How do I get rich as an adult? I am 16 years old and I want to be rich so that I can have my own house, my own car and marry a girl of my choice.

Updated on : January 17, 2022 by Stanley Walker



How do I get rich as an adult? I am 16 years old and I want to be rich so that I can have my own house, my own car and marry a girl of my choice.

Would you rather be rich or happy? Or how about this hypothetical: would you rather have $ 1,000,000 and be happy or have $ 100,000,000 and be unhappy?

Money is important, up to a point. You definitely want to have your own home, your own car, so that you can pay for the things in life that you need without worry. That is the first million. If you want a second and third home, yachts and jets and luxury vacations and all that, that's the next 99 million. But what you will surely discover is that the happiness provided by the first million is greater than the happiness provided.

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Would you rather be rich or happy? Or how about this hypothetical: would you rather have $ 1,000,000 and be happy or have $ 100,000,000 and be unhappy?

Money is important, up to a point. You definitely want to have your own home, your own car, so that you can pay for the things in life that you need without worry. That is the first million. If you want a second and third home, yachts and jets and luxury vacations and all that, that's the next 99 million. But what you will surely discover is that the happiness provided by the first million is greater than the happiness provided by the next 99 million.

Here's why: That first million gives you freedom and security. You are never hungry. You are never cold. You are not a tramp. Your car is reliable. If you fancy a steak dinner, you can afford it. Do you want to visit Paris for two weeks? You can swing that too as a gift for yourself and your wife. Break an arm? No problem, you can pay for health insurance and medical expenses. There are many very unhappy circumstances that you AVOID with your first million dollars.

But what do the next 99 million give you? Just fancier versions of the things you already own. Prettier clothes, prettier car, prettier house, prettier vacations, but it's just things, and what you'll discover is that things don't make you much happier for that long.

And there's a pretty straightforward way to get that first million: study hard in high school and then pick a decent public college in the state and pick a major with a good starting salary for a four-year degree by doing something that sounds interesting to you. . You don't need to be a doctor, lawyer, or entrepreneur, just something that pays $ 60k / year or so.

So do that, but live like you make $ 50k and invest the other $ 10k. That last sentence is the MOST important thing. (Read "The Millionaire Next Door" for more details). Every time you get a raise, invest at least half in increasing your investment. Do a good job in your career and get a promotion. Get those raises; they're pretty easy if you do solid work while the guys around you are lounging around. You will be surprised how fast you have $ 1 million, $ 2 million, $ 3 million. It just accumulates around you as you live your life below your salary.

So you can decide: do I go ahead and keep accumulating cash? Do I enjoy my career enough to do it? Or would I like to do something else that pays little or nothing, just because I would enjoy it more? If you can make THAT choice, I guarantee you will be happier than the guys who are busting their butts forever, trying to rack up more and more. If you are competing with your friends in this regard, you will always be close to someone who has more. It is a desperate standard to strive for.

I was where you were at 16: penniless and getting ready to go to college. 25 years later, he was a millionaire and retired and happier than you might imagine. YOU CAN DO IT.

I firmly believe (especially since the 'as an adult' question was asked) that saving, while a reasonable strategy, is simply not enough given the deadline. Simple math will tell you that $ 1 million in 5% investible cash would yield $ 5,000 a month on a residual basis. I would say that not many people have 1M sitting, hence the question. :)

The game is about building assets that produce cash.

So first, I think it would be nice to clarify what you define as 'rich'. Most people would be happy just taking care of their security needs with a little extra for fun or money for a vacation.

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I firmly believe (especially since the 'as an adult' question was asked) that saving, while a reasonable strategy, is simply not enough given the deadline. Simple math will tell you that $ 1 million in 5% investible cash would yield $ 5,000 a month on a residual basis. I would say that not many people have 1M sitting, hence the question. :)

The game is about building assets that produce cash.

So first, I think it would be nice to clarify what you define as 'rich'. Most people would be happy just taking care of their security needs with a little more for fun, or money for a vacation with the kids, etc. Others, of course, would like it a little, or even a LOT more. Without knowing those numbers, it is impossible to create a strategy that you can execute.

