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1. Live below your means: That means spending less than you earn. This is key to becoming rich. 2. Invest your savings: While it can be tempting to save your money, investing it is a much better option. Investing allows you to earn returns on your money, which can greatly increase your wealth over time. 3. Start a business: Starting a business can be a great way to become rich. Every successful business starts small, and it’s up to you to grow it over time. 4. Utilize tax-advantaged retirement accounts: Tax-advantaged retirement accounts like 401(k)s, IRAs, and pensions can help you accumulate wealth. The money you contribute to them is tax-deferred, which means you don’t have to pay taxes on the money until you withdraw it. 5. Pursue side hustles: Pursuing side hustles, such as freelancing, can help you generate extra income. This income can be used to pay off debt, save for retirement, or invest in stocks or mutual funds. 6. Take calculated risks: Taking risks can be a great way to increase your wealth. Just make sure you’re taking calculated risks and not betting the farm on something with a low chance of success.
Jan. 11, 2023, 8:36 p.m.
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