Even though there's a slew of fab ways to make our money work for us, we still sock away our cash in saving or fixed deposit accounts. They offer low rates of interest and dont really make your money grow. So, where is the dough? In stocks and mutual funds, say experts - while savings earn a fixed amount of interest, investments have the potential to grow. Bhatia recommends you shop for mutual funds, which, many experts agree, are the best money-making buggies for newbies and people who don't have the time or risk appetite for stocks. Speak to an agent abount three kinds of mutual funds (equity funds, debt funds, and balance funds), which vary in terms of risk and how much money you can make from them. He or she will then create a portfolio for you based on your risk profile and investment horizon. And, while investing in mutual funds's is a smart pick, you shouldn't be afraid of stocks, either. While mutual funds spread your money over a number of companies (therefore reducing the risk and the returns), directly investing in stocks means you can make mucho moolah if you pick appreciates. "Every investment involves some level of risk. There are no guarantees. But look at it this way: no guts, no glory"
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The business plan answers the basic question: " Will the business turnout a product or service that can be offered to the public at a profit?" A business plan details how to go about setting up and running a business. Thus, when you prepare a business plan, you are actually going through the different processes of organizing ang managing a business - but only in paper. It includes your goals for going into business, the methods and strategies you intend to use to attain your desired goals, and most important of all, your financial projections that point toward the economic viability of your proposed venture.
Why prepare a business plan?
Like many small entrepreneurs, you may find the preparation of a business plan a daunting and time consuming task because of the tremendous amount of information required. If you do not like to lose your hard earned money on a poor business venture, you will not take the preparation of a business plan for granted.
Why go through the trouble of preparing a business plan? Four reasons immediately come to mind.
1. Looking Ahead - Going through the exercise of preparing a business plan allows you to look ahead. A well-thought out business plan includes important details on the marketing, technical, organizational and financial aspects of a proposed venture. By going over these details beforehand, you will be able to formulate your strategies and avoid problems even before they arise.
2. Road Map - Like many entrepreneurs, you probably will run your business single-handedly. That is, you are not only the owner-manager but also the production man, the marketing man and the finance person all rolled into one. With the mant things you have to attend, you consequently lose sight of the objectives and goals you have set. How do you get back on track? It is your business plan that will guide you back. Just like a roadmap, your businessplan will steer you back on track, getting you moving in the direction you had earlier envisioned.
3. Performance Gauge - You can gauge your business' performance by comparing your actual performance against established timeless and milestones of your business plan. Negative variances often times signal problems and should be studied before conditions worsen.
4. Pre-requisite to Financing - To facilitate the loan application process, financing institutions require entrepreneur-borrowers to submit a business plan. Credit officers and loan evaluators review each business plan to establish two things: the vaibility of a proposed business venture and ensure that the proponent knows his business inside and out.
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Reality check number one: You are not going to win the lottery, inherit a fortune from a long-lost relative, or marry a millionaire who will solve all your money dramas.. Reality check number two: If you want to strike it rich, you have to get into the habit of saving - and now.. The earlier you start saving, the less you will need to set aside each year to meet your goals. That's because, thanks to the power of compounding, the gains on your invested savings will build on the prior year's gains. Its not hard as you think. Just condition yourself into making the habit automatic. Received your salary? Got a raise? Arrange to at least 20% of it directly deposited in an interest-yielding account. Also, fight the latte factor. That is everyday indulgences-coffee, muffins, colas,taxi rides-that amount to a lot of money at the end of the year. Need proof? Sample this: If you save just 100 bucks a day for a month and invest that amount with an eight percent annual interest rate, you will reach in 10 years more than 100 percent return ot your initial investment. -Cosmopolitan
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Buying a home is the single most important move you can make - it is an asset that will appreciate over time and give you a return on your investment... "When you rent, you are essentially throwing away the money you could be putting towards owning your own house. And when you look at the difference between homeowners and renters, homeowners are rich and renters are poor. Now, you might think: "If i had the money to buy a condo unit, i wouldn't reading this article in the first place", but the truth is, you dont really need that much cash in hand to own your own pad. Your first home needn't be lavish. Once you've zeroed in a suitable space, get a house deposit(experts agree it should be about 20% of the purchas price). Then, take a loan for the rest. Once you get your place, rent it out or get a roomie - the boarders' payments will make up for at least a part of it, if not your entire Equated Monthly Installment amount. Dont know how to get the house deposit together? Figure out a savings plan that involves you income, assets and expenses. " For the next months work on to come up with the cash.
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Goals to keep you going
During World Was II, only one person in 28 survived the horror and misery of the Nazi concentration camps. Those survived were not necessarily the healthiest, the best-fed or the most intelligent. Instead, they were those who continued to keep goals...
Do you attract wealth?
The late Mother Teresa may not have been personally wealthy, but the continuous flow of donations made her order one of the wealthiest ever. When wealthy is used for a higher purpose and not for personal enjoyment alone, such wealth naturally increases.
The Power of Perseverance
He failed in business at 22, ran for public office but was defeated at 23, failed again at 24, had a nervous breakdown at 27, defeated again in a bid for public office at 29, 31,34,39,46,47 and 49, but finally won the presidency of the United States at 51. Who was this person? Abraham Lincoln.
Tap your hidden strength
Even if he was the eldest son of the president, Thomas Watson, Jr. cried when he was told to take over his father’s company. But the son realized he had the strength to lead. 26 years later, Watson was president of IBM – and 70% of the computers worldwide have the blue IBM logo on it.