Second, GET a plan or strategy for how you will get there. A strategy is basically a plan for how you are going to WIN and is often equated to a map. How can you tell which way you will get there unless you mark it on a map? What are the risks? How are you going to protect yourself on the way? What milestones should you reach along the way? When am I going to get to them? It sounds boring, but it is essential. The same old adage applies: If you don't plan, you plan to fail.

Third, choose a business model (assuming you have no cash to invest) that applies at least one, if not all three, of the following principles:

Compound
Utilization
Stacking

There is NO WAY someone can produce enough cash to invest meaningfully as an adult, unless you have the above pieces working for you. One thing the rich do well is learning how to make their money work for them, not the other way around. In this day and age, the online world is exploding with ways to earn money, and it is changing and becoming more innovative every day.

Finally rinse and repeat.

Although it is difficult to condense such a question into a small paragraph, the above is a simple guide that you can find anywhere. The problem is, most people won't do it for whatever reason / excuse, often based on their personal philosophy or belief system. If that gets in your way, start there first. The ability to acquire wealth is not a get-rich-quick theory. It takes passion, concentration and consistency.

All the best

I think asking a question like this on Quora is a great first step that literally 99.9% of people don't even accept that much praise. I think the next step you need to do is get mentors who are in different stages of life. They will teach you what to do because it is impossible to figure it out on your own. Every extremely successful person today had some kind of "mentor."

I can tell you to explain ideas as if there are different paths to wealth. You can go the corporate route, which is the least risky but provides the highest salaries. This makes sense since corporations take a large

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I think asking a question like this on Quora is a great first step that literally 99.9% of people don't even accept that much praise. I think the next step you need to do is get mentors who are in different stages of life. They will teach you what to do because it is impossible to figure it out on your own. Every extremely successful person today had some kind of "mentor."

I can tell you to explain ideas as if there are different paths to wealth. You can go the corporate route, which is the least risky but provides the highest salaries. This makes sense as corporations take a significant chunk of GDP from our economic pie. But it is important to note that there are fewer corporate jobs than qualified individuals. So, you need to stand out a little bit in school. You must be in the top half in a great school or in the top 20% in a decent school (estimate here). And since there are far fewer jobs than the supply of labor, it can't be spoiled down the road. For example, if you decide to take a 2-year break and backpacking around Europe, it's extremely difficult to get back into the race because you've left scars on your resume.
Work years to store your resume that will be in the top 1% income range.

Another path is the entrepreneurial path. This is much riskier and literally ten times more stressful. However, the payoff is much greater. There are many sub-paths through this route that you can read about on Quora.

I am sure there are other routes to riches. But I think that getting a mentor is the best step to take. It will make your trip much easier ...

You are not broke. You are 16 years old and you are a minor.

Wanting to be rich is one thing. Who wouldn't want to be rich (unless you're an ascetic)? Your parents' financial situation sounds perfectly middle-class. If it doesn't come from wealth, you need to earn it. If you want to meet basic needs along the way, you have to borrow money.

Why do you want to be richer than all your friends? How rich would that be? $ 10,000? $ 1,000,000? $ 100,000,000?

To answer your question, if you want to get rich, you have to start right away. You have to find some way to create a ton of value for the world. S

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You are not broke. You are 16 years old and you are a minor.

Wanting to be rich is one thing. Who wouldn't want to be rich (unless you're an ascetic)? Your parents' financial situation sounds perfectly middle-class. If it doesn't come from wealth, you need to earn it. If you want to meet basic needs along the way, you have to borrow money.

Why do you want to be richer than all your friends? How rich would that be? $ 10,000? $ 1,000,000? $ 100,000,000?

To answer your question, if you want to get rich, you have to start right away. You have to find some way to create a ton of value for the world. Solve a big problem. Those are hard to do and people will pay tons of money for your solution. Go educate yourself and find out.

You are at the perfect age to make the conscious decision to be rich. The good news is, you're in luck! 80% of all millionaires in America are first-generation self-made millionaires. I have studied the habits of these people quite extensively, and emulating their habits set me on my own journey to financial freedom, something few people actually achieve.

Here is a summary of what I found in my research and in my own life experiences. If you carefully analyze how others have done what you want and build those habits in your own life, you are likely to win with money and many other things.

