Ideas on How to Become Rich - greetings from Sally Klaus

Greetings from Sally Klaus 

Hi I am Sally Klaus who is going to take over this website Ideas on How to Become Rich and would be sharing with you insights and tips on how to be financially successful and become rich .

I have a Masters in Business and have been practising my entrepreneurship tips with youths and people all over Asia, giving them the tips of how to run a business, how to invest their money wisely and how to become rich by being an armchair investor.

In future posts. I will be giving a series of workshops which I glean and garner from other successful entrepreneurs and businesspeople as well as famous rich persons from all over the world.

Thank you for reading and will be sharing with you shortly.Cheers and have a great day!

ideas on how to become rich

Ideas on how to become rich - Sally Klaus will be taking over from November onwards

Ideas on how to become rich - Sally Klaus will be taking over from November onwards

Dear readers,

Hello and welcome to Ideas on How to Become Rich. If you're a loyal reader, thanks for reading and do stay here with me. If you're a new reader, don't worry - there will be a business graduate with lots of experience writing on this site soon! With effect from November 2009, Sally Klaus will be taking over the writing of posts and articles here on this site from me as I pursue further education after my Honours economics degree (in the form of a postgrad diploma and masters).

Here is a short write up about Sally Klaus:

Sally is a Business Administration graduate from NUS (National University of Singapore) and has a MBA (Masters of Business Administration) from Bradford, England, specialising in business, consultancy and action learning. She writes about economics, finance, investment and money mainly in Singapore, consulting various agencies and teaching also at NUS and other schools. Sally was also the contributor to this site for "Financial Management - What the Rich do in a Down Market" (financial education), which was well received by readers.

In her free time, she loves reading, learning, doing charity and voluntary work, suggesting also that Ideas on How to Become Rich aren't just about ideas about making money, but also about having ideas on how to become spiritually rich, wealthy in mind and wealthy in body, and having overall success, not just material wealth and riches.

But of course, she's also an expert in making money in both investment in stocks and investment in local real estate.

Special thanks to Sally Klaus, who will be taking over my money making, investment and finance site, to contribute new and innovative articles on how to become rich!

Thanks for reading, and cheers.

Your faithful writer,

Shawn.

Ideas on how to become rich

Ideas on how to become rich - How to become a billionaire, part 1

Ideas on how to become rich - How to become a billionaire, part 1

Welcome to this series on my ideas on how to become rich site. This series on my site is about how to become a billionaire, as promised earlier. I have done research into this field and will simplify my analysis and share some ideas about this topic. Then after this series, I should be writing more about investment and finance as usual, and probably have a series on how to make money on the stock market by borrowing ideas from fund manager Peter Lynch and his book "One Up on Wall Street", but that's all in the works and in the future. This series here is about "how to become a billionaire".

First up, my research methodology for researching on this important topic: regarding how to become a billionaire, the most obvious way seemed to me to have a look at Forbes list of billionaires and see how they made their money, where they got their sources on income and the like. And it shouldn't strike you as new or special or something innovative that all of them made their money in some field or other, and they are all billionaires because their companies are listed. Therefore, the question "how to become a billionaire" can be easily answered as "get listed on the stock market and do well there" (and with tongue in cheek, of course get listed on the stock market and do well there but not in a recession - get listed and make money when the stock market is doing well!). Clearly the direct correlation is between being a billionaire and having lots of stock, either in your own company or in Warren Buffett's case, in other companies. Thus this is not the answer we are looking for. We can definitely become billionaires if we have stocks in the right company and/or we own companies that are very successful, and we have stocks in those companies.

The focus will be on the fields that the billionaires are working in, what they do, and how they earn their money - because ultimately the stock price follows their companies' incomes and revenues. This is the main focus of "how to become a billionaire" - the ways in which the rich and famous earn their money, and how their companies made them rich.

