The One Great Way to Make Money
Is there one great way to make money? The simple answer is no. In fact there are a variety of great ways to make money. Just ask Robert Allen or Mark Victor Hansen, two of America’s foremost experts on creating wealth. A few of the great ways to make money include investment (be it in real estate, mutual funds, stocks etc.), entrepreneurial ventures, or via rapid corporate promotions. Each path to wealth offers its own unique advantages, but if you are looking for the one great way to make money that anybody can follow then you have come to the right place.
Following a simple savings and investment plan is just one great way anybody can make money. This plan is as simple as saving a percentage of your income and rolling those savings into an investment portfolio. Here is a brief overview of the plan:
Pay Your Self First – The first step is to pay yourself first. Suppose you decide to save 10% of your paycheck and use that as your investment funds. So you don’t feel the financial strain, form the habit of deducting the 10% from your paycheck before you do anything else. After a few months of doing so you won’t even miss the money.
Invest Your 10% - Saving 10% of your income for retirement will do you little good if it just sits in a low yield savings account. You should be looking into more beneficial investment vehicles that can offer a higher rate of return. If your company has a 401k plan talk to your HR representative about opting into this plan. Many companies will even match your contribution to the 401k, thereby increasing your rate of return without any market risk. For those that have maxed out their contribution in their 401k or do not have one available, consider looking into an Individual Retirement Account. Better known as an IRA, you can also make periodic contributions to this investment vehicle. Self-employed workers can look into the SEP or Keogh Plans. These various investment vehicles contain an assortment of different provisions that might render your contributions tax deductible so it is well worth your while to compare and contrast the advantages and disadvantages of the plans.
The Magic of Compound Interest – One secret to becoming wealthy is realizing that very few people get rich quick . Creating wealth and financial stability is not an overnight phenomenon. The key to becoming a millionaire is working hard and being disciplined. Most of America’s millionaire’s are where they are today because they followed a savings and investment plan with strict discipline. They didn’t win the lottery. They didn’t inherit Uncle Rico’s fortune. They made it big thanks to their own planning and execution, not to mention the magic of compound interest. Over time the magic of compound interest really proves to be the one great way to make money – by making your money work for you. Investing a cash flow of $200 a month at 10% interest for 30 years would yield $452,097. Follow the same plan for just 5 more years and you will have $1,138,991. It’s amazing how quickly you can become a millionaire just by saving a small portion of your earnings each month.
Many people think the key to learning how to get rich quick is by learning how to work for extremely wealthy people. While working for extremely wealthy people may help you pick up a few tips regarding how to become wealthy, what you have learned today are the keys to financial stability and retiring in style.
In conclusion, the one great way to make money is quite simple. There is no need to look for some too good to be true money making opportunity. Keep your day job, do what you love to do, and start a savings and investment plan that will allow you to reach your financial goals. That is the one great way to make money.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Adam Smith is an informational author for 10X Marketing, which specializes in Search Engine Marketing . To learn more about the get rich quick myth and how to increase your cash flow please visit OneMinuteMillionaire.com