Tuesday, February 18, 2014

How To Get Rich In 2014

Here's some good news for a change: Last year there were a record number of millionaires in the world. According to the World Wealth Report published in the Daily Telegraph, the number of people with fortunes over $1 million rose by 9.2% to over twelve million people. Apparently, if you are looking to get rich in 2014 then you have chosen a great time to do it. You might not join the club of millionaires right away. But opportunities to make fortunes nonetheless abound across the globe.

Create a Plan

If you fail to plan, you are planning to fail: Most people never realize great wealth because they simply did not have a concise plan to help get them there. Experts all agree that you need to set your personal goals, and you can start by establishing exactly how much money you will need to feel rich. Next, set a date by which you want to have achieved your financial goals. Once you have a concrete amount in mind and a deadline for yourself to reach it, create milestones that you want to achieve along the way. This will help you to keep track of your progress and will motivate you every time another milestone has been passed successfully.

Learn From the Best

You don't have to re-invent the wheel. Reading the biographies and self-help books of successful entrepreneurs is a great way of learning, too. Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't by Donald and Robert Kiyosaki is a source for invaluable information on the topic, for example.

Aim high – Stop Being Creative

There is no “one way only” to making a fortune. However some wealth creating vehicles will be more suitable than others. Contrary to what most people expect, you don't have to come up with any exotic new ideas to earn a lot money. In fact, brilliant new concepts are more likely to get you in trouble.

If you are going for being a millionaire, then a straight-forward well paying job is still the best ways to achieve your goals. You might be surprised by the range of jobs that pay over six figures and that many of them do not even require a college degree. Forbes recently published a lost of unusual jobs that pay more than six figures and offer good advice as well: Depending on your job, location makes a big difference. Saving becomes an important issue quickly, and you need to save a lot if you want to reach your financial goals in a reasonable time-frame. Aim to put aside between 40 - 50% of your gross income and take advantage of tax friendly retirement accounts and pension schemes.

Open a Business

Opening a business may be one of the most reliable ways to make a fortune. The key to establishing a successful business venture is identifying an unfulfilled need in the market, large enough to translate itself into high financial return for your company, which will help you reach your wealth goal. Again, rocket science is hardly required. Opening up a pizza parlor at the right spot is still a great business proposition, for example.

Many people are choosing to set up online businesses because of the ability to reach an international audience quickly and the relatively low start up costs. There are many services that make doing business online easy, for example eBay, Etsy and Amazon are three great places where you can sell products without needing a website of your own. However, if you do want your own representation on the net, sites such as Shopify will help you to quickly establish an eCommerce website without needing any programming abilities.

Start Today

Another key reason that people fail to increase their wealth is because they simply put off starting. If you want to get rich then you need to take action today. That might mean setting up a new savings account, opening a brokerage account, starting to call contacts in your network or registering a company name. Make it a habit to write a to-do list every night, clearly mapping out what needs to be done the next day. 

It is a little bit of time invested that will eventually turn into a big reward. Don't wait – start today!

3 Smart Readers SAID::

FX777222999 said...

This is a killer line full of meaning, "If you want to get rich, start now"...Helpful ideas to get rich.

Unknown said...

I think your advice to "Learn from the Best" is definitely the way to go when delving into the world of entrepreneurs! There is so much to take in and consider so it's always helpful to learn from someone who has been there and done that... I recently came across a book by
entrepreneur and author Laura Humphreys called "Liber8 Your Business" (http://liber8yourbusiness.com). I was immediately intrigued by the idea of the “backwards first” business approach outlined in the book. It encourages readers to break out of the micro
way of looking at business strategy and instead visualize the end, first. What that basically means is that instead of focusing on the daily routine of business, we should instead make a plan for the “end game” of our business and work backwards, outlining steps from the end to where we are now. The strategies and steps outlined in the book were a real eye opener for a small business opener and immediately motivated me. Laura Humphreys, the author, has won
multiple business awards, as well as grown and sold multiple small businesses so I trust that the content comes from a place of knowledge and skill. A must read for anyone looking to get more out of their business or the hopeful entrepreneurs.

Franc said...

Start today seems to be like a good advice and as long as the concept is creative and there is focus. You can get rich.

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