Personal Finance questions and answers

Some people believe that being rich is all about having lots and lots of money. They believe that money can buy all happiness and earn us a good quality life. For them, obviously, earning money is a necessity and the foremost important aim of life. They don't mind earning money by hook or crook. Be it hurting others, cheating people or even killing or robbery, they can go to any extent.

But, for me, money is just one of the requirements of life. While, the quality of life matters more than money. One should have money just enough to sustain ones self and ones family. Apart from this, money should be just sufficient enough to be able to handle emergency situations. So, a person like me would not spend 14-18 hours of the day working to earn money. Rather 4-5 hours of good quality time with my family is my priority.

Moreover, I am a strong believer of God and I would never go for any unethical deeds to earn money, come what may. I believe, there is God watching our deeds all the time and with good deeds, God will favour us in odd situations. So, the greed of money, in my case, will never go so high as to make me do unethical deeds.

Money is important, but it should be hard earned so that we value it and don't waste or misuse it.

Top experts' rating:   (7 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

To become with money means a wealtiest person.

So for this you have to work hard either positively or negatively.Positive way of working is to study hard and to get some good job or to enter in t a business.And with this you can make some saving apart from the daily expenses.

With positive way also you can earn as much as you can.with this you will get the perfumes of the other positive points like your attitde and personality also improves.

If you go in the negative way so you may ean lots of money some times much more than the ther money as above said ,but your will be demoralised and will deinitely be a notorius human being.

It's hard to get rich, but it's even harder to stay rich. Your wealth is always going to be affected by the market, and the market has its ups and downs. If you get too comfortable when times are good, you'll quickly drop back to square one when the market hits a slump. If you get a promotion or a raise, or if your ROI goes up a percentage point, don't spend the extra--save it for when business is slow and your ROI goes down two percentage points.

Save money. You've heard the phrase "It takes money to make money." So start socking away the extra money you're making now that you've delayed gratification as outlined previously. After all, what's the point in giving up the stuff you like if you have a hole in your pocket? Start building a "get rich fund" at the bank. Always pay yourself first. This means before you go and blow your pay check on a new pair of shoes or a golf club you don't need, put money aside in to an account that you don't touch. Do this every time you get paid and watch your account grow.

Here are some more points to become rich which I have collcted from the websites :

Step 1: Get a well-paid job :

This is a reasonable amount of work, and takes a few years, but it's a virtually guaranteed way to make a good income. If they're willing to put in the work, almost any intelligent person can get a job paying $100,000 or more within the space of a few years. While it's not easy, it is by far the easiest and most likely way to secure a good income. In fact, I've already written an entire article on how to get a job paying more than $100,000 a year for those who wish to pursue this avenue.

Step 2: Get good tax advice

However you make your money, your number one expense is likely to be funding the government. In most developed countries, the average worker pays around 30% of everything they earn straight into the taxman's pocket. If you've taken my job advice, you'll most likely pay even more than that.

While taxation is necessary to fund the good things governments provide, you don't do yourself any favors by paying more than your fair share. If you're serious about building wealth, get a good accountant who understands how to legally minimize your tax bill.

Step 3: Save 20% of everything you ever earn As soon as you get paid, arrange to have 20% of your income removed into a savings account. Many banks can do this automatically for you. Keep your savings account separate from your spending account, and you'll barely miss this money.

There's a saying in economics "expenses rise to meet income". This means money that's easily available to you is certain to be spent. That's why most people's paychecks disappear before their next payday. They get used to having a certain amount to spend, and habitually run down their bank account.

Have your savings moved somewhere it's a hassle to get them out of to avoid this risk. Many high interest accounts require you to give them a few days notice, which is ideal for this purpose.

Step 4: Conservatively invest the funds that build up in your savings account Once a month, go into your savings account and divide the money by investing it into the three core conservative assets: shares, property and cash. Open a mutual fund account for shares, a property fund for property, and a money market fund for cash. Look for share and property funds that invest in a broad range of assets and most importantly charge very low fees. An index fund is ideal for the shares. An index of property funds is ideal for property.

Put an equal amount into each account. This will diversify you against risk in any one particular asset. If you're younger, this rule is a little bit flexible, allowing you to take a little more risk and put more into shares and property if you like.

Step 5: Reinvest any income you get from your assets straight back into buying more assets Mutual funds and property funds pay dividends. Money market accounts pay interest. Don't take this income into your spending account. Instead, select the option to have it reinvested into the fund that generated it.

Step 6: Never touch these funds and do your best to ignore them The business press, like the mainstream press, loves a crisis. "Shares to skyrocket" or "Property to plummet" headlines will sell many more copies than "Things to continue steadily". All markets go up and down. Every day, some speculation will be published about some crisis or opportunity.

Ignore it all.

Just keep putting the 20% into your assets. Sometimes they'll go up and sometimes they'll go down in value. But over the long term, they'll almost certainly go up.

Step 7: Wait a decade

Do what I've outlined above and in a decade you'll be rich. Sure, you won't be Bill Gates, but you'll almost certainly be in the top 20% of wealth holders. Wait another decade and you'll be in the top 5% or higher.

That's the plan. It's not the most exciting or glamourous way to build wealth, but it's the easiest. Quite simply, this is how most rich people got there.

