Ideas on How to Become Rich
Hi from today onwards, I am going to share with you steps of following great successful business leaders and entrepreneurs so that all of us need not re-invent the wheels when they are already there.
There are thousands of billionaires and thousands of millionaires who are out there , waiting to be our mentors, waiting to impart their knowledge and expertise to us. Why take the long route to success and riches when you can take a leap-frog approach to becoming rich in a shorter time.
Time is money. So why waste years learning the rope when you can shorten this by learning from the best by tapping on their brains and the ways they do things.
Successful and rich business people such as Donald Trump even share his secrets to success on national TV with reality shows such as The Apprentice; Martha Stewart shares her culinary and household tips which shows us the other face of a shrewd business brain.
Before I jump into rolling out the secrets and tricks of becoming rich quickly, I would like to first of all, propose to all of you that a systematic approach to acquiring riches and power is secondary to being a passionate and enthusiastic person who succeeds with lots of money and power. Without the fire of wanting to succeed at all costs, even the best teachers will lead us no where.
So, first things first. Learn the truth about yourself. Learn the innermost desire of yourself and how best you want your life to be before copying what others do for a living. In this way, the learning curve is shortened and the fulfillment of hope is higher.
The first person I want all of you to learn from is Donald Trump. That man has guts, gumption and passsion to move things in this direction. He has enough fire power to ignite the whole army. He has charisma, discipline and hardwork which are vital resources to be armed with.
Not all of us has charisma, discipline nor hardwork in our blood. But we can still learn some useful tips from this great tycoon. The basic belief is that he trusts himself and trusts himself to do the best job ever. Such confidence and passion greatly push him forward to thrive in a competitive business environment.
The next strategy which Donald Trump does is that he studies the market situation and looks for trends and areas of opportunities where he could take advantage of. His business acumen and speedy decision are movers for his success. Some people have business acumen but lack guts and decisiveness. Trump has both . This has helped him even during the 2009 financial crisis. He is able to move with the times. He is able to use talents in his organisation and he is able to learn from others who are more successful than he is.
So from learning about the strengths of Donald Trump and our own strengths, we are able to rethink of new strategies for our own niche market, whichever it is. Creating his own identity without blindly followig others Donald Trump's trump card of success and riches.
So why learn things the hard way, when you can observe the success story of people like Donald Trump, Murdock, Bill Gates and Richard Branson whose life stories can help you to quantum leap your learning process of becoming rich and successful.
I will give you further tips on Donald Trump in the next blog . Thank you for reading and cheers
Sally Klaus
Ideas on How to Become Rich
Ideas on How to Become Rich - Following the steps of great successful examples
Ideas on How to Become Rich - how to build a business like a building that can be strong and lasting
Ideas on How to Become Rich
Hi good day to all of you. To become rich, we cannot be workers getting mere salary and little packages of perks such as medical leave, holiday trips etc., we must build a business that can last and can build up wealth and capital for the long haul.
Yes, how to build a business that lasts? First of all, the concept of starting a business is like building a new house. This means that you have to think of that house in mind first; what kind of appearance, what kind of structure and what kind of style you are going to design for yourself so that you can be comfortable and feel great. The foundation is very fundamental to any house so is any kind of business. Many people do not have strong foundation ; they are very impatient, restless and thrusting so much so that they cannot succeed in the long run. Business life is like running the marathon . You have to have a good strong (physique) foundation before you can start running. Similarly before you get into business, you must gear yourself with a strong foundation like a brick house solid on a great foundation of rocks.
Although there are many impatient and restless entrepreneurs who succeeded for example, Richard Branson, he is one of those who already had visions long before he jumped into business. Generally businesses are not grown the "Virgin" way. You can see that very successful and rich magnates or tycoons are those that build a strong business base and then continue to sustain with proper customer servicing and innovative new products to continue to keep their customers.
First of all, you have to build up a strong customer base. You have to set your perimeter and your plot so that you can grow the right customers, the right kind of products and the right kind of tactical plans and strategies to use. The land on which your house is to be built must be a good piece of land - meaning a good location if you want to start a brick-and-mortar business instead of an e-commerce business.
The right customers must come from your list of prospects, friends, networking groups, neighbours, schoolmates and all possible leads you have in your life-time if you want to really start a business with a customer base. Then you run the list and create a database of the profile of your potential customers among the people in that list. Once you have a strong database to work with, you can decide to go niche marketing or segmentation marketing according to their profile such as income, status, age group etc..
Next, you have to create the right kind of products or services which you think you are good at. Like most business people, it is their love for some kind of product, some kind of hobby that enables them to become rich and powerful in due course. Bill Gates with a passion for computer technology; Richard Branson with his interest in entertainment and music; Warren Buffett with his passion in the stock market and others who develop their passions into money-making machines and businesses that last a life time for them. Today, all of them are very rich and famous.
So, like Stephen Covey who said, begin with the end in mind, you must first think of the concept of a beautiful solid ( business) house with beautiful "plants and flowers" by getting the right kind of customers who love your stuff and will support your venture.. then you are on the road to success.
The starting part of any journey is never easy. However it is not that difficult too. It is planning properly first. Even for a simple day trip or outing, you must get all your stuff ready in a backpack, so is business.
Get the things you need before you start your venture into the world of riches and wealth and create value for yourself and others. The world is your oyster. Destiny is in your own hands because we are architects of our future. Start now...
Good luck to your building of a new business. Passion is vital to ignite the fire for the first leg of the venture. A house or business may start with strong foundation (customers, skills and passion) and it is worth the effort once the building materialise into a magnificent outstanding monument of great size.. This is your vision and your dream.
Money is within your reach if you can just put your vision, passion into action by building a strong foundation in whatever you are doing well. This will give you a headstart into a life of money and riches when the time comes.
Have a wonderful time creating the "building" (business ) of your dream and also a bountiful life of riches and luxury to enjoy when the business succeeds.
Sally Klaus
Ideas on How to Become Rich
Ideas on How to Become Rich - Ownership Responsibility and acquisition
Ideas on How to Become Rich
Hi greetings once again. Today I would like to share tips on ideas on how to become rich through one very basic principle of success. The idea of ownership responsibility and acquisition.
To be rich can be done in many ways. The"lucky" way is through inheritance and proper management of family wealth. This is only available to less than 10% of the world's population . This lucky lot of people are born rich so that the idea of how to become rich is not important to them. However for all of us out there, about 80 to 90% of us in the world, becoming rich needs a lot of preparation, lots of hardwork and sweat as well as planning how to become owner to the wealth that is to come.
First of all, there are many ways to acquire ownership. You can work for it, purchase it or negotiate for it or even grab the opportunity when the time comes.
