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"If you desire to get rich- it is as plain as the way to the market. It depends chiefly in two words, industry and frugality: Waste neither time nor money but do the best use of both" ( Benjamin Franklin, 1754.) Scroll down to read and choose at least one of these seven short summaries of time & money strategies used by the rich to get rich: Let's consider that two of the basic ingredients to get rich are time and money: Since everyone has the same amount of time (24 hrs), the next step is using our mind to manage the available resources and make more money. It is my belief that the greatest wealth-resource is self-education, consequently I do not recommend you to spend lots of time attending long & expensive seminars, buying hundreds of books & over-priced tapes from gurus like Whitney, Trump, Kiyosaki, Bach, Chatzky, Robbins, Smith, Allen, Sheets, Tracy, Orman, et.al. “If people are flexible, keep an open mind and learn, they will grow richer trough the changing times… If they think money alone will solve problems, I am afraid those people will have a rough ride”, said Robert Kiyosaki, “Intelligence solves problem and produces money: Money without financial intelligence is money soon gone” (Rich Dad, Poor Dad). These seven paths include strategies and most of the information you need to 'Learn to Get Rich'. It is extracted from the book "You Don't Have to Be Poor", which you can read now for FREE, but the entire process can only start when you decide to use your imagination. Then, what is keeping you from getting rich? In most cases, it is only a matter of you making a choice. In his book “The One minute Millionaire”, Robert G. Allen estimates that every 60 seconds someone becomes a millionaire in this world. Some of them took 60 years, others may have done it in 60 months, few made it in 60 days… and may be someone just completed their first million in the last 60 seconds. If it only takes a minute -to start up your mind- it is entirely up to you how long will it take to make your first million. The most important concept to consider up to here is that although the become-rich process starts in your mind, the imaginary-money making ideas inside your head will not produce real-money unless you take action out here, on the physical world. Certainly you can create your own new way to wealth and cook your own meals, but the advise from the millionaire next door is to get in the rich buffet line, stay in line, play the money game and do what the rich have done: follow other people by walking on one or more proven Get-Rich paths leading to independent wealth:
Get-Rich path 01: If you are employed, look for the inside track to get promoted, sign on all training courses to increase your salary differential increases, take advantage of your pension benefits. Take the free advise from the financial planners at your bank and deduct 10-20% of your salary by an automatic deposit into money market, municipal bonds or IRA-401K retirement accounts, and “never” make a withdraw: Remember that if you can save just $10 dollars a day, you can retire rich, but if you can save and invest $20 a day, you can get rich quicker and retire younger. Put the same amount aside every pay-day, even if you have to borrow it from someone else. While the automatic saving plan is in effect, continue to venture out into any other kind of business in the fast lines. No matter what happens, in less than ten years, you will have at least $100,000.00 safety net and get rich this way or the other.
Err...If you don’t have a job, get your driver’s license and start actively looking for one immediately or read sections 26-28 @ www.detower.com to create your own job-business with less than $100.00 today. Get-Rich path 02: Become an entrepreneur: Try to improve or create a new product and start up a business, any kind of business, for example: After you save $1000.00 or more, ask your bank to lend you a $1000.00 secured loan (keeping your savings as guarantee) and open a new checking account to keep track of your business money. Create a company name using your Social Security as your Tax ID number. Research your local area to find goods and services that you and your neighbors would like to buy, and then buy a few dozen of such products at wholesale cost, offer it and sell it to others below current retail prices. Upgrade your business to the Internet and set up your own website. Remember that one idea or one product is all you need to start making your first million. At the same time, continue from path #1 to save at least $20 dollars a day or 10-20% of your income and learn to reinvest it. Get-Rich path 03: Get Back to School: A 6month training or a 2 years degree will train you for a job but it will not make you rich. To become a college level professional you must invest 4-10 years into education and training for a high pay profession in Law, Business, Medicine, Engineering and other fields that can charge high fees for services. Do not use the little money you have to pay for school: Use federal grants and students loans to pay in full for your studies. Research your career options before going to graduate school and choose a field in tune with your academic preferences. At the same time continue on path #1to save at least $20 dollars a day or 10-20% of your income and learn to reinvest it. Get-Rich path 04: Get a white collar job in a big company or apply to the State Department for a civil service position and climb within the federal maze of agencies through the corporate job pyramid. You need social connetions and a college degree for this path. Nearly 10% of millionaire today handle government contracts, manage private corporations and own considerable stock options in their companies. At the same time continue on path #1to save at least $20 dollars a day or 10-20% of your income and learn to reinvest it. Get-Rich path 05: Join the sale and consulting force at any level. 