Comments on: How to Start Getting Wealthy Right Now

By: StockStudent

StockStudent — Mon, 18 Aug 2008 14:38:36 +0000

I don’t know about getting rich, but it isn’t as hard as many people think to get wealthy. Investing in something like real estate can really provide some disposable income within a short time.

By: Tapan@inquisitiveaboutfinance

Tapan@inquisitiveaboutfinance — Mon, 18 Aug 2008 01:18:21 +0000

Agreed. These things however need to be timed well. Real estate for example is deemed to be the positive way of investing but but again as we’ve seen in the last few years therez been a big drop and made all think again.

By: jim of Blueprint for Financial Prosperity

jim of Blueprint for Financial Prosperity — Sat, 16 Aug 2008 14:50:30 +0000

Start-Up: I agree, but if things were easy then everyone would do them … and then it wouldn’t be as successful, right? :)

By: Bill in NC

Bill in NC — Sat, 16 Aug 2008 14:35:26 +0000

It’s nice to have saved enough that now (in my 40s) all those online retirement calculators show I’ll have to save an additional *negative* dollar amount/year to meet my financial retirement goal.

But I think it’s the big stuff that counts – on the expense side, think housing and vehicles.

Living in under 1500 sq.ft. and driving a 10 year old car (both paid for years ago) let me free up significant cash flow, even on my relatively modest income.

Continuing to do the above will allow me to add significantly to my net worth over the next couple of decades.

By: Sara at On Simplicity

Sara at On Simplicity — Fri, 15 Aug 2008 20:07:25 +0000

I get my motivation to keep up with the small stuff by using projected growth calculators (like the one at MoneyChimp or Bankrate).

Seeing the projected income curve start off small and get really big is a great encouragement. If I’m feeling discouraged, I’ll check and see how an extra $500 a year will shorten the timeframe, and it keeps me excited about baby steps.

By: Online Dividends

Online Dividends — Fri, 15 Aug 2008 17:53:32 +0000

Nice list LazyMan.
The problem is that in our instant gratification society its tough to invest $1000 today and expect to earn $1000 in dividends/interest off that investment in 30-35 years when you could splurge the money on yourself now.
People want immediate results, and that’s why most would not only not reach the wealthy status, but most won’t have enough saved for retirement as well

By: Start-Up

Start-Up — Thu, 14 Aug 2008 20:43:03 +0000

Every single accomplishment I have ever achieved has come from hard work. Whether it was academic, athletic or career related everything comes through hard work. I am just starting my wealth building phase, but I imagine the success of my wealth building will be due to hard work. Whether it’s entrepreneurial, career advancement or successful saving and investing it’s called work for a reason. It’s not easy.

By: Solomon@ThingsI'mGratefulFor

Solomon@ThingsI'mGratefulFor — Thu, 14 Aug 2008 17:29:31 +0000

My problem is that I keep “starting now”. I don’t seem to have any consistency when it comes to saving money.

By: Lazy Man

Lazy Man — Thu, 14 Aug 2008 15:07:36 +0000

I don’t know much about unit trusts, but I will say that there seem to be any changes in the stock market for the year – unless you count downward changes.

By: AkiraSabine

AkiraSabine — Thu, 14 Aug 2008 14:32:33 +0000

I don’t know much about investments but my mom has helped me buying some unit trusts. However, it’s been 1 year but there doesn’t seem to be any changes. Is it true unit trusts takes a long time?

By: jim of Blueprint for Financial Prosperity

jim of Blueprint for Financial Prosperity — Thu, 14 Aug 2008 12:37:19 +0000

A lot of people underestimate the “small,” they think that unless they make some big impactful-feeling change… nothing actually changes. But it’s the small stuff that makes the most difference. Stop drinking one can of regular soda a day and watch pounds melt off as you skip 110 calories a day. It’s just that simple for money too.

By: Writer's Coin

Writer's Coin — Thu, 14 Aug 2008 11:10:53 +0000

I’ve been trying to get the entrepreneurship part down for a while, hence the blogging, freelancing, etc. But I feel like I need to take a drastic step to make these earnings really matter. Right now I’m making chump change and while it is slowly growing, I’m curious if it’ll ever be “enough” at this rate. I’d like to clear around $500-$1000 a month (something you do already, right Lazy?). What can we do to take our meager additional earnings into that next level?

By: Matt

Matt — Thu, 14 Aug 2008 04:15:49 +0000

I also thinking contributing to a Roth IRA is avery important for young people wanting long term wealth.

By: tiffanie

tiffanie — Thu, 14 Aug 2008 00:37:43 +0000

i just wanted to say that my husband and i were able to take our dream vacation and pay cash for the entire thing a year after we got married. we spent 9 days in Hawaii and did everything we wanted to do without hesitating about money (tours, snorkeling, shopping, dining in the finest restaurants). not too shabby for being only 23 and 24 years old :)

By: Lazy Man

Lazy Man — Thu, 14 Aug 2008 00:19:51 +0000

Good call, Moneymonk, I got a little wrapped up in the bullet points.

By: Moneymonk

Moneymonk — Wed, 13 Aug 2008 23:21:19 +0000

It’s only 3 ways to build wealth- real estate, entrepreneurship, and the stock market

You gave good details in all 3.

The problem is that many people do not have the patience to watch their money grow.

By: Simon

Simon — Wed, 13 Aug 2008 22:43:12 +0000

Agreed, building a foundation for the financial future is better than doing nothing. I am also just saving/making a few dollars here and there and I feel that this mentality will carry on to a wealthier future.