Three normal ways too get rich: 1. Be born into a rich family 2. Marry into a rich family. 3. Win the lottery Other way to get rich: 1. Become a politician Edited 09-Mar-24 16:02pm

When it comes to luxury items (things you want but don't really need) I find paying in cash helps. When real money is involved you tend to think twice. "Do I really need this?" Paying by credit card doesn't feel like paying. I ran up a $16,000 credit card dept without even trying. Buy now, pay later has to stop. I cut my card up years ago. I'm not "rich" but I can afford whatever I want now. Never getting a credit card again.

Sounds like margin lending to me, which can have good returns, but comes with HUGE risks. Unfortunately, while there are very rare exceptions, the only way to get out of debt and build wealth is hard work and time. A majority of the time, adding debt will not help you get out of debt.

It's a scam. Enough said.

hello phyrephly and all, tyvm

each time I get change I stick it in my penny jar out of sight ha ha cashed it out for Christmas nicely keep in mind out of sight out of mind

I'm always amazed at what people will try to do to gain money without working for it. I need not say more.

Stop buying, save what you can, and pay off your bills

If you have the right type of hair and it is long and lustrous and not coloured or treated with chemicals you could sell it to a wig maker. You will find them on line. L C Wig in Victoria Australia is one of them. You can send them a photo and just have it cut and post to them. I am 70 years old with salt and pepper and I was offered $900 when I was in Melbourne. I am waiting to get to that magic number with three noughts on the end.

Win lotto, fat chance.

You tell me and we will both know

Politics.

save at least 10% of your income & invest in dividend paying shares

Sell your soul to the right person

Yes, not all debt is bad. I worked for a bank and one day a little old lady came in and asked for her safe custody packet. She had dividend certificates to add to it. As she looked through her papers she chatted away, and young people should learn to listen to old people, especially rich old people. She told me that early in her marriage she had a few shillings left over at the end of the week so she bought 1 share in a company and she kept doing it. She never took a dividend but reinvested but one day she would cash them all in. I went home and thought about it. I decided to open an online broking account and found one that didn't require me to leave an amount of money in it, then I applied for a $500 loan, a credit card would work as well, but you can't use the credit card for anything else, then each night at the ned of the news when they spoke about the stock exchange if a company that I liked had lower shares I would go online and make a bid and if successful I would buy and pay the bill. Twice a year I would reinvest the dividend so acquired more shares. The dividends are usually franked so you don't pay tax, unless grim Jim Chalmers gets his way to stop that, the interest and any fees on the credit card are also a tax deduction as it's negative gearing, but you can't buy anything else with the card. It took me a year to pay the first $500 off then I borrowed another $500 but after that I used my own money. I only bought a few shares each time unless they had fallen a lot. Today I'm a self funded retiree and draw the dividends to live on now. I'm not rich and it's not a luxurious life but we get by. I should have started earlier, like about 30 or even younger

If you can't live within your means - don't let some rubbish scheme drag you under completely - if it was a sure-fire thing everybody would be borrowing.

No 1 No credit cards. If you don't have money to spend on something, you can't afford it. No 2 Not borrowing from anyone for future settlement. No 3 Learn to live within your means. No 4 Save even a $10/week. Don't touch it. No 5. Invest even $100 in good quality shares and add more to it gradually (re-investment plan). No 6 Minimise your daily/weekly/monthly expenses. Be mindful about where you can cut down costs. (I personally turn off unused lights, take off electrical plugs from the power points, do cooking during off peak and use energy saving bulbs where possible. Solar is a big saving if someone can afford the initial cost. There are more things you can add to this list. How much big or small your savings this process definitely help growing your money.

Less is more, Rich is Poor. In my 76 years, I've been the happiest when I had the least. Right now I'm 'financially' the poorest I've ever been, but physically, mentally, emotionally and spiritually I'm the Richest I've ever been in my life! ;-D

I agree with Greg B, if you are not careful you could go into more debt. If you really want to do such a thing, look at investing in ETFs, but study before you dive in.

Sounds like you could go into even bigger dept. Be very careful.

First thing , to become rich is to put some of one's own income away ( save it) also known as the long way. Second thing , borrowing someone else's money is a quick way of becoming in debt, once you are in debt , in is near impossible to become rich. Borrowing more money, and investing it, is no guarantee of getting out of the original debt , and becoming rich. It may end up worse off and owing more debt. Remember this simple philosophy : If one can keep a roof over one's head ( rent/ mortgage), pay one's utilities ( electricity/ gas/ phone/ water etc) ,if one can feed and clothe one's self, then one is rich! Thankyou for listening to my Ted talk. Have a wonderful day. ✌️

The only way I know is to work for everything. If anyone has some other secret way please let me know.

