The internet offers two things a possibility of wealth and a possibility of victimization. In our quest to obtain the freedom we want to enjoy. The freedom to live our lives as old blues eyes use to say "My Way" is a road filled with obstacles and detours. It is an undeniable fact that more people lose money in striving to reach instant wealth. This does not pertain to only the internet it pertains to all the ways people build their business. The more common way at this point is through the internet. This of course is due to the low cost in joining an MLM or a Network Marketing group. As a Life Coach let me give you this piece of advice "caveat emptor" which means "let the buyer beware." The 40 thieves may very well be a children's story, but there are real thieves out there, who claim to have your best interest in mind, while they take all they can from you.
There is always opportunity in crisis. On a personal level this is a great time for re-assessing your life goals and values. From a wealth building perspective, apart from snapping up distressed assets at bargain-basement prices, possibly the true financial opportunity is something less obvious. Perhaps it's the opportunity we have to realign our thinking regarding wealth and how we build it. Here's an outline of 4 steps you could take in order to start rebuilding your wealth.
Chances are your investments are in totally different shape to where they were before the financial crisis. If you were an active investor, some of your stocks or real estate values may have taken a serious hit. At this point, it is your call whether to hope they will someday rebound or cut your losses. If the yields are holding up on your real estate it may be worthwhile to 'trade out' of negative equity if positive cash-flow is still being generated. If any of your investments have produced capital gains, cashing in now could be a good idea and provide some capital for better investments. Re-assessing your portfolio is a great first step in rebuilding wealth.
Whether you were actively investing or more passively sitting on your assets, the financial crisis has probably taken your portfolio out of alignment. Balanced asset allocation is critical to long-term investment performance and wealth building. Taking your risk tolerance and investment horizon into account will help work out what asset allocation works for you. Just because certain stocks might be performing well at the moment doesn't mean you should go chasing stocks and switch your cash out of bonds if bonds is where you need to be at right now.
You have heard over and over again, build a business that is the road to wealth and independence. Let me mention something here. There are those who have made a living at victimizing you and then telling you, the failure is you not the business. The truth is that your failure may be part of it, the other most likely is the lack of support or the "lies' you are being fed. Most of these guru's in marketing did not make their fortunes overnight. It took some time and a lot of thought, into their campaigns and promotions. Most of them are based on how they can take advantage of you. More on this later.
Starting, or owning a business is another common wealth-building strategy. Starting a business doesn't always make you really wealthy right away. It takes time and energy to build the income of a business and its capital value, but it can make you wealthy over time if managed effectively. Therefore, if you have previous experience of running a business it can sometime makes more sense to buy an existing business and simply run it better. Want to know how to build wealth starting or owning a business? Find something that you love to do and that solves the needs of a target market. Then sell that product or service through relentless marketing and sales. Create efficient systems to sell more, more often. And work towards growing the value of your business by making it less dependent on you so that you can eventually sell it to a new owner. Bill Gates is a great example of someone who created serious wealth by starting a business. Whatever way you chose to start building wealth, always remember those words from the mouth of antihero Gordon Gecko in the movie Wall Street..."Money never sleeps pal". Different asset class values will shift in time (daily/monthly/annually) and according to market cycles. It's also a good idea to scrutinize your assets and then take steps to re-balance your portfolio periodically. You also need to match risk to what stage you are in life. So, want to know how to build wealth quickly? It's simple: Take your hard-earned money, save as much as you can as you go and then choose a strategy (from above) and consistently, month by month, year by year, apply yourself to these wealth building strategies.
There is always opportunity in crisis. On a personal level this is a great time for re-assessing your life goals and values. From a wealth building perspective, apart from snapping up distressed assets at bargain-basement prices, possibly the true financial opportunity is something less obvious. Perhaps it's the opportunity we have to realign our thinking regarding wealth and how we build it. Here's an outline of 4 steps you could take in order to start rebuilding your wealth.
Chances are your investments are in totally different shape to where they were before the financial crisis. If you were an active investor, some of your stocks or real estate values may have taken a serious hit. At this point, it is your call whether to hope they will someday rebound or cut your losses. If the yields are holding up on your real estate it may be worthwhile to 'trade out' of negative equity if positive cash-flow is still being generated. If any of your investments have produced capital gains, cashing in now could be a good idea and provide some capital for better investments. Re-assessing your portfolio is a great first step in rebuilding wealth.
Whether you were actively investing or more passively sitting on your assets, the financial crisis has probably taken your portfolio out of alignment. Balanced asset allocation is critical to long-term investment performance and wealth building. Taking your risk tolerance and investment horizon into account will help work out what asset allocation works for you. Just because certain stocks might be performing well at the moment doesn't mean you should go chasing stocks and switch your cash out of bonds if bonds is where you need to be at right now.
You have heard over and over again, build a business that is the road to wealth and independence. Let me mention something here. There are those who have made a living at victimizing you and then telling you, the failure is you not the business. The truth is that your failure may be part of it, the other most likely is the lack of support or the "lies' you are being fed. Most of these guru's in marketing did not make their fortunes overnight. It took some time and a lot of thought, into their campaigns and promotions. Most of them are based on how they can take advantage of you. More on this later.
Starting, or owning a business is another common wealth-building strategy. Starting a business doesn't always make you really wealthy right away. It takes time and energy to build the income of a business and its capital value, but it can make you wealthy over time if managed effectively. Therefore, if you have previous experience of running a business it can sometime makes more sense to buy an existing business and simply run it better. Want to know how to build wealth starting or owning a business? Find something that you love to do and that solves the needs of a target market. Then sell that product or service through relentless marketing and sales. Create efficient systems to sell more, more often. And work towards growing the value of your business by making it less dependent on you so that you can eventually sell it to a new owner. Bill Gates is a great example of someone who created serious wealth by starting a business. Whatever way you chose to start building wealth, always remember those words from the mouth of antihero Gordon Gecko in the movie Wall Street..."Money never sleeps pal". Different asset class values will shift in time (daily/monthly/annually) and according to market cycles. It's also a good idea to scrutinize your assets and then take steps to re-balance your portfolio periodically. You also need to match risk to what stage you are in life. So, want to know how to build wealth quickly? It's simple: Take your hard-earned money, save as much as you can as you go and then choose a strategy (from above) and consistently, month by month, year by year, apply yourself to these wealth building strategies.
About the Author:
Frank Miller has a Debt Consolidation Blog & Finance, these are some of the articles: Why Automated Trading Robots Really Aren't Worth The Risk You have full permission to reprint this article provided this box is kept unchanged.