Posts Tagged ‘Hard work’

Developing your money habit

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October 2nd, 2011

Look how financially secure people behave

The important keys to financial security are good habits. If you want to put yourself in position to weather any financial storm, you need to understand and follow only four good habits:

Stay out of debt.
Work hard, preferably at a job you love.
Save at least 10 cents of every dollar you earn.
Protect yourself against catastrophe with appropriate insurance.

Stay out of debt

Studies show that Americans load themselves down with large debts compounding the difficulties they face in making themselves financially secure. Only those who keep their debts under control stand a chance to make themselves financially secure. Homeownership is a reasonably good store of value in the long-term. There’s nothing wrong with taking on debt to buy a car, either.

Consumer debt

Consumer debts are those that people pile on to buy consumer goods such as televisions, do-it-all telephones, vacations at expensive resorts and the like. Credit card use is usually a bad idea for the individual because it leads to overspending, not to mention high interest charges if you don’t pay your balance off every month. The solution: Use cash when buying anything other than irg-ticket items.

Work hard

Studies show that Americans work harder than most other people in the world, and what they have to show for it is an economy that creates extraordinary wealth year after year, decade after decade. People who want to make themselves financially secure don’t always love their work but they need a paycheck like everyone else. Hard work pays off in many ways. It creates opportunity, for example; in any company, it’s the hard worker who gets the difficult assignment, and it’s the difficult assignment done well that gets the raise or the promotion, or both. Hard work brings you two bonuses: The first is the satisfaction of knowing that you’ve done your best. The second is a small miracle. No matter what your job, if you master it, you can’t help but like it. And if you like your job, you’ll work hard at it.

Save

At least 10 cents of every dollar you earn. The solution to the problem of putting money aside into savings is simple. If you don’t make it a priority to put money aside into your savings every month, you won’t lose your house, to be sure. You’ll just lose the chance to make yourself financially secure, and no matter what your age, study after study shows that you will almost certainly reach that goal if you put aside at least 10 cents of every dollar you make, and preferably 15 cents.

Insurance

Protect yourself against catastrophe with appropriate insurance. No matter how good a driver you are, you can have an accident. No matter how carefully you guard your health, you can get sick. No matter how young you are, you can die. Insurance is the only way to protect yourself and your family against these risks. Find a good insurance agent, figure out what risks you face, and get insurance to cover them.

Tags: Debt, Financial stability, Hard work, Insurance, Savings
Posted in Assurance / Insurance, Business, Finance, Money | No Comments »

That Get Rich Quick Scheme of Yours Will Probably Fail

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July 28th, 2011

Be careful what you sign up for

You’ve seen ads and watched late night infomercials for get rich quick schemes. You may even have signed up or bought a guide to quick riches.

The good life

We all dream of living the good life, guys lying back, surrounded by lots of beautiful girls in bikinis. Most of the get rich schemes are aimed at men. There are no ads featuring laid-back women surrounded by scantily clad men.

Reality

Reality comes crashing down when you realize that the only person getting rich quick off of these schemes or books is the guy who sold you the “system” which was supposed to make you wealthy beyond all imagination. Here’s the reality: while some get rich quick schemes really are crackpot ideas that will not make anyone rich, many of them actually do have some good ideas. The problem isn’t so much in the concept as in the methodology.

Important Aspect

The problem with a get rich quick scheme, assuming it is a decent one is that they show you the pretty girls and the fabulous lifestyle, but they don’t show you the hard work that goes into making lots of money.

Luck

We see people like Mark Zuckerberg and say wow, “that guy was so incredibly lucky to have created Facebook when he did”. What we don’t see is that he worked like crazy to create his company, putting in the 80 hour weeks to make it happen. We don’t see the time when he was poor and living in a college dorm, trying to build a successful company.

The Problem

This illustrates one of the two problems with get rich quick schemes: They focus on the goal of becoming a millionaire when they should be focusing on the work that it takes to get there. There is a certain amount of luck, of being in the right place at the right time with the right idea involved in them.

Another Reason

Whether you want to get rich quick or get rich slow, you’re going to have to work hard to do it. However, in order to get rich quick, it’s more than just working hard, it’s working smart. It’s coming up with an idea that could change lives and then running with it.

The cookie cutter approach

This is the second reason that most get rich quick schemes fail – because they suggest a cookie cutter approach rather than you taking the idea and crafting it to your own individual needs. If millions of people could follow a simple, turnkey idea and become multi-millionaires, there wouldn’t be any poor people left in the world. The reality is that not only do you need to work hard, but you also need to be innovative, to put your own “seal” on the get rich quick scheme by adapting it to your needs. That’s the way to make untold riches. Unfortunately, most of us have trouble thinking outside the box and as such, tend to fail at getting rich quick.

Tags: facebook, Get rich quick schemes, Hard work, Luck
Posted in Business, Economy, Employment, Finance, Money, Personal / Internet | No Comments »