You too can join them, if you follow it

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Yes, I do wanna become rich, for the following reasons mainly: 1. To have the power to fight against injustice. In today's time, a person cannot even fight for justice without the power of money. Money plays a crucial role in our judicial system also, and criminals sustain mainly because of this power. I need money to fight against this money-biased system, as I have suffered a lot in last few months because of this. 2. To be able to help all those who ever helped me in life. I wanna do everything to help those who have helped me emotionally and financially ever, and pack back the society for its support. 3. To live my life the way i want. Unfortunately, an honest person cannot live a secure life today without financial backing. We need money to safeguard for our ideals and honesty, else people get easy ways to ruin our identity. 4. To satisfy all the needs of those who love me. I dont ever wish to see any financial limitations with those who love me. I want money to help them achieve their goals in life.

Thus, i solely believe in honest way of earning. According to me, to earn money, we need to keep in mind:

1. Time is limited. Everybody has 24 hours in a day. The difference solely lies in the way we utilize our time. One can choose to work 4 hours a day or even upto 18 hours a day. One can choose to work hard and earn in the 1st half of life and enjoy the later half or smoothly earn slowly and steadily throughout till the end. Actually, I feel there should be a proper balance in life. We should neither be too speady, not too fast. 2. Hard work versus intelligence. If we know that we are not as intelligent as our competetor, we should work harder than him to achieve the same level of success. Hardwork surely pays, and in longrun, a hardworking person can be more successful than a very intelligent but lazy one. I always knew that i dont have an extraordinary brain, but have achieved those extraordinary things by an extra amount of hardwork!!..I worked 10-11 hours a day when my friends were working 8 hours a day, to earn good money. 3. Wise investments. It is important to manage your money well..some people just lose a lot by not investing properly and wisely. I earn moderately, but spend a good amount of time investigating good investment plans to secure my future. In this way, I feel more secure financially day by day. This way one can also earn financial stability for one's family members.

In the end, again, I would stress on a saying in Hindi: "Waqt se pehle aur kismat se zyada kisi ko nahi milta"!!..so better have earn the confidence of being a honest person, earn by good means only, god does give u reward..!

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

I regularly pay my taxes. I also make sure that I do a fixed timings job so that I don't tire myself. This keeps me going slowly but steadily.

Is it all about making as much money as possible, however possible

For people who are greedy, there is no limit to the amount of money they wan't because any amount of money earned doesn't satisfy them. Satisfaction has to be developed as this craze of money can make a person indulge in bad conduct and unethical practices and ultimately take him nowhere.

Is your strategy working? Why or why not? Yes, my starategy is working to the best of my satisfaction level. I am sure, with fair practices, not just I will earn well but also I will have a confidence that whatever I have earned is my money and hard earned and I will feel proud of that.

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Good question....many ppl will get to know abt the ways by this query.

what is the secret of wealth? The secret is... there is no secret! Almost anyone can become wealthy. The problem is, the process of building wealth is not what most people want to hear. It takes time and patience when most of us would rather get rich quick. True happiness brings more richness than all the money in the world. Start by investing in your most important asset: Your mind 1. Doing well in school and getting an education in a high-paying profession such as doctor, lawyer, economist, etc. will give you a head-start and a safe economic position. 2. Learn about basic economics such as Compound interest and investment strategies. 3. Develop yourself all your life. Increase your professional skills, leadership skills, financial skills, social skills and general life skills. Making yourself valuable will increase your chances regardless of your path to riches. 4. Develop a vision; why should you become wealthy? Based on this, set your goals. You wont rise up unless you are able to build and focus your ambition. 5. Stay healthy; It is very important to stay healthy in your endeavour to become rich. This will enable you to work hard and also increase your life span increasing your earning period. On the other hand, you will be able to reduce the cost on health care. Invest 1. Start investing as early as possible. Do not wait until you have "enough" money to invest. You will end up with a larger account in the end if you start investing a small amount early and keep adding more regularly. 2. Make smart investments If you don't understand what you are investing in, don't. Start with something easy like index funds. They have fewer ups and downs than individual stocks, and you will not have all your eggs in one basket 1. For safety: Stay as debt free as possible. A paid-for education and a paid-off house will enable you to invest more money in the stock market or your own business. Only gear up low-risk investments with loans. 2. Starting now is better than never starting. The power of compound interest can make anyone wealthy. Example: Investing only $10 every year at 15 % annual profit will give you over $1.3 million after 70 years.

Start Your Own Business

1. It is always better to be an employer than an employee, if you are disciplined and able to devote time and money. Learn all you can about running a business. Take a class. Ask an experienced business owner for advice. Be careful, though. Many businesses fail, especially in their first year. You could end up with considerable debt, no savings, and no benefits. Get help! 2. Entrepeneurs make up the majority of millionaires, it is high risk, but it is also the most likely way to become truly wealthy. Few people amass great wealth through other means. Less than 1 % become a millionaire through "other" means such as being a rockstar, winning the lottery, etc. So unless you inherit wealth your best shot is doing this. 3. Note that you can start your own business part-time. For example by going into real estate, purchasing, renovating and selling homes is a common way for building wealth for people without money to invest.

