Our idea, if we can work hard, we can earn more and save money within a short time we will wealthy and rich. It is a wishful thinks. We are more likely to end up with some useful savings. If we want to accumulate serious wealth then there a number of approaches us, we can use and some are much more effective than others. We tend to assume that if we work hard and save money then one day we will become wealthy and rich. If we can apply technique and use it properly, my idea we can reach to our goal shortly. The best five ways are as follows:
1. Try to do something by own: If everybody try to do some business by his own strategy, it may small but if he work hard and monitoring closely, It is the most effective and proven way to become rich. If he can find a new approach to a customer need and build a profitable business that addresses that need then he has created real value. It could be a cleaning business, a hairdresser’s, a consultancy or an investment bank. It will probably take years of very hard work to build up the enterprise. But first time high risk able business I don’t support. Many new businesses fail for this reason. Firstly he need all the skills, dynamism, perseverance and diligence of an entrepreneur. But if he success it off the potential rewards are huge. This is how many of the seriously wealthy people did it.
2. Skill basis business: We can try to do work our skill basis business. We can develop a marketable skill and retain our independence then we can reap considerable rewards. Identify first how sports stars, authors and entertainers become rich. In general the self-employed expert has greater earnings opportunities than one who works for a company. There are risks and we have to do something special. Our success is in our own hands so this is a popular route for people who have developed a skill and want to strike out on their own.
3. Housing business: Now housing business is a great opportunity in everywhere. Buying land and develop and finally sell in high price. One of the key elements is that by borrowing money we can gain leverage on my investment. Suppose we borrow $100,000 and put in $30,000 of our own to buy a property for $130,000. Then we develop the property and sell it for $250,000. The property has increased in value by above 92% but our $30,000 has now grown fourfold to $100,000. We have to select the right properties in the right areas and develop them wisely. We are at risk from booms and busts in the property market. However, in the long term this remains a proven way to accumulate wealth. On the other hand we buy plot in city area and build complete house and sell high rate.
4. Business at share market: It is an easy business and can anybody do it. If we can make steady investments in stocks over a long period, choose wisely and market monitoring and reinvest the dividends then we can build a large store of wealth. But always closely monitor market because of course stocks can go down as well as up and many small investors lose heart when their portfolio plunges. But over the long-us equities are as good an investment as property and much more liquid. Stock market crashes represent great buying opportunities for those with cash and strong nerves.
5. Production oriented business: Many third world country is growing like Bangladesh by production oriented business. Mainly Garments Industries are set up in that country. The multinational buying company place order as their requirements and Garments are prepared their order and get huge profit by it. On the other hand millions of workers are worked here. We can choose the same business for our job. We can create a group to handle the business. We can create a business platform as investor, otherwise we are employee of that Company.
Such as we can earn money and become rich.