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9 Ways to Get Rich (Part 1 of 3) |
Part 1 of 3 | Part 2 of 3 | Part 3 of 3
Here at Kiplinger, we generally champion the art of getting rich slowly. “Don’t go for the home run,” Knight Kiplinger tells us in his classic column 8 Keys to Financial Security. “In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot, too, and their lifetime batting average -- average annual total return -- suffers accordingly.”
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
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“In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot, too, and their lifetime batting average -- average annual total return -- suffers accordingly.”
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind.
In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
#1: Start a New Business
Risk level: High
What do success stories like Henry Ford, Steve Jobs and Mark Zuckerberg have in common? They all made their mark (and their millions) by coming up with a better idea and running with it.
Starting a business is a proven path to wealth, and the best way to get there is to start small and scale up -- which usually means being bought out by a larger company, selling franchises or licensing your product.
An ambitious goal is critical if you want to expand your business, says Barbara Findlay Schenck, a small-business strategist and author of Selling Your Business for Dummies.
Before you apply for loans or sign up investors, polish your business plan. And don’t overlook sources of free help.
For example, you could tap your alma mater’s alumni network for potential mentors. You can also get advice from more than 13,000 small-business volunteers through Score, a nonprofit organization supported by the Small Business Administration.
#2: Create a Product
Risk level: Medium
Creating a product and licensing it or selling it through retailers is another route to making money from your good idea.
One of the biggest mistakes that aspiring inventors make is to create a product before they’ve determined whether there’s a demand for it, says Sidnee Peck, who teaches classes in entrepreneurship at Arizona State University’s W.P. Carey School of Business.
She encourages her students to talk to potential customers in person before they develop their products.
Nancy Tedeschi came up with the idea for SnapIt, an eyeglass-repair device, after her mother used an earring to jerry rig her broken glasses. Convinced that she could improve on the tiny tools contained in most eyeglass-repair kits, Tedeschi invented a small screw with a snap-off extension.
Tedeschi got the attention of Wal-Mart, the nation’s largest retailer, by entering its “Get on the Shelf” contest, an American Idol-like competition for aspiring entrepreneurs. She was one of two runners-up, and her product is now available on Walmart.
Online surveys and social media provide an easy way to reach a lot of people, Peck says, “but you don’t get to see people’s eyes light up.” Tedeschi also attended housewares and hardware trade shows, where she introduced her product to representatives of other big retailers. Those contacts helped her get SnapIt on the shelves at Walgreens and Ace Hardware.
#3: Invest Aggressively
Risk level: High
With this approach, you invest in a small number of stocks that you hope can double, triple or even quadruple in relatively short order.
Call this a shoot-the-lights-out strategy. Nobody knows for certain which stocks will surge and which will sink. But if you are hoping to achieve big gains, you’ll need to look beyond large, steady-Eddie types of companies.
Small companies that are poised for rapid expansion and firms that serve emerging markets, which are growing more rapidly than developed nations, make for fertile hunting ground for potential winners.
If you go this route, you’ll need to monitor these companies carefully to determine whether to hold them or replace them with better opportunities.
Source: Kiplinger
Risk level: Medium
Creating a product and licensing it or selling it through retailers is another route to making money from your good idea.
One of the biggest mistakes that aspiring inventors make is to create a product before they’ve determined whether there’s a demand for it, says Sidnee Peck, who teaches classes in entrepreneurship at Arizona State University’s W.P. Carey School of Business. She encourages her students to talk to potential customers in person before they develop their products.
Nancy Tedeschi came up with the idea for SnapIt, an eyeglass-repair device, after her mother used an earring to jerry rig her broken glasses. Convinced that she could improve on the tiny tools contained in most eyeglass-repair kits, Tedeschi invented a small screw with a snap-off extension. Tedeschi got the attention of Wal-Mart, the nation’s largest retailer, by entering its “Get on the Shelf” contest, an American Idol-like competition for aspiring entrepreneurs. She was one of two runners-up, and her product is now available on Walmart.com.
Online surveys and social media provide an easy way to reach a lot of people, Peck says, “but you don’t get to see people’s eyes light up.” Tedeschi also attended housewares and hardware trade shows, where she introduced her product to representatives of other big retailers. Those contacts helped her get SnapIt on the shelves at Walgreens and Ace Hardware.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
Creating a product and licensing it or selling it through retailers is another route to making money from your good idea.
One of the biggest mistakes that aspiring inventors make is to create a product before they’ve determined whether there’s a demand for it, says Sidnee Peck, who teaches classes in entrepreneurship at Arizona State University’s W.P. Carey School of Business. She encourages her students to talk to potential customers in person before they develop their products.
