Here are seven more “secrets” of wealth creation.
1) Save money. Don’t just save ten percent of your paycheck into your retirement plan, invest more. You can do this by trying to save on all the purchases you must make each month. Try to negotiate on purchases and take advantage of good deals. Keep in mind: you can only really capitalize on good deals when you have a decent amount of cash on hand. Try to have funds outside your retirement plans and emergency fund.
2) Change your location if you need to. If you cannot breakthrough in your field where you live now, could you do it in a better location? If your city, state or country doesn’t fit you, would another place fit better? Do some research and consult your mastermind alliance.
3) Learn to sell and negotiate. No matter what field you are in, being able to sell and negotiate are important business skills. So study some books, videos and audio programs on selling and negotiating. Entrepreneurs especially must be able to sell.
4) Think ahead. You have to at least make an honest attempt to think of how competitors, coworkers and customers will respond to your moves. You also have to think about what business or job you may want next and you definitely need to plan your retirement. Don’t just plan your vacations and day to day responsibilities. Create a plan for your business, investments and your life. Have back up plans whenever possible. Remember to consult your mastermind.
5) Use time wisely. After you have taken care of all your responsibilities, invest in yourself! You can invest in yourself by studying or planning a business, or by developing a skill or participating in an organization you really believe in or working a second job.
6) Avoid debt. Paying interest, annual fees, hidden fees, and buying stuff you can’t really afford, does not help you get rich. Do not leverage yourself too much to buy a home.
7) Avoid get rich quick schemes. Get rich quick schemes burn bad. As an alternative: bootstrap your way to your own small business.
Tuesday, August 14, 2007
Saturday, August 11, 2007
Some Random Stock Market Investing Ideas
The following are a few ideas I have gathered from my years as an investor.
The stock market usually does well when there is gridlock in the government. Less “work” gets done on Capitol Hill when there is gridlock and that is good for business.
It is wise to sell stocks and buy bonds before taxes go up. When Bill Clinton got elected in 1992, I moved all my money into simple bond funds and made over 40% on them in less than a year.
Buy bank stocks when a recession is ending. Banks benefit from low interest rates.
If the global warming lobby wins big, I would expect big things from alternative energy stocks.
This is risky, but if you buy a company before it becomes profitable, you could make some pretty large gains.
If you think you have found a company that is going to be acquired, buy some. If you are right, you will likely profit well.
During the next 25 years, we can expect to see massive gains in nanotechnology, biotechnology, neurotechnology, alternative energy, robotics, and organics. The gains from these sectors will not all come from small companies. Big companies like IBM and BASF could end up being among the big winners in Nanotech.
A simple but effective strategy is to buy when the masses are selling. Buy the shares of excellent companies at low prices. It is surprising how many people screw this one up in each recession. All I can say is: fight the “chicken little” within. Remember to take profits when the market really rallies.
Buy a stock that is going to buy back shares. If your buy back pick is right, you will make some pretty good gains. Stock buy backs happen a lot in recessions too.
During a recession, look for what is known as a “Cash Cow”. That is, a company with a lot of money in the bank. A Cash Cow has money to make acquisitions and other investments.
When the bull market ends, the smart money goes into real estate. Real estate investment trusts (REIT) will do fine. You can buy REITs through any broker.
When a stock is at IMPOSSIBLE highs, sell short. Don’t leverage yourself too much though.
Follow stellar fund managers, not necessarily the stellar funds. If a real good fund manager quits managing a fund, then the past performance doesn’t mean as much.
Follow the proverb of Wall Street: “Buy on the rumor, sell on the news”. You pretty much have to get in early. If a mania develops, take profits.
The stock market usually does well when there is gridlock in the government. Less “work” gets done on Capitol Hill when there is gridlock and that is good for business.
It is wise to sell stocks and buy bonds before taxes go up. When Bill Clinton got elected in 1992, I moved all my money into simple bond funds and made over 40% on them in less than a year.
Buy bank stocks when a recession is ending. Banks benefit from low interest rates.
If the global warming lobby wins big, I would expect big things from alternative energy stocks.
This is risky, but if you buy a company before it becomes profitable, you could make some pretty large gains.
If you think you have found a company that is going to be acquired, buy some. If you are right, you will likely profit well.
