How to get Rich in today's Economy

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Today's World is so drastically different to the past, it requires a special type of strategy in order to become successful. What would you recommend in order to become debt free and rich in today's new economy?
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  • Profile picture of the author agmccall
    Same as it ever was.

    Come up with a product that people want, need, or desire. Then market it better than anyone else. It has been that way from the beginning and will continue to be that way

    al
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    • Profile picture of the author myob
      In "today's" economy, there are more opportunities than ever before. The fundamentals of marketing seldom change, and technology is constantly extending the reach into new markets.
  • Profile picture of the author tagiscom
    Or find a product or service that people want, outsource most of it, and repeat!

  • Profile picture of the author ankur88
    there is no shortcut than hard work and skill to get Rich in today's Economy
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  • Profile picture of the author hardraysnight
    work hard
    respect your parents
  • Profile picture of the author Regional Warrior
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    • Profile picture of the author MValmont
      Originally Posted by Regional Warrior View Post

      Or could be a stealthy way to get you to clink in signature to find out , nice try
      Thanks for your contribution,

      With your reply my online business grew by 20% in the last hour.

      To answer the thread,

      I used to be a financial analyst, working 9 to 5....and I was broke.

      If I could go back I would probably go in computer science or simply not go to school at all. What they teach in schools (for the most part) is simply not useful in today's economy to make money.

      40 years ago it would be useful to go to university. Now it is highly questionable. The price of housing is super high comparared to the average income. When my father was my age, he was a truck driver, my mother was not working, they had two kids and my father was able to buy a house without any problem. These days university graduate don't even have enough money to buy a house because their salaries are too low and the price of housing is too high.

      Going to university is simply not a smart move right now for most people. Someone would be better off learning how to code, etc than go study other useless stuff and end up $50k in debt.
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  • Profile picture of the author innn
    Do really useful things.
    Make a product that people really need.
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  • Profile picture of the author Gary Chapple
    Above all follow your passion that way every day is not work.
    Become the expert in your field, then people will always seek the expert.
    Money is just a byproduct of being the best in your field, either locally or internationally.
  • Profile picture of the author Kay King
    in order to become debt free and rich
    All the advice on how to make money won't help if you don't learn how to manage money.

    When you are earning - live on less than you make - always save - buy only what you can afford to pay for now - and finance only major items like a house or a car.

    I've known so many in IM who have a good product or idea and run with it - make loads of money and spend it all on fun stuff - then complain because they are broke...again.

    One more thing - invest profit back into your business to keep building more income.
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  • Profile picture of the author Oziboomer
    Always save 10-15% of what you earn and invest those savings into income producing assets.

    Learn to negotiate and use your negotiation skills to earn more and pay less for items you purchase.

    In addition to Kay's advice above about only financing large purchases like a home or vehicle I would add there is a difference between good and bad borrowing. If you can obtain finance to purchase equipment or assets to leverage your business activities so as to give you a competitive advantage I would say look at financing to fund the growth.

    There are various tax advantages to borrowing for business purposes or to grow an investment portfolio.

    Everyday people get wealthy through making wise savings throughout their lives and investing those savings into assets that fund their retirement.

    Wise business owners look to leverage the returns they can get through systemisation where they can franchise their operations or acquire other competitors and apply their systems to generate higher returns, or they look to build their businesses to be attractive for takeover or purchase by larger corporations or they build to the point where they can attract investment and launch their businesses publicly.

    Best regards,

    Ozi
  • Profile picture of the author Janice Sperry
    I thought it was interesting what Mark Cuban said he would do if he lost everything.

    If I Had to Start Over

    Nutshell: To become wealthy again he would - get a job as a bartender at night, sales job during the day, save up enough money to start his own business again...

    He confidently believes that process would get him maybe not to billions but absolutely multi-millions.

    Sounds like the formula most of us have used or are using...

    Too bad so many newbies want to skip straight to "start a business and make millions."
    • Profile picture of the author hardraysnight
      Originally Posted by Janice Sperry View Post

      I thought it was interesting what Mark Cuban said he would do if he lost everything.

      Nutshell: To become wealthy again he would - get a job as a bartender at night, sales job during the day, save up enough money to start his own business again...
      sure
      drink enough and you dont worry anyway
    • Profile picture of the author DURABLEOILCOM
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  • Profile picture of the author ltruitt91
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  • Profile picture of the author Joyce Birmingham
    Where there's a will there's a way. In any economy we can make things work.
  • Profile picture of the author hardraysnight
    sell armaments
    • Profile picture of the author Oziboomer
      Originally Posted by hardraysnight View Post

      sell armaments
      ...or Ornaments

      People love to improve their status.

      Ornaments, jewellery, automobiles, fashion, etc etc

      If you have something that improves people's status you can become outrageously rich in the process.

      The observation of Freudian psychoanalysis of the human condition to *avoid pain* and *seek pleasure* is really the key to having success and obtaining a degree of wealth now and into in the future.

      Understanding these basic conditions and providing a solution that meets one or the other will give you a healthy living.

      Make something that addresses both is where the start of the yellow brick road to wealth begins.

      Most are luckily if they glimpse a hint of a yellow brick.

      Start a business that makes yellow bricks for people and you begin your journey.

      Best regards,

      Ozi
  • Profile picture of the author Paulk59
    Learn from successful people, it may be old advice but it still works today. Don't try to reinvent the wheel

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