Tuesday, October 21, 2008

How to Become Rich

Are you rich? Do you want to become rich someday? There are many people labeled as Nouveau Riche. Denotatively speaking, nouveau riche is a French term for "new rich", or new money. It refers to persons who acquire wealth within their generation. It is generally used to emphasize that the persons were previously part of a lower economic or social class, and that the acquisition of wealth has provided the ability to do or to have things that were previously out of their reach.

I have read an article saying there are many ways to become nouveau riche, but many more to become poor. Of course it's usually not easy and many quick methods involve a lot of risk. I list the steps on becoming rich according to that article. Here it is.

1. Start by investing in your most important asset: Your mind

a. Doing well in school

b. Learn about basic economics

c. Develop yourself all your life

d. Develop a vision

e. Stay healthy

2. Invest

a. Start investing as early as possible

b. Make smart investments

3. Start Your Own Business

a. It is always better to be an employer than an employee

b. Entrepreneurs make up the majority of millionaires

4. Be Smart

a. Learn about budgeting, credit, and debt.

b. Put an amount of money in the bank monthly.

An example of one of the nouveau Riche is Jay Van Andel, (June 3, 1924 - December 4, 2004) was an American businessman best-known as co-founder of the Amway Corporation; he was born in Grand Rapids, Michigan.

He was also known for funding religious missions and conservative political causes, including the Republican Party. Shortly before his death from Parkinson's Disease-related complications on 4 December 2004, aged 80, Forbes Magazine estimated his net worth at $2.3 billion, making him the world's 231st richest individual (at one point he was among the top 10 wealthiest Americans).

No comments: