What are some options to become rich in ten years? originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world.
So, the key to being rich 10 years from now is to start today doing what is necessary. There are some basic things you need:
- Gain Knowledge
I have read over 250 books on business in the last 12 years and I can tell you that I learned something new from each of them. The more you know, the better you will do.
- Gain Skills
Most people develop a very small skill set and forget to keep their skills current. If you work in technology, the entire foundation for what you do changes every 5-10 years, so start now with something new, like mobile technology or VR and become the best you can at that by learning new skills.
- Save and Invest
The best way to become rich is to put at least $500 per month away and invest it wisely and watch it grow. If you put in that much over 10 years, you will have put in $60,000 but your portfolio value will be over $100,000 and growing.
- Live a Modest Life
Lower your expenses and live on 1/2 of what you make and save and invest the rest. Even just putting away $1,000 per month means that instead of $100,000 at the end of 10 years, you will have $250,000. Buy cars and pay cash, drive them for 5-10 years. Buy or rent a modest place to live, chances are you are just sleeping there anyway and you don't know how big or nice the place is when you are asleep.
- Start Today and Stay on Course
The longer you wait, the harder it will be, so start today to make your dream a reality and don't be afraid to change course to correct your path. The best path is the one you discover along the way.
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