1. Exploit your skill as a self-employed expert and invest in it.
Make it your goal to do one thing better than anyone: Work on it, train it, learn it, practice, evaluate and refine it. You may find most sports-players or entertainers are millionaires, and that is because they are utilizing their skills fully. If there’s something you’re good at, it is likely you can reap considerable rewards out of it.It is the same concept of being the top of a particular field. When you are the best at something, you find that opportunities come to you. To become an expert of something, it is crucial to never stop improving. Successful people invest time, energy, and money in improving themselves, and it might just be the most rewarding investment you can ever make.
To get started, figure out what skill you want to cultivate. Make a list of the world’s ten best people at that one thing, and use this list to define criteria and track your own progress toward becoming the best.
If you’re a writer, for example, you might consult the New York Times Bestseller list, and identify the ten successful authors that you admire the most. Learn more about these writers, what they did to be successful, and read some of their work. Invest the time and energy in improving your own craft, by looking at successful past models.
2. Hit $100K, then invest the rest.
Everyone wants to be a millionaire. But a goal like this isn’t something you can easily achieve in a short period of time. Aim at saving $100K first.
The small amounts you save daily is powerful. You might only be able to put away $5 or $10 at a time, but each of these investments are your financial foundation.
3. Be an inventor and consider it as an opportunity to serve.
Stop thinking about making a lot of money and start thinking about serving a lot of people. If you think about what people need, or things that could improve society, your insights will have more impact. Not only that, you could be the first to produce a trending product in the future.
When you start to serve a lot of people, the effect of word of mouth is magnified – not to mention, you’ll have much more helpful feedback to improve what you do.
Having the patent of a popular invention could be the fast-lane ticket to prosper. Just look at Snapchat.
It would definitely be challenging, but consider it to be a way of serving, to benefit those who actually need your invention. No business is successful without the support of the public. Rather than squeezing every single dollar out of your customers, show them you are actually working to make them better.
4. Join a start-up and get stock.
Using the same potential consideration of start-up in the above points, owning stocks of one or more start-up companies could be a valuable investment if the company thrives and either floats or is sold to a larger enterprise.
Only a small minority of start-ups succeed in realizing large capital gains, so the odds are not good. However, you can use your judgement to see which business idea and which management team are likely to succeed. Early employees in Apple, Google and Microsoft became millionaires on this basis.
5. Develop property.
Buying, developing and selling property has always been a major way for people to accumulate capital.
Borrowing could be a key element in this method. Say you borrow $200,000 and put in $50,000 of your own to buy a property for $250,000. Then you develop the property and sell it for $400,000. The property has increased in value by 60% but your $50,000 has now grown fourfold to $200,000. You have to select the right properties in the right areas and develop them wisely.
You are at risk from booms and busts in the property market. However, in the long term this remains a proven way to accumulate wealth.
7 secret habits of rich people
check it now ,click on the link
start becoming rich from today
Comments
Post a Comment