What is the best way to become wealthy with the least amount of risk?

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Michael L

What is the best way to become wealthy with the least amount of risk?

SmittyJ

Wealth is relative but assuming you mean financially better off than your peer income group...the bottom line is that you have to be willing to forgo current consumption (live below your means) for the reward of future wealth. Save (invest) 15-30% of your after-tax (take home)income, contribute the maximum allowable to your 401k if eligible, open up and invest into a Roth IRA (if eligible), buy a home rather than rent. Ensure your investment portfolio is well diversified and be diligent about saving. If you do these things you'll be better off than 99% of your peers.

To give yourself the best opportunity to increase your income over the years: work hard at your profession, continue to invest in your education throughout your life, take advantage of opportunities by accepting more responsibilities and always seek to differentiate yourself from your peers.

Recognize that risk and (expected) reward are positively correlated....how much risk you are willing to take is up to you but should be determined based on your age, current and future financial situation (including known and expected liabilities) and general risk tolerance. Contact a well respected financial advisor in your area to assist in structuring your investment strategy.

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