Become rich by Starting Your Own Business

It is always better to be an employer than an employee, if you are disciplined and able to devote time and money. Learn all you can about running a business. Take a class. Ask an experienced business owner for advice. Be careful, though. Many businesses fail, especially in their first year. You could end up with considerable debt, no savings, and no benefits. Get help!

You don't need to be the only person in your business to avoid having someone siphon off the profits from the contacts and goodwill you generate. If you can work efficiently with someone with complementary skills who is very honest and reliable, you could start a business as co-owners.

Entrepreneurs make up the majority of millionaires, it is high risk, but it is also the most likely way to become truly wealthy. Few people amass great wealth through other means. Less than 1% become a millionaire through "other" means such as being a rock star, winning the lottery, etc. So unless you inherit wealth your best shot is doing this.

Note that you can start your own business part-time. For example by going into real estate, tax sale investing, purchasing, renovating and selling homes is a common way for building wealth for people without money to invest.

Be Smart

Learn about budgeting, credit, and debt. Learn how credit cards work! If you get into debt early it can sabotage your progress.

Put an amount of money in the Credit Union monthly. 10, 20, 30 dollars is good - $100 is better. By the time you get old, retirement would be easy. (See segment about compound interest).

If you are in college and can't afford an apartment and don't like those nasty dorms, then gather with 3 or 4 people, and buy a good sized house while splitting the payment. It'd probably cost less than a apartment. Better yet, buy yourself a home using a mortgage and pay yourself instead someone!

Listen to your instincts and don't be afraid to go against the flow. If someone tells you that they have found a sure-fire opportunity to make YOU rich, it usually means that they have found a sure-fire opportunity to make THEMSELVES rich by convincing you to buy their product. So stop and think, there are millions of great opportunities out there. You just have to filter out all the background noise to find those opportunities because, in the real world, no one else is going to find them for you.

Protect Your Money

Various unforeseeable problems can lead to people trying to take your money. Try to protect yourself against them before they happen. Make sure you have adequate liability insurance, and a consult a lawyer about protecting your assets and those you want to put aside for your children from problems that may arise.