Therefore the next step was for me to take a list of billionaires that I wanted to emulate and then observed how they made their money, and that was the basis of my case studies. However, in the case studies, those were rich men, and with the exceptions of Trump and Buffett, none of the others were billionaires, although they were millionaires. To summarise, in this series I correct my former case studies and now make instead a summary and a collation of various billionaires, but not on the billionaires themselves but on the way in which they made their money - in other words, their companies and what they did.

In summary: I will be writing on "how to become a billionaire". I looked at the list of billionaires and selected a few to research on. The focus was not on their stock price but instead on the ways and ideas in which they made their money and how their companies developed.

Some of the richest men and women got their money through court cases, lawsuits, and via inheritance. Those will not be considered here in my ideas site.

The billionaires that I looked at were:

Sam Walton of Wal Mart
Brin and Page of Google
(I got all their information off the internet, and as to the validity, well, I consulted Wikipedia... of all things)
Sergei Popov
Roman Abramovich - you all know this guy if you watch football, and by football I of course am referring to the English Premier League football!
Warren Buffett
Donald Trump

as well as
Jack Welch
Henry Ford
Thomas Edison - believe it or not!
among others

Therefore the main companies that we will be looking at are:

Wal Mart
Google
Berkshire Hathaway
Ford
General Motors
General Electric

We will learn how to become a billionaire from these companies and their founders, and basically this series is a case study series not of people and not of rich people, but superrich people and superrich and huge companies. In these times of 2008 and rapid economic change and problems in the international economy, it is important to learn what is timeless and what does not change - namely the skills of how to make money, the ideas behind the companies that make money, and the history of how some companies made it big and what we can learn from that. More to come here on my site on Ideas on how to become rich! Stay tuned, thanks for reading.

Ideas on how to become rich!

What is Forex and How to make money with Forex (summary)

What is Forex and How to make money with Forex (summary)

This is the final summary post on forex and how to make money with forex. The next series on Ideas on how to Become Rich will be on various rich people, because one of the key ideas on how to become rich will be looking at rich people, like Warren Buffett and Bill Gates and then finding out how they became rich or looking at various perspectives and methods of earning money or making value through stocks and the like. Simply put, the next series here on this money making blog will be case studies on the rich and famous, especially my favourite Warren Buffett. (Yes, I've mentioned it before, I am a bit biased.)

Here are the links to the various articles on forex:

What is Forex and How to make money with Forex
What is Forex and How to make money with Forex 2
What is Forex and How to make money with Forex 3
What is Forex and How to make money with Forex 4
What is Forex and How to make money with Forex 5

The first post details the introduction to forex for beginners. What is it, and how can it make you some money and how do you become rich by dabbling in forex?

The second post deals with words and phrases, vocabulary if you must call it that, associated with forex and trading currencies. The vocabulary is important in the acquisition of forex knowledge and a basic working knowledge of forex.

The third post details the reasons why you should choose forex as an avenue for making money. Why should you choose forex over making money using the normal stock market or the other investments detailed here in this money making blog?

The fourth post deals with fundamental and technical analysis. In fact, one of the key ideas of investment, for both forex speculation/currency trading and investment using the stock market, is the difference between fundamental analysis and technical analysis. Fundamental analysis and technical analysis are key to investment, be it stocks or forex.

The fifth post is basically about strategies for forex and strategies on how to make money with forex. All these articles are basic introductions and ideas on making money and do not represent information that you can immediately and directly use on the forex market. These articles and posts here on this money ideas site are for you to learn about forex and then get an inkling of the various possible ways that one can earn money.

This last post on forex is a summary, so that it is easier to get a gist, and also so that it is easier for beginners and learners to navigate around my site and see and learn the various ideas and concepts for forex here. Forex can be a very lucrative and money making venture for some, and hence a basic and sound grasp of forex fundamentals will prove vital. Come to my site here and learn about forex and how to profit and make money from forex!

From the next post onwards, case studies on the rich and famous, so that we can glean lessons and ideas on how to become rich.

