One of the most important basic steps for creating wealth other than education is to find a product the consumer needs that may not be readily available through an alternate avenue and to be able to deliver that product. Although I mentioned education; that is not really needed in the beginning when you think of all the child entrepreneurs who have become vastly wealthy. However, to maintain the wealth attained; further education is needed.
Let's think about this small aspect of starting on the road to wealth. In any given neighborhood in the city, you have a stay at home mom or a grandmother who makes freeze pops or freeze cups to sell to the neighborhood children on a hot summer day. Some even have the snow cone maker with various cup sizes and a large variety of flavors. Now for the snow cones, you may want to check with your city's business licensing department to find out if you need any special licensing. This is best done beforehand than to have to pay fines or have a profitable summer business halted.
But let's say you are an employee of academia America and since you do not have to work for 2 1/2 to 3 months during the summer, you want to supplement your income. Now of couse, this is the prime time to work another job but why would you? You have every skill set you need to be in business for yourself and provide a lucrative service to your community. A teacher can tutor during the summer with the wherewithal to set their own fees and hours of operation. Basically, they can manage every aspect of this type of employment.
Since you may not get rich being just a tutor, it will allow you the opportunity to increase your income. And then you decide to start a learning center. With the proper business research such as start up costs, location, vendors and the demographic you intend to serve; you would definitely be on the way to becoming financially independent.
Thursday, April 20, 2017
Creating Your Own Wealth Commentary
One of the most important basis steps for creating wealth other than an education is to find a product the consumer needs that might not be readily available in a certain demographic and have the ability to produce, advertise and deliver that product. Although I mentioned education; that is not really needed when you think of all the child entreprenuers out here today becoming wealthy. However, to maintain wealth, further education is needed.
If A Child Can Get Rich, Why Can't You?
I previously wrote an article to provide you with encouragement to get started in your own business. Sometimes it requires some research and other times, it requires just getting going. Now I'm just going to provide you with the names and basic information of some child entrepreneurs. The following information was collected from Yahoo! Finance.
Neha Gupta - started Empower Orphans when she was just 9 years old. The non-profit raises funds for orphans in India.
Anshul Samar - started a gaming company when he was 12 years old. He cleared $1 million in revenue his first year.
Remington Anne Smith - created Cook Time with Remmi, at the age of nine. This is a cooking show that teaches children how to prepare simple and healthy meals in an effort to combat the growing problem of childhood obesity.
Farrah Gray - was a millionaire at 14 years old. He started selling homemade body lotion and bookends at the tender age of six. Gray embarked on numerous ventures both for profit ad for charity. By the age of 24, he owned a real estate brokerage, his own online magazine and publishing company as well as being a successful author on empowerment and entrepreneurship.
The preceding information was collected from Yahoo! Finance.
Neha Gupta - started Empower Orphans when she was just 9 years old. The non-profit raises funds for orphans in India.
Anshul Samar - started a gaming company when he was 12 years old. He cleared $1 million in revenue his first year.
Remington Anne Smith - created Cook Time with Remmi, at the age of nine. This is a cooking show that teaches children how to prepare simple and healthy meals in an effort to combat the growing problem of childhood obesity.
Farrah Gray - was a millionaire at 14 years old. He started selling homemade body lotion and bookends at the tender age of six. Gray embarked on numerous ventures both for profit ad for charity. By the age of 24, he owned a real estate brokerage, his own online magazine and publishing company as well as being a successful author on empowerment and entrepreneurship.
The preceding information was collected from Yahoo! Finance.
Wednesday, July 31, 2013
Money Savvy
MONEY SAVING IDEAS...
I like the idea of getting a very good bargain and saving money while doing so. I like everyone else like very nice things. I do not like to pay full price for those nice things. If I give a gift, I like to give a nice gift as most people appreciate a nice gift. I have a Facebook friend who speaks about going to yard sales on his page and he really makes it sound like he is addicted to them. In my own family, it was a weekly ritual for one of my sisters, rain or shine. It was not interrupted by vacation because of course, wherever you go; a yard sale or flea market can be found. What more wonderful way to find fantastic bargains?
