General Question

The_Inquisitor's avatar

How would you attempt to become rich/ wealthy?

Asked by The_Inquisitor (3163points) November 25th, 2009

Okay, so I still am having problems using the word “rich” and “wealthy”, anyways, so let’s say you are very keen on attempting to become rich/ wealthy. What would your procedure be on doing that?

In my plan, I find a lot of kinks in it, so feel free to give suggestions, and if you have to be mean, please try to be nice about it =D.

My Plan:
A friend and I plan to go to university, and after we’re done our 4–5 years in Uni, we are going to move to another city, get jobs and save up. When we have enough money (if we ever will?...), we are going to put our money together and buy a franchise (I believe that’s the word..). Then we will make money from that franchise, and buy more franchises and then eventually we will be rich.

Okay…. yes, not a fool-proof plan… How much would a franchise cost anyways? A franchise that is popular. We would gain money from having a franchise…. right? (yeah, I am not even sure)

Pretend you are really into become rich/ wealthy, and share your procedure!

PS: This is just me dreaming again, and I do know, that I may not go through with this plan.

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28 Answers

erichw1504's avatar

Win the lottery.

troubleinharlem's avatar

Why would I? They usually end up miserable.

tyrantxseries's avatar

Start your own business

The_Inquisitor's avatar

@erichw1504, that was one of my plans too!.. lol.. just kidding, I wish though. ;)

@troubleinharlem, I know some people wouldn’t want to, but that is exactly why I put “Pretend that you are really keen on become rich/ wealthy”

LocoLuke's avatar

Find a startup company that has a good idea, which you think will succeed, and invest in it. If it does do well, then you’ll share in the profits =)
That’s what I can see myself doing. Either that, or be one of the people who makes the startup company.

The_Inquisitor's avatar

@LocoLuke, oooh, nice suggestion, never thought of that.

troubleinharlem's avatar

Haha, okay. Uhm, I’d become a superstar from Myspace (i.e. Tila Tequila) and have a few reality shows. That’d work.

jrpowell's avatar

A small note on the franchise thing. This is just one example.

A bunch of franchise owners of Burger King just filed a lawsuit over the double cheeseburger for a dollar deal they have going on. They are losing money for each one sold.

Granted, they makes piles of cash on the fries and sodas that people buy with those cheap cheeseburgers.

The most expensive part of selling a soda is the cup.

reacting_acid's avatar

Marry a millionaire.

LKidKyle1985's avatar

I reccomend you first read Rich Dad Poor Dad. That book opened my eyes up. Owning a Franchise is not a bad idea and a lot of people do fairly well with it. The problem I see though is splitting it. It seems like a cool idea but usually when 2 people go into business together who are not skilled at this type of thing, they run into a lot of problems.
Anyways your onto the right idea, you want to be a business owner, not run a business. You want to have a passive income that you could walk away from for a year and still have money coming in. Thats the difference between being well off and being rich.
I personally think the franchise idea might be a little tougher, the franchise always takes its cut. but if you are gonna go to school i reccomend you def check out a company called College Pro Painters, you might fail miserably but I learned more about business and how things work in one summer of running my own house painting business under their name than I have in all my years of school. But you might do really well and pull in 60,000 dollars in one summer. The sky is the limit in business :D

The_Inquisitor's avatar

@LKidKyle1985, okay, thanks for your comment. I will be sure to read that book. :P

LKidKyle1985's avatar

Also, one last thing, if you really have your heart set on running a business, you can probably skip the whole school thing. The only thing it does is give you debt that makes taking the risk of a business more difficult to take.

faye's avatar

@reacting_acid had mine but I was going to say sugardaddy, one foot in the grave and all that~

The_Inquisitor's avatar

@LKidKyle1985, Skip university? umm, I’m actually not all too keen about this plan. I mean, it’d be great if I did pull through with this plan and became wealthy/ rich, but I for sure cannot give up my education. My family would whoop my ass if I didn’t go to university. So yeah, more realistically, I may just be studying business in university. My parents are helping pay for uni, so it shouldn’t be too much, and also I will be enrolled in the navy soon, and they also help pay a bit as well. Thanks for the concern though ;)

jamielynn2328's avatar

I would like to have my husband go from business to business selling his delicious omelets to all the hungry office and machine shop workers.

