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Don't Just Get Rich, Stay That Way

Money seems to disappear almost as quickly as a paycheck gets deposited. Becoming rich is part about earning more money, and part about knowing what to do with it when you have it.

(Photo Credit: Tax Credits/Flickr)

Education

PayScale's College Salary Report confirms what we already knew, than getting a degree increases your income earning potential. People with a high school diploma make more than those who did not graduate, those with a bachelor's degree make more than their high school educated counterparts. Those who hold graduate degrees make even more.

Education is not a get-rich-quick scheme; it works much better, even though it takes a little longer. If you want to get rich in the long run, the first step might be to get an education.

Learn to Invest

For some people, land is the answer. Actress Amalia Fuentes used her earnings from each movie to invest in a house in Dasmariñas Village, Makati. Years later, she tells The Philippine Star, each house was worth millions of pesos.

Land is just one type of investment. Once you have enough money to invest in businesses or buy stocks, you may want to talk to an adviser about investing in mutual funds through an investment banking company. Mutual funds may be used as a nest egg to keep you out of poverty later in life.

Pay Attention to Your Credit Standing

Frugality is a good thing, and many rich people got that way and, perhaps more importantly, stay that way by not spending money frivolously.

On your way up the financial ladder, pay loans and debts on time. Nothing will drag you under faster than interest rates on debts. If you default or pay bills late, your credit score will plummet. A lower credit score makes you a bad risk for any future home, vehicle or business loan.

Tell Us What You Think

What is your secret to building wealth? We want to hear from you! Leave a comment or join the discussion on Twitter.

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