I'm sure everyone knows your local newspaper lists the yard sales. Have you thought about reading the legal proceedings to find out who has filed for divorce? And depending on how amicable those proceedings are, there is sure to be something sold which you could get for a "song". This allows you to find 'gently used' items if you don't want to be too picky.
Now, yard sales aside, have you ever noticed all the gift card choices available to purchase when you go into just about any major retailer? Even the gas station? These give you a great way to build up money to buy a large item without shelling out large cash at one time. You add funds to the gift card until you reach your goal and then it is pain-free shopping for that big ticket item.
Money saving tip today:
Take advantage of the free oil changing class at your local auto parts store. Since the oil should be changed every 90 days or 3,000 miles (whichever comes first), think of the money you will save. First by changing your oil yourself and secondly, you will extend the life of your vehicle with the maintenance performed.
I like the idea of getting a very good bargain and saving money while doing so. I like everyone else like very nice things. I do not like to pay full price for those nice things. If I give a gift, I like to give a nice gift as most people appreciate a nice gift. I have a Facebook friend who speaks about going to yard sales on his page and he really makes it sound like he is addicted to them. In my own family, it was a weekly ritual for one of my sisters, rain or shine. It was not interrupted by vacation because of course, wherever you go; a yard sale or flea market can be found. What more wonderful way to find fantastic bargains?
I'm sure everyone knows your local newspaper lists the yard sales. Have you thought about reading the legal proceedings to find out who has filed for divorce? And depending on how amicable those proceedings are, there is sure to be something sold which you could get for a "song". This allows you to find 'gently used' items if you don't want to be too picky.
Now, yard sales aside, have you ever noticed all the gift card choices available to purchase when you go into just about any major retailer? Even the gas station? These give you a great way to build up money to buy a large item without shelling out large cash at one time. You add funds to the gift card until you reach your goal and then it is pain-free shopping for that big ticket item.
Money saving tip today:
Take advantage of the free oil changing class at your local auto parts store. Since the oil should be changed every 90 days or 3,000 miles (whichever comes first), think of the money you will save. First by changing your oil yourself and secondly, you will extend the life of your vehicle with the maintenance performed.
Wednesday, July 24, 2013
Becoming Finncially Secure: Part 3
BECOMING FINANCIAL SECURE
Building Your Wealth: Part 3
We are starting out on a small level here when speaking about building your wealth. I'm brining information to you in a way that if you are stressed about finances because you are not earning much, this gives you an avenue of thought to say "Wait a minute, I can manage that!". This way, when you think of your finances, you think about the word management. You are developing a mind set for managing your finances and ultimately increasing your finances.Depending on your income level and expenses, you may have more flexibility in your savings goals. There are many different ways to take advantage of saving funds from your income.
401(k)
A 401(k) plan is sponsored by your employer as a way to save money and invest for your retirement. Most of the 401(k) are mutual funds which offer an array of investment options comprised of stocks, bonds and money market investments. Funds are invested from your paycheck before taxes are taken out adn you don't pay any taxes until the money is withdrawn from the account.
The payments you make to the 401(k) vest immediately. However, the employer contributions are not available immediately. Usually, you have to work for the company between 3 and 5 years to be vested with the company. That actual number depends on the company. This is a very good way to maximize your retirement savings.
Savings Bonds
Savings bonds are a good idea for saving, however paper bonds are no longer sold. You would need to purchase bonds online at TreasuryDirect.gov. You will need to create a TreasuryDirect account with your Social Security number, bank account number and the bank routing number.
Savings bonds are a very good bet for saving in that your money doubles in a certain number of years. Currently EE Bonds mature in 20 years. Bonds are now bought at face value so if you want a $50 bond, you pay $50 for it. Interest can be earned on the bond up to 30 years.
Saving Disposable Funds
Now I want to move away from find a way to save money from your paycheck to saving money from your disposable income. Some ways to do that are to:
Eat out less.
Shop at a discount store. Target, Marshall's and Burlington Coat Factory are excellent place to dress name brand at deeply discounted prices.
Buy fresh foods. Cooking them instead of buying prepackaged processed foods is healthier for you.
