How to get Rich in today's Economy

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

Or find a product or service that people want, outsource most of it, and repeat!

there is no shortcut than hard work and skill to get Rich in today's Economy

work hard
respect your parents

Do really useful things.
Make a product that people really need.

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.

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.

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

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."

Where there's a will there's a way. In any economy we can make things work.

sell armaments

Learn from successful people, it may be old advice but it still works today. Don't try to reinvent the wheel