The 5 Fastest Ways To Become Rich, According to Experts

Bob Haegele   Sat, December 4,

With the new year fast approaching, many of us are likely starting to think about our finances. In particular, you may want to increase your net worth or even get rich. After all, getting rich will allow you to not only have more financial security but also have more options. And, of course, you would have the ability to spend on more of the things you want.

The problem with the idea of getting “rich,” though, is that it takes a lot of time and effort. Get-rich-quick schemes are almost always nothing but a way to prey on those who are struggling financially. Unless you are born into a wealthy family and a large inheritance is passed to you, you will likely have to become rich through a combination of hard work and financial diligence.

In reality, there are arguably no secrets to becoming rich. Time-tested approaches are generally your best bet, and our experts confirmed that. They outlined some of the best ways to become rich (relatively) quickly.

1. Avoid (and Pay Down) Debt

Debt is not necessarily bad in all instances, but it is something to be avoided most of the time. For instance, student loans can be beneficial if the principal and interest rate are not excessive and they help you pursue a lucrative career.

“Some experts would contend that student loans are bad debt, but I disagree,” said Robert Johnson, chairman and CEO at Economic Index Associates. “I would categorize modest student loan debt as being ‘good debt.’ In my opinion, student loans get a bad rap.”

Again, the emphasis is on how you use them. Student loans can certainly be bad if the numbers don’t work in your favor. “There is no doubt that the system has been abused and that some students have accumulated a mountain of debt and have earned degrees that simply won’t provide the earning power to pay that debt back,” Johnson said.

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https://finance.yahoo.com/news/5-fastest-ways-become-rich-130041478.html