How to Get Rich

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Many of us are asking nowadays on tips or steps in getting rich. Everyone wants to know their secrets and copy them. Doing this seems like a far off goal, but to bring that goal within reach we must learn about what the rich do that is so effective. Such success has in fact been documented by many and replicated by a few.

The question everyone wants answered, is how to get there. There are ways to get there. But there is not a template that works every time for everyone. It works sometimes. Getting there requires being ready when opportunity presents itself.

Read on, and maybe you can learn something about how the rich get rich, too.

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Money Tips for College Students

Posted by christerjohn on March 1, 2010 at 12:57 AM Comments comments (0)

Money Management

 

Now that you’re on your own, you might be tempted to spend money on all the things your parents wouldn’t let you have before. Go slow. If you play it smart, you can avoid the sort of money troubles that plague many young adults.

 

•Join a credit union. Don’t just sign up for a random bank giving away t-shirts or frisbees at registration. Track down a credit union in town, or do some research into online banks.

 

•Don’t get a credit card unless you absolutely need one. Don’t be a sucker. Those guys sitting behind the sign-up table are not there to help you. They’re there to make money.

 

•Avoid non-academic debt. It might seem like a good idea to put that Xbox on a credit card, but it’s not. Focus on developing good money skills with cash. Worry about credit later.

 

•Save and then splurge. If you decide you must have that Xbox, then save for it. Wait until you can pay cash.

 

•Pay your bills on time. Basic advice, but it’s surprising how many people lose track of things. If you pay your bills as they arrive, you won’t have to worry about forgetting them.

 

Organization and Planning

 

Some minimal organization will keep your finances in order. Each of these is an important adult financial skill.

 

•Track your spending. Use a notebook, or use Quicken if you have it. Good records will prevent you from getting overdrawn at the bank or charging more than your credit limit. This habit also allows you to detect spending patterns.

 

•Make a budget. It doesn’t have to be fancy. At the start of the month, estimate how much money you’ll receive and decide where needs to go. Remember: you don’t need to spend it all.

 

•Save your receipts. Put them in a shoebox under your bed if you must, but hold onto them. You’ll need to be able to compare them with statements at the end of the month. And some you’ll need to keep for several years.

 

•Guard your vital stats. Don’t give out your social security number or your credit card info except to known and trusted sources.

 

Campus Life

 

It seems like there are a hundred thing competing for your money. It’s hard to know what to do. Here are some smart ways to save money on campus.

 

•Buy used textbooks. You’re just going to sell them back at the end of the term. (Or end up wishing you had done so five years from now.) You don’t need new textbooks.

 

•Skip spring break. Forget the long road trips. You can have a lot of fun for cheap close to campus. (My college used to organize economical group trips; yours probably does, too.) You might be surprised at how fun it can be to stay on campus, too.

 

•Live without a car. Cars are expensive: gas, maintenance, insurance, registration, parking. Stick close to campus. Learn to use mass transit. Find a friend who has a car.

 

•Don’t hang out with big spenders. Some kids have parents with deep pockets. Other kids are well down the road to financial trouble. Hanging out with them can lead you to spend more than you can afford.

•Take advantage of campus activities. There’s always something to do. Attend free movie festivals. Pay a few bucks to see the local symphony every month. Support the sports teams. Attend lecture series. Get the most from your student ID!

 

Decision Making

 

Get in the habit of making smart choices now, and you’ll develop a pattern of behavior that will stand you in good stead the rest of your life.

 

•Make smart choices. You can do anything you want, but you can’t do everything you want. Decide what’s important to you, and pursue that. And remember to leave time for yourself.

 

•When you want to buy something, ask yourself “Do I need it?” If you think you do, then wait. Don’t buy on impulse. Write the object of your desire on a piece of paper and pin it to the wall. Look at it every day for a week. If, at the end of the week, you still think you need it, then consider purchasing it.

The Top 5 Ways to Become a Millionaire ? How to Become a Millionaire

Posted by christerjohn on February 9, 2010 at 1:11 AM Comments comments (0)

Anyone Can Become a Millionaire by Following a Few Simple Steps

Becoming a millionaire isn’t all that difficult and there are countless ways to achieve that milestone. Some people do it through real estate, others start their own business, while some simply get lucky by winning the lottery or winning big on a game show. What is even more interesting is that you don’t have to be wealthy to begin with nor do you have to earn six figures to reach this goal.

