How can one acquire wealth?

you can put one of these into the cockpit of a Delorean. Invest into Apple, Intel, Microsoft, and as many other businesses that you can think of that make it big.

Study hard…work hard…or find a nice sugar daddy/sugar momma (whichever works for ya)...

@googly I still like my idea a bit more =)

steal it, Inherit it or work hard and do it right.

I’m with cardinal, robbing banks is key.

Robbing banks sucks. That much risk should have at least like a 50,000 dollar pay out. I doubt you could even physically lift that much money off the floor. It would weigh one hundred and eleven pounds in one dollar bills, not to mention the bills would be in a sequential order. It’s just not a feasible operation.

I meant 111 pounds in 100 dollar bills equals 50,000 dollars, if a Ben Franklin weighs one gram which it does.

@Stay; I don’t think the suggestion was meant to be taken literally.

And as far as buying stocks, I purchased Intel and Microsoft at their highest and e to lose a lot of money. I bought Apple at $40, sold it at $20 and then watched it reach almost $200. Now I see it is selling for around $90.

A relative says that I have the “Anti-Midas“touch.

First, how are you defining “wealth”? I personally define “wealth” as how much time one can live without needing to generate more income through a job. In other words even if I had 10 Million dollars and I spend 2 million per month, I still only have 5 months of wealth. I would be considered “rich”, but not wealthy.

So, some tips are…

#1: Keep your expenses low.

#2: Don’t go into debt for any non-earning asset. Even a home is not truly an asset if you have to work to make the payment, but in this case most of us need to.

#3: Read “The Richest Man in Babylon” (easy, quick read)

#4: Don’t take advice from anyone who hasn’t done it themself. So, because of this, you may want to disregard everything I’ve said!

Seriously, that book is really good. It reflects on how 2 people who went to the same school, etc. grew up to be completely different. One was a laborer and the other became the richest man in Babylon. It shows the habits and patterns of the two, and doesn’t rely on being lucky enough to pick the right stock or whatever.

Never spend more than you make.
Don’t carry credit card debt or loan debt (unless it’s a mortgage).
Invest wisely.

I don’t honestly know, though. I follow the example set by my parents and I seem to be doing really well for a 28 year old (compared to my friends of a similar age and even those who are a few years older).

Edit: “and e to lose a lot of money” should have read: “and managed to lose a lot of money quickly.”

haha, win the lottery…

By living simply and within your means. No one likes this answer, but it works.

shop at the dollar store—but sometimes they sell cheap things.
be a smart shopper
my friend spent 200 dollars one day on clothes i spent less than 50 and mine were much better deals.

Start off early. Knowing how banking and finace works is key. If you don’t know about how your money is being handled, you should get on that ASAP. On every paycheck EVER, put 35–45% away into a savings account. Then, when you have a good amount, invest in a long term GIC. Same goes for birthday money or gifts if you get any.

It also helps to have a Bar Mitzvah where you get money from etended family who you never met. ;P

It may not seem like it today, but now is the time. Real Estate Real Estate Real Estate.

@Judi: If I had the money, I’d be snapping up properties left and right!

eh, i’m saving up for the stock market. seems foolish I know, but its bound to bounce back at some point.

I feel blessed to have apartments with a very low mortgage right now. We call it “mailbox money” because we don’t have to be there to make it roll in. We just have to go to the mail box.

NEVER BE GREEDY!! Go little by little. You have your entire life to get rich, so don’t go for it all in one scoop. Be critical of everything. Don’t make decisions without thinking. Use common sense.

Live to get paid.

Learn to distinguish need from want. Eliminate things you don’t need if you can, and enjoy what you have in your life.

There are definitely some good financial tips to take care of, but I think the most common problem is that people start buying things they don’t need and get caught in a cycle of working and spending, and life slips away. See how little money you can spend in a week. Do you really need to eat out? Own a car? Buy expensive toys/clothes/whatever? There’s so much pleasure in commuting a bicycle, growing and preparing your own food, etc. and it tends to be healthier for you and better for your community and the world. So many win-win options totally ignored.

As for financial security—it depends on your situation. If you have extra money now then there are smart ways to save and invest it. If you are thinking of what kind of career to get, then some options are better than others. Where are you in the process?

My broker just recommended buying Pfizer; it has many drugs in the pipeline, the price is for bargain hunters and the p/e is low. He bought some for me; But I am NOT making any recommendations but passing on info. I had sold some stuff in order to have capital losses (that was pretty easy to do) to offset my taxes and so had a little cash in hand.

Buyer beware.