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.