How to become rich! / myLot

India

April 27, 2007 3:10am CST

Here is the perfect plan to become rich. Like any other plan to become rich, you need to save and earn more on your savings consistently. I believe this is best achieved by investing in stocks, or as a poor substitute, mutual funds. Save 10% of your income and replace your income with income from investments in about 22 years. Save 25% of your income and become financially free in 15 years! Which do you prefer?

2 responses

jesseca

@jesseca (209)

• Philippines

27 Apr 07

i dunno.. but for me, you can never be rich even when you work that hard for having some income.. the amount that company youll working for is just enough for your daily needs.. and even if you have save some income, there will come a time that you will needed it for some purpose like some emergency one..

1 person likes this

rocky777

@rocky777 (353)

• India

11 May 07

Becoming rich is about making the right choices, not about earning nor about how much you earn. If one does not save, one will never be rich. And if what you save does not earn you a decent return, atleast 15% per annum, it does not make sense to save.

mari_skye

@mari_skye (1637)

• Philippines

6 Jun 07

I would prefer the 25% savings in mutual stocks of course. The bigger the investment, the shorter the time you need to achieve the target amount you aim for. I am not the type who would risk my savings on investments that promise high yield. I do not have any experience in stocks so it would be high risk for me to invest in it. I tend to play it safe so mutual funds for me is the way to go.

getting rich