Keep reading

You are at the perfect age to make the conscious decision to be rich. The good news is, you're in luck! 80% of all millionaires in America are first-generation self-made millionaires. I have studied the habits of these people quite extensively, and emulating their habits set me on my own journey to financial freedom, something few people actually achieve.

Here is a summary of what I found in my research and in my own life experiences. If you take a good look at how others have done what you want and build those habits in your own life, chances are you will win with money and most other things.

How does the average millionaire get there?

Earning a lot of money is not easy: if it were, everyone would do it. Advice: Find a job that pays a lot of overtime. Work every hour that God sends. Invest the money in stocks and shares (note that there is a risk that the investment will go up or down). Get a very small and cheap apartment (even a room) and pool your money with a girlfriend (no children). Save, save and save again - work, work, and work some more. I guarantee you will have a good sum after a few years. If your investments increase, you may have even more.
A friend of mine lived in a room with a girlfriend and another couple. They all

Keep reading

Earning a lot of money is not easy: if it were, everyone would do it. Advice: Find a job that pays a lot of overtime. Work every hour that God sends. Invest the money in stocks and shares (note that there is a risk that the investment will go up or down). Get a very small and cheap apartment (even a room) and pool your money with a girlfriend (no children). Save, save and save again - work, work, and work some more. I guarantee you will have a good sum after a few years. If your investments increase, you may have even more.
A friend of mine lived in a room with a girlfriend and another couple. They all worked about 84 hours a week in airport security. After 6 years they had enough to buy a property. They rented the property and after another 6 years they bought another property. Today they are very rich and have a great life.

If you want to be a billionaire, you have to start your own business. I can't help you on that.

If you just want a nice house, a nice car, a nice family, no debt, money in the bank, paid children's education ... that's much easier.

Get the best education you can without borrowing large amounts of student loans. Get your 4-year degree in 4 years or less, if you can. So work hard and save as much as you can. See Dan Kanivas's answer (he's on top now and deserves to stay there).

The key is not to live rich now. Live poor, work hard, save and get rich later.

Start working and start saving. Live cheaply, save as much as you can, then invest the savings in mutual funds, real estate, and other assets to invest. It's easier to control how much you spend than how much you earn. So, spend wisely, the less the better.

The problem with your question is that you think having a lot of money will get you the girl of your dreams. Actually, when you are rich, you will wonder if she loves you or if she loves your money.

An intelligent man is one who marries a rich woman, cf. John Kerry x 2.

A classic phrase is that, "It's not just that you succeed. Your friends must fail too." Find a group of losing friends.

my own experience.

From the beginning, I was driven by the desire to be financially independent and not have to work for someone else. He hated wasting time doing someone else's work. I always saw a better way of doing things (from my perspective). I wanted to lead my own life, doing what I chose to do. He definitely had to make enough money to be financially independent or ... well, there was no other option.

I realized that to do what I wanted, when I wanted, for the rest of my life, that you needed a good amount of cash, that after taxes you could put in a low risk investment (4% solid

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my own experience.

From the beginning, I was driven by the desire to be financially independent and not have to work for someone else. He hated wasting time doing someone else's work. I always saw a better way of doing things (from my perspective). I wanted to lead my own life, doing what I chose to do. He definitely had to make enough money to be financially independent or ... well, there was no other option.

I realized that to do what I wanted, when I wanted, for the rest of my life, that you needed a good amount of cash, that after taxes that you could put in a low risk investment (4% sounded reasonable from my point of view sight). investigate).

That rate of return would keep the capital in line with inflation and pay me a good salary. A lifetime minimum of $ 200,000 a year (rising with inflation) sounded like a comfortable salary. My math turned out that I needed a minimum of $ 10 million after taxes. I never intended to spend anything in the beginning, but to save it for other projects later in my life. Now he had the target firmly in his sights.

Now, how do you go about getting that amount of money? Forget waiting for a job to earn you enough, it is unlikely to happen while you are working for someone else. Sure, some lucky people choose a great startup that is very successful, but the realistic odds of doing so (and owning enough stock) are like winning the lottery.

Use a job to fund the development of your own idea.

The only people I could find who made the amount of money they wanted, they did it by creating a key technology that large companies need to use, and then they sold it to the highest bidder. I regularly saw deals ranging from $ 30 million to $ 200 million in Silicon Valley as companies acquired small startups for their technology and / or businesses.