 

I know some people who earn well over $100,000 and all they have to show for it is a large mortgage payment and a fancy car that depreciates faster than a glass of milk left outside in the summer sun. Anyone can become a millionaire and there are five things you need to do to have the best shot of making that a reality.

 

 

1. Earn Income.

Clearly, the more money you make, the faster you can reach that milestone, but that doesn’t mean your average Joe with a average income can’t obtain millionaire status. The current median income in this country ranges between $35,000-$60,000, depending on where you live. Better yet, get married so you have dual incomes. The wonderful thing about having dual incomes is that even with two people in the household, your income may double, but your expenses typically don’t

 

2. Live Within Your Means.

Ok, so you have income but now what? It doesn’t matter how much money you make if you spend it all or spend even more than you make. It might be nice to eat out at nice restaurants every night, or to always be on the cutting edge of designer fashion but, this will only make you feel like a millionaire. This doesn’t mean you have to live a miserable and miserly lifestyle, but you simply need to live reasonably.

 

3. Save Money.

This isn’t rocket science but if you earn a reasonable income and you live within your means, guess what, you will probably have money left over to save. The problem most people have is they put savings last, as an afterthought. People pay bills, buy things and then whatever is leftover they try to save. That is the wrong way to save. I’m sure you’ve heard it before, but pay yourself first. Whether it is $100 a month or $1,000 a month, think of the savings as a bill that needs to be paid and do it regularly. If you are unable to save money you will find that your only wealth is in the form of material things.

 

4. Invest Wisely.

Now that you are saving money, you need to invest it wisely. Sticking it under the mattress isn’t going to help you reach your goals any faster. You don’t have to read the Wall Street Journal or watch CNBC everyday while actively managing your portfolio in order to be a good investor. Some of the best investment advice is to simply buy and hold and to buy low and sell high.

 

5. Stick With Your Plan.

If you have done the previous four items the only thing left to do is to continue doing it and stick to the plan. As far as income is concerned, always be on the lookout for ways to increase your income, whether it is through climbing the ladder at your current job, finding work elsewhere, or maybe even starting a business on the side. Increased income will mean you can save even more, provided you aren’t foolishly spending the additional money. As that additional money gets tucked away into savings or investments it will continue to grow even more quickly.

Get Rich Talks is 1 year already

Posted by christerjohn on February 8, 2010 at 12:39 AM Comments comments (1)

Time flies really fast. Get Rich Talks is already 1 year last September since I started the blog back at 2008. I kinda lost focus on this blog and even skipped the 1 year anniversary last month. I apologize to those readers subscribed to this blog. Since starting this blog it has been a roller coaster ride with our finances and time, it was up and down. It wasn’t really what we planned and I can honestly say its difficult to be disciplined with finances. Its about the needs and wants. I have given myself too much pleasure surrendering to the wants even though I know it would affect our savings.

So it’s a whole new start again, what better way is to reflect through the years what you have accomplished and what you could do better for the coming years.

Accomplishments:

 

 

1. I’ve settled some old credit card debts but I’m still using my Credit Card albeit wisely now for I try as much as possible to pay in full instead of partial payment to avoid the finance charge.

 

2. Paid the car mortgage in full but sad thing is the car is not in good condition right now due to my accident last February 2009 earlier this year.

3. I invested in a small educational pre-need plan on a stable company for my youngest daughter future.

 

4. I got myself DTI and a business permit as a sole proprietor for my freelance development and design service.

 

5. I have a small savings stashed in the bank.

Could have done more but we grew a little wiser and hope to do more this time. I’m resurrecting this blog again and this time its for real. (with a straight face)

Get Rich Talks is 1 year already

Posted by christerjohn on February 8, 2010 at 12:39 AM Comments comments (0)

Time flies really fast. Get Rich Talks is already 1 year last September since I started the blog back at 2008. I kinda lost focus on this blog and even skipped the 1 year anniversary last month. I apologize to those readers subscribed to this blog. Since starting this blog it has been a roller coaster ride with our finances and time, it was up and down. It wasn’t really what we planned and I can honestly say its difficult to be disciplined with finances. Its about the needs and wants. I have given myself too much pleasure surrendering to the wants even though I know it would affect our savings.

So it’s a whole new start again, what better way is to reflect through the years what you have accomplished and what you could do better for the coming years.

Accomplishments:

 

 

1. I’ve settled some old credit card debts but I’m still using my Credit Card albeit wisely now for I try as much as possible to pay in full instead of partial payment to avoid the finance charge.

 

2. Paid the car mortgage in full but sad thing is the car is not in good condition right now due to my accident last February 2009 earlier this year.

