7 Methods to Choose to be Rich
Everybody wants to be rich!!! But do we have the strength and the right attitude to be filthy rich? Everybody wants to have an extra income to pay for study loans, car loans, house loans, credit card debts, have a better live and enjoy a vacation on a beautiful island. There are various ways to accumulate wealth but behind them, there are many obstacles we need to overcome. It all depends on our mental strength and perseverance. Here are some of my own experiences and some tips/comments on generating wealth:
(1) I used to do some direct selling when I was studying. I sold phone cards, air line tickets, calligraphy art and some others which I barely remember. The money was good and I enjoy managing the business.
(2) After graduating, I got a job and my younger brother introduced me to a great opportunity on earning 5 figures income a month. It was a multi level marketing (MLM) or direct selling business (Passive Income). Being green, I was excited and joint him, learned the business and expanded my organization together with my girlfriend (now, she’s my beloved wife). We spent a lot of time and invested a lot of money on the education and training programs/seminars in order to build the business. We met tonnes of people, prospecting one after another. However, after getting married, our down-lines falls apart and the group slowly collapse! We were so disappointed and frustrated. After that, I joined another company, with the same ambition, to be financially free. But, it did not last. Until now, I’ve joint more than 10 MLM companies but i failed to do the business. At this moment, I realized that, I’m not fated to do this kind of business. Presently, whoever approached me for this type of business, I have to be completely honest with them that I’m no longer interested. I don’t fancy meeting up with people and explaining some business plan or products. No…Not anymore….
(3) Then I noticed one more way of being financially free. But, I guess, it’s already too late for me. I wish I was introduced to it at the moment after I graduated. Being an insurance agent/financial planner is a good career which can lead to great wealth. I saw many youngsters becoming a part time insurance agent/financial planner while still studying and working. They don’t have to spend any money, instead they enjoy the commissions and benefits plus bonus from collecting their customers insurance premiums. This career requires us to do aggressive prospecting, just like doing MLM business, which I do not prefer now.
(4) Robert Kiyosaki and his property success opened my mind for a real estate business. It is a very exciting and expensive industry. I learned and read a lot to be able to be rich from the property business. However, I don’t have the financial fire power to kick start my realty empire. Perhaps, later, after accumulating an adequate financial ability, I may be blessed with the opportunity to join the property market, I hope so.
(5) Bored of “Just Obeying Boss” (JOB) and limited monthly salary, I always consider starting my own business. I occasionally chat with some close friend at work about the possibility of starting our own business. But, what type of business? Do we have the capital to run the business? Are we mentally strong to develop and grow the business? As a university graduate, what will people say if I open a car wash center or a small trading business? Am I capable to work long hours until late night to sustain and ensure the survival of my own business? If the business is not doing well, how am I going to feed my family and pay my staffs salary? Those questions always haunted me and I know I’m not capable of facing those challenge. There are too much risks and commitment! Is it worth it for me?
(6) What about the potential of internet business? There are some people who tasted the glory and success of their internet business. This type of virtual business won’t require us to deal directly with a lot of people. However, having zero IT and internet background (accept for browsing website and reading emails), I need to learn all the tricks and secrets to succeed in it. I read somewhere that having an internet business, patience must be our prime trait. Internet business will grow very slow but surely speed up later with some hard work and dedication. It has an exponential growth effect. There are a lot of internet businesses to try: affiliate marketing, selling your own product online, developing a successful website providing certain niche product or service, selling some space for advertisement, running a blog like this and some others. Presently, I’m running a number of blogs and websites (I’m still developing the websites). I hope I can do some on-line affiliate marketing as well and soon have my own unique product to sell. I need to continuously learn and be updated with current softwares, techniques and approaches available. It can be very rewarding. I hope I can earn a descent income from it.
The good side about internet business: I can stay at home or conduct the business anywhere as long as there’s internet line, business operation world wide 24-7, flexible time, no need to deal, persuade or involve directly with people like MLM or insurance/financial planning business.
Some tough side of internet business: Really require hard work in front of the monitor or laptop, you strain and stress your eyes, a lot of stuff to learn (especially for non-IT people like me), some commitment will be there if you run a newsletter or a blog where loyal readers wait to read your content, we have to compete with millions and millions of site and blogs in the net, income generation is low initially but will grow with consistent effort (it’s a matter of time).
(7) Last but not least, stock investment. This is one area I’m beginning to try my luck in. I’m educating myself by reading books, surfing related sites as well as discussion with experience colleagues and brokers. A friend of mine began investing in the stock market last year with initial investment of MYR7,000. A year later, he has accumulated MYR70,000! His achievement has inspired me to indulge in the business. I’ve injected MYR2,000 and I’m going to allocate another MYR3,000 next week. My target is to gain net profit of at least MYR500 minimum monthly. In a year, that will be at least MYR6,000. Well, That’s just minimum, I’m hoping to get more than that. I know it’s a very risky step but I’m willing to take the challenge.
Conclusion: Those 7 ways are just part of various methods to become rich in this world. They are just based on my opinion and experience. Hopefully, you can learn and benefit from it and feel free to explore other ways to become financially free.