With that being said, I believe that packing your lunch for work is a major way to save money. And if you must , then only buy lunch out once a week. Packing your lunch allows you to choose any selection you wish. It has health benefits over most of the fast foods you would choose to eat. And that healthy eating gives you an advantage in making to retirement age to collect the funds you are saving.
Saturday, July 20, 2013
Becoming Financially Secure: Building Your Wealth - Part 2
In the previous blog, I provided you with a couple options for building your wealth over the long term for 10+ years or more. These are suggestions to increase your net worth without having to sacrifice a lot. While the information I am providing to you can also be found elsewhere on the internet; I am providing it to you from the standpoint of someone living from paycheck to paycheck. I want that cycle to stop for you as well as for myself.
The following method of saving funds has been successfully tried by myself and others. For one reason or another, people stop contributing to a chosen method and wealth building becomes stagnant. We must constantly be vigilant about building our wealth.
Christmas Club
Saving to a Christmas Club is a great way to have money to shop for presents for Christmas. And the funds are usually disbursed around the first week of October. Now there is a certain major chain we love to shop at that only have layaway for the Christmas holiday, generally starting mid-September or the beginning of October. But there are other marts that offer layaway year round.
I bring the layaway option up because payments can be made over time from your disposable income. When it comes to the Christmas Club savings approach, shop around to find an account that offers the best options with regard to your initial deposit and interest rate. Generally, there is going to be an early withdrawal penalty although you may find there are some financial institutions which may allow you to make one (1) withdrawal without penalty. You may be able to make direct deposits from your income weekly or monthly or make deposits from an account you already have. You will want to check out the different programs which have varying dates when your money will become available. As for the payment/payout method, you may be able to choose between the option of having a check mailed to you or having the money directly deposited into your account.
Let's say you begin saving in the Christmas Club the first week of January with disbursement of funds scheduled for the 15th of October. For this example, we will say your last deposit to the account is the first week of October. This means you have been saving to your Christmas Club for 40 weeks. At a minimun of $10 per week that is $400 to be disbursed not including any interest, if earned. This example will not be using any interest earned. Instead of spending these funds on a shopping venture, save it. Place half into an interest bearing savings account and place the other half into an Individual Retirement Account (IRA). If you place all of it into an IRA, then all of it is tax-free until you start to draw it upon retirement.
With just a minimal investment of $10 to a Christmas Club and depositing those funds into a savings account, over the course of 15 to 20 years; that is an additional $6,000 to $8,000 earning interest in your account. While this amount is not significant, it does provide additional interest earning savings and the more you are able to save on a weekly basis, the bigger profit margin at retirement.
The following method of saving funds has been successfully tried by myself and others. For one reason or another, people stop contributing to a chosen method and wealth building becomes stagnant. We must constantly be vigilant about building our wealth.
Christmas Club
Saving to a Christmas Club is a great way to have money to shop for presents for Christmas. And the funds are usually disbursed around the first week of October. Now there is a certain major chain we love to shop at that only have layaway for the Christmas holiday, generally starting mid-September or the beginning of October. But there are other marts that offer layaway year round.
I bring the layaway option up because payments can be made over time from your disposable income. When it comes to the Christmas Club savings approach, shop around to find an account that offers the best options with regard to your initial deposit and interest rate. Generally, there is going to be an early withdrawal penalty although you may find there are some financial institutions which may allow you to make one (1) withdrawal without penalty. You may be able to make direct deposits from your income weekly or monthly or make deposits from an account you already have. You will want to check out the different programs which have varying dates when your money will become available. As for the payment/payout method, you may be able to choose between the option of having a check mailed to you or having the money directly deposited into your account.
Let's say you begin saving in the Christmas Club the first week of January with disbursement of funds scheduled for the 15th of October. For this example, we will say your last deposit to the account is the first week of October. This means you have been saving to your Christmas Club for 40 weeks. At a minimun of $10 per week that is $400 to be disbursed not including any interest, if earned. This example will not be using any interest earned. Instead of spending these funds on a shopping venture, save it. Place half into an interest bearing savings account and place the other half into an Individual Retirement Account (IRA). If you place all of it into an IRA, then all of it is tax-free until you start to draw it upon retirement.