To become an owner of great wealth, you must have the mindset of being ready anytime, anywhere to spot the trend towards acquiring wealth and material gains. We have to do all the acquisition in a lawful and proper manner so that the riches can stay with us longer and we can also be proud of our achievements if we gain wealth in a decent , consistent , hardworking and smart way.
Ownership is the reward for creativity and innovation as well as business acumen . This great responsibility is to be given to people who are able to create value for others so that we can become rich in a value- creation kind of resource enhancement . Professional writers, artists, inventors, retailers and dealers have all awarded their ownership rights because they have the marketable ability or talents to enable others to grow with them. In so doing, they are creating wealth for themselves and for others.
Many people think that inventing or drawing or writing is difficult. Actually it depends on many personal factors.
The most important one is to have the self belief in that product or service. Writers like Rowling did not become rich overnight, it is through lots of hardwork and continuous writing and improvement that her Harry Porter books become a household name. Her product is the effort of responsible ownership of perseverance and continuous innovation of the story and her belief in a profitable readers' market. That is why today she is one of the richest women in Britain. Other writers in China and Hong Kong who write kungfu books have also commanded great riches and live in luxury in the Far East.
Also you can paint your way to wealth and riches if you can use the right colour, the right technique and also your product must be able to command a market for buyers to buy your paintings. Many Western and Chinese painters have become rich through this means too.
Other personal ownership of talents can be in the form of personal expertise in analysing management decisions, stock market prices, the trends of consumer behaviour etc. This kind of talent and skills have helped countless people to become rich in the United States such as Michael Porter, Waterman and those who are management gurus. They own a name for themselves and enjoy riches and wealth as a result of their ownership responsibility and acquisition of skills to further enhance their status and wealth.
So let me assure you that getting that ownership status and responsibility lies with you. To be able to have that ownership acquisition is not difficult and can be done in ways that you yourself already know but may not have started to do yet. What are your best assets that you can convert to be your own brand name? Even Anthony Robbins did not begin rich, he became rich through learning and finding his niche and skill ownership which is now history. He is a good example for us to follow in the step to become rich and famous.
Before I end, I would like to mention that playing sports and games can also help you to become rich because in the field of basketball, football (soccer) or even golf, many people David Beckham, Michael Jordan, have become rich and powerful through ownership acquisition of skills, responsibility and proper management of that talent.
Don't hesitate. Think about the skills which you have ownership and turn your skills into a brand if you keep your eyes and ears open to opportunity and willingness to give your best shot!
Have a right attitude and your aptitude will do wonders. Keep reading and have a nice day
Sally Klaus
Ideas on How to Become Rich
Ideas on How to Become Rich - finding the ideal customers
Ideas on How to Become Rich
Hi , today I will be discussing the search for ideal customers in order to become rich and powerful.
First of all, we have to search for the ideal customers in order to serve them well and grant them satisfaction so that they in turn give us the profits we need in order to become rich.
You have to create a clear vision or picture of your ideal customers by deciding who that customer is. Who are you looking for?
Let me give you some examples:
If you are running a child care centre, your ideal customers would be mothers or mothers-to-be. These mothers have to be employed and have salary of a certain level for example, above $5000 per month (high annual income of about $60000 or more). They would be having at least one or two children or intending to have children.
If you are doing a fine dining business, then your ideal customers would be professionals or executives in a high income bracket and earning lots of money and people who would have money and time to spare on evenings for relaxation and good food. Your target would be successful professionals between ages 30 to 50.
If you are thinking of service industry such as hair dressing or grooming , then your target would be successful and wealthy women between ages 35 to 5o who have the money and the time to look good etc..
This is the way to think of searching for ideal customers and you have to narrow your market segmentation to a good target group, so as to achieve maximum returns and minimum wastage of resources.
How you become rich in this search would be to find the right customers, right market segment and the right product to serve them and give them satisfaction which in turn becomes your profit and money to make you rich.
Thanks for reading and hope you start thinking of the ideal customers.
Sally Klaus
Ideas on How to Become Rich
Ideas on How to Become Rich - Focus on the Revenue Plan to be Rich and Successful
Ideas on How to Become Rich
Good morning I am going to share the focus on Revenue Plan to be rich and successful.
In any movie production we always see the camera man and the director shouting ready, focus and action. First the lights must come on before the camera can shoot the scenes. So similarly in the movie of our own rich and successful journey, we need to switch on the lights so that we are able to focus on the revenue plan, which helps us to reach our goals of being rich and powerful.
The light must shine on the projects or ideas we have been thinking about. Goals of becoming millionaires and rich tycoons are not difficult to achieve if only you have the lights shone on the right directions and focus on the right methods of achieving the goals - the gold pot at the end of the rainbow.
To shine the light properly you need a revenue plan - what is this?
This is simply a detailed description of what business of being rich and successful should be. It is easy to write this revenue plan.
If you want to have a business selling things, then all you have to do is to list the things you want to sell and the prices you want to charge for them. Look around what others are doing and maybe just provide similar prices for the same items. In order to make the prices attractive, you can throw in cheap gifts which entice people to buy. Human beings, by nature, love gifts and presents - this is because of the material tangible things which make them think they have arrived at material comfort and wealthy living. So, if you sell something and throw in some gift of sorts, plus a reasonable price you charge, you get people who will buy your stuff.
Then you study the period you want to sell these stuff and then get results are regular intervals such as monthly or quarterly if you are a retailer. If you are not a retailer or producer but a service provider, then you still have to get the revenue plan for the services you charge and then , adjust your prices according to what the people can pay for your services.
Once your revenue plan is up, you now have to plan for the most appropriate ways of getting your customers to come and buy your goods or services. YOu identify your ideal customers, then you generate prospects and leads . After that you convert your prospects into customers by interacting with them either through publicity promotion efforts or through networking efforts.
Networking with prospective clients and friends are very important for any business to be successful . Once you are able to get the first few people to believe in your products and services, you can then strike it rich and this is how your business will grow.
Always think of the big picture with the end in mind. How much do you want to make, how rich you want to be and how fast you want to reach the height of your wealth and success?
The 3 questions which you have to think about would be:
a) Where do you need to start? This means what kind of business you want to be in; what is your desired area of business?
b) What will get you there? This involves your revenue plan and your strategies of reaching out to customers and friends. Let them know what you are dealing in or what business you want to be in?
c) The road map or directions you want to move towards riches and wealth.
Like Napoleon Hill, "think and grow rich" is not difficult, it is the plan and the thinking big picture that will enable you to visualise your pot of gold at the end of the rainbow. Go for the pot of gold now! Do not wait because time is money and the faster you get on your feet to think big, the faster your revenue plan is drawn up, the faster you can get to the final level of becoming rich and powerful.
If Richard Branson, Donald Trump and Bill Gates can do it, why not you? I have achieved my millions years ago, and I am only a woman, so can you! I am sure you can too!
