- Business
According to Moneywise starting your own business is a surefire way to make a lot of money quickly. Quoting Duncan Bannantyne of Dragon's Den they suggest that everybody with a bit of enthusiasm, a good idea and some hard work has a great chance to use this towards creating their wealth.
It seems a sensible suggestion to me, although I do think that it's not that quite easy. You need to be passionate about what you do, willing to work very hard not to mention a great idea! Being fairly entrepreneurial myself starting my own business is something that I have considered many times in the past and something I am hoping to be able to do in the future. The smaller projects I have started have managed to earn me a little bit of money over the years, but have failed to keep my interest in the long term - not ideal for investing in your own business! What I found particularly interesting was Bannantyne's suggestion that your idea doesn't have to be big, revolutionary or even new as long as you can perform/produce it better than anybody else's.
- Property
That property can help you create wealth is something that more or less everybody's very aware of today. Whether you choose to develop properties for the purpose of selling or buy-to-letting, there has been a great deal of money to be made for those with project managing skills. That it has been such a successful project in the last few years is hardly surprising considering the way house prices have gone, that is up. Whether it will continue to be such "easy money" in the near future is anybody's guess, although in the long run a good property developer should always be able to make a decent profit.
- Investing
This is my personal favourite and what I'm hoping will help me rach my target in the future. At the moment I'm mainly investing in funds but I will progressively move on to shares as my money grow and as I learn more about it...
Moneywise's suggestions on how to invest successfully are close to my own ideas i.e. you must do your own research and leave yourself plenty of time to keep updated within the market in general and within your investment area(s) specifically. You must learn to shy away from following the crowd, a natural reaction for most people, in order to make big money and you must learn from your mistakes! Pretty basic advice but true nontheless.Personally I don't feel that I have enough capital to invest yet, and I want to learn a lot more before I venture into this project but it is part of my short term goals to start investing more heavily in the stock market. At the moment I'm giving myself 6 months after which I think I should have enough capital and will hopefully have managed to read up on share investment!
I couldn't find a link for this article online sadly but the Moneywise website has many other interesting articles.
2 comments:
I'm going with the business idea myself but none of this is easy I guess. You need to be passionate about what you're doing and have lots of luck in order to actually make enough money to call yourself a millionaire!
This is all valuable and sensible advice I think but the idea that it's simple is not. You need a lot of determination, focus and even luck in order to be able to make yourself a fortune.
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