Be Smart

1. Learn about budgeting, credit, and debt. Learn how credit cards work! If you get into debt early it can sabotage your progress. 2. Put an amount of money in the bank monthly. 10, 20, 30 dollars is good - $100 is better. By the time you get old, retirement would be easy. (See segment about compound interest). 3. If you are in college and can't afford an apartment and don't like those nasty dorms, then gather with 3 or 4 people, and buy a good sized house while splitting the payment. It'd probably cost less than a apartment. Better yet, buy yourself a home using a mortgage and pay yourself instead someone! Surround yourself with self-made millionaires. Learn from them. It's been said that "like attracts like".

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

the best strategy for becoming rich is to follow the steps as under:-

1.Some part of the salary/earnings should be invested in Mutual funds/PPF

2.Invest some portion in Shares

3.Participate in some money making sites like Ammas.

I'l be always be honest and sincere in making money as it gives immense satisfaction.In short term we may earn good money by unethical means but we loose it in long run.So always be honest in earning.

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Does your job offer upward mobility?If your career path is going nowhere, resign gracefully and switch careers. Research occupations to find out how much they pay and what their future outlook is (in the U.S., you can find this information in the Bureau of Labor Statistics Occupational Outlook Handbook). Find an occupation that pays well, and invest in the education and/or training to get you that job. Look for employers that offer competitive salaries and ample opportunity for advancement. If your goal is to make enough money to retire early, prioritize earning potential over job satisfaction, since you plan on getting out of the rat race early, anyway. Consider the types of jobs that pay extraordinarily well in exchange for hard work, little psychological satisfaction, and a punishing lifestyle, such as investment banking, sales, and engineering. If you can keep your expenses low and do this for about 10 years, you can save a nest egg for a modest but youthful retirement, or to supplement your income while you do something you really love doing but doesn't pay much. But keep in mind that delayed gratification requires clear goal-setting and strong willpower. Recognize that time is money. This critical piece of advice is attributed to Benjamin Franklin, who was an accomplished American inventor, journalist, printer, diplomat, and statesman--the ultimate multitasker. Your ability to manage your time (and stop procrastinating) is a critical ingredient in your ability to make money. Whether you have a job or are self-employed, keep track of what you're spending your time on. Ask yourself "Which of these activities make the most money, and which of them are a waste of time?" Do more of the former and less of the latter, simple as that. When you're focusing on high-priority tasks, get the job done well, and get the job done fast. By working efficiently, you're giving your employer or clients more time, and they'll appreciate you for it. Remember that time is a limited resource that you're always investing. Will your investments pay off? Jack up your prices. If you're providing a skill, service or product that is in high demand and low supply, and you're making the most of your time, you should be making good money. Unfortunately, there are many people who are too humble or fearful to demand that they get paid accordingly. It's the pushovers in life who get taken advantage of and exploited, so if you think you might be one of them, learn how to stop being a people pleaser. If you work for someone else, ask for a pay raise or get a promotion, and if none of that pans out, revisit your career options as described previously. If you're self-employed, the first thing to do is to make sure your customers and clients pay up on time--this alone can substantially improve your income. Check your prices and rates against those of your competitors--are you undercutting them? Why? If you're providing a superior product or service, you should be getting at least the average, unless your profitability depends on mass production, in which case you're probably making a lot of money and wouldn't be reading this article anyway! Be proactive. Remember Murphy's Law: "Whatever can go wrong will go wrong." Make plans, complete with as many calculations as possible, then anticipate everything that can go wrong. Then make contingency or backup plans for each scenario. Don't leave anything to luck. If you're writing a business plan, for example, do your best to estimate when you'll break even, then multiply that time frame by three to get a more realistic date; and after you've identified all the costs, add 20% to that for costs that will come up that you didn't anticipate.[1] Your best defense against Murphy's law is to assume the worst, and brace yourself. An appropriate amount of insurance may be something worth considering. Don't forget the advice of Louis Pasteur, a French chemist who made several incredible breakthroughs in the causes and prevention of disease: "Luck favors the prepared mind." Redefine wealth. In studies of millionaires, people are surprised to learn that most millionaires aren't doctors, lawyers, and corporate leaders with big houses and fancy cars; they're people who religiously live below their means and invest the surplus into assets, rather than liabilities.[2] As you're taking the above steps to make more money, keep in mind that increased income does not necessarily equal increased wealth. Most people who flaunt their wealth actually have a low net worth because their debt to asset ratio is high--in other words, they owe a whole lot more money than they actually have. All of the previous steps have outlined aggressive strategies for making money, but you'll never get anywhere if you have a hole in your pocket.

They say that a penny saved is a penny earned. Actually, when you consider that you pay taxes on every penny you earn, you really do make more money by saving than by increasing your income, especially if the extra income will increase your tax rate dramatically. For example, let's say you have a choice between saving $100 or earning an extra $100. If you pay 15% taxes, then when you earn an $100, you only get $85. But when you shave $100 off of your existing budget, you keep it all. To sweeten the deal further, if you take advantage of compound interest as found in most savings accounts, over time you'll start making money on the amount saved plus previous interest paid on that amount saved. It'll be pennies at first, but eventually the amount will multiply exponentially. Take advantage of tax laws if you're self-employed. Money saved on taxes is still money saved. You may be able to deduct many of your business expenses (use of your home, use of your car, office supplies, etc.) if you keep good records. You may also qualify for tax breaks, such as deducting your health insurance premiums on your tax return. These laws are in place to encourage commerce and business growth, so don't neglect their benefits.