Thank you for reading and have a nice day ahead.
Sally Klaus
Ideas on How to Become Rich
Ideas on How to Become Rich - Finding wealth DNA inside you
Ideas on How to Become Rich
Hi I would like to discuss the idea of finding the wealth DNA inside you.
Finding your strengths or your unique strengths and talents (UST) is like searching for the wealth DNA inside you.
Often times we do not really search our hearts and souls for the real reason why we are not able to be powerfully rich and successful. This is because many of you do not spend time searching for the wealth DNA inside you or what I refer to as the unique strengths and talents (UST), which is similar to the marketing concept of USP (Unique selling points) so we have our very own unique strengths which we should tap on to become rich and powerful.
People like Jack Ma, CEO of Alibaba from China are not even handsome or tall. They are hideous to the point of being labelled ugly. Yet their physical appearance did not deter them from seeking their personal DNA or UST.
One of the things which the rich and powerful people in China mentioned very often is the strength that is within you must be harnessed so that you can face all odds. Now, China has thousands and thousands of millionaires and billionaires. They live very luxurious lives and can compare with the Western tycoons such as Bill Gates or Donald Trump.
They are not tall nor handsome nor rich to begin with. They are mere ordinary human beings who found the right wealth DNA or their inner strength through UST utilisation. They dare to use their talents such as singing if you have, dancing if you have, working 18 hours a day if you must and a persistent spirit of NEVER, NEVER , NEVER GIVE UP (words taken from Winston Churchill during the Second World War when he was the Premier of England) .
I too become rich in believing in my own strength of using hardwork and perseverance. Dicipline yourself to search for what you are looking for, and you will sure to succeed. It is digging for diamonds or searching for oil in the deep. The harder you dig , the greater will be your find. However many people give up halfway when they are about to succeed and this is very sad. Their loss is unaccountable.
I want to end with a story which touched my heart very much. There was once a man who bought a piece of land. This land was said to have oil beneath it. The man started by digging and drilling. This went on for months and he still did not find any oil or mineral underneath the piece of land he bought.
So after so many months of effort, money and time, he decided to give up and sold the land cheaply to a friend, who felt sorry for him. So when the friend bought over, he continued digging since the place was full of holes and craters as a result of the digging.
After a short while, less than a month later, he found oil and other minerals underneath. It took him by surprise because if only his friend had not given up, he would have the wealth under his land!
So this story is told to remind us that we must never give up our belief in ourselves. We must persevere and continue to search for the right wealth DNA or UST and work hard at digging and drilling in order to achieve our dreams.
In this way we can become rich and powerful in no time at all. I hope you like the story I shared. It gives me hope each time I want to give up on someone or on something dear.
Keep smiling and searching for your UST, who knows? The day is coming soon when you strike oil or wealth by using your UST to the fullest.
Sally Klaus
Ideas on How to Become Rich
Ideas on How to Become Rich - repackaging of items into attractive desirable objects
Ideas on How to Become Rich
Recently I stumbled into a "get-rich" project without knowing it. Actually I was tryng to raise funds for some needy children in a neighbouring country. By asking 100 people to merely contribute one pack of pencils - consisting of 12 pencils, the cheapest kind available, I was able to get more than 100 packs of pencils. I repackaged the given packs of pencils into over 250 smaller packs of pencils , which were decorated neatly with coloured ribbons.
I managed to sell these pencils for a lot of money through an auction system by getting people to bid for the pencils. I become very rich at the end of one week of selling the repackaged pencils. People were willing to pay triple the amount just to get hold of the pencils because they found the item to be cute and presentable.
From free gifts of 100 packs of cheap pencils which cost the donors very little money, the kind gifts were transformed into thousands of dollars of repacked items.In this way, the needy people in our community get the money they need and enable them to have better things to live by. A rich joy was created and multiplied via creative thinking and simple act of transformation.
From this project, I can assure you that a simple item, repackaged and redesigned can become an expensive retailing item by sheer innovative way of selling. You can become rich by using your innovation and creativity. Just like a piece of fried chicken at the roadside kiosk sells only a few dollars but a piece of chicken in a restaurant served on a bed of green vegetables and some colourful garnish becomes a high class and high expense item on the menu. It even burns a hole in your pocket.
This "kindness" gifts became my guiding idea for becoming rich because I use this concept of repacking and redecorating to sell my old items via e-bay as well as during garage sale. Many people are attracted to interesting items even though they may not be of high value. As long as people are willing to pay a price which is right for you, you can become rich just repackaging items into attractive desirable objects so that you can resell them at a much higher price, thus earning a profit.
Many retailers fail to get customers' attention because they are not innovative and creative enough. I think that creativity and enhanced value of your inventory or things can make you rich without costing you lots of expenditure and time.
I hope all of you can think hard what are the things you can do to transform unattractive objects into objects of desire and value , thus increasing your money holdings. I believe this project inspired me , it can also inspired you to become rich in no time at all.
Think hard and look around you for that "get-rich" thought. I am sure you can do it if you try hard enough.
Thank you for reading and good luck in your project of becoming rich.
Sally Klaus
Ideas on How to Become Rich
Ideas on How to Become Rich - getting the right mentors for acquiring wealth
Ideas on How to Become Rich - turning trash into cash
Ideas on How to Become Rich - how to visualise becoming rich and successful
How to visualise becoming rich and successful.
To enable you to be rich and success , I suggest that you do the same as me. It is very effective because it has made me rich by creating your own vision and mission.
Dream big and desire to be rich and wealthy. It is not a crime to want to be rich and powerful. It helps you to be motivated and gear you towards achieving your dream lifestyle you desire when you can become rich and powerful.
It is not difficult to become rich and powerful if you can apply the right techniques of power visualization and determination in whatever circumstances to desire to be rich and wealthy.
I have used my vision and mission to guide me towards becoming rich when I was in my twenties. Today I not only have my beautiful sprawling dream house worth millions, I also have millions stashed in various financial instruments and savings in the bank.
First step should be creating a realistic vision of your own. This framework will enable you to become rich in no time at all because many successful businessmen and celebrities use this visualization technique and vision to become their guiding goals and directions.
The road to riches and success is not that difficult as many of you would think. I can assure you from my own experience, it is easy . You just need to think rich, feel rich and work towards your goals of becoming rich and powerful.
Questions to ask yourself before setting a vision for your future:
a) Do you want to be rich?
b) How much money would make you feel rich?
c) What directions or actions to take to become rich?
d) How long do you need to become rich and wealthy?
e) Visualize the end products - what your heart desires when you become rich.
Once you have created your framework of becoming rich, you must work on the vision and mission to accomplish this journey towards money, more money and riches for you to enjoy a great lifestyle of living the way you desire .
