10 Simple Tips For Attaining Wealth
What with the millions of words printed every day about "How To Achieve Success," why aren't there more new millionaires. Basically, it's simply because the people reading this "How-To" information don't understand what they read, or else just don't have the drive it takes to put what they've read into action. In truth, it would seem that everyone wants to "find out how to become rich," but the number of people with the drive it takes to "work a plan," is few and far between. The Basics to Getting Rich can be stated simply as follows: 1. You must control your investment. This is the key to building a fortune from small capital. You have to have the ability and knowledge to make the right moves at the right time, and above all, the innate talent it takes to always land on your feet and never be wiped out, regardless of the setbacks you may encounter. 2. You must know how and where to buy for next to nothing - or produce a product from scratch - and sell at a tremendous profit. With this ability, you can start with $100 or less, and sell it to someone else for much more than you paid for it. Then do it again, and keep on doing it until you have enough money to make substantial investments in other area where your money will grow and prosper. 3. You must buy things that appreciate in value. In other words, learn to buy things that will grow in value as time goes on. Things such as collectibles, land, precious metals and stones. Think of the multiplication factor: You pay $10 for a copyright, sell 500 copies and you're off to a small fortune. 4. You've got to be choosy. Buy the original or pick a limited field. For instance, if you buy written material, buy form the author; or if you're into stamps or coins, work with just one country or type of coins/stamps. 5. You must become an expert in your field of selling - know all there is to know about it. It takes time, effort, and energy, but the financial rewards are worth it. 6. You must know how to work the tax shelters. In the confiscatory tax economy we operate in today, anyone attempting to make important money has to operate with every tax break he can get. There are many of them, and they can be applied in different ways. Make friends with a good tax accountant; he'll be able to give you many angles that you've probably never heard of. Be sure you take every advantage of capital gains, investment credits, take part of your rent or house payment as an office expense, as well as your car - get all you can. It's legal, and it's necessary if you're going to build your capital. 7. You have to set goals and dedicate yourself to attaining those goals. In just about any buy/sell program, you can set a rate of say 20% net profit on each transaction, and work a five-time-a-year turnover. This will double your capital each year. Now the net profit means just that - what is yours after all expenses and taxes are paid - so you'll have to get about 35 to 40% markup on each cycle. If you've done your homework and are really an expert in your field, you'll often be able to make profits of 200% and more on a single transaction, because real buys will always show up for the person with cash in hand. If you set a goal such as this, and follow this system starting with $100, in 10-years you'll have over $50,000 in cash or it's equivalent. 8. You have to learn to exercise patience. This is the greatest attribute of a good hunter. In your field you'll be looking for bargains that can quickly be resold for a substantial profit. You've got to learn the sources of the items you want to sell, how to spot the bargains, and then have the persistence to allow your investment to pay off for you. 9. You have to learn what to do with your riches. When your capital has grown beyond the needs of your operation, put it to work. Get it into other investments that will produce more capital and even more income. Pyramiding your investments will bring you all the money you can use. 10. You have to learn to keep your mouth shut! The man who has found a method of making money, who understands what it can mean, keeps his mouth shut about it. That's why it's so ridiculous to assume that anyone would sell you a sure thing gambling system for a couple of dollars. If it was a sure thing, he'd guard it with his life. The thing is, keep your mouth shut and you'll save yourself a lot of grief as well as competition. Copyright 2004 by DeAnna Spencer DeAnna Spencer is a virtual assistant that helps entrepreneurs run a successful business by providing affordable administrative help. She also publishes a blog for small business owners. Visit this small business resource today. |
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