Thursday, 9 September 2010

Ideas to Financial Freedom

1. Start your own Business from ground level:
If you have a passion for a particular product or service, or if you have identified an unfulfilled gap in the market, then potentially you could start your own business. I say potentially because you would need to do full due diligence before jumping straight in. Most multi-million pound corporations were started by a single person with an idea, from very humble beginnings in a garage or spare bedroom.If you see an opportunity and you have faith and determination, you can make it really, really big!

2. Network Marketing / MLM
Starting your own business from scratch can be very daunting and costly if you have no previous experience running a business. This is where network marketing is the perfect training ground. You buy into an established ‘system’ for what is relatively very low start up costs and you earn while you learn. Network marketing is not like being employed. If you work your business, you can turn it into a million pound organisation. Similarly, if you don’t work at it, you will not succeed.

3. Property Investment
This is one of best medium to long term investment you can make. Statistically, properties in the UK alone have increased by about 10% per year for the last 80 years. Sure there have been periods where property prices have slumped, but they always regain that loss, and always go up in value over the long run.

4. Investing in Shares
There are a number of different shares you can buy but the most popular type is the ordinary share. Ordinary shares simply represent ownership of a company. So, when you buy shares, also known as equities or stocks, you literally become a part-owner of that business. If, for example, a ABC Plc has 100,000 shares worth £1 each and you buy £1,000 of shares, you own 1% of the company. As a shareholder you have a say in the company’s affairs by voting at company meetings and, of course, the ability to share in its fortunes. If the company does well, the value of your investment should rise but if it does badly, you could see your shares fall in value.

5. Self Development
Let’s face it, the only way to get rich quick is to inherit a fortune. It is however possible for each one of us to make millions upon millions every year, but the truth is we don’t know how. Your not going to find a book with a ready made recipe for wealth that will make you wealthy after reading it once, because if that book did exist, we would all be wealthy wouldn’t we. But what we do need to do is learn from the best. Learn from people who have been there and done it already, and how we do that is by surrounding ourselves with their presence, their knowledge and their experiences and we do that in the form of books and audio training. Self development is the most underated, yet probably the most important.

6. Clear Bad Debts
Firstly, we need to understand that there are ‘good’ debts and ‘bad’ debts and we need to understand the difference between them. Not all debts are ‘bad’. Some debts can actually make you money. The richest people in the world today have millions of dollars worth of debt, because they understand leverage. If you have a mortgage for a buy-to-let property and you have tenants paying off the mortgage, this is a ‘good’ debt as it makes you money. You want to accumulate as much ‘good’ debt as you can. Examples of ‘bad’ debts are credit cards, car payments, department store cards etc. You are generally paying a fortune (anywhere up to 30%) for these debts and all it is doing is restricting your monthly cash flow. Setup a system so you can pay these debts off quicker, and be disciplined not to get into these debts again. This does not mean you’ll never have a fancy car or boat, but what it does mean is that if you do your investing correctly, and build your businesses, you will be able to buy that car cash.

7. Make Money Online
There are a number of ways you can make money online, working from home. Affiliate marketing is effectively promoting web business, and being rewarded for every visitor, subscriber, customer, and/or sale provided for your efforts. Another way to make money online is create your own web page. A web page on its own won’t make you money, but if you can create a website that generates large volumes of traffic, you can make money by getting companies to advertise on your site. Another way which has become very popular with people working from home is through EBay. Some people browse EBay all day, and find items that are undervalued. They buy these items, and resell them again for a profit. Some people make or distribute products through EBay, and they are making very, very good money.

8. Create unique product / Service / Invention
Another way to make a lot of money is invent an object or service that will make peoples lives easier, or that a lot of people will want. Coming up with inventions is a lot harder that it sounds, but not all inventions have to be complicated. While browsing the internet, I came across a website that sells plastic wishbones. Yes, somebody has come up with an idea to replicate turkey wishbones for Thanks Giving in the States, the idea is that you buy a couple of them and everyone at the table’s wish can come true, not just one persons. The company is now producing over 30 000 wishbones a year and a $3 each they are making a fortune!