Quick Wealth Network

How can a middle-class immigrant build wealth in one lifetime?

The choice is to live in high-real estate market to maintain an o.k. level of income. (not helping with real-estate wealth building). Stock market is too risky. Lottery, is a fool's dream. Any constructive thoughts?

Public Comments

1. Work hard, try to save money, start a business if you know a trade.
2. do what i did to start off Work 2 full time jobs and 1 part time job Live off of 1 job Buy a house and rent out the other bedrooms Invest some money in real estate, Put some into Stock market and diversify, put some(10%) into high yielding CD's The answer is hard work, saving, and investing
3. My suggestion would be to immediately open a savings account. Each payday, I'd put $5, $10, or so dollars into this thing, with a commitment to do so each and every pay period. Over a period of time with interest compounding etc., you will build and grow your investment. Next. When you are financially able, purchase a small home. This enables you to do two things. 1. You are actually investing in your future, with each and every home payment and 2. You aren't paying someone else for the privilege of living in their home. As your investment in your bank account grows, so to does your appreciation in your home. Equity in a home is a wonderful thing. It allows you to build your wealth and then, you may borrow against it if there is an opportunity which you know will give you further growth but, you need the capital with which to do it. Sound ideas for your future. And, none of them are "pie in the sky".
4. live with- in your means;don't compare what you have with others stuff will never keep you happy if you have each-other and your health is good then you are rich. Yes, always work hard, learn everything there is about your job and soon you will have plenty money.
5. Carlos Slim Helú's father was only 14 when he emigrated from Lebanon to Mexico. You don´t really think Wal-Mart is going to lose money this year or this decade or this century, do you? See below:
6. Anyone with a lower-middle-class income or better can do this if they live beneath their income and invest the difference wisely. The stock market is not too risky if you take an appropriately long-term view. Neither is real estate. There is danger in being too scared (too conservative) as there is in being too reckless (too aggressive). The danger of being too conservative is that you will never get ahead, and possibly not even keep up with inflation. Read up on the long-term record of the stock market. If you put money into it in small chunks, as you save it up, and do not panic at market downturns, then over the long run (over 5-10 years or longer), it will make you wealthier. As for living in a high real estate market, if I understand you, then you might want to know about some recent studies that showed that areas where real estate was expensive did have higher average salaries -- but not enough to compensate for high real estate prices. Once you adjust for the cost of living, NYC and San Francisco, and other expensive places, will probably not pay you to live there on strictly financial terms. (There are of course many non-financial reasons you might ignore this and live there anyway. ;) You're certainly right about the lottery though.