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| Do you want to be Rich? |
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| Written by Samantha Asher |
| Saturday, 21 February 2009 09:18 |
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Whether you call it 'rich' or financially secure, if you want to live your life in comfort without having to worry about money, you need to be rich. It is the wealth of money you have that will make you financially secure. 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. You might think of rich as someone who has a nice new car, a big beautiful house, and is able to retire comfortably at age 65 and take frequent vacations. Another person might think you have to have $1,000,000 in order to be rich. You could live like this or even save up $1,000,000 over time. Depending on your age, you can be rich. If you are young, you have more time to gain wealth. If you are older but make more money, you can build more wealth in a shorter amount of time. If you are young, make a lot of money, and save a lot, you could become richer even faster and possibly retire earlier than age 65. Your salary and annual savings will have a lot to do with your wealth. In fact, how much money you can put aside from your salary will have everything to do with how much wealth you can accumulate. You could make a million dollars a year, but if you spent it all and didn't save a dime, you would still not be very rich. On the other hand, even if you made only $40,000, if you invested just 10% of it every year, soon you would amass a great amount of wealth and riches. 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. You also have to consider where you put this money you save. If you save $4,000 a year and hide it under your mattress, yes, it will accumulate, but very slowly. After 40 years, you'll have $160,000. Aside from a lot of money not being safe, you'll be giving up a lot of money by not investing it. Invest it in an 8% yielding investment every year and you'll have about $1.1 million. If you are 20 or more years from retiring, you should invest most or all of your money in stocks. This will ensure you get the most money and because you have a while, you'll be able to get an average and even out any losses. As you get closer to retirement, you can invest more in bonds. Whether or not you believe it, you can become rich. Set goals and make a plan. It might take you years and years, but if you work hard, you can achieve the riches you may have only dreamed of. Don't give up without even trying. About the Author: If you want to know more about how to become rich and how tofind save money tips, learn more from Samantha by visiting her website from the links provided. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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