Q&A for How to Get Rich

Getting rich takes time, but you can start saving money here and there by doing chores around the house or neighborhood for cash or selling your old things that you don't need anymore. It might not seem like much, but learning about resourceful ways to make money early in life can really help you on your journey to become wealthy as you get older.

You might struggle in some academic areas, but everyone possesses unique strengths; the key is to identify and cultivate yours. Poor academic performance does not prevent you from achieving wealth. Success often requires financial acumen and understanding economic principles, which can be acquired outside traditional schooling.

Create a budget and stick to it religiously. Before you go out shopping, calculate exactly how much cash you need and leave the rest behind. Leave the plastic behind too — studies show that people spend significantly more when they are carrying a credit card.

While saving is a crucial first step, it's generally not enough on its own to make you rich. You will likely also need to significantly increase your income and invest your money strategically.

If you're a good worker, full-time employment is an excellent first step in accumulating money. Getting a good education is also very important, and you may have to work part-time in the early years. Some entrepreneurs, however, have done well without much formal education.

Remind yourself that there have been some very successful people who lost a job at some point in their lives. What matters is not how many times you've fallen (or been knocked) down, but whether or not you get back up again and learn from those experiences.

Most colleges and universities offer work-study programs for students with financial need. You can also get paid to take notes in classes you're already taking, join research trials, or assist professors with research.

Put away at least 10% of your income into savings or investments. For some other tips, check out this article: how to manage your money wisely.

If you have the necessary skills, there are websites on the internet where you can find freelance work that you can do from home. This work usually requires a skill set like writing, editing, computer programming, data entry, etc. There are also surveys you can do for money, but tread with caution. Some surveys are scams and you can end up losing money if they gain access to your bank account. Check for trustworthy surveys.

Credit cards are not bad in and of themselves. It is usually the irresponsible overuse of them that causes financial havoc. Having a credit card around for the times that they are absolutely needed can be a good idea, but using it too often can put you in heavy debt. Be careful with credit cards, but don't be afraid of them.

A common rule-of-thumb is to invest 10% of your income. If you can invest more, do it.

You're already rich compared with most people in the world. Invest your money wisely.

While a small initial investment in high-risk stocks may not immediately yield significant returns, younger investors are often advised to consider such options. Your extended time horizon can help mitigate market volatility, increasing the likelihood of positive outcomes over the long term.

If you can't find employment (or more employment), come up with alternate income sources such as dogwalking or quick online jobs like survey answering. Depending on where you live, there are probably local and national programs that can assist with food, heating, job searches, etc.

Yes, you can. You can be an editor and earn a decent living editing books and newspapers.

Consider investing in yourself through education or skills development, as this often yields the best long-term financial returns. You could also open a Roth IRA, where you contribute after-tax money, and then qualified withdrawals of earnings are tax-free in retirement. Alternatively, you might explore investing in individual stocks, though this carries higher risk, or opt for mutual funds, which offer diversification and potentially more reliable, albeit slower, growth over time.

You must be experienced in at least one thing. There's no possibility you don't have a skill that you spent a lot of time on. Each unique skill or hobby can give you a different kind of job, and some of them may be very profitable.

There is no guaranteed path to becoming rich. Consistent wealth accumulation often requires a combination of high income, disciplined saving, and strategic investment in growth opportunities over a significant period.

To build wealth, you should seek work in a field with high growth potential and save diligently to invest your money early.

Your decision hinges on your core financial and personal objectives. Each path presents unique benefits and drawbacks that align with different life priorities.

If you aren't good enough to play professionally, you could try teaching (clinics, camps) or coaching. If you have a good deal of talent, then you could potentially play professionally eventually - but you really have to be exceptional and work hard at it.

If you perform in places that generally have a lot of people (markets, city squares etc.) you can make money. Have a bucket or instrument case displayed so that people can contribute if they like. Make sure you can legally perform there because some places don't allow it.

401ks are usually a great idea, but unless you own your own business, you are limited to the options your employer offers. Review the details carefully to see whether the fund is well-managed.

While traditional software engineering roles offer excellent compensation, achieving significant wealth typically requires entrepreneurship. To become "amazingly rich," you would generally need to start and scale your own software business, creating products that can be sold repeatedly, or developing innovative solutions with high market demand.

The time to start investing is today. It's too late to invest aggressively. Devote what you can to moderately conservative investments, and think about working longer than you'd planned.

There's not any way to get money without a job unless you can find someone who's willing to support you.

Credit cards may have annual fees, late fees and interest charges.

It is the very rare worker who never struggles. The best advice is to pick a profession you love (or at least like), and work hard to make yourself indispensable to your employer.

To gain valuable insights into the stock market, you could read classic books like 'The Warren Buffett Way' or 'The Making of An American Capitalist.' These provide excellent foundational knowledge.

Start up your own business (after gaining some relevant experience), or invest in the stock market or aggressive stock mutual funds.