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

1. I prefer to create a strong mind-set to become rich and start believing in my capacities.

2. Acquire sufficient information on how to earn money, manage it and increase it.

3. A business owner and a knowledgeable investor stand the best chances of becoming rich.

4. Make it a hobby to work for the richness without lazing around for short cuts.

5. Become rich for the rich and ethical reasons of helping yourself to a better life, provide jobs to several others, feed the mouths of the needy. Knowing that you can help others and others depend on you will motivate you to earn more.

6. Rich people are really no different from anyone else. They just used their "mind" and did what's required to make a lot of money. The broke and middle-class use their minds to look for jobs and follow employee manuals.

I am an investment advisor. I have been successful in earning for myself, my family and for the needy around, through absolute ethical means.

I earned sufficient money through my business. I am investing it in different kinds of baskets, taking care of the risk aspects, spreading out as much as possible. I have gained a thorough insight into all the aspects of investments. I am also helping my friends and relatives to invest wisely, managing their portfolios wisely for excellent returns without being greedy.

My ethical earnings through wise investments have borne gruits throughout. People around respect me for my good deeds, my decent standard of living and my helping attitude. I have not only earned riches but also earned the good will and respect of everyone around. That gives me more satisfaction.

I am rich by knowledge, material wealth, behaviour, attitude and my good deeds. That gives me satisfaction while unethical means of earning will only add to one's guilt and stealthy behaviour and fear of accumulation of wealth. My ethical strategy is hence working for me and through me for those around me.

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Note: Nothing is possible with out hardwork whether it is name,fame or money

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Prestige : For many people, the idea of getting rich is tied to getting respect. It's not so much about how much money you have, but about maintaining a luxurious standard of living--exotic vacations, nice cars, swimming pools, etc.

Some people want to get rich so that they never have to work another day in their lives. In this case, the standard of life one wishes to maintain once retired is critical to understanding how much money is needed to get rich.

Some tips:

1.Try to Get a well-paid job.

2.Save taxes .

3.Invest wisely

4.Don't show off

5.Reinvest any income

When you have a high debt load, you're making someone else money; what you pay in interest is their paycheck. The sooner you repay your loans and debts, the sooner you stop giving your money away.

Beware get-rich-quick schemes. Millions of people still get caught up in them. If it's too good to be true, it's truly no good. People who know how to get rich are busy getting rich. They are not advertising methods to get rich.

Don't lose sight of what's really important to you in your quest for money. Sure, you may be able to make more if you work longer hours, but will you and your family get to enjoy the extra money? Money can do a lot of things for you, but don't work yourself to death - you can't take it with you.

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

The richness depends on ones own opinion.

Some one will consider their richness as their money, some as their properties, some as their happiness, some as their lovable relations, some as their knowledge and qualification.

If you consider money as your richness you just have to work in a good job. you have to work for our satisfaction and also for the owners satisfaction. and also to buy properties we have to work for our best and buy the properties.

If you consider your happiness as your richness than anyother else then the only thing is you just want to avoid the likings. you just enjoy yourself from what you get. even if you get 10 rupee per day then you just live with that happily without thinking of the others life and think to get other things which will not be available with your money.

Also if you have money you just give money to others and help others. so that by seeing their happiness you will get happy.

If you consider relations as richness, be kind to others and forgive their fault and be happy with them

If you consider knowledge as richness earn it by learning more from the world

I consider richness as my happiness. i will help others in everything like studies, money,etc

To get more money or to earn well i just doing part time jobs in online as i am studying . After finishing my studies i will work for my best to earn the most to get rich Nice to answer this question

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

You can become rich by saving money , thats what i feel . i had read in some book abt getting rich

Here are a few tips for planning for a secure future:

1. What you earn, what you spend

The first part of allocating your investments is to figure out what's there to allocate. You need to estimate both your net worth and your net income/expenses. Your net worth, what accountants call a balance sheet, compares your assets (what you own) with your liabilities (what you owe).

This will help you see your monthly disposable income -- the income you have left over after paying all necessary expenses. And that tells you how much you can afford to contribute to your financial goals each month.

2. Set your goals

Financial professionals often counsel investors to write down their goals. Their intention is not to make you ponder the meaning of life, but to help you create the best plan to reach those goals along the way.

There's another benefit that comes from identifying your goals. Saving and investing just for the sake of getting rich might work for some people.

But for most others, though, giving up Rs.5000 every month can put a strain on their wallets - until they look at a photo of their children and remember that the Rs.5000 they're investing now will go toward helping pay their kids' higher education fees later.

3. Budget for it

After you identify your goals and how much you need to reach them, you should begin setting aside money on a regular basis to invest in your plan. Saving on a regular basis is the key to reaching your goals; no matter how little the amount you start out investing.

Don't be discouraged if your goal seems large and unreachable - remember that even a leaky faucet can fill your sink with water, drop by drop. Making investments on a regular basis, even if you can only set aside a small amount each month, can eventually build a sizable portfolio.

Many people think that they can't spare any cash to start an investing plan. These people probably have not learned the importance of paying yourself first. Setting aside a small amount for your long-term investing plan each week or each month before you pay any other bills or expenses is all you have to do.

4. Spread your money

It's rarely a good idea to have all your eggs in one basket. Depending on your goals and attitude to risk, you should invest your money over different investment options such as Stocks, Mutual Funds and Bonds.