It all sound like another get rich scheme that is detined to fail

Dear Natelie spend a little less than you earn

Lay up for yourselves treasure in heaven (That is for the kingdom of God) when no thief approaches or moth corrupts.

I'm not sure.

firstly you have to invest in yourself to learn how to manage your own finance. If you are in Australia, you're in luck. You can borrow money to invest, any expenses including interest payment is eligible for tax deduction. Of course, you still have to make repayments to the loan. If you can manage the investment income of 10% p/a and your loan interest rate is 7% p/a; therefor you are in front. That's why you must have an offset account linked to your home loan mortgage account. When the time is right, invest by using money from the offset account. Do a bit more research to have a full understanding. ( No difference for a company to borrow $ from bank to run a business.) : ))

Isn’t that just trading 1 debt for another?

buy a lotto ticket

If you do take out a loan whether it be a credit card or for a mortgage, try to pay more of each month, to try &help reduce the debt as quickly as possible. We sold our caravan for cash, (the only time we held a big amount of money in our hands), traded the 4WD & with both of the trade-in & the cash was able to purchase a Mazda CX-5 by paying cash for it, which made us debt free except for two credit cards for under $2,000 owing on them. It is a lovely feeling knowing that if you are out, on a whim, you can suddenly go out for lunch & know that you can afford to do it. The hard way is always the best way.

Sounds sus to me. Save money the old fashion way and only buy what you can afford

Never heard of that before. Just don't waste your money on non essentials and save as much as you can.

As they say the only way to make a Million $ on the stock or money markets is to start with 100 Million and stop when you have lost the first 99 Million. Even then the brokers are likely to rob all the money you have access to max out your borrowing and send you into lifetime bankruptcy.

Never heard of it, but it still sounds like a debt is a debt and no guarantee is there?

budget, pay off as frequently possible, invest in tax affective investments which generate regular income and have capital gain over a period of time

Just do not get into debt in the first place. Save money until you have enough to pay cash for what you need. Stop buying coffee @ coffee shops. Cook more meals @ home??????????????

I wouldn't trust get rich quick schemes

Well, if you've got the capacity to service a loan to 'cover' your existing debt you could simply pay out the existing debt thereby saving the interest which would be tax-fre actually, what you are considering seems to be Trump economics whare you recklessly inflate uor improiperly balued assets by unqualified 'experts' to support further borrowings to support your inflated ego. Sounds like a PonzI scheme that will eventually bite you,

If something sounds too good to be true, it probably is.

Sounds like a good idea. The thing is, is the money you might earn from the investment going to be greater than the cost of the loan? Here in Canada, loan interest is somewhere north of 15% and you'll be lucky to get 5% on your investments. Even if I'm wrong about the interest rates, the result in the end will be the same. A much better plan is to marry into money or royalty.Edited 04-Mar-24 12:39pm

Dont buy what you dont need and save your money

25 years ago I divorced a money stealing wife, got rid of credit cards too. 8 years later, played cash for another house, and haven't looked back.

Work hard, never eat earwax, and be kind to your mother……lol

OOH good question. I know right some people go into more debt to have more things like 10 houses for example or what ever they want to own. Live in 1 house but have others to rent. For me I don't like debt and yeh sure they look great on paper. I wouldn't rent any thing again after having a taste for it when we took off on our trip. So hence we aren't rich and besides that money doesn't make you happy. It complicates things and I would rather be without it then having to worry who's going to try a rip it off me every second of the day or was that the right investment. Nah not for me, I am happy being in a simple life without arguments about money. We live off what we have and what we get and have a little for emergencies if needed. We don't want or need for much. As the saying goes Keep it simple and you'll have less drama.

Win lotto, Marry a millionaire!

Don't be fooled by these Debt recycling/Get rich quick type schemes! I cut up my credit cards 30 years ago and made the decision to never get into debt! I worked by butt off, saved hard and reduced spending on just about everything! I did get married over 20 years ago, and together we bought a property which we sold (divorce) 20 years later and it had tripled its value. Then 5 years ago I bought a property that I own freehold, which is now valued twice what I paid. So my advice would be to get out of debt, cut spending and save! Property is usually a good investment, but be careful... if you're paying off a mortgage in NZ interest rates are through the roof Good luck

One must not be afraid (unreasonably) and have a great idea and an entrepreneurial spirit, or associate with one who has all that.

