By Phoenix Delray
There are people all over the world who want to know how to become rich in days, but they think that it is impossible. There are tons of different ways that someone can become rich in days, but most of them are really not that practical. Sure, everyone would love to win the lottery, but is this really something that you want to sit around and wait for years for it to happen? There are however, a variety of ways to become rich in days that are completely possible.
So many people in the world today want to make a quick buck or want to wake up one day and suddenly have millions of dollars in their bank account. These are the types of people that sit around on their butts waiting for someone rich to marry them, to win the lottery, or to coin a hit song or write a bestselling novel. While these methods work for some people, they are really not practical for most of the population. The truth is, less than 1% of people who become rich do so by the means of winning the lottery, becoming famous rock stars, or marrying into a wealthy family. These things would be great if they were easier to come by, but they are just not things that come along very often.
Some of the better and more practical ways to become rich in days are by starting your own business or investing in things. Starting your own business is something that could potentially take anywhere from a few months to a few years to really see a return on your money. So if you are truly looking to become rich in days, then this may not be the venture for you. Investing is most likely something you have done at some point in your life without even realizing it.
If you were a young boy who bought and traded baseball cards with friends, then you were in some way investing. Each card had a different value and some were more coveted then others, but they all cost the same when you bought them in a pack from your local store. However, each of them has an intrinsic value which allows you to trade them for other cards that add up to the same value of that particular one. This is the same concept that is used by entrepreneurs and businessmen to compound on seed capital. This concept is used every day with money and is referred to as opportunity investment.
Regardless of what method you choose to expand your financial freedom, always keep in mind that there are ways to become rich in days.
Article Source: http://www.articlehighlight.com
To know more about become rich in days please visit our website.
July 25, 2008
July 22, 2008
How To Determine If A Product Or Service Is Really Worth The Price
By Rachel Yoshida
Some statements are popular just because they sound good, but they may not always be true. Phrases like, if it costs more it must be better, or the bigger the better. While in some cases these things might be true, in some cases they probably are not. If you are trying to save some of your hard earned money these days, you have to be really careful about the purchases you make and it does pay to stop, think, and use a little common sense.
A lot of the money we spend can go for things that are used up and have to be replaced over and over again. Food is probably the most bought items that must constantly be replaced. Food is also where a large part of our paycheck goes each week. When we have a few kids, it can seem like an endless battle to keep the cabinets and refrigerator full with nutritious foods for them to eat.
When it comes to buying food, sometimes bigger can be better. This is because that with many products like cereal, sugar, flour, and other products that have a fairly long shelf life, the larger size packages you buy you are likely to get a better overall price. All you have to do to determine whether a product is a better buy in a larger size is do a little math with the price and compare the weight of the product. If you can calculate that you get more of a product for a little less money by buying a larger size, then if you use a lot of that product at home it will probably be worth investing in the larger quantity.
It might seem like you are just saving pennies, but pennies really do add up at the end of your grocery bill for the month, and later for the year. Another way to save money is by the brands of products that you choose. When you buy products like toilet paper, paper towels, razor blades, shampoos, soaps, and some cleaning products, it really does pay to experiment. You will many times find that a less expensive, less well advertised product will perform just as well or sometimes even better than the more expensive brands. It can be worth it if you find a cheaper product that works just as well as something more expensive. Save wherever you can!
Article Source: http://www.articlehighlight.com
Rachel Yoshida is a writer of many topics, visit some of her sites, like No Fax Payday Loans and Virginia Beach Cash Advance.
Some statements are popular just because they sound good, but they may not always be true. Phrases like, if it costs more it must be better, or the bigger the better. While in some cases these things might be true, in some cases they probably are not. If you are trying to save some of your hard earned money these days, you have to be really careful about the purchases you make and it does pay to stop, think, and use a little common sense.
A lot of the money we spend can go for things that are used up and have to be replaced over and over again. Food is probably the most bought items that must constantly be replaced. Food is also where a large part of our paycheck goes each week. When we have a few kids, it can seem like an endless battle to keep the cabinets and refrigerator full with nutritious foods for them to eat.