During the next 25 years, we can expect to see massive gains in nanotechnology, biotechnology, neurotechnology, alternative energy, robotics, and organics. The gains from these sectors will not all come from small companies. Big companies like IBM and BASF could end up being among the big winners in Nanotech.
A simple but effective strategy is to buy when the masses are selling. Buy the shares of excellent companies at low prices. It is surprising how many people screw this one up in each recession. All I can say is: fight the “chicken little” within. Remember to take profits when the market really rallies.
Buy a stock that is going to buy back shares. If your buy back pick is right, you will make some pretty good gains. Stock buy backs happen a lot in recessions too.
During a recession, look for what is known as a “Cash Cow”. That is, a company with a lot of money in the bank. A Cash Cow has money to make acquisitions and other investments.
When the bull market ends, the smart money goes into real estate. Real estate investment trusts (REIT) will do fine. You can buy REITs through any broker.
When a stock is at IMPOSSIBLE highs, sell short. Don’t leverage yourself too much though.
Follow stellar fund managers, not necessarily the stellar funds. If a real good fund manager quits managing a fund, then the past performance doesn’t mean as much.
Follow the proverb of Wall Street: “Buy on the rumor, sell on the news”. You pretty much have to get in early. If a mania develops, take profits.
The Keys to Independent Wealth
It will take time, but to create independent wealth, you need to build and buy assets. What do I mean by assets? I mean stocks, government, corporate and municipal bonds, mutual funds, interest bearing accounts, businesses (including web based businesses), partial ownership in businesses, IP (including books, music, etc), rental real estate, etc. Investments that pay you money are assets. It will take time to build up enough assets that pay you enough so that you can quit your job and run for office or whatever you want to do.You cannot really catapult yourself to wealth. No money down real estate is VERY risky. Most MLM salesmen don't make very much money. Real bad scams abound. Take the time and build your portfolio of assets correctly. Study potential investments carefully. Hire an excellent fee only financial planner or broker to help you. Check for references and do a background check on your broker or financial planner! Prepare a complete business plan, research the market and the competition, and determine if your business is feasible, if you are going to start a business. Again, help may be required. And be advised, getting people to buy your stuff is HARD!Read the Millionaire Next Door and model yourself after self made millionaires. Most self made millionaires live below their means and buy assets with the difference. The millionaires of the U.S. found profitable niches and exploited them. It took some time for the millionaires profiled to become wealthy. We are talking years. I would shy away from ANYONE telling me I could become wealthy instantly.
How much do you need to retire? You will probably a million dollars, unless you are going to live as cheap as a college student. If you want to escape the rat race that bad, I would change careers and start a business on the side. A good withdrawal rate from your investments would be 5% or less.
Creating and executing your plan to create independent wealth won’t be easy, but don't quit! Keep saving, investing, studying, learn new skills, and never quit, and I bet you will ultimately reach your goal.
How much do you need to retire? You will probably a million dollars, unless you are going to live as cheap as a college student. If you want to escape the rat race that bad, I would change careers and start a business on the side. A good withdrawal rate from your investments would be 5% or less.
Creating and executing your plan to create independent wealth won’t be easy, but don't quit! Keep saving, investing, studying, learn new skills, and never quit, and I bet you will ultimately reach your goal.
Seven Secrets of Wealth Creation
1) Add value. What this means is to work harder, smarter and work longer hours. You need to make your product or service more valuable.
2) Buy things that make money (mutual funds, stocks, bonds, investment properties, small businesses, etc). You should invest at least 10% of your income. Remember you probably want to buy investments after the masses have sold. Then, sell when a bubble develops. Also, you can buy the shares of excellent companies during a recession or when temporary trouble emerges for a particular company. If you think the new CEO of a company can turn a floundering company around, you may want to buy some shares. Due diligence is a necessity.
3) Activate the laws of attraction and belief. Think about what you want. Never think about what you don’t want. Your mind is like a magnet. Your mind attracts what it focuses on. Believe and act as if you are a success in the making.
4) Find a career in a field you love. Go to college if necessary, but get yourself a job that you enjoy. You will acquire more than money if you do. Brian Tracy always says once you find a job you really love, you’ll never work another day in your life.