Too many scams out there you have to be extra careful these days

Keep away from credit cards and other forms of easy access to money.

Simple. Never spend more than you have

I wish I knew 😂😂

I really don’t know

I think what you're suggesting involves juggling debt between credit cards so that you're always paying the last one off before it starts incurring interest. Meanwhile, the money you've borrowed is earning interest or being invested in something. Because credit limits are comparatively low, this strategy will never create riches. It is also time and energy consuming to transfer the money at just the right time to avoid charges and this needs to be done multiple times every month. What happens if there's a personal emergency and you're unable to transfer the money at the right time? It's getting increasingly difficult to become rich these days. Maybe because we are all getting older and the world is for the young. The only way I know of (for ordinary people) is to spend less than you earn and use the money you save to invest in an area that you like or are good at. Whether you buy stocks, make something or trade something. If that doesn't make you rich, at least you will have enjoyed trying.

i have no debt. never had debt. I am swooning in debt free happiness my whole life

Now there's an opening for a new recycle collection bin just for putting your bills out it ... and would you like that shredded or un-shredded? Think un-shredded would be best so that when the burglars go through you garbage they can seen that it's not worth robbing your joint!!!

TY, HI Woofers

I have never heard of what you referred to Natalia and it doesn't read as "kosher" to me! Id prefer to NOT borrow the money in the first place! As a disabled person lwho can no longer work I am in the position of being cash poor but time rich. This means many things to me including having the time in the shop making sure I have every special item they have instore that I can use! getting clearance vegetables from the supermarket and cooking and eating whatever I have found at the shops is my"menu plan" for the week. I love a bargain but I must NEVER get a credit card again! I have gotten into SO MUCH trouble with them over the years and paid vast sums on interest fees.I have lost my own home and I now live in a small country town which I can afford to rent. The yard is almost 1/2 an acre so I can grow vegetables. If I didn't get cheap bread for some reason then I will make bread. Even if I go to the nearest country town to shop I don't buy takeaway food except maybe a cheap pizza every 3 months. I bring a sandwich from home instead. I know that my already stretched income is going down by $12K annually from November when I lose my income support payments from the superannuation company I was a member of when I was working. If I am not careful, responsible and if I don't use every one of those $1K monthly payments to pay off the approximately $4K in debt I have all told, then I will be SCREWED come the end of 2024 when I hit 60. I know that it's only March but time goes so quickly these days as does money. I have had to learn the hard way that you CAN strip a lot from your trolley and just don't go down the confectionery or biscuits aisle at the supermarket. I wish anyone having financial problems now the best of luck in paying off that debt whatever it is because, although it's hard, you will have financial freedom at the other side! Thanks for reading.

dont get into debt and there is nothing to recycle, don't spend your money, and one day you will be rich, it is easy in today's world not, i have been lucky in work and can survive, we are rich in friends and save for the things we want and we live a good life getting by

Whoever is trying to sell you this "Crock of Crap", DO NOT fall for it!! AS others have already commented on this topic, Hard Work, Living within your means and Saving are the only way! Welcome to the real World, SUCKER!!

I believe the only way is to work hard, save up hard and pay off the debts.

The *only* way to "get rich" and get out of debt is through simple *work* and *saving* (which includes not wasting money on new gadgets, restaurants, overseas holidays, unneeded new shoes, etc. etc.). "Debt recycling" is a complete nonsense. You would have to find somewhere stupid enough to lend you money at a lower interest rate than you're already paying on the existing debt or making on saved money. That's not how loans and savings work - the company doing the loan charges a higher rate so they can make money will still paying the people who give them the money to loan out. The best example is a bank that pays people 5% (for example) to save money in a term investment, and then loans out that money to home buyers at a mortgage rate of 7% - the extra 2% goes in the bank's pockets. If you do find someone who has a higher investment rate, it's because it's a riskier investment, so you could easily lose your money. The only time I've ever seen this even remotely happen is in car sales where they offer low-interest or no-interest repayments which means you're better off keeping your money in a bank term investment rather than paying the full cash amount in one go. Even then, the fees involved in setting up and maintaining that car repayment scheme usually mean it's not worth doing either. If you own a house, then "reverse mortgages" can work to give you some extra money, but if you want to later sell the house (or leave it in your will), you'll end up with less money from the sale because you'll have to repay that loan.