Use wealth properly
One of the leading Wall Street brokers in the 1930s died later in life penniless. What happened? He had become so complacent with large amounts of money that forgot how to save, and as the years passed by he lost his wealth through incessant spending.
Entrepreneurs and Time
A study on entrepreneurship revealed that successful entrepreneurs work an average of 60 hours per week, but started at 70-80 hours at first. This doesn’t mean that you should work even on weekends, but that you should put in more working hours if you want to make it to the top.
The 26 year old millionaire
A 16 year old living in a rundown New York tenement decided to invest in stocks when he won $1,000 in a contest. Eight years later, his investment brought him $200,000, which he used to set up a car rental company which made him a millionaire in just two years.
Profit and humanity
Many large international companies now have foundations that are involved in humanitarian causes, ranging from poverty alleviation to skills development. This is their way of making their profits more socially relevant to a changing world.
Follow your passions
There was a child who always experimented with cooking anything, and his exasperated mother wondered where he would go with all his culinary experiments. Many years later, the child became one of California’s most successful restaurateurs, earning million every year.
From our hands to yours
Every year a group of American businessmen pool their funds together and travel to a particular country where they give the money as seed fund to help under privileged youths continue their education. These businessmen are all college dropouts, by the way.
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Here are some of my favorite business and success secrets quotations from different famous people around the world. Enjoy reading!...
“Work and effort will earn a young man or woman an opportunity for an education, an opportunity to develop his or her talents and make a completely successful life, in whatever area he or she desires.” –J.WILLIAM MARRIOT. Founder of the Marriot Corporation, which operates hotel, resort and food service business worldwide.
“If you want to build serious wealth, whether you work for yourself or someone else, the key is to live well within your means so you can save money systematically each month. – LARRY WASCHKA. Investment guru and author of The Complete Idiot’s Guide To Getting Rich
“People are your most important asset. Whether you like it or not, in today’s world you have to deal with other people. In order to make the most of our endeavors successful, we need other people.” – RENEE HARMON. Author of The Complete Book of Success: Your Guide to Becoming a Winner
“You have to dream to create a motivating target to shoot for. Dream big and you’ll surprise a lot of people-maybe even yourself-with what you can accomplish.” – STEVE KLEIN. Successful self-made entrepreneur and Canadian marketing coach.
“Prosperity does not come from what you earn. It comes from what you do with what you have” – HANS JAKOBI. Successful Australian investor known as the “Million Dollar Man”
“The most important factor in achieving great financial success is not the money. It is the kind of person you have to become to earn that money and then hold on to it.” – BRIAN TRACY. One of America’s leading authorities on the development of human potential and dynamic effectiveness.
“For every adverse condition, when you think that everything is down, there’s always an opportunity lurking somewhere”. – MANNY VILLAR, JR. Southeast Asia’s billionaire homebuilder and all-time Filipino Success Story
“Every ambitious young person should read and save. The two things he needs most are knowledge and money. If he reads only for pleasure, and if all his money is spent on pleasure, he will not make any headway. – HERBERT N. CASSON, Six Laws of Business Success
“The wealthiest people I know are good decision makers. They don’t procrastinate or live in denial. They take time to identify all the issues, research the alternatives, and select the best answer. – LARRY WASCHKA, The Complete Idiot’s Guide to Getting Rich
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Practical Saving and budgeting are some of the secret of success of many rich people. They save and budget everything for future business opportunity or lucrative investments. As individual, start organizing your income, expenses, savings and time by considering these practical steps:
1. Budget your income and expenses by writing down your monthly expenses. Manage your money by careful tracking and written planning of how your money circulates. Record your budget, expenses and savings in a clear way. Analyze your money cycle.
2. If your expenses are greater than your monthly income, try having two or more ways to generate income. Think of sidelines and part time jobs. When you see that you are making good money in any of the areas, try to concentrate and give more time on it. Don’t be satisfied with just a full time job. Also get your spouse to work if it is possible.
3. Schedule your daily activities. Don’t just budget your income, budget also your time. For example, since you have extra time on Friday, Saturday nights and Sunday morning, decide to accept the part time job on these three days. Doing this can boost your savings significantly. (Lessening your night outs and vices at night at the same time earning extra money).
4. Work on reducing your debts as much as possible. If your debt is higher than your savings, pay off your debt first before you pay yourself. Sacrifice the things you like to pay your debts. Many people usually go through the pattern of spending first, then saving what is left. But what if you reverse the process instead by saving first and spending what is left? Start by keeping your savings at an agreeable percentage, then raise it as the months go by.
5. Look for future investment opportunities and work slowly to achieve these areas by starting to build your month by month and year by year savings. To avoid risks in investing, do research and seek for experts / investors advices. Seek for investments that get you the highest return on your savings.
6. Effective time management is another success secret in life. Maximize the efficiency of your time in relations to making money and making value your health and family.
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Leadership is one success secret that one must obtain. As a leader you should do what is right, what is ethical and what is good for all involved. Leadership is developed over time. Start to initiate your leadership skills by practicing these simple steps:
1. Don’t wait for somebody to tell you what, where and when to do it. Take the initiative to things without being told.
2. Don’t wait for tomorrow to do things when actually you can do it today.
3. Don’t promise things if you know you cannot deliver it. Always do whatever commitment you are involve with. But there are times when failure and shortcomings occurs, what you do is confront this problem with the people involved and present the reason of failure and new solutions to this problem.
4. Grab every opportunity that comes in to your life. These opportunities will lead you to success someday.
5. Build great personal and business relationships.
6. Develop a surround of trusted people within your network of family, friends and business connections and assign certain tasks to your trusted group of people. You will not reach success by yourself. Success is faster when activities are distributed.
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