How to become rich? Skills for getting a job

How to become rich? Skills for getting a job
Introduction to the series on skills for getting a good job

A cursory glance at Yahoo Answers immediately reveals that many people who want information related to jobs will usually ask a few related and common questions. What job should I do to make money or to make myself happy? Sometimes that question even goes: should I go for a job that makes me money, or should I go for a job that pays less but makes me happy? (I don't see why you can't have both actually, and get a job that makes you both rich and happy. To me, the dream job would make me both rich and happy. ) What interview skills do I need to land that good job or to land that perfect occupation which I have always dreamed of? How do I write a good or perfect CV? Questions of that nature usually crop up.

This series of articles here on Ideas on how to become rich will therefore focus on the simplest way to make money - to get a good and well-paying job. One of the ways to make good money is to get a well-paying job.

But in order to do that, many things have to fall in place. Right, this is an ideas blog on how to make money and how to become rich, so I will not focus on the simplest and most obvious parts to getting a high end job. You will need some form of education and obviously the job that you are applying for must be something that you can do, i.e. if you have an arts major specialising in literature, applying to be an engineer at NASA is not what you might want to do, honestly.

Here are the skills for getting a good paying job, so that you can make good money, that I intend to cover in my Ideas on how to become rich blog:

1. What job do you really want? Do you prefer money or leisure, or do you want both?
In section 1 in this series here on my money making blog, I will be suggesting ideas and thoughts that you might want to consider. Making money is very important to me, and making money is also very important for a lot of people all around the world. Yet sometimes getting a job is not just about the money or the financial remuneration, but it is more of a self-actualisation or fulfilment kind of thing for certain people. I think one of the more key ideas here is that you have to decide for yourself: if you think that there is a dichotomy or contradiction between being rich and being happy, which would you choose? And also, if you don't think that there is a problem with being both rich and happy, then what kind of job would you want, that would maximise your "money returns" and your "happiness returns"?

2. Interview skills for landing that great job you always wanted
If you decide that making money or getting a great job is your kind of thing, then you need to work on your interview skills! I deal with this before dealing with the CV writing skill, but that's because many many more people want help in getting a job via interviews. They can write a good CV and they have got an interview, but are simply unable to sell themselves effectively, and an interview that should have gone well may turn out bad because of poor communication skills or lack of confidence. Impressing potential employers with a well written CV will not save you if you do not have good interview skills. Here in this section I will be writing about tips on interviews and how to get that dream job that you have always wanted.

3. How to write a good CV/ Tips on writing a CV that will impress potential employers
To get a good job, you will need to pass an interview, but before that interview, you need a good CV. How does one write a good CV that will attract potential employers and entice them to give you a good job? This section deals with CV writing skills and how to portray yourself postively and the like.

4. How to get further education online
OK, I will be honest and say that there is of course a lot of vested interest here. Currently I don't even have a Masters and here I am suggesting to people that they should go for a Masters or some form of further education to improve their career opportunities. This is because I also write an online education blog that researches and investigates various universities and online learning courses and online degrees. Nonetheless this vested interest that I have does not detract from the fact that one of the best ways of making more money is to get a high-paying job, and one of the best ways of getting that high-paying job is to be well educated. Masters holders and MBA holders in particular get very high paying jobs and are valued more by their organisation. The strength of an online degree or distance learning course is that you do not have to attend a university full time and can work and learn at the same time. More of that to come in future posts.

5. Mentality and attitude - once you get that job
This will deal with the correct mentality and attitude that you may want to possess when you get your dream job and get your dream salary. Also, it will suggest ideas on how to get that promotion, how to move up the corporate ladder and how to get pay raises, and basically, how to improve your finances while enjoying your job and every moment of it.

6. Last section: negotiation.
Negotiation is related to money making, deal making, promotions and much more. Negotiation is also related to mentality and attitude and is one of the major things that you will be facing in your career, and in many social and career situations. Be sure you know many tips and ideas on how to negotiate successfully and get what you want! Also, negotiation should be used in conjunction with all the other vital skills that you should have mastered and at least got to know well: interview skills; CV writing skills; mentality and attitude.

All said, stay tuned to learn about ideas and tips on these important skills that you need to land that dream job that pays you well. A job that pays well and is something that you love to do is one of the best ideas on how to make money enjoyably.

