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.
Answer by Gordon Miller, works at G3i Ventures LLC, on Quora:
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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Published on: Sep 21, 2017