With just a minimal investment of $10 to a Christmas Club and depositing those funds into a savings account, over the course of 15 to 20 years; that is an additional $6,000 to $8,000 earning interest in your account. While this amount is not significant, it does provide additional interest earning savings and the more you are able to save on a weekly basis, the bigger profit margin at retirement.
Sunday, July 14, 2013
Becoming Financially Secure
Most everyone dreams of becoming rich or at the minimum living comfortably. If you are on this page, you are most likely researching information. You have come to the right place to get the information you need.
There is no get rich quick scheme that works. It takes time and patience to build wealth. And the key here is "building your wealth".
There are many sites that give you a plan to work with. You may feel that the plan provided isn't always viable for every working person unless it can be broken down to your level.
Let's say you are in your early to mid 20's and you have a job working at a department store earning minimum wage. Depending on whether you are paid weekly or biweekly, let's say you put aside $10 to $20 each week for your savings. This is a good thing to do and it is a fantastic start. But then you run into a budget issue and out of the $40 you save every month, you start withdrawing $20. Now you are decreasing the amount of money that you will have saved and earned interest on throughout the year.
The first thing that needs to occur here is that a set amount needs to be saved and "forgotten" about. Now for those of you who cannot forget about your money sitting there; I'm going to give you a couple of suggestions for saving these funds and holding onto them without touching them.
1. WITHDRAWAL PENALTY
This first suggestion is to make it difficult to withdraw the money because of the fee that would be imposed upon you for withdrawing the funds. This is something that you can negotiate with the financial institution (credits unions are really good with this). This particular type of account will typically have two stipulations attached. One stipulation may be that the account holder has to be a certain age to withdraw funds. The other stipulation would be that it costs a fee to withdraw funds early. Would you really want to give someone $50 (at least) of your money just to get $20? Think about it, $70 is a lot of money to withdraw from your account for an item that you may not really need or for which you may be able to find another resolution.
2. TRUST ACCOUNT
This second suggestion which is also a part of the first suggestion is that the account is in trust until you reach a certain age. For example, you may not have access to the account until you are 55 years of age. Imagine how much money you will have saved over the course of 20 years along with interest earned. If you start out saving $10 per week and increase that weekly savings over time; as a young person, you are well on your way to financial stability.
Even if you are older, this is a proven method that can work for you. It is never too late to start putting money aside for your future.
There is no get rich quick scheme that works. It takes time and patience to build wealth. And the key here is "building your wealth".
There are many sites that give you a plan to work with. You may feel that the plan provided isn't always viable for every working person unless it can be broken down to your level.
Let's say you are in your early to mid 20's and you have a job working at a department store earning minimum wage. Depending on whether you are paid weekly or biweekly, let's say you put aside $10 to $20 each week for your savings. This is a good thing to do and it is a fantastic start. But then you run into a budget issue and out of the $40 you save every month, you start withdrawing $20. Now you are decreasing the amount of money that you will have saved and earned interest on throughout the year.
The first thing that needs to occur here is that a set amount needs to be saved and "forgotten" about. Now for those of you who cannot forget about your money sitting there; I'm going to give you a couple of suggestions for saving these funds and holding onto them without touching them.
1. WITHDRAWAL PENALTY
This first suggestion is to make it difficult to withdraw the money because of the fee that would be imposed upon you for withdrawing the funds. This is something that you can negotiate with the financial institution (credits unions are really good with this). This particular type of account will typically have two stipulations attached. One stipulation may be that the account holder has to be a certain age to withdraw funds. The other stipulation would be that it costs a fee to withdraw funds early. Would you really want to give someone $50 (at least) of your money just to get $20? Think about it, $70 is a lot of money to withdraw from your account for an item that you may not really need or for which you may be able to find another resolution.
2. TRUST ACCOUNT
This second suggestion which is also a part of the first suggestion is that the account is in trust until you reach a certain age. For example, you may not have access to the account until you are 55 years of age. Imagine how much money you will have saved over the course of 20 years along with interest earned. If you start out saving $10 per week and increase that weekly savings over time; as a young person, you are well on your way to financial stability.
Even if you are older, this is a proven method that can work for you. It is never too late to start putting money aside for your future.
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