15, and im wishing to become rich as i can be tprovide for myself and everyone i love. Any tips ln managing money, tax, how to extendvalue?

Best Answer:

Hakeem: You become wealthy by spending less money than you earn and investing what you save into assets that appreciate in value and generate positive cash flow.

Some books for you:
Dave Ramsey's Total Money Makeover (general personal finance and debt management)
Robert Kyosaki's Rich Dad Poor Dad and Cash Flow Quadrant.

As far as taxes go, only idiots make financial decisions solely based on taxes. I'm a tax lawyer, JD/CPA, I do this **** for a living, and any decision made should start with whether or not it makes business sense, i.e. asking will this make money. Then you figure out how to do the deal in a tax-efficient manner and structure it accordingly. Why do I say this? Because unless you are buying and selling tax credits, any expense you make just to reduce your tax liability gives you a -55% return on your investment. That is, you save only $0.45 per dollar you spend on deductible items, and that's assuming you're in the top tax bracket. The other $0.55 per dollar spent just goes down the crapper. Again, doing **** solely because of taxes is always a losing strategy.

Other answer:

Develop self discipline with regard to spending. live within your means and avoid debt. Save money. Invest in assets which grow in value instead of toys. Learn to budget money and follow the budget. Read material on investing. Get an education and a good paying job. Basically, have a good paying job that allows you to invest money in accumulating investments. The magic of compounding interest over time will generate self-sustaining wealth. However, don't buy into societies belief that getting rich is the greatest achievement. Develop a good character. Place a priority on eternal life through Christ Jesus.
After you get a good education and career stay out of debt and don't attempt to support other people. Other people will drag you down, they need to support themselves the best they can. When you have more than you need for yourself invest, when you are 100% sure you can take care of yourself for life give gifts not an allowance to others so they don't become dependent.
Only people you offer to support should be supported by you. You choose to support a spouse should they need it when you agree for better or worse. Your children are entitled to your support as long as they are children. Be very careful not to take on so many dependents you sink along with them, other healthy adults need to take care of themselves.
While I watch TV I always feel like I should be doing something more profitable
Wishing isn't going to make you rich. You need a good education and a
job with a future.
Get a library card Simple.
Use a library card.
Read books on how to handle money NOT credit card score slavery.
Read books on how to figure out what you want to b when grown-up as it varies greatly
Libraries got answers
it generally takes hard work, being very frugal, investing money you might have in successful endeavors
most every one would like to be rich and make it comfortable for everyone around them, no one wants to live in poverty and want
The Oracle of Omigod:
You can buy any car you want, but you have to pay cash for it. I had a moped in college, in the Midwest, in the winter. I could now pay cash for almost any car made.

Leave a Reply

Your email address will not be published. Required fields are marked *