When it comes to buying food, sometimes bigger can be better. This is because that with many products like cereal, sugar, flour, and other products that have a fairly long shelf life, the larger size packages you buy you are likely to get a better overall price. All you have to do to determine whether a product is a better buy in a larger size is do a little math with the price and compare the weight of the product. If you can calculate that you get more of a product for a little less money by buying a larger size, then if you use a lot of that product at home it will probably be worth investing in the larger quantity.
It might seem like you are just saving pennies, but pennies really do add up at the end of your grocery bill for the month, and later for the year. Another way to save money is by the brands of products that you choose. When you buy products like toilet paper, paper towels, razor blades, shampoos, soaps, and some cleaning products, it really does pay to experiment. You will many times find that a less expensive, less well advertised product will perform just as well or sometimes even better than the more expensive brands. It can be worth it if you find a cheaper product that works just as well as something more expensive. Save wherever you can!
Article Source: http://www.articlehighlight.com
Rachel Yoshida is a writer of many topics, visit some of her sites, like No Fax Payday Loans and Virginia Beach Cash Advance.
July 5, 2008
The Psychology & Habits of Successful Investors
By Adam Khoo
What sets average and successful investors apart is their psychology or way of thinking. Although all master investors use very different strategies and investment tools that may even contradict each other, they all share the similar psychological makeup that makes them successful.
Here are seven of the most powerful success habits of successful investors.
1. Buy On Strict Rules & Not Emotions
All successful investors have developed a time-tested and proven system for selecting, buying and selling investments in a way that makes them money consistently. They always buy and sell securities based strictly on a set of clearly defined rules or investment criteria.
For example, Warren Buffett will only buy a company if it has shown consistent earnings growth over five years, has little debt, has a high return on equity, has a strong management team and is selling at a price that is way below the company's intrinsic value. If a stock does not meet every single criterion, he does not buy!
Successful investors never allow their decisions to be swayed by their emotions or by the advice of other people. For example, many successful investors have a rule for selling their investments and cutting their losses once their investments fall 10%-20% below their purchase price. The moment this happens, they sell without thinking twice.
They never let fear, pride or ego get in the way. On the other hand, most average investors (who keep losing money) do not have a system for investing. They buy and sell based on the opinions and advice from their friends or relatives (who are usually broke too).
Their decisions are usually driven by the emotions of fear and greed, instead of a set of well-defined criteria.
2. Admit Your Mistakes Early
Successful investors know that no matter how great their investment strategy is, it is never hundred percent accurate. They know that no matter how smart or experienced they are, they too make mistakes. The difference between successful investors and average investors is that the former admit their mistakes early.
Once successful investors know they have made a wrong investment decision (the stock price moves against them), they will sell and minimize their losses immediately. On the other hand, most average investors hate to admit that they made a bad decision. They will start giving excuses and hold on to their bad investments in dissent.
As a result, they make huge losses that wipe out any gains they may have made in the past. As quoted by legendary billionaire investor George Soros, master investors know that they may be wrong from time to time. However, if they minimize their losses by admitting their mistakes early, they will still make huge profits from the gains they make from their good investments.
3. Become An Expert and Don't Rely on Experts
The third success habit of successful investors is that they only make investments in areas in which they have an expertise. Great investors make investment decisions with a high probability of success not because they are lucky or because they have a crystal ball.
Their successful track record comes from the fact that they have a tremendous depth of knowledge and expertise in their area of investments. All this comes from hours of research and study. Warren Buffett is so good at being able to pick companies that will increase in value simply because he has a very good understanding of how businesses work.
He will spend hours reading the company's annual reports and dissect every piece of information before making a decision. The reason why Warren Buffett makes very few bad decisions is because he only invests within his circle of competence. He only invests in businesses which he knows and understands inside out.
The reason why Buffett avoided investing in any Internet businesses during the dotcom boom of 1998-2000 is because he did not understand their business models. By so doing, he avoided one of the greatest market crashes in recent history.
4. When there is Nothing to Invest in, Don't invest
One of the main reasons why many professionally managed funds are not able to consistently beat the S&P 500 is because they are required to invest 80% of their funds into the market at any one time. If they were to hold more than 20% of their assets in cash, they will be criticized for not putting the money to work.