5) Turn your car into a university on wheels. Remember, one idea from a book or audio book or radio program can make you a millionaire. You can find affordable audio programs and you can also rent audio programs. There are also a few good financial programs on terrestrial radio too. Learn to do something like manage a company or become a better salesman.
6) Find a good mentor, advisors, and form a mastermind alliance. A good mentor is like a map and compass in uncharted territory. Unless you are an expert at everything, you need competent advisors, like a CPA, a lawyer and a financial planner. A good mastermind will cover your blind spots, and keep you focused and motivated. 7) Set your major goal and a specific written plan for achieving your goal. Don’t change your major goal, its harder to hit a moving target. Make sure your major goal is realistic. Take action every day on your major goal and be persistent!
2) Buy things that make money (mutual funds, stocks, bonds, investment properties, small businesses, etc). You should invest at least 10% of your income. Remember you probably want to buy investments after the masses have sold. Then, sell when a bubble develops. Also, you can buy the shares of excellent companies during a recession or when temporary trouble emerges for a particular company. If you think the new CEO of a company can turn a floundering company around, you may want to buy some shares. Due diligence is a necessity.
3) Activate the laws of attraction and belief. Think about what you want. Never think about what you don’t want. Your mind is like a magnet. Your mind attracts what it focuses on. Believe and act as if you are a success in the making.
4) Find a career in a field you love. Go to college if necessary, but get yourself a job that you enjoy. You will acquire more than money if you do. Brian Tracy always says once you find a job you really love, you’ll never work another day in your life.
5) Turn your car into a university on wheels. Remember, one idea from a book or audio book or radio program can make you a millionaire. You can find affordable audio programs and you can also rent audio programs. There are also a few good financial programs on terrestrial radio too. Learn to do something like manage a company or become a better salesman.
6) Find a good mentor, advisors, and form a mastermind alliance. A good mentor is like a map and compass in uncharted territory. Unless you are an expert at everything, you need competent advisors, like a CPA, a lawyer and a financial planner. A good mastermind will cover your blind spots, and keep you focused and motivated. 7) Set your major goal and a specific written plan for achieving your goal. Don’t change your major goal, its harder to hit a moving target. Make sure your major goal is realistic. Take action every day on your major goal and be persistent!
Ten Sizzling Tips for Affiliate Marketers
1. Create an infopacked mini site. Build your mini site for a specific niche audience and then choose affiliate programs specifically for that niche audience.
2. Test and track your ads and promotions for your affiliate programs.
Tracking and testing your ads will show you exactly which ads, promotions and affiliate programs pay off the most for you and are excellent choices for you to continue to promote.
3. Publish an ezine.
Your ezine will give you a powerful way to promote your affiliate programs to your subscribers.
Choose affiliate programs that relate to the content of your ezine and that make it worth your while to promote them.
4. Promote your affiliate programs by recommending their products.
You could recommend your affiliate programs to your ezine subscribers in your publisher's note or you could create a recommended resources section where you promote your affiliate programs in every issue.
You could also recommend your affiliate programs to your visitors by creating a recommended affiliate programs section where you list your favorite affiliate programs along with descriptions of their products or services.
In addition, you could create a best affiliate programs section that helps you build up your second tier by listing the affiliate programs that have paid off the most for you.
5. Write product reviews where you detail the benefits you like about your affiliate program's product.
Make your product reviews honest and hype f~ree and post them on your site along with your other articles.
6. Write your own ads for your affiliate program.
A good way to create your ads is to look at the ad copy on the site of the business you want to promote and also ads they provide for their affiliates to use, and use their unique selling proposition or USP to write your ads.
Their unique selling proposition is a unique benefit that they promote in their ad copy that their competitors don't stress or offer to their visitors.
It could be that their product saves lots of time, is easy to understand, that their product is a complete answer to a problem, or it could involve their price.
Some businesses develop more than one USP so you'll be able to choose the one that you think works best in getting more targeted visitors to their site.
7. Try out the support of the companies you want to promote by asking questions.
This will help you to find out how long it takes them to respond to emails (if they respond to emails) and how professional they are.
8. Create freebies that promote your affiliate programs.
You could offer your visitors a f~ree email course, an ebook filled with your tips or articles or an ebook that provides your visitors with places to promote their businesses.