Creating products that are sold directly to the public is much more likely to fail. Selling to large corporations is much easier. They are desperate for solutions and have a lot of money to spend. Instead of finding a million customers to grow, you just need a large corporation to make the same money.

First of all, you need to be where other people with your skill set are making the amount of money you want. For me, being a tech nerd, that meant Silicon Valley, CA or nothing. Sure, there are tech hubs in other areas, but they're all just supporting Silicon Valley, all great business is done there. The chances of it working elsewhere are dramatically lower.

"The glass is half full in California, half empty elsewhere"

Doing business in the US is much easier than anywhere else in the world. People are so optimistic that it is possible to find support for almost any idea, as long as you propose it correctly. If you've had a successful business anywhere else in the world, you'll find that it takes half the effort to make twice as much money in the United States, especially California.

Start by getting a job for a company that operates in the area in which you are trained. You will need the right education and skills. Large or small company, it does not matter. Just make sure you are in the high beta growth phase, that is, you are in markets that are currently hot and share prices are skyrocketing. This is where all the M&A activity is, which means it will be very easy to sell your business at a huge profit.

Start by looking at what your company's customers are spending money on and what they want. It's easy to find out, just by being a good listening employee. Read company presentations and reports, learn how the business works, find out what competitors are doing. Imagine that your business and your profits are at stake.

Identify a hole in the market you are working on that needs to be filled, based on what you hear from customers and what tech support people are complaining about.

It is easy to find a solution, as companies grow they become more and more inflexible and the creation of new technologies becomes extremely difficult and expensive due to bureaucracy and communication problems. They can no longer be laser-focused like when they were a startup. This is where you come in.

Create a solution that fills a needed gap and see if it works for you in your work to solve the problem.

Like any startup, be sure to keep stealth mode at all times and keep your mouth shut. Do your development work with your own tools and on your own time. Document everything with a daily activity log. If you have problems later, you can show your exact steps.

If you see a lawsuit for your solution or if you solve a key problem, you could be a winner, now you need to make sure you own it. Get started by starting a sole proprietorship in CA, it costs about $ 40 and 1 day's work, and you're in business. You don't need a corporation or LLC, which is unnecessarily complicated and also allows you to accept partners easily, which is fatal. Owning 100% is key to my system.

Over the years, you will be tempted and / or convinced that you need to partner with or hand over stocks to someone. No one else will have the passion and drive that you have, and you will likely give up or lose interest, but your principal will be lost forever. If you really need someone's help, consider paying them or even asking them to do it for free. The internet has pretty much all the information you want these days. Check out Quora!

Document your idea and the steps required to create it. In California, even if you work for someone else, it doesn't matter. If you come up with an idea in your spare time and use your own tools, you are 100% owned. Other countries and states have different laws, but hopefully CA is the place where you decided to set up your business.

If you can't get to California, consider that thousands of immigrants from around the world come here by whatever means necessary. They want to be here so much that they will work as laborers in construction, gardening and cleaning for a better life. If you're not willing to sacrifice at that level, you probably don't want it enough and should stick with a regular run. Think about it.

If you are not a US citizen or green card holder, the easiest way to get to the US is through an L1 visa. The standard H1 visa is much more difficult to obtain.

To get an L1 visa and a green card, start working for a US-based company that has offices in your home country or anywhere you can get a visa.

If you are successful in the company, you will soon be traveling to your headquarters in the USA for business meetings etc. Make new contacts at the US office, let them know you'd love to move, and voila! So it's a simple procedure to move to the US and accept a new job at the same company. Once you have your green card (takes 1-3 years), you can quit and work for anyone in the US All of this assumes you have the intelligence and education you need. There are US-based company offices all over the world, start looking, you may have to take a job that is not your first choice, but keep the big picture in mind.

Now is the time to approach your company attorney (look for them in public records) and ask them to write you an official letter declaring and acknowledging that you have your own business and that you have developed your own technology and that it is owned by you. It sounds impossible, but in my case, he was really excited for me and wished me the best. This official documentation is the key to future goals.

Now you can go to the company you work for and officially inform them about what you do. If your idea really benefits your customers and integrates with your existing solution, doing business is easy for you.