The problem is that it is not always a good time to invest and you will not always find investments that match the investment criteria of a successful investment. By constantly having to be invest in the market; they suffer as much losses from bad investments as they do enjoy the gains from good ones.
The trouble is many amateur investors make the same similar mistake and are quick to jump into the first investment that comes along. One thing I have noticed about all great investors and traders is that if they cannot find an investment that confidently meets all their criteria, they do not invest or trade.
Successful investors have the patience to wait indefinitely until they find an investment with a very high probability for success and a low risk of loss. Only then do they make the confident decision of taking a large position.
5. Take 100% Responsibility for Your Results
As a successful investor, you must have the attitude of taking full responsibility for the results you have acquired, both success and failure. Lousy investors tend to give excuses and lay blames whenever they lose money. Their usual responses include: "my broker gave me the wrong advice", "the market went against me" or it's just bad luck.
As a result of not admitting that they made a wrong decision, the average investor does not learn from his mistakes to become a better investor. Successful investors are the first to admit that they made the wrong decisions and used the wrong strategy. They learn from their mistakes, become wiser and move on to their next investment.
6. Be Passionate About Investing
Passion is the most important ingredient for being successful in any field of endeavour. The world of investing is no different. If you do not enjoy looking at charts and studying financial data from annual reports, then you will never be a successful investor.
If you are purely investing with the motivation to make a quick buck then you will probably be like the majority of people who will lose money and give up. Tiger Woods did not chose to play golf because of the money; it was because he loves the game.
Why is passion so important to success? Remember that to be good in anything, you have to be an expert in it! The only way you can be an expert in something (i.e. investing) is to live, breathe, eat and sleep investing.
When an investment guru listens to the weather forecast, he thinks of how it will impact oil prices and energy stocks. When he shops at the supermarkets, he notices the best selling products and the companies (stocks) that sell it!
When he reads the news to find that interest rates are rising, he thinks about how it will affect bond prices and financial stocks. The only way you can be totally focused in something is if you truly have a passion for it.
7. Reduce Risks & Maximize Returns
The average investor believes that in order to make high returns from investing, he has to take big risks! The successful investor on the other hand is usually risk averse. He believes that returns are not related to risk.
Instead, risk comes from not being an expert at what you are doing. The master investor will only invest if he finds an investment with a very high probability of success, one with very high potential upside with limited downside. So, only invest with minimal risks and very high returns.
With these 7 success habits in mind, you are well on your way to successful investing!
Article Source: http://www.articlehighlight.com
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his millionaire investing secrets and claim your FREE bonus chapter of his latest bestselling book 'Secrets Of Millionaire Investors' at Secrets Of Millionaire Investors.
What sets average and successful investors apart is their psychology or way of thinking. Although all master investors use very different strategies and investment tools that may even contradict each other, they all share the similar psychological makeup that makes them successful.
Here are seven of the most powerful success habits of successful investors.
1. Buy On Strict Rules & Not Emotions
All successful investors have developed a time-tested and proven system for selecting, buying and selling investments in a way that makes them money consistently. They always buy and sell securities based strictly on a set of clearly defined rules or investment criteria.
For example, Warren Buffett will only buy a company if it has shown consistent earnings growth over five years, has little debt, has a high return on equity, has a strong management team and is selling at a price that is way below the company's intrinsic value. If a stock does not meet every single criterion, he does not buy!
Successful investors never allow their decisions to be swayed by their emotions or by the advice of other people. For example, many successful investors have a rule for selling their investments and cutting their losses once their investments fall 10%-20% below their purchase price. The moment this happens, they sell without thinking twice.
They never let fear, pride or ego get in the way. On the other hand, most average investors (who keep losing money) do not have a system for investing. They buy and sell based on the opinions and advice from their friends or relatives (who are usually broke too).
Their decisions are usually driven by the emotions of fear and greed, instead of a set of well-defined criteria.
2. Admit Your Mistakes Early
Successful investors know that no matter how great their investment strategy is, it is never hundred percent accurate. They know that no matter how smart or experienced they are, they too make mistakes. The difference between successful investors and average investors is that the former admit their mistakes early.