You may also want to diversify within each of these categories. With stocks, for example, a mutual fund will invest your money in a variety of companies but you may want to ensure you have a range of industry sectors too.

5. Make sure your money grows

Should you leave it in the savings bank account and earn a meager rate of return? Or should you invest it in the PPF? The fact is that investing your money in the so-called safe fixed income instruments like Fixed Deposits, PPF, NSC, etc. is simply not enough.

This is due to the low rate of return on such instruments and high inflation rate in the economy. It is your hard earned money and you should invest it in instruments, which will make it grow over time and thereby build capital for your future.

Stocks is known world over for its potential to increase in value over time and provide your portfolio with the growth required to help you meet your long-term goals. Mutual Funds have given investors a whole new avenue for investment as per your risk appetite and expected returns.

6. Keep track of your track record

After you invest, you'll want to keep track of how your investments do. This doesn't mean you need to watch your returns on a daily basis (doing that can be like weighing yourself every day when you're trying to lose weight -- it won't help you judge long-term results, and you can drive yourself crazy doing it).

Instead, establish a regular timeframe for checking your investments to see if they are matching or beating your goals. For example, you may decide to review your returns investments once every three months, or twice a year.

While benchmarks aren't the only way to judge the strength of your investments, these tools can help you gauge how your investments are doing compared to similar investments. You may use the following benchmarks:

Market indices -- such as Sensex, Nifty. This will help you compare your performance with the overall returns of the market

Mutual fund benchmarks -- AMFI (Association of Mutual fund in India) has certain benchmarks for various categories of mutual funds.

Personal benchmarks -- you can set an overall goal -- for example, for your investments to outpace inflation by 5 percent over a period of five years -- and use it as a benchmark.

Be sure to set a reasonable timeline over which to compare your investments to a benchmark. You want to know how your investments perform through market ups and downs, so a longer timeline is more telling than a shorter one. For example, a five-year comparison will tell you more than a six-month comparison.

If you find one of your investments under-performs over the short term (for example, under-performed its benchmark over the last three months), don't be hasty to sell it earlier than you planned unless you've lost confidence in its long-term potential.

7. Don't lose your balance

You've established a portfolio with an asset allocation that suits you, and are reviewing your investments' performance on a regular basis. Think your work is done? Not quite.

You should still sit down periodically -- such as once a year -- to review your goals, finances and asset allocation. After all, goals can change. Time and circumstances can shift your priorities and your comfort with risk, changing your ideal asset allocation. When this happens, you may need to make changes to your portfolio.

Even if your ideal asset allocation hasn't changed, review your portfolio to make sure your existing asset allocation is still what you planned. Sometimes your asset allocation will change through no action on your part due to market movements. When this happens, your portfolio is out of balance -- which can expose you to more risk than you intended.

How can you fix it? You might sell investments in one asset class or buy extra shares of investments in another class.

When should you be on the lookout? If you're like most people, once or twice a year is probably often enough to see if the asset allocation in your portfolio is still what you'd planned.

But be sure to also check when you go through a major life change, such as getting married, having children, changing jobs or retiring. When you go through a big change, examine both your existing and your planned allocation to make sure both are right for your new lifestyle and risk tolerance.

Just keep these seven steps in mind and you should be able to achieve all your goals. Happy saving!

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Ur query no:1

What's your strategy for becoming rich? Is it all about making as much money as possible,

I am not very sure that having a lot of money is equivalent to being rich

Does having a lot of money really make any one rich? In every instance of “having made” a lot of money there still remains the situation where he / she wants more money.

Then how can one call such a person : “R I C H ” ? ? ? ? .

Rich means rich . . . one should not need anything more as far as finance is concerned .

Ur Query : no 2:

Is it all about making as much money as possible,

No it is not .

Ur Query : no 3:

or do you include ethical or social considerations?

Of course i do.

And it is never : ethics comes first , and then money

It is ethics , ethics, ethics , ethics all the way . . .

And then money usually comes in automatically, without effort ( see below).

Ethics about money is not just not stealing/ taking money unlawfully eg . bribe,

A. It is also not taking money which one does not deserve

For eg : for a job that was done :

1. without the know-how ,

2. without a sense of responsibility,

3. without customer satisfaction ,

But then it may be more than all this . . . it may also be that one has to give the best of one self irrespective of the payment

( this may be the influence of the Bhgavad Gita:

“ur right is to the action only ; not to the fruit there of”)

B. It s also about: not giving false promises about one s ability and knowledge about the Job offered for which the payment is being made

C. It is also about : abiding by all promises regarding money /payments and being fair in every respect.

D. It is also about: keeping ur accounts perfect when there is money to be paid .. . so th at later there is no arguments /tensions for the other operson

E. Its about repaying anything borrowed promptly and without the other person having to ask

F. It s also about :being very prompt about payments especially when it is regarding the under-privileged, for eg. Paying the maid and the driver and the gardner on the day of their salary..

G. It s about not making un-necessary excuse for not paying..

For eg. if the maid takes 2 days sick leave cutting her salary by two days would be extremely un ethical , because she does not have much of a voice and one knows that she wont leave even if her salary is cut.

and in a business settings hidden agendas by which one can refuse to make full payments.