Mutual Funds Basics 2 - one more point to note

Mutual Funds Basics 2 - one additional point to take note of when dealing with US based Mutual Funds

Tax impact (in the case of the USA only; thanks to Yahoo finance)

Most mutual fund investment profits are taxed around the world, but in the USA there are a few additional considerations to take into account. If you want to make money, taking taxes and fees into consideration is a really good idea. The profits on mutual fund investments are typically subject to federal, and often, even state and local income taxes, unless you are investing through either a tax-free retirement or education account, or something like that.

While there is the joke about being certain about nothing except death and taxes, there are also many considerations here when it comes to making money with mutual funds.

With respect to your mutual funds and taxes in the USA, if you invest in a regular taxable account, then the dividend and the taxable interest distributions that you receive are taxed as ordinary income each year.

A mutual fund is required to distribute its net realized capital gains each year, and those distributions are also taxed as either short-term gains or long-term gains, depending on how long the mutual fund held the securities in question.

A mutual fund that buys and sells securities (with a trigger happy fund manager) frequently may add to your tax bill with hefty capital gains distributions.

You will also incur taxes on your capital gains, and also pay taxes depending on how long you had held the shares, if you redeem shares in a mutual fund at a price higher than you paid for them.

Please do take note of all the abovementioned points if you want to invest in mutual funds.

(source of information: Yahoo finance)

Ideas on How to Become Rich - making money online

Making Money Online

I was doing research on ideas on how to become rich, and discovered that there is a lot of money to be made online. Maybe I came late to this, but I think it's still not too late because there are many possibilities and avenues to make money online.

I was going to make a few posts on value investment with Warren Buffett as a feature, then do some posts on this blog with respect to
Certificates of Deposit,
insurance,
mutual funds, and the like.

However, I will be putting those on hold for a while, and will definitely be writing on those, but for later. In the next few posts I will run a series of articles on how to make money online, and in particular, the secrets of making money online.

I am a very rational person, so let me explain things a bit. The stock market is a confirmed, consistent and reliable method of making money if you know how to do so. You can make money by share appreciation and you can make money via dividends or any handouts that some company declares. You can make money by takeovers, and you can make money by shorting. Knowledge is power.

Making money online, on the other hand, has often proved futile for many people, in my experiences, because sometimes it can be mere scams and sometimes it can be futile because the effort needed is not justified by the returns. At the same time, there are many ways of making money online, and some of them are really useful, and some of them are - let's just use a euphemism - cunning ploys and secrets.

From my research, if you want to make money online, there are many ways and some of them need a certain capital investment. There are products to be bought and to be used. If you want to make money online without using those products or technology, then it is still possible - but you'll probably make less money than the $50,000 a month or $150,000 a year advertised, you'll make less money and it'll be harder than advertised, and stuff like that.

In summary: I will be putting up CDs, mutual funds, and all the other standard financial equipment and financial weapons for you next time, but for the next few posts, I will be running a series on how to make money online - the various ways: from obvious to really secret methods.

Vernon Kerswell - young entrepreneur's website

Here is the website link to Extreme Fliers.co.uk : http://www.extremefliers.co.uk/

Is it possible to be a young & successful entrepreneur?

There are many ways to make money, and one of them is to become a successful entrepreneur. I often get asked, is it possible to become a young entrepreneur? The answer turns out to be yes, because there are many people who have made money this way, and besides, you get to do something interesting and fun that you like. It's possible to make money and do what you like, in this instance. I will be featuring a young British entrepreneur who has been very successful in importing from China, and runs a successful firm. I met him one day in Manchester, was suitably impressed, and had an interview with him.

In the next post, here on this blog, I will feature my interview with him. He might give you some insights on how to become rich and successful if you're a young person.

I will also extrapolate lessons on entrepreneurship for Singapore, as well as lessons on doing business with China. I do suppose that there are many ideas and concepts that we can learn from this young man, who has shown that age is no barrier. Stay tuned :)