Don't put yourself in debt in the 1st place. Many people use a credit card for everything. They buy items on sale with a credit card, why? They don't realize that by the time they pay it off, you have accrued interest on top of it. So at the end of the day, you didn't get a sale. Always use a debit card. This way your never in debt. You use your own money, not the banks money.

Pay your debts and work hard.

True but I can cut wants and pay needs only. Time management important to earn more for saving/invest

I always taught my children to never borrow money except to invest in an appreciating asset. Note that a car is not an appreciating asset. If you are already in debt my only advice is find a way to live as cheaply as you can until your debt is repaid. If necessary rent a caravan in a campground or stay temporarily with relatives as rent costs are likely your biggest expense

Don't go into debt unless it is for property (or a car that can get you to a job). Avoid credit cards. Do not use any buy now pay later schemes. Don't be fooled by "get rich quick" schemes.Edited 04-Mar-24 06:53am

That is called a debt trap (unless you are buying property and you can afford it).

Stop spending money and save it and put it in a high interest account like term deposit and pay off your debts Edited 04-Mar-24 06:30am

Save and then invest

Sounds risky. I good way to get rich is not to get into debt in the first place! Investing isn't debt, unless you always lose it. It's the always spending everything you make, and more, that's the trap many fall into.

Sounds good in theory, except on the debt you pay high interest , you then take out another loan and you pay high interest only to invest that money and receive a lower rate of income interest. It's a scam and leaves a person with two lots of debt. If this is promoted by a bank, they should be investigated by that country's commerce comission

try to stick to a budget.

I've never had wealth in my life so I'm not a good person to ask.

Not really something that interest’s me at my time of life, however what seems to work for me is saving a % of my income, and staying safe by putting savings in a term deposit with a bank with the highest interest rates per year. I can see my son’s generation learning to live with debt, especially if they have a mortgage, and finding ways to make money, first get in front of high tax if you’re self employed here in NZ…

HM, HAPPY I AM NOT IN DEBT..

Yes for sure this is one way but the key to this strategy is you have to start early. Often at a young age the borrower is not willing to loan a lot of money because the borrower doesn't have any collateral. Another way to invest is to start early and pay yourself first. That is when you get paid a % say 10 of your net pay is put into investments FIRST. It does seem to be difficult but with discipline it can be done. The advantage to this is you won't be paying the bank interest on a loan and if you invest your 10% into RRSP there is a income tax benefit and you may get a refund. If you do that would be mad money that you could do whatever with making it seem like a reward for the discipline you had all year. When you reach retirement age all this will be worth the effort. Retirement seem so far way when you are young but when you reach that point you will be wondering where those last 35 or 40 years have gone. It would be great to have money.

we were born in debts, and we will die in debts. The laws are created to enhance the life of those who are rich, and stuff the rest who are working skin and bones to make life better and put food on the table.

I have no idea 76yrs old and still in debt

Spend wisely and be careful with your money

If you can't get out of debt you will never be rich. If you can't afford to buy something, don't. You will thank me years from now.

i have no knowledge of getting rich. Everything i try fails or someone tries to take advantage and steal from me.

Hard work and luck

find a good job&save

The only thing that Banks like more than everybody having on-going massive debt...are the ones that still want to borrow some more money... Edited 04-Mar-24 01:14am

This strategy only works for the SUPER-RICH (WHO use this ploy - as described in your scenario - to lower their income taxes.). It is legally acceptable, but morally unacceptable (I know an old-fashioned concept - LOL)! PERSONALLY, I never got into DEBT! Furthermore, I had a federal government civil service job (USA). In addition, I had to take written tests and score very high on tests to get a federal civil service job and get promotions - BACK IN THE DAY - lol). I NEVER got rich, but my federal civil service retirement check (USA) comes with a 4% COLA (cost of living adjustment) every four years - which makes my retirement enjoyable/livable. To answer your question about how to become rich? Spend less than you earn, work two jobs (aka ghosting) at the same time, marry someone who is already RICH (you will have to sign a prenup agreement), become a corrupt politician, or engage in criminal behavior (aka WHITE-COLLAR-CRIME and NEVER get arrested/convicted) - LOL!Edited 04-Mar-24 14:12pm

Getting into more debt to relieve debt. Does not make sense to me. We were always told to pay for things up front and not go into debt i.e. save up for things we wanted. Not always possible but I never go into debt for anything other than an essential.

Stop spending on unnecessary things.

I haven't heard of that, not sure I'd want to try it