H. It is also about making all money dealings transparent. .:

a. No hidden charges not expressed at the time the deal was being made

b. No debits which were not made clear initially

c. Clearly explaining every step where money can be lost or gained

Query no :4

Is your strategy working?

Of course it is more than just “working” .

Query no:5

Why or why not?

Being a student of Indian Philosophy ( Vedanta sashtra ) I ve been told this :

This is Sanskrit ( the meaning is given below):

“Vanae rane shatru- jala- agni –madyae

Maha-o-unaatthae parvatha-mastake vaa

Suptham pra-mattham vishama-sthithaen-cha

Rakshanthi puniyani pura kr’thaani”

Meaning:

“What saves one,

when in a forest, in a battle , from enemies, in the midst of fire, when surrounded by water , on the top of a very high mountain , when asleep , when out of one’s senses, in any kind of difficult situation . . .

are the ethical deed s that one has done in the past (poorva puniya) ” .

This is sloka 9 of the “Karma –padhathy ” of Bharthr’ HAri . It is also said in the Sreemad bhagvatam

Therefore probably it s becasue i have that awareness that it is not money that can save me in any situation, it is poorva puniya .

Also that anything unethical can cancel the effects of the ethical ones.

It s like being watched all the time .. . … Some call it the conscience . It s just impossible to be un-ethical.

In my life , I ve seen this work a hundred times over.

The only time i lose money is when someone has to pay me becaause i cannot /do not ask .

So what . . . . When ever money was needed it somehow came and never from a dishonest source .. . . . . even 6 figure amounts.

But generally I do not like to work for , in fact have anything to do with people who are un ethical;

Yet when it comes to money I have no hesitancy at all to do something for absolutely free, and forget all about it .

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

For me becoming rich in a honest way matters a lot.I strongly beleive in cause & effect theory .I feel Easier earned money in a wrong way doesnot stay longer .

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

The definiton of rich means? Every one define richness in there own terms. Is it monetary value? or more there any thing else. For some physical fitness and smooth life is rich.

Some people inheritance from family and take it from there. Some build up some scratch, there strategy is persitence and hard work. More over they are open and not afraid of trying new things. They are willing to take risks. For some taking risks make them challenging and rewarding rather then finanical success.

In business, every one takes advantage on weakness of others. That is you have to know what the other people needs and wrap it in a few format, design and give it to them. If you look at closely some of them are coming into the market in the name of fashion are repeated old things in a new format.

One we have to think how can we utilize that money in benefit of others.

For many money is a power, social status etc. It is a recognition. We always imply the person who is rich is a successful person.

To be ambitious is good. We all thrive for recognition.

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Steps

1. Define "rich". It's one of those subjective words that everyone uses but no one defines. What are your standards for being rich? In other words, what do you envision when you think about being rich? This can be different for everyone. Usually it whittles down to a few common goals:

* Prestige. For many people, the idea of getting rich is tied to getting respect. It's not so much about how much money you have, but about maintaining a luxurious standard of living--exotic vacations, nice cars, swimming pools, etc.

* Retirement. Some people want to get rich so that they never have to work another day in their lives. In this case, the standard of life one wishes to maintain once retired is critical to understanding how much money is needed to get rich.

2. Delay gratification. If you're looking for information on how to get rich, then you're probably not rich right now, and there's a reason for that. Are you spending money on things that won't get you rich? Are you sticking with a job that doesn't make that much money to begin with? In order to get rich, you're going to have to give up some of the things you enjoy doing now, so that you can enjoy those things without restriction later. For example, you might like having free time, so you give yourself a few hours a day to do nothing. But if you were to invest those few hours into getting rich, you could work towards having 20 years of free time (24 hours a day!) with early retirement. What can you give up now in exchange for being rich later?

* Cut expenses

* Get a job that pays more or get a promotion

* Downgrade or give up your car

* Downgrade your apartment or house

* Reallocate your spare time

3. Save money. You've heard the phrase "It takes money to make money." So start socking away the extra money you're making now that you've delayed gratification as outlined previously. After all, what's the point in giving up the stuff you like if you have a hole in your pocket? Start building a "get rich fund" at the bank. Always pay yourself first. This means before you go and blow your pay check on a new pair of shoes or a golf club you don't need, put money aside in to an account that you don't touch. Do this every time you get paid and watch your account grow.

4. Invest. Once you've stockpiled your savings, start thinking of ways to invest it. This is where your definition of "rich" really comes in handy. If you're looking for prestige, for example, a good investment would be education. Save up enough money to attend an Ivy League school and obtain a degree in something that will make decent money but, more importantly, earn great respect (doctor, lawyer, dentist, any kind of professional). If your goal is to retire early, on the other hand, invest that money in stocks, bonds, or other vehicles of investment that will give you an annual return on investment (ROI) that's enough to maintain you in your retirement. For instance, if you have one million dollars invested and you get a reliable 7% ROI, that's $70,000 per year!

5. Stay rich. It's hard to get rich, but it's even harder to stay rich. Your wealth is always going to be affected by the market, and the market has its ups and downs. If you get too comfortable when times are good, you'll quickly drop back to square one when the market hits a slump. If you get a promotion or a raise, or if your ROI goes up a percentage point, don't spend the extra--save it for when business is slow and your ROI goes down two percentage points.