LKidKyle1985's avatar

Ha yeah as long as you know you won’t rack up the debt then thats fine. Some of my friends graduated with like 100k of debt. For him to start a business is a much bigger risk than you who is straight out of high school. If you do go to college, find a business you can start for little or no money. If I knew 5 years ago what I know now about how to get a business started I def would of started a house cleaning business while I was in school. I know cleaning isnt really fun but its cheap to start and you can really make some money doing it once you get some employees and bring in the clients.

naivete's avatar

Oh first I would get boob implants and various other plastic surgeries to make myself look like I’ve been photoshopped. I would then marry an OLD oil tycoon who would be just about ready to die. Then I would make sure I’m getting all his money when he dies and WALL-AH, I’m filthy rich.

trailsillustrated's avatar

don’t buy on credit. go to uni, get a degree. work for a large corporation for years, become a senior level exec and get big bonuses. starting small, learn how to trade currency. really learn it. start doing this when you are still in uni. start with a demo account then go live with a mini lot. keep studying it. work at it and work at it. by the way don’t read rich dad poor dad….

The_Inquisitor's avatar

@trailsillustrated, How come you recommend me not to read rich dad poor dad?

Does it matter what I study in Uni??

trailsillustrated's avatar

just get a degree. that is what companies look for. study something that interests you.. rich dad poor dad is another in a long, long line of cliche’ filled books that don’t really help except as ‘motivational’ material. google it and see ‘scam’ next to it. don’t waste your money on internet ‘coaching programs’ etc. things like that. the important thing is to be focused, know where you want to be. read all the forums on this. don’t spend alot of money on programs, you can learn everything you need to know at uni, through a company that will pay for your training, and on the internet.

YARNLADY's avatar

Marry well.

LKidKyle1985's avatar

Listen, getting rich isn’t a secret and @trailsillustrated it isn’t necessary to work your way up the corporate ladder to some executive what ever. And I never told her to buy online classes from that company, just read the book. And nothing beats hands on experience, I learned more running my own business than I ever did in my university.
And btw working for someone else is a difficult way to get rich unless you are really good at investing your money. There is a difference between being employed, self employed, investing your money, and being a business owner. Only owning a business can offer you the freedom to do what ever you want and make as much as you can imagine, but its also one of the hardest routes.

mattbrowne's avatar

By not attempting to get rich. Instead being very passionate about what you do. On average this is far more successful.

LKidKyle1985's avatar

@mattbrowne Thats good advice, I always said if you are passionate about something you will do well in it. But I think getting rich like shes talking about takes a little more of a deliberate effort. But she sounds passionate about getting rich so it sounds like it should work out!

mattbrowne's avatar

@LKidKyle1985 – In my experience it’s the same with promotions. If people are more focused on this goal as such it’s much harder than by just being very passionate about their work.

Hypocrisy_Central's avatar

Fact from fiction, truth from diction. Forget college (unless you are going to take just the classes that will further your goal) use the money to get lien sale certificates or tax lien auctioned homes. Anything backed by property even in a bull market is better than anything else. The land is not going anywhere and there is a predictable amount of availability. These properties, which you can purchase for 30% to 60% below the going market rate, you can turn around and sell for a fire sale price and still make a profit. Or you can cobble a group together and use them as collateral for a loan (which I would avoid) to get better property or fund other projects. You can build a stable of leased properties (never ever rent) and have a passive steady income with leverage. And as the property is paying you month after month no matter what you are doing, shopping, sleeping scratching your…….well you get the picture, it is giving you a break on your taxes; as the property is getting more valuable actually it is technically cheaper (being used and not new) so it saves you money. Tell me real estate laws were not written by rich? That is the path I am on.

Aster's avatar

I’ve wanted to invent something for either pets or kids. I saw that darn joan rivers
show with the 100M dollar a year guy who invented a bubble pipe that shoots out
multiple bubbles each time. the old fashioned ones did that

Hypocrisy_Central's avatar

Fact from fiction, truth from diction. 1st I would not assume going to college will make me rich. I would take classes that would help me manage a business but I don’t think I would waste 4 years there.

I would look about and find a need for 75% of the population that is not being met and invent something to handle that need then patent it. Then either create a company to build the widget you invented or license it to an existing company and collect royalties.

2nd I would invest my cash into lien sales, if you are going to sink money into a Roth IRA, CDs, or 401k etc. you can’t do much worse with liens sales and maybe even better. Depending on which state you buy the lien in you will only have to wait 6 months to a year for the owner to redeem the property, if they do you get a hefty return off interest maybe as high as 26% sure kicks a bank’s a**. If they don’t redeem the property you have a better than not chance of ending up with it. If you choose good properties like duplexes, 4 plexes, etc you can end up with income property with renters paying you cash every month weather you were sleeping, at the dentist, enjoying a movie, etc. Most wealthy people in American done it by way of real estate. It is a stable market in the fact of supply and demand, land never goes away and it doesn’t deplete. How much is available at any given time and at what price is the only thing that changes but the total amount of land never changes, It isn’t like there were x amount of billion acres of land in 2008 but now there is x billions acres less here in 2010, what land is for sale might change but the land total is the same, so you always know it is there, not like pork bellies where you never know how many there will be in a given year.

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