Richard Branson, Donald Trump and Bill Gates can make it, why not you? Even Anthony Robbins who was once a poor lad has today become one of the richest people in America.
My friend Ron Kaufman who started out as a mere trainer has also acquired tremendous wealth and riches by having the right vision, right mission and the right attitude towards riches and money.
I am sure you can become rich and powerful like Napoleon Hill who wrote the book on similar topic, also shared the same vision of thinking big, thinking of how to become rich as a daily exercise in visualization.
The next time I will share about my vision and how I acquire riches in a sure and steady way
Cheers and good luck in your vision creation of becoming rich…
Sally Klaus
Ideas on How to Become Rich and wealthy...
Ideas on How to Become Rich - greetings from Sally Klaus
Ideas on how to become rich - Sally Klaus will be taking over from November onwards
Ideas on how to become rich - Financial Management - what the rich do in a down market - SUMMARY
Ideas on how to become rich -
Financial Management - what the rich do in a down market - SUMMARY
Here is a quick summary of the various ideas on basic financial management:
Don't let your financial or retirement or money plan be an accident
Everyone needs an advisor - and there are different kinds of advisors
Build your financial house based upon your financial personality
Combine your dreams into a plan
Have the two major strategies to win the battle for investment survival
Know where you are going
Mix and don't match
Do not be your own enemy - mind your mind, and thereby mind yourself
The jockey matters as much as the horse
Ride out financial storms
Build your house on rocks
Use numbers to calm your mind and calm yourself
Don't smother your own personal/ financial dreams
Take the road less travelled
Remember to ask and answer the right financial questions *Who are you?*
Determine correctly your investment outlook and selection *What works for you?*
You can also access easily the articles on financial management by Sally Klaus below:
Financial management part 1
Financial management part 2
Financial management part 3
Financial management part 4
Financial management part 5
Financial management part 6
Financial management part 7
Special thanks to Sally Klaus for her kind and invaluable contributions on Financial Management: What the Rich Do in a Down Market.
More investment knowledge and important concepts, finance or investment articles, data, and other finance/ investment-related ideas to come here in future posts... thanks for staying here with us. Thanks for reading!
Ideas on how to become rich!
Ideas on how to become rich - Financial Management - what the rich do in a down market, last part
SALLY KLAUS AND HER FINANCE IDEAS:
FINANCIAL MANAGEMENT: WHAT THE RICH DO IN A DOWN MARKET
Last part
Welcome back, dear reader. This is the last part of Sally Klaus' invaluable contribution to my finance, investment and money site. She writes about: "Financial management - what the rich do in a down market". The last article follows:
Take the road less travelled
Your dreams are worth major efforts and you do have a choice: you can go to the financial market without any idea of what investment can and cannot do for you, buy on whim and cobble together an investment portfolio that has no purpose, except vaguely to make money; or you can decide what you want specifically, and learn enough to know what is available on the market, and thereby make calculated decisions and take the correct risks.
There is a lot of finance and investment information out there but do take in the right investment information that will enable you to make good decisions and take the right choices – do be selective and use financial information wisely. Be an informed investor!
Remember to ask the following questions:
Who are you?
Determine your investment profile. What kind of risks can you bear?
How old are you?
How secure do you feel about your ongoing streams of income?
How many years more before your retirement?
What is your life expectancy after retirement?
What is your source of investment capital?
What are primary investment objectives?
When do you expect to need money? Do you need the money now, or later?
Are you aware of the potential risks and benefits of your investment portfolio?
What is your tax status?
What changes to your lifestyle do you have to make?
What is your current net worth?
What steps are you taking to protect your financial assets, your income earning assets, and earning potential?
What works for you: Determining your investment outlook/selection
How does your desired return compare to your risk profile?
Do you prefer growth or dividend income oriented investments?
Do you understand financial risks and rewards?
Is it easy to buy and sell your investment assets?
What are your choices for buying this particular asset?
What are your costs and fees associated with buying and selling this asset?
All the best, and I hope that you have learnt and benefited immensely from all the information and advice in this investment and financial series. Thank you for reading!
End of the last part of this “financial ideas” series
Special thanks to Sally Klaus for her contributions on financial management, which were particularly interesting and memorable for the extensive use of metaphors. I am thankful because I have many economics research papers and she has saved me time and effort to write, and furthermore her financial advice contributions have been very useful and illuminating. A summary of financial advice and more comments follow in the next post. Thank you for reading and cheers.
Ideas on how to become rich
Ideas on how to become rich - Financial Management - what the rich do in a down market, part 6
SALLY KLAUS AND HER FINANCE IDEAS:
FINANCIAL MANAGEMENT: WHAT THE RICH DO IN A DOWN MARKET
Part 6
Hello and welcome. Here is part 6 from Sally Klaus' ideas on finance and financial management - what the rich do in a down market.
Use numbers to calm your mind and calm yourself
Investment success is attainable, but not guaranteed, no matter how well conceived the asset allocation plan. The odds of achieving wisdom and success can be enhanced and improved upon through practical thought and reflection. Along the way to achieving your investment goals, you need to pay attention to certain investment guidelines and principles intended to shape and sharpen your efforts.
Knowing yourself and coming to terms with such knowledge represent difficult but highly worthwhile investment goals. Warren Buffett has repeatedly advised investors to find and develop their own circle of competence and stay within it. Knowing yourself is also an ongoing process where you learn to discern the 5 physical senses and train your mind to process enormous amounts of information and filter all down to what is essential. Asset markets may change, technology may change, but the usual human response has tended to remain similar through the ages. If something does not feel right, let it pass. It is not wise to allocate assets and invest based purely on instinct and yet it is equally unwise to ignore your gut instincts when doing so.
Remember, it is not a real financial mistake if you really learn from it.
Don’t smother your own, personal, financial dreams
Being unaware of the financial risks you are taking is one of the quickest ways to find yourself on the road to financial perdition.
Never take comfort in crowds – if everyone is making investment losses, you may feel good that all are suffering together, but it is not the right thing to do. Do not follow others blindly because it is your money, your investments, your life. It is all about your dreams and not about others.
Chasing financial performance alone is not sufficient to determine whether that asset is good or bad. Sometimes we give up a good asset and later regret it because it is not performing. That wrong decision could cost lives and money.
Not using the correct investment advisor is another step to investment ruin. Learn to trust someone who is an investment expert and then ask around for good investment advice so that you can learn on the way to success.
Do not let emotions rule your financial decisions. Fear and greed are the two greatest emotions that lead to ruin in an investor’s life.
End of the sixth part of this “financial ideas” series
More financial advice, financial education, and money ideas to come in the next post. Special thanks and acknowledgements to Sally Klaus for her invaluable contributions and ideas on financial education. Thanks for reading and cheers!
Ideas on how to become rich!
