CCN Business Newsletter
You don't have to own the company or be a CEO. Here's how to get started.
Rolfe H. Green
A number of the people profiled in "Millionaires tell how they did it" made their millions as entrepreneurs. Working for the Man is usually a lost cause, as it means you have only a future of drudgery. Why be a wage slave or waste money buying lottery tickets to 'strike it rich'. The trick is be different. While alot of people stick to their dead-end jobs in the hope of maximizing their income, very few do. Many people fail to maximize theirpotential on the job (and have to move on), because the lose most of their employee benefits, get laid off, or have no tax breaks as employees. Consequently they have no extra money to start investing. Basically,like the rest of employees, they're broke before they started, and when they ended up on the unemployment line.
1. Be on the lookout for well established business opportunities to make daily income in your own business! Find ways to earn multiple income streams, part time, full time, or even no time. And don't let anyone prevent you from fulfilling your goal of financial freedom and independence. Some business opportunities don't even require that you be there since they're automated. Alot people think that if they work harder, they will get a promotion or a raise. So, they spend all their time working for someone else, streamlining a procedure, shaving costs, creating new profit centers, becoming an expert on a specific topic, volunteering for the company committees -- anything that will make them stand out as a prime candidate for a promotion or a pay boost. When in fact they and their associates are working themselves out of a job... In the meantime they are losing the opportunity to do all that (i.e. making money) for themselves in their own business, one which won't fire them, or lay them off without benefits, or transfer them out of their home state! Don't volunteer for slavery.
2. Don't be afraid to leave a job when 'negotiation' is impossible. While you may believe that you are a part of the company and feel essential to its operations, negotiation with your employer is always a hard bargain, since you opted into a losing situation. In a study of master's degree graduates from her university, Carnegie Mellon economics professor Linda Babcock found that those who negotiated their first salary boosted their pay by a puny 7.4% - no real bargain. Then were probably transferred to positions where they had to work twice as hard (what she didn't tell you). Those who didn't beg got nothing. There are alot of people who are suckers for employers. In addition, many people don't even have a good job, or are unemployed looking for work that pay very little!
3. See the big picture by asking yourself what you want to do, what will make you happy, and how you can succeed. It's not a matter of begging someone else for what is rightfully yours. There is no amount of figuring or data to evaluate your own success! It's quite possible that you will be more successful than you ever were in your job, or ever could be. So the loss of opportunity couldn't be quantified, if you never have take the chance to succeed. How much your efforts add to the company's bottom line may be clear. Usually, it's not feasible to estimate your own value in a company when you are not getting any of the benefits, or the profits, or the value of the sales that you earn. In most cases, your salary is a fraction of what you could be earning independently with a good, well established company that gives you the opportunity to manage your own business. Now, it's time to be professional, and write your own salary!
4. It’s time to move on. Create a professional-looking web business page with the Computer Consulting Network to reach prospective customers with exceptional products, recommended by Rolfe H. Green’s Friends Network at The Computer Con sulting Network. Learn to make money for yourself:
Do more than conventional network. Build a business with new customers instead of just trying to rely on old connections: Doing things the same old way just isn’t going to work. By improving your website appearance with a professional organization and established companies that offer excellent products and services you’re head and shoulders above the rest and way ahead of the game. You don’t have to join old boy association or show up at school reunions toting business cards!
5. Start saving money, or putting money aside to start a new business opportunity, instead of pouring money into a hole that provides few returns. While contributing to your 401(K) and other tax-deferred retirement plans might seem like a good idea, what are you going to do in order to earn daily income now? You don't just die in the present, do you, and live for the future, when you retire in old age?! You must have a better idea of life than that - continually postponing it until you're practically dead. That's not what God planned for your life. There should be some business opportunity to enjoy your life now and profit by it. You have to destroy that myth that you're not worth anything. You'll not only dig a grave for yourself by wasting time and money on something that doesn't provide you with any significant returns, but also you may not have a bigger nest egg in retirement when investments fail. And you can't just cut your tax bill without the possibility of going to jail. At least you can't cut your tax bill by earning more... And you probably can’t cut it by earning less, either, since the government will probably find some way to cause it to continually rise.