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Things You’ll Need:

* Financial Calculator * Personal Financial Software * Brokerage Accounts * Bank Account * Financial Advisers

Step1

Decide what 'rich' means to you. Does it mean money for everything you need? Money for everything you want? Enough to retire where you live now? Enough to retire and live in Costa Rica?

Step2

Start saving. Most experts agree that investing 10 to 15 percent of your gross monthly income creates a very comfortable nest egg for later years.

Step3

Take advantage of compound interest, earning interest on your interest by letting investment returns accumulate and build on themselves.

Step4

Resist temptation, whether that means a brand-new car right out of college or weekly dinners at nice restaurants. Invest the money you save by buying a used car or going out only twice a month, and you will have thousands of dollars more at retirement.

Step5

Take care of yourself. This will reduce medical costs later on in life, as well as extend the years you can work and save.

Step6

Go to college. By one study, college graduates earn roughly $20,000 more per year than people with just a high school diploma, and a post-graduate degree nets $20,000 more than a bachelor's.

Step7

Get married. Married people are generally healthier than singles. Plus, they can economize on expenses, and they have more to invest. And because married people live longer, they can work and save longer.

Step8

Enjoy the ride. Don't be so concerned with amassing a fortune later on that you neglect to enjoy life now. Strive for balance.

# Use a planning calculator (available in personal-finance software or on financial Web sites) to learn how much you need to save per year to achieve a specific goal. # Little expenses add up. Switch to regular coffee each morning, rather than a double-shot, half-caf foamy latte. Put the extra $1 or $1.50 you save in a mutual fund, and you could have $90,000 more at retirement. # Figure out how much you'll need to maintain your current lifestyle. Ask a financial adviser for help if you need it. # Don't waste the money you do have on 'get-rich-quick' schemes, lotteries or gambling.

recommend Robert Kiyosaki's "trilogy" (look it up on Amazon), T. Harv Eker's "The Millionaire Mind" book, but oh, there are so many others. There is so much information out there on how to get rich. You do NOT have to ONLY do what this article says and remain forever in the wretches 95% percent of humanity which lives just so that one day it can get old and begin enjoying its dying years. Who wants THAT?

Remember, folks. Nothing is easy - but WHO WANTS NOTHING? HUH? *I* sure as hell don't.

To recap: this article is but ONE SMALL, TINY, MICROSCOPIC (although still very important) part of the FORMULA.

Once you've done that, GO PUT TOGETHER YOUR PLAN FOR ACTUALLY GETTING *RICH*.

Learn what kind of risk you can expect, and start being CREATIVE (like yet another commentator inadvertently managed to bring up). What do I mean by that?

Start your own company or found one with partners. Build it up. Create value. Sell it.

Start your own business. Create your own patent. Become an expert in something, write a book about it, create a training/speaking company and start drumming up business. Then sell it.

"Being good to your children, and children in general, will make you richer than owning anything ever could. Have children once you have stable income and the richness they bring to your life is beyond material means."

Useless happy-go-lucky comment. People reading this article want to learn how to get RICH, not how to have kids.

As far as the article goes, it's sensible advice - and that is precisely the "problem."

The issue is not that the article is not correct in the advice it gives. In fact, it is crucial. However, it is only ONE part of a bigger plan, and anyone who goes along with this will invariably end up with exactly what the article says:

Old and grey, with a "few thousand dollars" extra.

Who reading these words wants to live his entire life waiting for the day he's old and has a "few thousand extra dollars," huh?

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Positive Thinking: You must see your financial dreams and know that you will be able to attain them. You must already own them.

If you begin making up every rationalization under the sun why you can’t succeed, pinch yourself. You have to discipline your body and mind to think positive thoughts. Teach yourself that those kind of thought patterns are unacceptable. You can obtain greatness, even if you are not the smartest, most talented, or best looking person in the world. Success is your if you’ll just allow it to come into your life. Don’t underestimate the power of your thoughts.

Burning Desire: Hill tells a true tale of a man named Edwin Barnes who desired to become Thomas Edison’s partner. Most of us would have scoffed at him had we lived back then. Edwin Barnes was a nobody. Nevertheless, he had a deep desire, a life dream, and he was determined. He went to Thomas Edison and convinced him to hire him. He did not instantly achieve his dream, but he worked hard and ultimately became Thomas Edison’s partner. This was a feat everyone thought was impossible.

Edwin Barnes followed these 7 steps to gain this great success:

1. Choose a definite dream.

2. Put all your energy into that dream.

3. Be willing to do menial work at first.

4. Visualize your dream.

5. Form a strategy.

6. Endure through the hard times.

7. Eliminate any way to retreat.

As you focus on obtaining your goals, answer these questions: What is the exact amount of money I want? What am I willing to sacrifice for it? What exact date do I want this money by? What is my strategy?