Ideas on how to become rich - Financial Management - what the rich do in a down market, part 5
SALLY KLAUS AND HER FINANCE IDEAS:
FINANCIAL MANAGEMENT
Part 5
Welcome back to this financial management series here on my ideas site - what the rich do in a down market, by Sally Klaus.
The jockey matters as much as the horse
The selection of the fund manager, or stock broker, is as important as your investment assets themselves. Who is riding the horse, on what kind of track, and what kind of race are all important questions for you, as it is your investment money we are talking about here.
Is it possible to have exactly the right asset class and have your investment returns ruined by choosing the wrong investment manager. Yes, therefore it is important to select the right investment jockey for your investment horses. Whether you do it for yourself or use an investment advisor to seek out the best investments for you, you will be evaluating how well they know the financial track and how they have performed under different kinds of financial and economic conditions in the past.
Passive investing is not as good as active investing, where the goal to do well is part of your life, whereas passive investing is mostly relying on the investment choices and investment paradigms of the fund managers or the jockeys. Active investing gives you direct control of your financial choices and enables you to be able to judge your investments better. The flow of financial information is also better and more direct.
Yet, sometimes, you do not have the time to invest directly, so it is indeed necessary for you to get a fund manager or a metaphorical financial jockey. So some of the questions would be, if you are not going for active investment but for passive investment:
What are the ethics of the fund manager, his investment philosophy and his investment or financial discipline…?
If you discover that your jockey is not doing well, you may have to change jockey mid stream to prevent future investment losses or poor management of your assets. In the long run, you have to monitor the investment manager’s performance closely; perhaps, even closer than you monitor your own financial asset allocation mix. It is essential to make sure that your investment portfolio has a good day at the investment track and is working hard to make your investment dreams a reality.
Riding out financial storms
Be prepared for the inevitable. And financial storms are definitely inevitable, just like the immutable law of gravity. What does up must come down, and vice versa. Be aware of market cycles and the financial movements of all those up and downs which may be out of our prediction and control. The need to protect yourself is there, just like insurance – how much coverage do you want? How high is the value that you are insuring? The higher the value of the asset and the lower the deductibles, the more the protection will cost. The more you cover, the more it costs, so you have to weigh the pros and cons of your coverage. You must always ask yourself: what is it that you want at the end of the day?
Building your house on rocks
The stronger the foundation, the better and more solid the house will be. This is commonsensical and thus it would be crucial to decide how your human capital is going to turn into your financial capital at the end of your own personal investment journey… it depends on several things. How much you earn, how much you spend, your lifestyle choices, your plan for taxes and inflation … all these are important financial questions that you need to ask yourself.
It is important to keep in mind that each of us is different and the investment path for converting our human capital into financial capital will not be as smooth as what we hope it to be. Still it is vital for us to build up a steady investment/ financial conversion journey so that we allocate investments properly.
End of the fifth part of this “financial ideas” series
Special thanks once again to Sally Klaus and her invaluable contributions to financial education on Ideas on How to Become Rich. She has been a great help to my finance, money, and investment blog. Thanks for reading and cheers!
Ideas on how to become rich!
Ideas on how to become rich - Financial Management - what the rich do in a down market, part 4
SALLY KLAUS AND HER FINANCE IDEAS:
FINANCIAL MANAGEMENT: WHAT THE RICH DO IN A DOWN MARKET
Part 4
Here we continue the financial management series with more ideas on how to become rich.
Mix and don’t match
In investment and asset allocation, plaids do go with stripes. What goes up must come down and vice versa. What do these strange aphorisms mean? Applied to investments, the concept of mean reversion states that, after a period of several investment cycles, most financial asset returns will tend to generate their long term average investment returns. This is best illustrated with a concrete example for understanding. For example, Japanese equities’ returns in the mid to late 1980s were far greater than their long term average and at some point it became increasingly likely that they would revert to their mean returns by producing returns that were near to their long term average.
All we have to do is to watch the numbers because numbers don’t lie. The whole point of asset allocation and investing is to protect your capital and earn a satisfactory return. Your investment return may come from dividends or interests or appreciation of investment assets in real estate or stocks. Some returns from some financial asset classes are fixed in amount while others are less predictable and more market dependent.
Our minds - our selves – do not be your own enemy
One of our investment pitfalls is that we suffer from varying degrees of overconfidence. We think we are better at something than we actually are. Stereotyping ourselves sometimes limits our views to possibilities and opportunities. Many people, when they have made some money from the stock market, think they are investment geniuses and forget that they may only be lucky for once. There is a need to know that we must not confuse investment luck with investment skills.
It is okay to get lucky, but don’t assume a lucky financial gain can be repeated because you are “so smart”. Sometimes being smart was not the cause of the lucky financial gain. The market is in fact not controlled by one person or a group of people. Mistakes can be made by being inflexible, and stubbornness can sometimes really make you pay. We need to be aware of what the behavioral finance types call framing. Framing is simply how we look at our investments. When we get a phone call about our investment idea involving some new wonderful boom-bang investment, do we get caught up in the excitement without considering how it affects our overall investment plan?
Do we know what exactly is happening financially and how well we know the financial developments?
We need to be realistic in our approach to investing. Be methodical and careful in your investment approach. Do your homework. Keep the short term business news in perspective and focus on the big picture. Know your investment weaknesses as well as your investment strengths. When you hear about a new idea that sounds interesting or exciting, ask how it fits in with your plan. Remember all the earlier materials that we covered in the other sections of this financial series? Your plan may not be the same as your neighbour’s or your family member’s plans. By focusing on your goals, avoiding highs and lows of your emotions you can structure and manage your asset allocation plan to take advantage of others’ emotions and mental mistakes instead of getting them richer because of your mistakes!
End of fourth part of this “financial ideas” series
Special thanks to Sally Klaus and her valuable contributions to my finance, investment and money blog. More to come from Sally Klaus in future posts; stay tuned!
Ideas on how to become rich!
Ideas on how to become rich: Financial Management - what the rich do in a down market, part 3
Ideas on how to become rich: Financial Management - what the rich do in a down market, part 3
SALLY KLAUS AND HER FINANCE IDEAS:
FINANCIAL MANAGEMENT: WHAT THE RICH DO IN A DOWN MARKET
Part 3
Welcome back. In this part of financial market survival strategy, we delve into the subject further. There are two strategies to win the battle for investment survival: (A) a long term investment focus (strategy) and (B) a short term investment focus (tactics). It is commonsense to use the current financial environment to keep the big picture of investment in focus.
A strategic focus means looking at long term financial assets because there are many investments which take a long time to come to pass. It is like playing chess with the final checkmate in mind ultimately for the opponent. You need to see the end before even starting the investment game.