3. I invested in a small educational pre-need plan on a stable company for my youngest daughter future.

 

4. I got myself DTI and a business permit as a sole proprietor for my freelance development and design service.

 

5. I have a small savings stashed in the bank.

Could have done more but we grew a little wiser and hope to do more this time. I’m resurrecting this blog again and this time its for real. (with a straight face)

The Road to Riches

Posted by christerjohn on February 8, 2010 at 12:39 AM Comments comments (0)

The Road to Riches is indeed the road less traveled. That explains why only a small percentage of the population successfully reached their destination- that of amassing immense wealth and fortune. But for us who are willing to walk that path towards financial prosperity, which road are we going to take?

 

There are several routes that a person can take to become rich. Some may involve confusing roads and obstacles that would delay our travel. Some are very tempting short-cuts that could speed up our journey to riches, but at the expense of many things in our lives. However, becoming rich requires dedication and commitment. It involves a lot of factors- a mix of determination, patience, financial intellect and of course, an ounce of good luck.

The hardest way to get rich

Posted by christerjohn on February 8, 2010 at 12:37 AM Comments comments (0)

The hardest way to get rich

 

Before I go into my formula, let me tell you about hard ways to get rich.

One of the hardest is to be born into it. Of course, if you happen to enter this world as a Hilton, a Gates or a Windsor, then life is sweet. But since 99.9999% of the population aren't that lucky, I'm assuming you didn't win that particular lottery.

And speaking of lotteries, gambling is another very difficult way to get rich. Sure, some people buy a lottery ticket and win big, but most don't. You can gamble your entire life and you'll most likely end up broke rather than wealthy.

When I was younger, I thought the easiest way to get rich was to become famous through some kind of creative act. Stephen King got rich writing horror novels, so why not me?

 

I'm now much wiser and realize that the vast majority of novelists never even get published. Of those who do, most wallow in obscurity. Only very few make it anywhere near the best-seller list, and only one in a million will achieve any kind of serious wealth.

The same fate awaits the majority of musicians, software company founders, sportspeople and website creator. For every Google that makes its owners billions, there are a million websites that lose money. Creativity is the most fun and rewarding way to get rich, but it's also a very difficult way.

 

The reason the media raves about and idolizes those who've built wealth through creativity is because they're so rare. You don't hear about the vast majority who wallow in obscurity and poor pay, because they're not interesting. "Young genius makes $1 billion from website" is a great headline "Ten thousand young geniuses make nothing from their hard work" isn't.

 

I'm not saying you shouldn't keep your dreams alive. It's one of the best parts of life. But this article isn't about the most fun way to try and get rich - it's about the easiest way.

The easiest way to get rich

Posted by christerjohn on February 8, 2010 at 12:35 AM Comments comments (1)

Judging by their behavior, most people have an obsession with wealth. Politicians promise to create it, most popular magazines are filled with gossip about those who have it, and the average person spends much of their adult life trying to obtain it. We are creatures obsessed with money, partly for what it can buy, but also as a thing of value in itself.

But most people misunderstand money. They don't really know how to obtain it, or how to hold onto it once they have it.

If you're interested in getting rich, I'm going to give you the simplest formula for doing so. In fact, if you follow it you're virtually guaranteed to build enough wealth to get you into the top 5% of society. As the shampoo advertisement says: "It won't happen overnight, but it will happen".

Top 10 Secrets of Getting Rich

Posted by christerjohn on February 2, 2010 at 6:46 AM Comments comments (0)

1. Focus on values. I've known people who made some money, but I've never known anyone who got rich without examining their own values, priorities and beliefs. Start by writing down a list of things you value, things you believe, what you want, and what you plan to do with this incredible life you have. Start with your values.


 

2. Get a life. Before you can handle great wealth, you must make room for it. This is the old, "if you build it, they will come" model. Trying to squeeze success, wealth, fame or fortune into a small life won't work. Create a life first; the lifestyle of your dreams will follow.


3. Eliminate clutter. Trying to create success and achieve wealth while your life's a mess won't work. Success requires clear priorities and a passionate commitment. Simplify your life. Eliminate the excuses. Clean up everything that distracts you from reaching your most important goals.


 

4. Specify your results. Nobody can hit a target they can't see. Define your outcomes and set clear, achievable results in advance. Know what "success" looks like! Have measurable, specific outcomes and determine that you will achieve them!


 

 

5. Burn your ships. There's an ancient story about a Greek general who landed his troops on an enemy shore, then burned his ships. He wanted to make it very clear: Retreat and failure were not an option! Leave no room for failure.