Don’t forget, to successful people, there is no such thing as “defeat.” What looks like defeat is no more than a great opportunity. Start creating opportunities out of failures and being successful today!

and the second thing

Our Attitude toward Good and Bad

The biggest disease of our mind, I believe, is that we brand some things as good and some things as bad according to our own likes and dislikes. While good and bad pertain solely to ethical considerations, and not to our personal satisfaction or dissatis-faction, we seldom have the power to discriminate between the two issues. We like what is pleasurable to us and dislike what is painful to us. We have every right to have such likes and dis-likes. But does it mean that we should call something bad only because we do not like it or good only because we like it? It is often found to be the greatest barrier to our being happy ? this wrong substitution of our personal values for ethical evaluation. The mind is beautiful and strong when it learns to discriminate between conscience and mere feel-ings. Let me repeat, therefore, that something is not bad simply because the mind does not like it or good simply because it gives me pleasure in the short-term. Let us brood on the following statements:

1. If I do not welcome hardship and some amount of inconvenience in life, then that will indicate my coward-ice. Rather, I must convince myself that I can become important only by accepting responsibilities that others are afraid to shoulder.

2. If I cannot enjoy the gifts of life, then that will also indicate my cowardice and incompetence.

3. Enjoyment is not a mere feeling creeping through the flesh and blood. Rather, it is an attitude. My attitude in-volves my knowledge, conscience, freedom, and person-ality, while my feeling is only a mechanical reflex in the nervous system. My attitude should dominate my feelings. Otherwise there will be little difference, if at all, between myself and a tailless animal. My nervous system, which I often call mind, cannot call sorrows pleasures and pleasures sorrows, but I am really free to overcome this limitation of the flesh.

Our Desires and Actions

We act only because we have objectives to achieve. We have those objectives because we must fulfill some needs. We have needs because … We must stop here for the time being and start from a new point to reach the destination that we have lost.

I am free to some ex-tent. At least I feel so. For example, if I want to delay the intake of my lunch by five hours, that I can do.

Even I can say that I could go without doing what I am do-ing now or I could do something that I do not feel like doing now. Actually I am free to say or think anything. But am I really free to do or not to do something at its root level? Let us con-sider the fact in a novel way.

I am free to delay the intake of food for some time, but am I free to delay the feeling of hunger? Most probably not.

This shows that I can manage my desire to some extent but I cannot manage my basic needs. For this reason, we must have desires. If we did not have desires, we could neither survive nor fulfill the mission of life on earth. So there is no point in being up and doing to suppress or control de-sires. It only creates an undesirable agitation in the mind. Here are the real, harmonious laws of living with complete, beautiful desires.

The Desire for Action

It is good to have a desire to act and remain busy and active. Such desire, being the energy of all activities of the world, dif-ferentiates a human being from a robot or doll. A person with-out the desire to do something is only an inert log of wood, or even worse. The colorful kaleidoscope of life on earth is indeed the process of the expression of desires through plans and activities. If I do not have desires, I will be of no use to myself or my family or my country or the world. Actually, a person without active desires is a lazy person, selfishly busy with their slumber and meaning-less dreams. So let us invoke desire with all sincerity and declare: Let there be strong desires in my mind.

http://www.school.czarci.net/?p=64…

if we follow the above strategies well...yes definitely we will include the ethical and social considerations... of helping the poor...and to erase egoistic mind...and try to achieve success always...and to help unemployed...and try to educate the illeterate people..and try to create social awareness in them..and so that...not only we become rich...everyone will be going to be rich and india will stand in number one place compared to other countries...

thanks

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)

Start by investing in your most important asset: i.e. your mind itelf - by getting an education in a high-paying profession such as doctor, lawyer, economist, etc. will give you a head-start and a safe economic position. Increase your professional skills, leadership skills, financial skills, social skills and general life skills. Making yourself valuable will increase your chances regardless of your path to riches.Based on this, set your goals. You wont rise up unless you are able to build and focus your ambition. if you are disciplined and able to devote time and money. Learn all you can about running a business. Take a class. Ask an experienced business owner for advice. Be careful, though. Many businesses fail, especially in their first year. You could end up with considerable debt, no savings, and no benefits.Some people want to get rich so that they never have to work another day in their lives. In this case, the standard of life one wishes to maintain once retired is critical to understanding how much money is needed to get rich. Here comes the subject question of ethics and being in as societal/social being.

Human beings are societal being and cultured, educated and keeping morality. Hence we are bounded to act with respect and to consider our social status which so many of us consider seriously to keep our social status and moralities in life. Hence we are societal beings – this is called swabhiman in India –self worth and self respect. Though money and earnings is a necessary thing to have a secured life and secured future, also, we engage in so many ways to acquire money to comply with our necessities and also for saving /reserves to become rich, at the same time we always consider to acquire it by genuine ways. I don’t think every one in India is considering it 100%. But more than half of the population considering all these things while thinking and engaging something and ways to acquire wealth and fame. Money and fame can be attained in many ways. By normal, genuine ways and also in abnormal-in genuine/unlawful means. Our culture teaching us – the money and properity and fame that are acquired by ingenuine/unlawful means – by thowing out and leaving our morals, ethics that our culture had taught us from ancient times – is give us only instant richness and fame – but it will not stay with us for long. Finally we have pay a heavy price for the same in return. Hence ethical and social considerations are needed while making strategies to earn money and fame. But the fact that changes is taking place in the ethics with the advancement of technology/science. So changes are to be considered as inevitable also. You could consider those businesses with a very low investment cost. Internet business is one of the ways.You'll hate yourself and not be a very good person if you are simply going for the fastest. It means finding a field that has alot of potential, working your tail off in it, and unscrupiously cut through anybody and anything that gets in your way.

Top experts' rating:   (6 ratings)

Public rating: (click on stars to rate)

1 2 3 4 5

(0 ratings)