Assets such as real estate, mutual funds or even insurance schemes are for strategic investment purposes, because these take a long term investment perspective. It is our investment journey’s final destination; where do we stop for a rest eventually?
Use tactical financial plans which are the moves like tactical chess – moving the pawns first, one at a time. It is like a traveler who has to pause at stops along the long journey. Short term assets are useful for shifts in any financial market movements or asset valuations. When it is deemed appropriate to do so, you should execute various tactical asset allocation shifts by moving financial assets in convenient parking lots for you to manipulate short term financial movements.
The key thing is to be prepared for investment changes and financial market movements as the world is very volatile these days with economic, political and financial changes taking place almost daily.
Another point to note is: do you know where you are going? Every one of us needs a road map to check our direction and also to ensure we are moving in the correct path. Are you more afraid of losing money or missing out on an opportunity? What is your investment personality, once again? This is not a simple question but one that needs to be successfully answered. To successfully establish a portfolio, you have to take some time to get to know yourself and your money making goals. You need to honestly evaluate your financial conditions and the kind of investment goals or money making personality you have.
Do you plan for your children’s education or do you plan for a resort style living after retirement? Each of us has ideas of what we want our money to do, and how to do it, and how money making is important or not so important for us, so if you are going to need money in two to three years’ time, then you must automatically rule out certain long term financial assets, as you probably have no time to wait for them to give you investment returns.
For teenagers, five to ten years may seem a long time to wait but for a working professional in his 30 or 40s, these sorts of years are not a long term thing. You have to deal with risk factors, tax factor and also the investment returns you are envisaging for the next few years. There are many factors to consider!
The key reminder is to ask yourself: do you have enough money for a rainy day?
End of third part of this “financial ideas” series
Special thanks to Sally Klaus and her contributions to my finance, investment and money blog. More to come here on this site on Ideas on How to Become Rich; stay with me. Thanks and cheers.
Ideas on how to become rich!
Ideas on how to become rich: Financial Management - what the rich do in a down market, part 2
Ideas on how to become rich: Financial Management - what the rich do in a down market, part 2
SALLY KLAUS AND HER FINANCE IDEAS:
FINANCIAL MANAGEMENT: WHAT THE RICH DO IN A DOWN MARKET
Part two
Building your house
Your investment portfolio needs to reflect your personality. It is like buying a house with different rooms, for different purposes. Make sure your financial assets in your investment portfolio suit your personality, just as furniture suits your individual style and room design.
People have varying motivations and reasons for having investments and financial assets. These investment motivations and emotions could range from greed to fear, from comfort to excitement, the need to make money or the urge to make a quick buck, long term and short term goals …
Asset class ... and
Represents investors’ quest for...
Cash
safety and liquidity
Bonds
Income , reliability, predictability
Stocks
Ownership, value creation profits
Real estate
Tangibility, ownership, income and ego
Commodities
Exposure to price moves and human needs
Precious metals
Purchasing power protection, hedging
Venture capital
Capital growth, control over corporate destiny
Mutual funds
Trend exploitation, protection against market turbulence
Hedge funds
Finding and taking advantage of inefficiencies
Inflation – indexed securities
Inflation hedging and pp protection
Art
Prestige, ego, income and intellectual affirmation
Reminder: match the investment to your financial goals and personality.
Combining dreams into a plan
Your investment plan should be as specific and individual as your dreams. Many of us invest in certain assets because of what they can do for us. Most want their money safe from inflation or turbulence, and also want to fulfil their dreams of a possible future “good life”, which quite often requires a lot of money!
There are many objectives for investors.
The first is protection against the effects of inflation. When inflation rates soar, stocks may tend to get hurt. The rising costs of borrowing and doing business may make it difficult for them to grow faster than the inflation rate. In addition, many of the stocks tend to follow a certain trend.
The second reason for owning stocks is that we want to gain exposure to profitable companies and overall economic growth. In the long run, owning equity assets give us the investment opportunity to profit from economic growth .
Third reason is that we want some sort of investment return – to get paid for the hard work and our money. It is thus best to include dividend paying stocks, preferred stocks and REITs – real estate investment trusts. This is to protect you in the case of turbulence and times of crisis.
Many people own stocks because they want to ensure profitability as well as liquidity. But never use long term assets for short term investment goals and vice versa.
End of second part of this “financial ideas” series
Special thanks to Sally Klaus and her invaluable contributions to Ideas on How To Become Rich! Stay tuned for more financial and investment ideas, thanks and cheers!
Ideas on how to become rich!
Ideas on how to become rich: Financial Management - what the rich do in a down market, part 1
SALLY KLAUS AND HER FINANCE IDEAS:
FINANCIAL MANAGEMENT: WHAT THE RICH DO IN A DOWN MARKET
NB To my loyal readers, I am back from a long Economics examination period, and have completed my economic research on global capital flows. I might make it available here online for research purposes if the paper is released. Here is a series on financial management by Sally Klaus, my loyal reader, who contributes many good ideas and excellent materials for my Ideas on How To Become Rich site. Thanks for reading and cheers.
Each of these following financial rules would be discussed in future posts and in detail one at a time…
Don’t let your financial or money making plan be an accident
Everyone needs an “Uncle Frank”
Building your house
Combining dreams into a money making plan
Two strategies to win the battle for investment survival
Do you know where you are going?
Mix and don’t match
Our minds; our selves
The jockey matters as much as the horse
Riding out the storms
Building your house on rocks
7 quick ways to ruin
Take the road less travelled
Who are you?
What works for you?
Don’t let your plan be an accident
Asset allocation and asset planning are very important in the life of an investor. What is asset allocation or asset planning? First, you have to ascertain what kind of financial assets you want to invest and keep in terms of ranking such as how much cash you need, stocks you want to invest, unit trust, real estate, inventory etc…
It is not only to find out those financial assets that can grow, but furthermore that allocation is to find financial assets that will help you to have a balanced investment portfolio.
As the saying goes, it is not wise to put all the eggs in one basket, hence, it is thus vital for us to have many little baskets or few eggs in each basket so that at any time, we have both financial liquidity and profitability.
What kind of financial allocation or financial planning will depend on your financial goals in life, your financial circumstances and your personality. Today we are more fortunate in that we are exposed to a host of advisory and information from media and internet etc… unlike the investors in the past. It is thus easy for us to find out information very quickly and this will enable us to make quick decisions.
Think of the money or financial assets you have as players in your football team. Each has its strengths and weaknesses. You have your game plan. You know what you need from each player. So you need to think of the behaviours of each player before you make decisions to hold how many stocks, bonds, cash, or buy a piece of real estate.
So if you want to play offensive, you have to take advantage of economic conditions to buy certain financial assets or securities which are of higher returns or perhaps even inflation protected securities.
Since changes are fast and furious, your financial decisions have to be reevaluated now and then in response to market conditions so as not to be caught unawares.
