of hard work.
Most likely you do, unless you believe you're not guilty.
In that case, you want to be able to live comfortably without worrying about money.
Either way, you have to be rich.
Can you be rich? Most likely you can, but there are many different deciding factors.
First, what does it mean to be rich to you? I'm not talking about being rich with friends, love, caring, or any other feelings.
I mean rich as in wealthy.
How much money makes you rich? When you were a kid, having $100 probably made you feel rich.
Right now, $20,000 seems like a lot of money, but for many, this would not last entire year.
If rich to you means being able to retire at 65 years old and still live comfortably as you are, being rich is very attainable, depending on the next factors.
If being rich means have $1,000,000 by age 40, then again, it very well might be attainable, depending on these next factors.
First, how old are you? If you are 20 years old, you could start saving $5,000 a year in an IRA account, earn a conservative 8% annual return in the stock market, and in 40 years have over $1.
3 million.
If you are 20 and want to have that same amount but retire at 45 years old, several things need to change.
Either you need to save more, get a higher return, or both if you can.
Another deciding factor is how much money you make and how much of it can you save.
If you make over $100,000 a year that's great, but if you can only afford to save $500 a year, your salary does you no good.
You have to cut your expenses so that you can save more.
If you make $40,000 a year and are able to save $5,000, you are actually much better off then the other guy.
Unfortunately, many people can't afford to save a dime.
You might feel like you could never have any sort of wealth, and you won't if you don't change.
You have to find a way to make more money and spend less money.
I never said it was easy.
Another factor is what you do with that money.
If you save $5,000 a year for 40 years and keep it in a jar on your dresser, you will have $200,000.
That's a lot a lot of money, but it doesn't make you wealthy and it's a nothing compared to $1.
3 million.
You have to invest your money.
As long as you are 20 or more years away from retirement, you must invest in stocks.
Bonds just won't earn you the same kind of return.
At best, with bonds you can beat inflation, but you really can't expect much more.
Whether you ever become rich depends on how old you are, how hard you are willing to work, how much less you are willing to live on, and how well you plan.
If you want a lot of money, you need to make goals and build a plan to get you there.
It can be done, but it takes a lot of hard work.
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