Nancy Tedeschi came up with the idea for SnapIt, an eyeglass-repair device, after her mother used an earring to jerry rig her broken glasses. Convinced that she could improve on the tiny tools contained in most eyeglass-repair kits, Tedeschi invented a small screw with a snap-off extension. Tedeschi got the attention of Wal-Mart, the nation’s largest retailer, by entering its “Get on the Shelf” contest, an American Idol-like competition for aspiring entrepreneurs. She was one of two runners-up, and her product is now available on Walmart.com.
Online surveys and social media provide an easy way to reach a lot of people, Peck says, “but you don’t get to see people’s eyes light up.” Tedeschi also attended housewares and hardware trade shows, where she introduced her product to representatives of other big retailers. Those contacts helped her get SnapIt on the shelves at Walgreens and Ace Hardware.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
Risk level: High
What do success stories like Henry Ford, Steve Jobs and Mark Zuckerberg have in common? They all made their mark (and their millions) by coming up with a better idea and running with it. Starting a business is a proven path to wealth, and the best way to get there is to start small and scale up -- which usually means being bought out by a larger company, selling franchises or licensing your product.
An ambitious goal is critical if you want to expand your business, says Barbara Findlay Schenck, a small-business strategist and author of Selling Your Business for Dummies.
Before you apply for loans or sign up investors, polish your business plan. And don’t overlook sources of free help. For example, you could tap your alma mater’s alumni network for potential mentors. You can also get advice from more than 13,000 small-business volunteers through Score, a nonprofit organization supported by the Small Business Administration.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
What do success stories like Henry Ford, Steve Jobs and Mark Zuckerberg have in common? They all made their mark (and their millions) by coming up with a better idea and running with it. Starting a business is a proven path to wealth, and the best way to get there is to start small and scale up -- which usually means being bought out by a larger company, selling franchises or licensing your product.
An ambitious goal is critical if you want to expand your business, says Barbara Findlay Schenck, a small-business strategist and author of Selling Your Business for Dummies.
Before you apply for loans or sign up investors, polish your business plan. And don’t overlook sources of free help. For example, you could tap your alma mater’s alumni network for potential mentors. You can also get advice from more than 13,000 small-business volunteers through Score, a nonprofit organization supported by the Small Business Administration.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
Here at Kiplinger, we generally champion the art of getting rich slowly. “Don’t go for the home run,” Knight Kiplinger tells us in his classic column 8 Keys to Financial Security. “In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot, too, and their lifetime batting average -- average annual total return -- suffers accordingly.”
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
Here at Kiplinger, we generally champion the art of getting rich slowly. “Don’t go for the home run,” Knight Kiplinger tells us in his classic column 8 Keys to Financial Security. “In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot, too, and their lifetime batting average -- average annual total return -- suffers accordingly.”
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
Here at Kiplinger, we generally champion the art of getting rich slowly. “Don’t go for the home run,” Knight Kiplinger tells us in his classic column 8 Keys to Financial Security. “In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot, too, and their lifetime batting average -- average annual total return -- suffers accordingly.”
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
Here at Kiplinger, we generally champion the art of getting rich slowly. “Don’t go for the home run,” Knight Kiplinger tells us in his classic column 8 Keys to Financial Security. “In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot, too, and their lifetime batting average -- average annual total return -- suffers accordingly.”
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
Here at Kiplinger, we generally champion the art of getting rich slowly. “Don’t go for the home run,” Knight Kiplinger tells us in his classic column 8 Keys to Financial Security. “In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot, too, and their lifetime batting average -- average annual total return -- suffers accordingly.”
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
Here at Kiplinger, we generally champion the art of getting rich slowly. “Don’t go for the home run,” Knight Kiplinger tells us in his classic column 8 Keys to Financial Security. “In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot, too, and their lifetime batting average -- average annual total return -- suffers accordingly.”
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
Here at Kiplinger, we generally champion the art of getting rich slowly. “Don’t go for the home run,” Knight Kiplinger tells us in his classic column 8 Keys to Financial Security. “In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot, too, and their lifetime batting average -- average annual total return -- suffers accordingly.”
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
But maybe you’re willing to take some calculated risks in pursuit of the freedom that money (and lots of it) can give you to make choices that can bring satisfaction, whether that means buying your dream home, giving generously to charity or escaping the 9-to-5 grind. In that spirit, we focus on nine faster roads to riches, with varying levels of risk. The people we interviewed who have made it big didn’t always get there on the first or second try. But they all share essential qualities for success: passion, persistence and patience.
Read more at http://www.kiplinger.com/slideshow/business/T064-S002-how-to-get-rich-quicker/index.html#tyXR3vFjhCDtWADY.99