One of the most fundamental elements of financial asset allocation is diversification. True diversification involves having several distinct kinds of asset classes that perform differently from each other in different kinds of economic or financial environments.
Some investments such as commodities or metals may thrive in a high inflation environment but others such as bonds or treasury bills or even mutual funds excel in a more deflationary environment.
Diversification will not only make the financial portfolio less volatile, it will also make your reaction to the state of financial markets more stable and less anxious.
Risk awareness allows us to ensure that we have discipline and also gives us the staying power to ensure our investment goals become a reality.
Everyone needs an uncle Frank – this idea means that we all need mentors or advisors, especially financially or investment wise
It is always a good idea to hear another’s views or opinions of financial markets, especially someone who is an expert or experienced in financial planning or financial markets. Knowledge is power and thus this person can help you to tone down your risk or quicken your steps in that he or she can help analyse luck and skills in investment successes.
Having a mentor also enables us not to make rash decisions or prevents us from becoming overly confident as he may play devil’s advocate and give you another side of the story. A good mentor will help you make better decisions because two heads are always better than one. It is also safer to travel in twos.
End of first part of this financial ideas series
NB special thanks to Sally Klaus and her contributions to Ideas on How To Become Rich – finance, investment and ideas site
Ideas on how to become rich - Golden Rules of Entrepreneurship
Ideas on how to become rich - Golden Rules of Entrepreneurship
Recently, I have been busy with studying for Economics and also writing an independent study research paper on the current global financial crisis, and in particular I have been busy with writing about global capital flows, and how money flows from poor countries to rich countries, rather than the more "commonsensical" flow of capital from rich to poor countries. One of my very loyal readers therefore took it upon herself to send me an article on money and finance, and I liked that very much that I just had to put it up here on my ideas on how to become rich site. Thanks to Sally for her contributions to my ideas site.
From Sally Klaus, on Ideas on How to Become Rich:
the Golden Rules of Entrepreneurship
1 Seize all opportunities - money making, networking, business opportunities
2 Think like an entrepreneur, noticing and sensing things around you
3 If real estate is location, location, location, then entrepreneurship is people , people, and people
4 Enterpreneurs view setbacks as temporary
5 Give everyone connected with your company a vested interest in the business
6 The only good deal is a fair deal
7 People who prepare succeed - if you fail to plan, you plan to fail
8 Listen – you can only learn when you are listening
9 It is not just the idea that is important but the implementation of that idea... too many people have great ideas on how to make money but they don't work on their ideas, and those just remain great ideas on how to make money BUT there's no real money in the end...
10 Plan both your personal and your company’s finances
11 Create a business plan to organize your thoughts and attract investors
12 Research your competitors - know yourself and know your opposition
13 Do not spend time emulating others, spend time creating and innovating
14 Watch your ass
15 Get everything in writing
16 If no one knows about your business, it doesn/t matter how good your idea is
17 Identify your target market - who are the people who will give you your business, your money?
18 Keep track of how effective your marketing and advertising initiatives are - watch your advertising budget and watch your advertising money!
19 Choose your partners carefully
20 Establish good relations with lines of credit such as banks, investors and friends
21 A business is only as good as the people of that company
22 Successful management retains employees
23 You can never know too many people - networking helps you become rich, socially and financially
24 Check your weaknesses
25 Build trust with everyone you work with
26 Enjoy your work while you look for success
Thanks to Sally Klaus for her valuable contribution here on my money making and ideas site about entrepreneurship and making money and profits as an entrepreneur. More to come on this site about ideas on how to become rich and other contributions from various readers on related ideas and interesting things that they have read.
Thanks for reading and cheers!
Ideas on how to become rich!
Ideas on how to become rich - How to become a billionaire, part 6
Ideas on how to become rich - How to become a billionaire, part 6
In this series on how to become a billionaire, I have looked at various companies and their histories and their beginnings, and we have seen many ways and paths to making lots of money by creating viable businesses that last and that have many good ideas. We had a look at Ford, GM, Google, and Walmart. In this final post on how to become a billionaire, we will look at General Electric in general... and someone in particular. No, it's not Jack Welch, although you can read some of his quotes and ideas here: Some great ideas by Jack Welch.
Read: How to become a billionaire - General Electric and how to create a future billion dollar company
The General Electric Company is a multinational American technology and services conglomerate. In the 1960s, aspects of U.S. tax laws and accounting practices led to a rise in the assembly of conglomerates. GE, which was a conglomerate long before the term was coined, is arguably the most successful organization of this type that makes a lot of money.
I am going to focus here on the history of General Electric, but in particular on the person who began it and set it on the long path to success. Most people associate GE with Jack Welch, who undoubtedly was very important and instrumental, but it is to the earliest founder that we must look for inspiration on how to become rich. That man, the earliest founder, was none other than Thomas Edison.
Yes, the rich man whom we are going to learn from is none other than Thomas Edison. The inventor. Read on!
Thomas Alva Edison (February 11, 1847 – October 18, 1931) was an American inventor and businessman who developed many devices that greatly influenced life around the world, including the phonograph and the long-lasting, practical electric light bulb. “The Wizard of Menlo Park”, he was one of the first inventors to apply the principles of mass production and large teamwork to the process of invention, and therefore is often credited with the creation of the first industrial research laboratory. Edison is considered one of the most prolific inventors in history, holding 1,093 U.S. patents in his name, as well as many patents in the United Kingdom, France and Germany. He is credited with numerous inventions that contributed to mass communication and, in particular, telecommunications. His advanced work in these fields was an outgrowth of his early career as a telegraph operator. Edison originated the concept and implementation of electric-power generation and distribution to homes, businesses, and factories - a crucial development in the modern industrialized world. This was one of the key points that made him very successful.
Edison's major innovation was the first industrial research lab, which was built in Menlo Park, New Jersey. It was built with the funds from the sale of Edison's quadruplex telegraph. The quadruplex telegraph was Edison's first big financial success, and Menlo Park became the first institution set up with the specific purpose of producing constant technological innovation and improvement. This is a key idea in becoming rich, and establishing a future multi billion dollar company. Edison was legally attributed with most of the inventions produced there, though many employees carried out research and development work under his direction. His staff was generally told to carry out his directions in conducting research, and he drove them hard to produce results. The large research group, which included engineers and other workers, based much of their research on work done by others before them.