Then, as you gain momentum, try out trade shows, small ads, friends, old customers to find new companies that use your solution. I really liked the little focused fairs. They cost only a few thousand dollars to attend and you usually get a small table / booth and expose yourself to all the big customers. Plus, those trade shows are the talent pool for future stars, and many vice presidents of business development from large companies visit trade shows looking for cool solutions to buy while still inexpensive.

Listen to people's feedback, refine your solution, try different approaches, and go with what the markets need. It is an iterative process that takes time. It doesn't happen overnight.

Well, now you have something that people are willing to pay money for and you own it directly. You are 50% of the way. You have no debts, you have no partners, and you still have your job. At this stage, I was working part-time for my previous job, more than 20 hours a week was still considered full-time (my old company policy at the time), and it still provided me with medical benefits and my 401 (k) .

At this stage, you will start to get the attention of many other entrepreneurs and perhaps a few venture capitalists, people can start to smell the opportunity. Whatever you do, don't hire partners or investors at this stage. Listen to them, excite them, listen to offers, but wait, better offers will come later.

The sweet spot is that if you can show 3-4 paying customers, the bigger the company that buys your solution, the better. Selling to Fortune 500 corporations was not difficult. As close to $ 1 million in annual income or better is perfect. That is not profit, but income.

Potential buyers will see you, an individual, with this cool technology taking the income you made in your last year and scaling it to your business size. 10x - 100x your income for the last year is easily possible as a purchase price. This will come as a combination of stocks / cash and a 3 year contract working for them.

You are now ready to go. It took me 10 years to get to this stage. I attended many trade shows, had a dozen clients, spoke with countless potential partners, and entertained all kinds of deals and deals. I didn't owe money, in fact, I was making a lot of money from my consulting jobs and my sales. Every now and then it was scary, and I thought about packing it up several times, but at the end of the day everything worked out fine. I made a lot more money than I originally planned and felt totally in control.

There are 3 exit strategies that I tried. They all worked. Each one better than the last.

1) License your idea to another company, you can do it many times.

2) Partner with a much larger startup, they pay you in cash and in stocks.

3) Being bought directly by a large company, perhaps a publicly traded multinational.

The 3 above offers will be available to you at this time. You will be a popular person among VCs, and it will be a dream acquisition deal, as your company has only one simple owner (you) and shows clear ownership of intellectual property. Most importantly, you will not need to sell for billions of dollars, since you alone are getting the money, you are not sharing it with dozens of other homeowners and investors.

All of this information above assumes that you are smart, have the talent to make products, and have the drive to move on when others quit. You must be a salesperson, artist and engineer, totally believe in yourself and your solution.

It also assumes that your idea is really good and that people are willing to pay for it. All my approach does is make sure I make money off it and don't give it away or lose it like the other 99% do.

There is nothing magical about it, I see this approach and some with slight differences that make it great every week here in Silicon Valley.

The keys are: do all the work yourself and show clear ownership.

I found time to do the above steps, raise my family, and have plenty of free time for vacations and friends. You need to think smart, do the research, and do the work it takes to get what you want. And know what you want! Write it down and how you plan to get there.

Don't be silly and quit your job, the right job will expose you to the businesses that will eventually buy you. It will also show and teach you how to make something that they will want to buy. Many people fail by borrowing money or using savings to start a business, rent an office, hire people, etc. This only gives you 1-2 years max to do something big before running out of cash. It takes a lot longer to find out what people want, to make the right contacts to do a real business that can sell for the kind of money you want to make.

Too many venture capitalists and partners in your company and associated intellectual property issues can mean that a $ 100 million purchase agreement ends up generating enough money to buy a car. I cannot stress this enough. I see it all the time.

Before dismissing this as impossible, please note that I am not a US citizen (green card), had a second level education, and had no money when I came to the US However, I was totally confident that I would be successful.

I hope someone else can take advantage of this knowledge from my experience and get out of the rat race. Retiring young really is as good as you hoped. Not working is like living to be 200 years old. You can do whatever you want every day, not just on weekends. You will have 7 days a week to enjoy yourself and the money to do whatever you want. Do not give up on your dreams. Do something proactive about it, or if you can't, change your life expectancy.

Let me know if you have any questions or suggestions. I want more people to do the same. If I can do it, you can too.

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