Anonymous
Anonymous asked in Business & FinanceInvesting · 1 month ago

im 13. What should I do to become a millionaire (buisness, stocks, trading investing)?

11 Answers

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  • 1 month ago

    Look into real estate. All companies and products can go bankrupt eventually, but there is only a finite amount of land in the country. As an example, my dad bought a house when he got married back in 1953 for $8,500. Last year, he sold it for $440.000. If he had bought a house every 3 years and rented them out, he could have been a multi-millionaire. 

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  • 1 month ago

    Start by saving. It's no joke--saving is the one thing all millionaires have in common. You are so young that if you being saving now, you could conceivably save that much by the time you are 65. And that's just saving. Once you accumulate $20K, you could reach millionaire status by investing and indexing in only 39 years. 

    Stocks are the riskiest way to make money. And businesses are also risky, but it really depends on what business and when you begin it. You CAN make a lot of money in the stock market, but not at your age--and not without initial investments. So you have to HAVE money to MAKE money. Even then, it's easy to lose it all in one stroke. 

    If you're really interested in money, begin studying economics and finance now--because things will surely change by the time you are an adult. But you will have a better idea of how money actually works. 

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  • Kate
    Lv 7
    1 month ago

    How about you concentrate on finishing school first. By the time you finish the world of finance will be different.

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  • kswck2
    Lv 7
    1 month ago

    Probably the best advise anyone can give, is LEARN. Learn about investing(It is not a college course, but should be). Understand that investing has its ups and downs. You just Don't make money all the time. Learn from your mistakes and how to take advantage of them. NEVER take anyone's advise unless YOU check it out first. Even Financial Wizards like Warren Buffet is Wrong sometimes. 

    But also have a long term plan. Put away some percentage of Any money you make over your lifetime-DONT spend it on frivolous things. 

    And when you DO start to make money, You Do Not need a boat, an expensive car, even IF Joe Blow down the street has one to impress his neighbors, etc. Those are just Things that will fall apart over time anyway.

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  • 1 month ago

    The basic advice that I gave to my 4th and 5th grade classes over 20 years ago still applies today.  I suggest that you read the book, "The Richest Man in Babylon" by George Clauson.  It's on Amazon, but you can probably find it in a local library for free.  It might even be in your school library.  Very easy read.

    The book outlines 5 basic rules for acquiring wealth.  At this point in your life, the rule that most applies is to increase your ability to earn.  That means killing it in school, every subject, even the ones that don't seem to matter.  Math, of course.  But even English.  I've seen a 50% difference in salary between two engineers of comparable skill, simply because one was an excellent communicator.  Even history or literature.  If you learn from the past how people behave in a pandemic, you would know how to invest in such times.

    The second rule that is useful at age 13 is to learn financial discipline.  Save 10% (or as much more as you can) of everything you earn.  That means anything, like lawn mowing or babysitting if you do it, but also allowance, if you get one.  The money will accumulate.  Then comes the hard part.  Resist the temptation to spend it on new shoes or games or whatever.  Those savings will be your start for investing when the time comes.  That's when you apply the other rules.

    • kswck2
      Lv 7
      1 month agoReport

      Good advise. 

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  • 1 month ago

    learn to type and spell, take business and math classes, and then find something the world needs. Or inherit it. Or win a big lottery. Or marry a rich person. Or get shot by a cop and sue. Or become a lawyer and represent the plaintiff that got shot.

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  • Anonymous
    1 month ago

    $500 a month to a low fee s&p 500 index fund for 35+ years will make you a millionaire.  

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  • 1 month ago

    Find a career.  Live beneath your means.  Invest wisely.  Be patient.   

    • tiescore
      Lv 6
      1 month agoReport

      Agree, would add set financial goals, make a plan to achieve those goals, stick to the plan. 

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  • Anonymous
    1 month ago

    Marry someone rich. 

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  • fcas80
    Lv 7
    1 month ago

    Study hard, get good grades, become a doctor or lawyer.

    • Matt
      Lv 5
      1 month agoReport

      Those are highly stressful and demanding occupations. Sure, you’ll earn lots of money but you probably won’t have the time to enjoy it

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