Nearly all of Edison's patents were utility patents, which were protected for a 17-year period and included inventions or processes that are electrical, mechanical, or chemical in nature. (Clearly, one point to note is that patents play a role in making companies rich, and in particular, utilities and technologies companies who want to make a lot of money or become billion dollar companies probably need to have patents.) About a dozen were design patents, which protect an ornamental design for up to a 14-year period. Like most patents, the inventions he described were improvements over prior art. The phonograph patent, on the other hand, was unprecedented as the first device to record and reproduce sounds. Edison did not invent the first electric light bulb, but instead invented the first commercially practical incandescent light. Several designs had already been developed by earlier inventors including the patent he purchased from Henry Woodward and Mathew Evans, Moses G. Farmer, Joseph Swan, James Bowman Lindsay, William E. Sawyer, Sir Humphry Davy, and Heinrich Göbel. Some of these early bulbs had such flaws as an extremely short life, high expense to produce, and high electric current drawn, making them difficult to apply on a large scale commercially. In 1878, Edison applied the term filament to the element of glowing wire carrying the current. Edison took the features of these earlier designs and set his workers to the task of creating longer-lasting bulbs. By 1879, he had produced a new concept: a high resistance lamp in a very high vacuum, which would burn for hundreds of hours. While the earlier inventors had produced electric lighting in laboratory conditions, Edison concentrated on commercial application, and was able to sell the concept to homes and businesses by mass-producing relatively long-lasting light bulbs and creating a complete system for the generation and distribution of electricity. This was one of the keys to his success and he made a lot of money.
In just over a decade Edison's Menlo Park laboratory had expanded to occupy two city blocks. Edison said he wanted the lab to have "a stock of almost every conceivable material". Over his desk, Edison displayed a placard with Sir Joshua Reynolds' famous quote: "There is no expedient to which a man will not resort to avoid the real labour of thinking." With Menlo Park, Edison had created the first industrial laboratory concerned with creating knowledge and then controlling its application. This made him a lot of money via R and D.
Edison patented an electric distribution system in 1880, which was essential to capitalize on the invention of the electric lamp. On December 17, 1880, Edison founded the Edison Electric Illuminating Company. The company established the first investor-owned electric utility in 1882 on Pearl Street Station, New York City. It was on September 4, 1882, that Edison switched on his Pearl Street generating station's electrical power distribution system, which provided 110 volts direct current (DC) to 59 customers in lower Manhattan. Earlier in the year, in January 1882 he had switched on the first steam generating power station at Holborn Viaduct in London. The DC supply system provided electricity supplies to street lamps and several private dwellings within a short distance of the station. On January 19, 1883, the first standardized incandescent electric lighting system employing overhead wires began service in Roselle, New Jersey.
Edison's true success, like that of his friend Henry Ford, was in his ability to maximize profits through establishment of mass-production systems and intellectual property rights. This dampened the success of less profitable work by others who were focused on inventing longer-lasting high-efficiency technology. George Westinghouse and Edison became adversaries because of Edison's promotion of direct current for electric power distribution instead of the more easily transmitted alternating current (AC) system invented by Nikola Tesla and promoted by Westinghouse. Once again: Edison's true success, like that of Ford, was in his ability to maximize profits and make a lot of money through establishment of mass-production systems and intellectual property rights.
The key to Edison's fortunes was telegraphy, with which he earned a lot of money and made his company grow and grow. With knowledge gained from years of working as a telegraph operator, he learned the basics of electricity. This allowed him to make his early fortune with the stock ticker, the first electricity-based broadcast system. Edison patented the sound recording and reproducing phonograph in 1878. Edison was also granted a patent for the motion picture camera or "Kinetograph". He did the electromechanical design, while his employee W.K.L. Dickson, a photographer, worked on the photographic and optical development. In 1891, Thomas Edison built a Kinetoscope, or peep-hole viewer. This device was installed in penny arcades, where people could watch short, simple films. On August 9 1892, Edison received a patent for a two-way telegraph. In April 1896, Thomas Armat's Vitascope, manufactured by the Edison factory and marketed in Edison's name, was used to project motion pictures in public screenings in New York City. Later he exhibited motion pictures with voice soundtrack on cylinder recordings, mechanically synchronized with the film. Officially the kinetoscope entered in Europe when the rich American Businessman Irving T. Bush (1869–1948) bought from the Continental Commerce Company of Franck Z. Maguire and Joseph D. Bachus a dozen machines. Bush placed from October 17, 1894 on the first kinetoscopes in London. At the same time the French company Kinétoscope Edison Michel et Alexis Werner bought these machines for the market in France. In the last three months of 1894 The Continental Commerce Company sold hundreds of kinetoscopes in Europe (i.e. the Netherlands and Italy). The first kinetoscopes arrived in Belgium at the Fairs in early 1895. The Edison's Kinétoscope Français, a Belgian company, was founded in Brussels on January 15, 1895 with the rights to sell the kinetoscopes in Monaco, France and the French colonies. The main investors in this company were Belgian industrialists. On May 14, 1895 the Edison's Kinétoscope Belge was founded in Brussels. The businessman Ladislas-Victor Lewitzki, living in London but active in Belgium and France, took the initiative in starting this business.
Edison was active in business right up to the end. Just months before his death in 1931, the Lackawanna Railroad implemented electric trains in suburban service from Hoboken to Gladstone, Montclair and Dover in New Jersey. Transmission was by means of an overhead catenary system, with the entire project under Edison's guidance. To the surprise of many, he was at the throttle of the very first MU (Multiple-Unit) train to depart Lackawanna Terminal in Hoboken, driving the train all the way to Dover. This was one truly great American inventor, business man and very rich and wealthy person who made the beginnings of the great General Electric possible.
The usual questions apply: how can we use these nuggets of information and all these good ideas to become rich? The ideas are all there and we can emualate Edison. At the same time, do read and review all the other various companies and how they made their billions, as well as their company histories, to find out ideas on how to become a billionaire.
Just a quick reminder:
Summary and general points on how to become rich the way billionaires made their money
1. Usually the starting point is a great idea or a great concept, and usually that has nothing to do with making money initially, but providing a service or some product that is needed or will soon be needed.
2. If not a great idea, then it usually turns out to be that the person who eventually became very rich started working very hard and very young. Most millionaires and some billionaires became rich this way, working their way up the corporate ladder.
3. The company gets listed on the stock exchange. That's why the next few posts will deal with looking at various case studies of billionaires and their companies, and mostly focuses on the companies that make the billionaires possible. In other words, the businesses. The various businesses that took different routes, but ended up rich and prosperous and made their shareholders rich and in some cases billionaires.
4. The company expands by wise strategic moves and by excellent leadership - or in some cases luck and fortune. This differs from company to company and in some cases mergers and acquisitions are the order of the day, whereas in some other cases some companies do not merge with other companies but instead expand their range and power via products and reach.
5. The billionaires in question become very rich because of their control of a great company that makes a lot of money.
Hope you loved that reminder on how to become rich.
More great ideas to come in future posts here on this money making site. Thanks for reading the various ideas, case studies and plans, and cheers!
Ideas on how to become rich