5% of millionaire today are salesman who made their fortune through multiples styles of selling wholesale and retail. Fortunately for all of us, selling is a learnable skill. Nearly everyone who got rich has sold something to somebody, somewhere, sometime. The successful business people and even politicians are always selling ideas, something or themselves… Once you decide to offer a product for sale, you must learn the art of selling or join with someone who will do the selling for you. At the same time continue to save at least $20 dollars a day or 10-20% of your income and learn to reinvest it. Get-Rich path 06: Real estate investing offers a multileveled set of opportunities for the small investor to participate. After you buy and fix your first home, use the equity to start up quick turn-around deals or to buy, fix and sell the next house. Then try to buy and hold an income generating rental property, and eventually move on to multi-dueling or commercial properties. Before you venture into real estate I strongly advise you to learn as much as you can on the subject. Do not try this venture alone! Find an investing partner or a supporting spouse. Meet with experienced salespeople, brokers and mortgage lenders, then surround yourself with a wining team of people who are actively making money in the field. At the same time continue to save at least $20 dollars a day or 10-20% of your income and learn to reinvest it. A Richteacher Coach or an Investor Partnership is the best option to start on this path. Get-Rich path 07: Invest in the Stock Market. From the perspective of retiring early, one need look no further than a combination of stocks, bonds, gold money-cash, and some form of real estate to achieve the desired results. You first stop is at your neighborhood bank where they will gladly introduce you to the basic investment options of the day. Investment strategies range from relatively simple and low-risk, to complex and high-risk. But before you jump into the trading forum, you must review the language, meet the players, study the strategies, weight in the rewards and the potential risks of investing in the financial market. If you want to go heavy into the market, get online to learn and work with people whose proven track record can be trusted like Morgan Stanley, Quick & Reilly, Bear Stearns or Merrill Lynch. They serve as your initial brokerage account to access the wide world of investing in stocks, bonds, mutual funds, annuities, collateral mortgages, certificate of deposit, money market and retirement accounts. These professionals would advise you to maintain a diversified portfolio and start investing as much as you can, as early as possible in your career to allow for the magic of compound interest to magnify the return on investments.
Personally, I started my own financial reprogramming kind of late; however, I have chosen a combination of three vehicles to achieve my financial growth: A steady job with health and pension benefits, b) buy, fix and sell real state, and c) an opportunistic e-bay online mix of wholesale-resale. I have to rely on my steady job’s earned income to pay for my daily family’s living expenses while saving 10-20% into a 401-K tax deferred fund, which is invested at 8-% with my pension plan. Sometime I relay on the equity-line of credit on my first house to buy, fix and sell at least one houses per year, and finally, I may apply for secure cash-loans from my pension plan to buy wholesale and resell products below market prices...and that is part of my own personal plan to get rich. Everyday we hear about other people who are making money in real estate & the stock market , but the real good news is that if we start on a proven path today, sooner than later, you too can become a millionaire. It is not recommended that you do anything exactly as I do. My approach is based on lots of other authors, books, training, seminars and my own personal ideas. But these are just examples for motivation; if a business deal looks too big or too small, too good or too bad, if you do not see its potential, if the information is so complex that you do not understand it… don’t do it! Life is like a stormy sea full of surfing waves coming and going; wait for the next oportunity and take action. A simple everyday math and common sense is about all that is needed to catch the next wave and get rich. You can do it yourself...We can work together...or our PowerTeam can do it for you! Contact Fran Detower: fgart44@hotmail.com |
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