6. Put in more than you take out. No one will pay you more than your services are worth! Get clear about that! You just can't fool people very long. Your services and your results must be far more valuable than the small fee you charge. Some people will rip you off; the rest will make you rich!


 

 

7. Live below your means. Rich people know this. Wealth is accumulated, re-invested, used wisely and given away. It is never spent! Let the millionaire athletes and folks who win lotteries buy the fancy cars and flashy jewelry. If you want to achieve great wealth, live simply, invest wisely, enjoy it all!


 

8. Get rich slowly. The key to great wealth is to minimize income, while maximizing your assets. Income is taxed. Income gets spent -- think about all the cars, boats, diamonds and houses people with huge incomes like to buy! Investing in assets that are hard to spend (buildings, stocks and bonds, collectible art, etc) creates wealth that is not taxed, and isn't spent on a casual impulse.


 

 

9. Pay lots of taxes. No, I'm not talking about paying more than you owe, but pay every cent the law requires. Rich folks don't haggle over nickels and dimes, they invest to make millions! If you can legally avoid taxes, do so! Use the law to your advantage when you can. But juggling the books to hide income or save a few bucks, wastes your time, wastes your energy, creates fear of getting caught, and makes you cheap. Don't do it!


10. Give it away. You can't take it with you when you die, and money is not attracted to the selfish, the miserly or the mean. If you would attract money to your life, be clear about what you want to do with it. Contribute to charities that will use it for good. Make the world a better, richer place and you'll create wealth that will last for generations to come.


 

 


 

 


Believe in your success

Posted by christerjohn on February 2, 2010 at 6:11 AM Comments comments (0)

The holidays are over and it’s time to face the new year ahead.

Thinking back – if I would take just one lesson I learned last year to guide me this year, I’d choose the power of believing.


Believing that I can do whatever I put my mind into, that my dreams are always just within my reach – believing that success is inevitable.


For me, that’s the importance of having a strong internal faith.

Believing in yourself gives you focus, clarity and the confidence to act towards your goals.

But how do you build such self-confidence? How do you convince yourself that you can succeed in whatever you do? How do you start believing in your success?


Set small achievable goals.


Make your own decisions.


Accept that failure is part of success.


Never let critics discourage you.


Give yourself to others.


 

Remember that success starts in your mind and in your heart.

When you push away your doubts and your fears and believe that you will succeed, then it’s only a matter of time before the universe grants your wish.


The World's Billionaires

Posted by christerjohn on February 2, 2010 at 5:57 AM Comments comments (0)

It's been a tough year for the richest people in the world. Last year there were 1,125 billionaires. This year there are just 793 people rich enough to make our list.


 The world has become a wealth wasteland. Like the rest of us, the richest people in the world have endured a financial disaster over the past year. Today there are 793 people on our list of the World's Billionaires, a 30% decline from a year ago.

 

Of the 1,125 billionaires who made last year's ranking, 373 fell off the list--355 from declining fortunes and 18 who died. There are 38 newcomers, plus three moguls who returned to the list after regaining their 10-figure fortunes. It is the first time since 2003 that the world has had a net loss in the number of billionaires.

 

The world's richest are also a lot poorer. Their collective net worth is $2.4 trillion, down $2 trillion from a year ago. Their average net worth fell 23% to $3 billion. The last time the average was that low was in 2003.

 

Bill Gates lost $18 billion but regained his title as the world's richest man. Warren Buffett, last year's No. 1, saw his fortune decline $25 billion as shares of Berkshire Hathaway (nyse: BRK.A - news - people ) fell nearly 50% in 12 months, but he still managed to slip just one spot to No. 2. Mexican telecom titan Carlos Slim Helú also lost $25 billion and dropped one spot to No. 3.

 

It was hard to avoid the carnage, whether you were in stocks, commodities, real estate or technology. Even people running profitable businesses were hammered by frozen credit markets, weak consumer spending or declining currencies.

 

The biggest loser in the world this year, by dollars, was last year's biggest gainer. India's Anil Ambani lost $32 billion--76% of his fortune--as shares of his Reliance Communications, Reliance Power and Reliance Capital all collapsed.

 

Ambani is one of 24 Indian billionaires, all but one of whom are poorer than a year ago. Another 29 Indians lost their billionaire status entirely as India's stock market tumbled 44% in the past year and the Indian rupee depreciated 18% against the dollar. It is no longer the top spot in Asia for billionaires, ceding that title to China, which has 28.



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