How do you get rich in Sweden?
There are different ways you can get rich in Sweden. One is to educate yourself, gain experience and work to earn more money and save time.
Another is to inherit a wealthy relative or relative.
There is also the possibility of becoming wealthy through investments, for example on the stock market. However, it is of the utmost importance to be aware that all investments, regardless of the level of risk, are associated with a risk that may mean that you lose money rather than gain.
READ MORE: Earn extra money? Here’s how to do it – according to the expert: “Tax-free up to 40,000”
Photo: Henrik Montgomery/TT How do you get rich from stocks?
There are various things you can do to, in the best case scenario, see your assets increase, however, it is important to be aware that there are neither easy nor quick shortcuts to wealth – regardless of where you are in the world.
Avanza also reports on the probabilities and consequences that exist on the Swedish stock exchange. They mean that if, for example, you invest money in an asset that is estimated to be associated with low risk, i.e. low probability of falling in value, it may nevertheless mean that money is lost.
“It is important to keep track of the risks in your savings to ensure that one day you have not lost everything you have invested. You will go a long way by understanding what risk your investments entail, and how you can manage and spread the risk,” writes Avanza on its homepage about the risks that the stock exchange can entail.
If you have invested money in shares, there are two ways you can make money, according to Advancing. Either you sell the shares at a profit, if they have made a profit that is, or you take part in the dividend.
READ MORE: News today – current news from Sweden and the world
Photo: Oscar Olsson/TT How do you get rich when you’re young?
There are a variety of ways to get rich young. As mentioned above, one way can be to acquire an education for a profession with a high salary. Another way can be to invest money, or to receive savings capital from family or relatives when you come of age.
Others are born into families that are well off.
In other words, there are several different ways to become rich as a young person, but you should always be careful with what you do with your money, especially when it involves investments that always entail risks.
DON’T MISS: The renovations that reduce the value of your home – the warning: “Going wrong”
How to get rich without education?
Just as for the young, or the educated, there are a multitude of different ways to acquire a steady fortune – even if you lack education. One way could be to work and live cheaply as long as possible. Shop for sale prices and discounts to keep expenses down so you can save as much as possible.
There are plenty of jobs that do not require education but still provide a good monthly salary.
DON’T MISS: Madelen, 31, saved up a million before the age of 27 – that’s how she succeeded
How long does it take to get rich?
How long it takes you to build a fortune that makes you rich varies enormously depending on how long you work towards your goal, how you manage capital, and how it progresses over time.
If you were to manage the money in an interest account, it would take time, writes Avanza blog.
“Nowadays, the savings account gives a very low rate of interest, if any. If you save SEK 1,000 per month, it will take 1,000 months to reach the million, that’s 83 years. If we instead assume that the savings account gives 1 percent interest, we cut that time considerably, down to 61 years. But it’s still a very long time to reach the goal and the risk is that motivation will wane, in addition, inflation nibbles a little purchasing power from your pennies”, they write.
If you were to instead manage the money on the stock market, assuming that you have an annual return of seven percent, it would take 27 years instead, rather than 83 years. But there is never any guarantee that development and returns follow that line as it can also go the other way and you can lose all the money.
DON’T MISS: Lyxfällan-Magnus’ super simple tips – how to save thousands: “36,000 in a year”
DON’T MISS: Latest news – take part in what’s happening right now