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. 11. You must find a way to make what you're doing different or unique so that people will find a reason to use you instead of your competitors.
If this sounds like a lot of oversimplified hogwash to you, then you're still missing the boat. Most people are so wrapped up in their own efforts - their own small little worlds - that they refuse to "picture and visualize" precisely how an idea or a program can or could be worked to amass a fortune for themselves. Yet these same people, when the mood hits them, will deal with the expert, buy from him, and pay him for the knowledge they refuse to understand or believe. The opportunity is there; all it needs is someone to grab it and run with it!
Copyright 2004 by DeAnna Spencer
This article may be redistributed freely on the Internet as long as the resource box remains intact.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Learn tips to help grow your small business.
Make the blog, Learn Small Business, a part of your daily reading. Visithttp://www.learnsmallbusiness.com for tips and articles pertiaining to your business.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
By popular request, I thought I would put together this... Read More
Do you ever wonder how some people consistently get what... Read More
Five-time gold medal-winning figure skater, Jenny Kilmer, has won the... Read More
Success isn't all that it's cracked up to be... I'm... Read More
I want to relate to you a story, READ it... Read More
On your journey to moving past using food to cope... Read More
Step 1: List all the business activities that you complete... Read More
When is the best time to prepare for your success... Read More
As a child you probably learned failing is bad...Failing meant... Read More
There are "How to" seminars on virtually every business topic.... Read More
One of the most overlooked opportunities for learning and personal... Read More
In my audio program Book Yourself Solid, The 7 Keys... Read More
All work and no play makes Johnny a dull boy... Read More
So you want to expand your horizons by securing a... Read More
You talked but didn't get a response. You talked but... Read More
Sit up straight! You may recall hearing those words as... Read More
If that sounds like you, you're not alone. Everyone needs... Read More
Do you want to achieve your most important goals in... Read More
In his audio e-book, 10 Habits to Swell Your Bank... Read More
One of the first things most of us remember hearing... Read More
I have often been asked the question, "What is true... Read More
Temp your way to the top Want to take the... Read More
No matter how young or old you are, you must... Read More
Once you've made it...throw a Success Shindig! Of course you... Read More
Create a truth and step into it There is a... Read More
Antigo wedding limo ..We own a home on the island of Puerto Rico... Read More
Management by Objectives, strategic planning, quality, teams, re-engineering. Passing management... Read More
Our lives and the circumstances we live in are largely... Read More
The start of a new year is a good time... Read More
Have you ever heard of the "secrets of success"? Many... Read More
Do you ever wonder how some people consistently get what... Read More
"Never, never, never give up; never give up, never!." -... Read More
Create an environment that is so inspiring and nurturing that... Read More
Most sports are full of lessons for the discerning. Tennis... Read More
Conditions differ from circumstances. Circumstances are changeable conditions which merely... Read More
"I am the greatest warrior. I have fought with gods... Read More
Arsenal Football Club were the Champions of the Premier league... Read More
Unfortunately we come into contact with negativity everyday. We can't... Read More
The most important quality you can ever develop is having... Read More
What do you need to do to be successful? If... Read More
Create a truth and step into it There is a... Read More
Please repeat these four words out loud: "Maximum Impact....Minimal Touch"... Read More
Frederick W. Smith attended Yale University and wrote a paper... Read More
With the end of the year fast approaching, now is... Read More
Let me tell you story about a friend of mine... Read More
What is "success"? Why does it seem everyone wants "success"?... Read More
Imagine you are a fire. Fires burn at different levels... Read More
How do you land your dream job, win... Read More
There are two things that will determine your success or... Read More
Self-change is a personal phenomenon. In order to accomplish it,... Read More
Success |