I'm looking for some tips from those of you who have broken the six digit salaries or more. Basically, if you could go back in time and make different decisions what would you do?

I'm saving money right now to invest in stocks, but it doesn't seem like there are too many stocks that are paying off very well right now, short or long term. I also am trying to start my first retail business, but I am stuck on many of the actual state permits and such. I have run two businesses, but both have been service oriented.

I will be getting a degree in Information Systems within the next two years, but I'm not sure that I'll be staying in the computer field for that long; I think the only way to make the kind of money I want to make is to either be at the top of the company, or own it. I'll probably be going another step and getting a masters degree, but I can't say for sure until I get to that point in my life.

My goal in life (no matter how pathetic any of you may think it is) is to have plenty of money by the time I'm 30~35, hopefully enough to retire. I want to know how to do it, for those of you that have been able to make a good living at a young age. I think that once I get a good amount of money I could invest it and make it into more, but how do I get the money to start investing? Tips? Advice?

 

land, not stocks.

 

Could you be a little more specific? Urban/rural....

 

If you wanna be rich, stay away from IT, unless you plan on inventing something.

 

That's what I was thinking as well, I was considering chaging to a finance major.

 

The key to a successful portfolio is diversification, especially with stocks and other uninsured investments. Your first move is to raise capital and the most secure way to do that is work, work 2 or 3 jobs if you have to and save as much as you can. Build a diversified portfolio set guidelines for yourself such as not investing more than 4% of your portfolio in one vehicle. If you are patient diligent and DON'T get greedy you should be able in due time to have a portfolio of stocks, bonds, real estate, 401k etc.

 

Buy quality stocks. Intel, IBM, Microsoft, GE, etc. will be here long after the shooting stars fade.

Diversify, never put all your funds in one stock, one industry or one type of investment.

Buy some income bearing issues (bonds, munis, pf. stocks) as well. A high current income makes reinvestment easier and brings financial independence faster.

Reinvest all you can afford.

Work hard. Be smart.

Good luck.

 

I don't think there is any stock that would provide for a retirement at age 30-35...unless you could go back and dump tons of $ into Dell or something else and sell it at the peak.

There are decent ways....start your own business of some sort. My wife and I own a Mortgage Broker company. She runs it, i was the starter...We started it about 8 years ago and she works a sort of odd 40 hours (sometimes at night, sometimes weekends)....she pisses around when she feels like it and works when she feels like it. Not talking figures but with a couple decent employees (they always leave to start their own deal it seems) you can make decent $.

Buy some real-estate.... of course everyone hopped out of the stock market and is buying real-estate.... 15 paid off houses renting for $600 each will net you $72,000 per year after paying for maint, water, trash, insur and real estate taxes..
Not bad for making sure 15 people are content.

Scot

 

I know a ton of people that got rich in the IT market without having to invent 'something'. I consider IT to be more service oreinted so the invention idea puzzles me.

I have a different philosophy when it comes to investing. Being a relatively young guy (29 yrs) I would prefer to take the big risks now (short term, high yield). If I lose it all I have time on my side to recoup and try again.

 

Retiring at 30-35? Please. All these people out there making money are driven at the jobs they do. Looks like you're trying to find the quick buck.

There's 2 ways to get rich. 1. Save and Cutback 2. Make more money. If ask how can you make more money see #1.

Real estate investing will form a bubble and a lot people are throwing money into it hoping its a great investment.

No stock is bulletproof. Look at blue chips like McDonalds and Ford. Nothing is a sure thing. You need the knowledge to invest and know when to take your profit or cut your loss.

The first thing to do is save up 6-8 months of living expenses. Whatever you spend per month on all bills, then DON'T TOUCH THIS MONEY. This must be liquid at any time.
Since you're young, the best thing you CAN do is cut your debit. Starting with high interest debt such as credit cards, then cars etc.. Cut your cost of living. Be sure to have disablity insurance in case you can't work.
NOW after all that and reading and researching, look for investments.