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Wealth creating strategies
Old 01-24-2017, 06:25 PM   #1
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Wealth creating strategies

I would like to know about what strategies can be used to create wealth.
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Old 01-24-2017, 06:41 PM   #2
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I would like to know about what strategies can be used to create wealth.
Live below your means and invest in stock index funds steadily for 30 years.

Oh, did you mean like, right way?
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Old 01-24-2017, 06:42 PM   #3
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Legal of coarse.
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Old 01-24-2017, 06:49 PM   #4
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Take 10 to 20% of your income invest into stock index funds ( preferably into a Roth to the allowed max) regular taxable funds otherwise. Use any available 401K particularly if there is an employer match (free money) keep it up for 30 years - you be done. That's what I did (except for the Roth's not available at my time) worked so I could ER at 52.
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Old 01-24-2017, 06:49 PM   #5
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Have money, invest it wisely, rinse and repeat.
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Old 01-24-2017, 06:50 PM   #6
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Save as much as you can and invest it in life expense funds. Keep adding to it. Compounding is your friend.
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Old 01-24-2017, 07:09 PM   #7
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That's pretty much what I'm doing right now. I'm shifting my income by using the extra money from my paycheck that i get from adjusting my w4. That put me in a lower tax bracket. I'm using that money to pay off key debt and fix my credit.
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Old 01-24-2017, 07:21 PM   #8
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That's pretty much what I'm doing right now. I'm shifting my income by using the extra money from my paycheck that i get from adjusting my w4. That put me in a lower tax bracket. I'm using that money to pay off key debt and fix my credit.


Uhhhh....no, that's not quite how it works. Reduce expenses to pay down debt faster. Adjusting w4 does not change your tax bracket.
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Old 01-24-2017, 07:32 PM   #9
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Open a business.
Open an eBay account to sell.
Save more than feels comfortable.
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Old 01-24-2017, 07:32 PM   #10
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Well that's exactly what I did. I went from paying $120+ in federal tax and now I've gotten it down to as low as $0.00.
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Old 01-24-2017, 07:34 PM   #11
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When I had a lot of debt, I never stopped saving...ever. I maintained decent credit by shifting the debt to very low interest rates and continued to invest in low cost index funds. Many believe it is necessary to pay down debt before saving but I felt empowered knowing I was still saving. I didn't try to time the market (except maybe one time) and I budgeted carefully. LBYM.
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Old 01-24-2017, 07:34 PM   #12
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My plan is to hit my freedom goal within the next 10yrs
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Old 01-24-2017, 07:36 PM   #13
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1. Avoid borrowing
2. Continue growth and education
3. Find a good mate

I don't think we've created as much wealth as we could have, because I was not really ambitious about the money side. Trying to pass some of this wealth to the next generation, but who knows what might happen?
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Old 01-24-2017, 07:36 PM   #14
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Well that's exactly what I did. I went from paying $120+ in federal tax and now I've gotten it down to as low as $0.00.
If I understand you correctly, you increased your exemptions on your W-4 so that you would have less tax withheld from each paycheck. You do know that you'll have to pay all that tax when you file next April, don't you? And you'll probably face an under-withholding penalty.
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Old 01-24-2017, 07:37 PM   #15
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I've learned that the best way is to pay of the debt with the highest interest rate first.
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Old 01-24-2017, 07:38 PM   #16
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As a home based business owner ill be able to combat any liabilities through my tax write-offs
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Old 01-24-2017, 07:39 PM   #17
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Well that's exactly what I did. I went from paying $120+ in federal tax and now I've gotten it down to as low as $0.00.
Uncle Sam may bite you at tax time.
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Old 01-24-2017, 07:40 PM   #18
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As a home based business owner ill be able to combat any liabilities through my tax write-offs
Good luck.
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Old 01-24-2017, 07:41 PM   #19
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As a home based business owner ill be able to combat any liabilities through my tax write-offs
Where does the W-4 come from?
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Old 01-24-2017, 07:41 PM   #20
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I'm investing that into my business. So it becomes a business expense
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