Once successful investors know they have made a wrong investment decision (the stock price moves against them), they will sell and minimize their losses immediately. On the other hand, most average investors hate to admit that they made a bad decision. They will start giving excuses and hold on to their bad investments in dissent.
As a result, they make huge losses that wipe out any gains they may have made in the past. As quoted by legendary billionaire investor George Soros, master investors know that they may be wrong from time to time. However, if they minimize their losses by admitting their mistakes early, they will still make huge profits from the gains they make from their good investments.
3. Become An Expert and Don't Rely on Experts
The third success habit of successful investors is that they only make investments in areas in which they have an expertise. Great investors make investment decisions with a high probability of success not because they are lucky or because they have a crystal ball.
Their successful track record comes from the fact that they have a tremendous depth of knowledge and expertise in their area of investments. All this comes from hours of research and study. Warren Buffett is so good at being able to pick companies that will increase in value simply because he has a very good understanding of how businesses work.
He will spend hours reading the company's annual reports and dissect every piece of information before making a decision. The reason why Warren Buffett makes very few bad decisions is because he only invests within his circle of competence. He only invests in businesses which he knows and understands inside out.
The reason why Buffett avoided investing in any Internet businesses during the dotcom boom of 1998-2000 is because he did not understand their business models. By so doing, he avoided one of the greatest market crashes in recent history.
4. When there is Nothing to Invest in, Don't invest
One of the main reasons why many professionally managed funds are not able to consistently beat the S&P 500 is because they are required to invest 80% of their funds into the market at any one time. If they were to hold more than 20% of their assets in cash, they will be criticized for not putting the money to work.
The problem is that it is not always a good time to invest and you will not always find investments that match the investment criteria of a successful investment. By constantly having to be invest in the market; they suffer as much losses from bad investments as they do enjoy the gains from good ones.
The trouble is many amateur investors make the same similar mistake and are quick to jump into the first investment that comes along. One thing I have noticed about all great investors and traders is that if they cannot find an investment that confidently meets all their criteria, they do not invest or trade.
Successful investors have the patience to wait indefinitely until they find an investment with a very high probability for success and a low risk of loss. Only then do they make the confident decision of taking a large position.
5. Take 100% Responsibility for Your Results
As a successful investor, you must have the attitude of taking full responsibility for the results you have acquired, both success and failure. Lousy investors tend to give excuses and lay blames whenever they lose money. Their usual responses include: "my broker gave me the wrong advice", "the market went against me" or it's just bad luck.
As a result of not admitting that they made a wrong decision, the average investor does not learn from his mistakes to become a better investor. Successful investors are the first to admit that they made the wrong decisions and used the wrong strategy. They learn from their mistakes, become wiser and move on to their next investment.
6. Be Passionate About Investing
Passion is the most important ingredient for being successful in any field of endeavour. The world of investing is no different. If you do not enjoy looking at charts and studying financial data from annual reports, then you will never be a successful investor.
If you are purely investing with the motivation to make a quick buck then you will probably be like the majority of people who will lose money and give up. Tiger Woods did not chose to play golf because of the money; it was because he loves the game.
Why is passion so important to success? Remember that to be good in anything, you have to be an expert in it! The only way you can be an expert in something (i.e. investing) is to live, breathe, eat and sleep investing.
When an investment guru listens to the weather forecast, he thinks of how it will impact oil prices and energy stocks. When he shops at the supermarkets, he notices the best selling products and the companies (stocks) that sell it!
When he reads the news to find that interest rates are rising, he thinks about how it will affect bond prices and financial stocks. The only way you can be totally focused in something is if you truly have a passion for it.
7. Reduce Risks & Maximize Returns
The average investor believes that in order to make high returns from investing, he has to take big risks! The successful investor on the other hand is usually risk averse. He believes that returns are not related to risk.
Instead, risk comes from not being an expert at what you are doing. The master investor will only invest if he finds an investment with a very high probability of success, one with very high potential upside with limited downside. So, only invest with minimal risks and very high returns.
With these 7 success habits in mind, you are well on your way to successful investing!
Article Source: http://www.articlehighlight.com
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his millionaire investing secrets and claim your FREE bonus chapter of his latest bestselling book 'Secrets Of Millionaire Investors' at Secrets Of Millionaire Investors.
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