How to Get Rich Legally

by Melly Parker ; Updated July 27, 2017
You can become rich without breaking laws.

Being rich can remove a lot of worry and stress from your life. With your bills paid and obligations met, there’s no harm in kicking back and relaxing. Although it's always possible to pursue illegal or immoral ways of gaining wealth, this would only add a new set of worries to your life. It's much better to focus on obtaining your wealth through legal means, so that you can enjoy it without guilt or worry.

Step 1

Train for and find a career in a high-paying profession. Although doctors and lawyers earn a lot of money, they also have to pay a lot of money for their training and face stiff competition. Consider learning computer or engineering specialties instead. Not only are you likely to make a decent amount of money as soon as you start working, but you may also have a better chance of creating programs and inventions that you can patent and market.

Step 2

Make cuts on luxuries early in your life. Eating in instead of going to restaurants can save lots of money, for example. Buying an older, reliable car instead of making payments on a new one will save money on the value of the vehicle and on interest payments. Better yet, you can put the money you save into an account where it will earn money of its own.

Step 3

Find a high-interest savings account and put at least $25 per week into it. The U.S. Department of Labor points out that if you deposit $25 a week into a savings account for 40 years, you'll end up with $286,030.

Step 4

Invest in high-yield bonds and risky stocks. High-yield bond investing is safer, but less lucrative than high-risk stocks. Buy stock in companies early in their development. Research their work and industry. If you believe that they're capable of making an innovative product that the public will want or need, that stock may skyrocket one day.

Step 5

Get married, but don't have children. A study done by the University of Washington in Saint Louis found that married, childless couples have the best chance of becoming wealthy in America.

Warnings

  • Wealth doesn't always equal happiness.

About the Author

Melly Parker has been writing since 2007, focusing on health, business, technology and home improvement. She has also worked as a teacher and a bioassay laboratory technician. Parker now serves as a marketing specialist at one of the largest mobile app developers in the world. She holds a Master of Science in English.

Photo Credits

  • money makes money image by Andrey Andreev from Fotolia.com
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