While employees may fall in the 25% federal tax bracket, as a self employed business you can manage your tax deductions to reduce the rate even lower. Furthermore, how many people have $1000 every day to contribute to a future benefit they may not receive just to get a tax credit of $250 at the end of the year, even if you do save on state income taxes, too? That money, $1,000, is money which you will be taking out of your own pocket in the first place. It's money you spend, i.e. you spend $1000 to save $250. Makes sense to you? So, how can you make $1,000, and another $1,000, and another $1,000 instead of saving for a pittance?
6. Build strength in generating your daily income, and don't just flex your muscles. Are you able to think outside the box of spend and save, save and spend? If you make small, incremental changes to your life style by saving your money to build your own business, you will not waste it on marginal programs to manage your 'taxes'. Some people wish they had taxes, because they would have income! But few can contribute any money 'in pretax dollars to a flexible spending account to pay for dependent care or out-of-pocket medical expenses'. Now, does 'setting aside' $1,500 per year when you're in the 25% bracket, just to avoid federal income and Social Security taxes and squeeze $500 out of Uncle Sam make sense to you? I don't know about you, but I would like my $1500 and more, not less.
7. When starting a new business, there isn't any time to waste reviewing past mistakes, as negative thoughts will diminish ability to succeed. While others succeed without a second thought, you may be stuck in neutral, or spinning your wheels in fear of failure. Don't hold back. Take a dive, and enjoy the possibility of success, because the opportunity to make money goes begging. Whether you take advantage of it or not, someone will. Waiting for your tax refund serves no purpose when you have the opportunity to earn daily income right now. Why waste your time when you could be earning a huge income! It's only necessary to make plans...
8. Develop your potential with courses that build your self esteem; invest in YOU first. Thinking that you can make alot of money or become successful by acquiring alot of things may leave you disillusioned. Your purpose is not just to build your estate where 'moth doth corrupt, and thieves break through and steal', or pile up your earnings in investments like a harvest of corn into a silo - so much that you never could eat. This time you have to look at things differently, and enjoy life. Lead the life of a millionaire rather than just planning to retire with a pittance.
9. By waiting until you're past 65 to enjoy life you give up the better part of it. Move with confidence in the direction of making a million now. Don't just jump on the next boat to retirement, or senior's cruise to the end of life. It's not a love boat when you get there! Making a million could be easier than you think if you're willing to risk change! Most of us can't start saving at age 25, because that age passed a long time ago! Even at that rate, no one has money to save while going through college, trying to pay off debts, looking for a career, making major purchases for a house, or a car, or searching for a partner... If you could have started at age 25, for example, investing $286 per month, would you have $1 million when you reach the age of 65, assuming you earned only 8% annually and it wasn't already eaten up by medical bills at that age, or bad spending habits? Well, the truth is that you have to increase your income dramatically to enjoy life, i.e. to that of a millionaire! Before you reach retirement age.
10. Invest in yourself and your own business. The opportunities abound in which you can grow your income rapidly if you know how, plan for the growth of business, and reap the harvest of new customers. But, of course, you will have to know the technology of success. You can't depend entirely on worn out phrases, old wisdom, and dubious concepts of business organization. Either you make it or you don't. You can not fall back on the corporation, or the government, when you take that first step to indivicual success. Most emplyers nowadays don't have a retirement plan, so that's not much of an option! Depositing money in a mutual fund, or investing money with a stock broker only happens when you are already a success! Buying stocks is not as simple as buying low, and selling high! Running a successful business means a dramatic growth of income, no matter what the markets do.
11. Brokers and Mutual Funds waste your money with fees so that you receive a minimum. They don't risk their money, and continue to earn fees while you may lose more than you make; it's not likely that you will earn much. Huge portions of your gains (20%) go to hedge funds while no load funds which charge only 1% usually are earning less than the market average or Standard & Poors Indices! Commissions on individual stocks and commodities eat up your money.
12. If you have a simple business plan to earn money, stick to it rather than wasting your time with risky investments. Be wary of slow burn investment schemes or slick sales pitches of brokers for cheap investments, such as penny stocks in oil-and-gas partnerships that have no value, or trade on the fat cat's ability to lure investors into risky stock just to sell when the price tops a certain level, leaving the small investors with huge losses. Most people who become Millionaires do so in a reasonably short period of time and start with nothing. You can lose money in the stock market by holding onto investments long after they're worthless.
May 22, 2007