When creating freebies for an affiliate program that is 2 tier, increase your profits by letting your affiliates in your second tier use your freebies as a promotional item.
9. Create a directory.
Your directory could be an article, ezine, ebook or affiliate program directory.
List your own resources within your directory to increase your commissions. For example, you could add your own affiliate programs to your affiliate programs directory or your ebooks to your ebook directory.
Add a what's new section to your directory to garner more repeat traffic from your visitors.
You could also provide a tutorial on the subject of your directory, or add things to your directory that your visitors can use on a regular basis to get more repeat traffic.
10. Run ezine ads for your affiliate programs.
You could purchase sponsor, feature, classified or solo ads for your affiliate program.
Choose ezines with subscribers targeted to be interested in the products of the business you want to promote.
Run your ads for multiple issues in a row when possible to maximize the profit you get from your ads.
You can also run f~ree ads in ezines as many ezines offerf~ree advertising on a weekly, monthly or per issue basis to get more new subscriptions.
Running f~ree ads can help you find out which ads work best,and which ezines are most responsive before you purchaseezine advertising.
Article by writer, Ken Hill. Get more marketing tips byjoining Ken's Top Notch Marketing Ezine at: http://www.netpromarketer.com/
2. Test and track your ads and promotions for your affiliate programs.
Tracking and testing your ads will show you exactly which ads, promotions and affiliate programs pay off the most for you and are excellent choices for you to continue to promote.
3. Publish an ezine.
Your ezine will give you a powerful way to promote your affiliate programs to your subscribers.
Choose affiliate programs that relate to the content of your ezine and that make it worth your while to promote them.
4. Promote your affiliate programs by recommending their products.
You could recommend your affiliate programs to your ezine subscribers in your publisher's note or you could create a recommended resources section where you promote your affiliate programs in every issue.
You could also recommend your affiliate programs to your visitors by creating a recommended affiliate programs section where you list your favorite affiliate programs along with descriptions of their products or services.
In addition, you could create a best affiliate programs section that helps you build up your second tier by listing the affiliate programs that have paid off the most for you.
5. Write product reviews where you detail the benefits you like about your affiliate program's product.
Make your product reviews honest and hype f~ree and post them on your site along with your other articles.
6. Write your own ads for your affiliate program.
A good way to create your ads is to look at the ad copy on the site of the business you want to promote and also ads they provide for their affiliates to use, and use their unique selling proposition or USP to write your ads.
Their unique selling proposition is a unique benefit that they promote in their ad copy that their competitors don't stress or offer to their visitors.
It could be that their product saves lots of time, is easy to understand, that their product is a complete answer to a problem, or it could involve their price.
Some businesses develop more than one USP so you'll be able to choose the one that you think works best in getting more targeted visitors to their site.
7. Try out the support of the companies you want to promote by asking questions.
This will help you to find out how long it takes them to respond to emails (if they respond to emails) and how professional they are.
8. Create freebies that promote your affiliate programs.
You could offer your visitors a f~ree email course, an ebook filled with your tips or articles or an ebook that provides your visitors with places to promote their businesses.
When creating freebies for an affiliate program that is 2 tier, increase your profits by letting your affiliates in your second tier use your freebies as a promotional item.
9. Create a directory.
Your directory could be an article, ezine, ebook or affiliate program directory.
List your own resources within your directory to increase your commissions. For example, you could add your own affiliate programs to your affiliate programs directory or your ebooks to your ebook directory.
Add a what's new section to your directory to garner more repeat traffic from your visitors.
You could also provide a tutorial on the subject of your directory, or add things to your directory that your visitors can use on a regular basis to get more repeat traffic.
10. Run ezine ads for your affiliate programs.
You could purchase sponsor, feature, classified or solo ads for your affiliate program.
Choose ezines with subscribers targeted to be interested in the products of the business you want to promote.
Run your ads for multiple issues in a row when possible to maximize the profit you get from your ads.
You can also run f~ree ads in ezines as many ezines offerf~ree advertising on a weekly, monthly or per issue basis to get more new subscriptions.
Running f~ree ads can help you find out which ads work best,and which ezines are most responsive before you purchaseezine advertising.
Article by writer, Ken Hill. Get more marketing tips byjoining Ken's Top Notch Marketing Ezine at: http://www.netpromarketer.com/
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