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How to Get Rich Quick

MSN Money offers seven tips for boosting your wealth quickly. They all focus on investing and taking on some risk. Nevertheless, for those who can handle it, it’s a decent strategy:

Concentrate: Diversifying is good for long-term, but to get rich "quick" you’ll need to move some money to one sector–a bigger risk, but a much higher return.

Leverage: Borrow money to earn more. Essentially, money is borrowed from a brokerage firm in order to earn more in the markets. But beware! There is quite a bit of risk involved. If the stocks fall and the lender wants their money back–a margin call– you could be wiped out if you can’t pay.

Hunt for the bargains: Consider distressed securities issued by companies near bankruptcy. These are taking advantage of emotion, but it’s risky because sometimes the price is low for other reasons. In the end, if prices dropped because of an emotional response, it could pay off huge for you.

Brands, Schmands: Lose the comfort zone and go with companies you don’t know. Look for companies that are growing their profits by 20% per year and increasing their profit margins by 5% per year.

Emerging markets: Investing in developing markets is important to overall growth according to some experts. Even still, on the front of getting rich quick, they’re risky enough to increase the dough.

Commodities: As the demand for these things – like oil, cotton, and corn – grow, the prices will increase. That’s good for you on the investing side.

While taking on some risk is great to increase profits, you still want to be smart about it and research what you’re getting into. Be sure you can handle the risks you’re taking and you may see an increase in your wealth. Just remember, it could also go the other way!

What do you think of this advice? Is it a bad idea to want to have more money quickly? Why or why not?

Posted: 6/27/08