Advise/Suggest me about wealth.
I just created this WSO account when I was Googling about money and wealth. I'm pretty sure there's a lot of wealthy gentleman here and I'm looking for an advise. I'm from South East Asia, an upper-middle-income country. I'm 27 this year. I make roughly $9,700 annually even though my job is a high-skilled ones. I know it's the lowest you ever seen but that's where I'm struggling. I have no any type of savings or investment. Tried to do a business before and failed. Trading? Failed. Stocks? Failed. Bought online courses twice and failed. Pretty sure I made mistakes but I'm eager to learn. I don't believe in bad luck and I'm not giving up, so here I am, looking for advices and suggestions from you gentlemen. What can I do and what should I do to get rich gradually if not quickly. I don't want to get older and be homeless. I'm hoping you gentlemen can help. Thank you very much.
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Probably a land, or a house.
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Thank you very much for your help and advise. I really appreciate it.
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If your country is middle/upper middle income, I would want you to find out a few things.
1) Is $9,700/year above or below the median income in your country for an individual
2) If it’s below, are you working full time or over time? Say 40 hours for full time and above 40 hours for over time.
3) If you are any of the following: not working full time, working full time, but not overtime, or not working on weekends then you need to ask yourself:
Are you physically capable of working an extra job on the weekends or working toward earning a certificate/trade/degree that increases your income within 1-4 years on the weekends/after hours?
The first key to building any type of wealth as someone else has said is increasing your cash inflow. The reason I bring up your income is right now even if you save 20% every year and try to spend time trading or investing, you would likely make yourself more wealthy each year by saving 20% (not trading) and working an extra part-time job or furthering your education on the side.
Knowing the median wealth in your country is a good barometer because once you are over that, it might be a good time to start learning about some simple investing strategies.
As a general rule, try to reduce the money you live on gradually as a % of your income.
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