How to Be a Billionaire

1 Study hard. Normally, billionaires don't happen by accident. Be a billionaire by studying interest rates, tax brackets and dividends. Take finance classes online or at a university. Read books about investing.

• Study finance and entrepreneurship. Learn to identify consumer needs, then develop business models to fulfill those needs. Currently, computer science skills and new technology are lucrative careers.

2 Save money. It takes money to make money. Set aside a specific amount of money from each paycheck and put it in a savings account, to collect interest and use for future investments.

• Decide what percentage of earnings to spare - as little as $20 per paycheck will make a difference over three or four years. Invest money you can afford to lose in a high-risk investment.

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Start an Individual Retirement Account (IRA). Available from financial institutions, IRAs are customized financial plans, set up to save for the future. To save a billion dollars, start saving as soon as possible. Interest accrues on savings.^[1]

• Depending on the financial institution, a minimum amount of money may be required initially. Research options and talk to a financial advisor.

4  Pay off your credit card debt. It's hard to get ahead with debts hanging over head. Student loans and credit card debt should be paid off as soon as possible. Average annual percentage rates vary between 20% and 30%, so the balance will continue growing.

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Make a five-year plan. Estimate how much money to save over 5 years. Decide the best way to use money, whether it's investing, starting a business or allowing money to collect interest.

• Keep finances a priority. Write financial goals down and refer to these regularly. To stay interested in financial projects, write reminders and put them where they will be seen every day - for instance, on the bathroom mirror or the dashboard of your car.

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