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Become Rich – 5 Tested Strategies

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If you want to know how to become rich, you have to be willing to take action on critical steps that will get you there. There are easy tips you can take that might turn you into a millionaire 50 years from now, but if you want to know how to become rich fast, you'll have to be a bit more creative and persistent.

Think Business

Based on surveys of current millionaires and rich people, other than those who have inherited money, most who have become wealthy have done so with their own business. Becoming an entrepreneur is the best way to think outside the box and find new, unique ideas no one has ever thought of. Innovation is where the money is. If you can find something nobody has ever done before, but something that becomes incredibly useful, or you can take an existing idea and transform it, you could make money so fast it will feel like you became rich overnight.

Brainstorming

The idea is easily the most important part of any business. You could start an existing franchise, but you won't be any more successful than most other franchise owners because it's not a new idea. Think of something new and go from there.

Where do you see a need? What is missing in the world? Listen to people. What do people complain about not having? What do people want? Build a customer base before you even have the product. Find a targeted customer base that wants to spend money on your future product or service.

Execution

While the idea is the most important part, it will be worthless if you don't know how to run a business. You don't need an MBA to run a business. In fact, you don't need a college degree at all. However, you do need to know how to get the business off the ground and take care of every aspect of it if you want to become wealthy. If you don't think you can handle the accounting or the management of your business, pay someone else to do it for you. Until you can pay someone else, read some books and learn how to do it yourself.

The execution of your business involves setting up a great product or service, marketing it effectively, even before it is released, and getting people to buy and come back regularly. Learn how to run your business successfully and you will become rich.

Saving

If you don't want to start a business but you still want to know how to become rich, you can. While most wealthy people are business owners, you can still be rich even as an employee. To get rich, you need to increase your earnings and decrease your spending. It's all about saving money. The more money you save, the faster is will grow and multiply.

Budgets are for poor people, right? Wrong! Budgets are for people who want to be rich, plain and simple. If you want to have money, you have to stop spending it. Eventually, you will have so much you can start spending it on expensive toys and vacations, but first you need to save.

Use a budget to limit your spending where you tend to spend too much. Set savings goals each month. How much money do you need to be rich? When do you want to be rich? Set up a timeline to get there and calculate how much money you need to save each month to reach the goal in time.

Investing

Rich people invest their money. Leaving your money in a low interest savings account will doom you to poverty, or at least average-wealth. Invest your money. Investment professionals say that aggressive investing should be saved for young people. Put your retirement accounts in conservative investments if you want to feel secure, but be a risky investor in the rest of your portfolio.

Investing is the way to add exponential growth to your wealth. You can save and save, but until you make your money work for you, whether your self employed or not, you won't have nearly the wealth you could have. Invest in stocks, bonds, commodities, options, futures, foreign currency, or another type of investment you know you can be successful with.



Source by Bill Ingram

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