[Young Spark]

The most sought after topic is now in its own post. I mean seriously, we all want wealth, luxuries, the good life... but we all need guidance. If you have techniques or strategies to building wealth and success, share your strategy in here.

This could be a recommended book, building wealth advice, no matter what... just give your input/insight on building wealth.

[Diamondman]

Spend less than you make.

[Finandom]

My strategy would be:

1. Start a business to make money so it can cover my expenses and provide little modal to invest
2. Invest my money in stocks or Forex for capital gain
3. Invest in Real estate and other business for passive income
4. more to come......

Currently I'm at the first stage - make money from a business.

Good Luck!
Harrison

[Informurself]

In order to create wealth one must follow a few steps
1. think wealthy reading "The Millionaire Next Door" will help changing your thinking on wealth

2. Do what you are passionate about and get paid for it

3. Smart investing . Do You know what porkbellies are? Exactly do not invest in something you know nothing about. Invest things you know about.

4. Put things on autopilot if you do this one wealth will find you

5. Understand wealth is more then money its health , family etc

[silenthcourtney]

Understand the difference between wealth and money. Wealth is about sustainability. One of the best tools I've found that will help you really understand the difference between the two is the board game, Cashflow.

[TheCDAllenGroup]

Get financially educated. It makes no sense for anyone to start a business or start investing before they actually know how money works. You'd be surprised at the number of people who really don't have a clue... Start understanding the difference between assets and liabilities, tax strategies that the rich take advantage of, the danger of possessing a "consumer mentality", and so on...

A good financial education would open your mind to the true way money works, and you'll begin to dismiss the "consumer" mentality of most folks (make money, spend money).

The good thing is getting financially educated doesn't require you to go back to school, and can be had very inexpensively. Start reading the works of authors like Robert Kiyosaki (Poor Dad, Rich Dad & The Cashflow Quadrant), and let that be a basis of how you want to establish wealth.

Financial education - I can't stress it enough!

[Aletheides]

1. Dont trade your time for money.
2. Leverage the time of other people since time is worth more than money.
3. Develop profitable business systems (passive as possible) which can be used over and over again.

I will ponder this more and post later...

[fromantv]

save as much as you can, invest it or put it in a savings acct at 5% and put money in it monthly...ive been doing it for a year and already am seeing a big difference....i calculated if i keep saving 800 a month for the next 40 years i will have like 3 million...and probably saved less than a million...if you wanna wait 40 years

[Young Spark]

Originally Posted by silenthcourtney

Understand the difference between wealth and money. Wealth is about sustainability. One of the best tools I've found that will help you really understand the difference between the two is the board game, Cashflow.

I see somebody has read the "Rich Dad, Poor Dad" book too. I'll be honest, that damn book is hard to understand at the beginning, might not be to most but I had a lhard time catching the concept to the story.

On reply to CDAllenGroup: I agree, financial education is the first step but what exactly does one mean to "understand how money works?" That is not really explaining anything, more like a "liquidated category" if that makes sense. Surely one should understand assets and liabilities, but still, I can't really grasp the true meaning behind "understanding how money works."

One I haven't seen yet is investing your money and compounding it. An example I read on a website called "The Wealth Wizard" said a great example: if you you can turn .01 cent into a million dollars in 1 month. .01 * 2 = .02 * 2 = .04 * 2 = .08 ..... keep following the pattern and around the 20th day you'll see your making almost thousands of dollars. Surely there is no such thing, but it brings to mind the power of compounding.

Suppose you invest $10,000USD in a 6% APY account, that should yield you about $600 ... now do it a second year and you should yield $636... you can gain more then the previous year because your compounding. Might not sound like much, but every little penny counts... right?

[Paint and Air Sportz]

Originally Posted by Young Spark

I see somebody has read the "Rich Dad, Poor Dad" book too. I'll be honest, that damn book is hard to understand at the beginning, might not be to most but I had a lhard time catching the concept to the story.

You should read it a couple times, it really is a great book iev read it 3-4 times to really understand all parts of it.

[Young Spark]

^^ I plan to, but I got the book from the library... it started out great so I need to go out and purchase it or buy it off eBooks.com --- what can I expect to learn from it.

Also, as anyone read "Think and Grow Rich"? --- I have it as an eBook but I want to know what I can plan to learn.