| Topic : Maximizing Your Wealth.... |
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Activity:
270 views;
last activity : 03 26 2011 12:11:47 +0000
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All the above as well as a side business
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saving and investment
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Value Your money
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Work multiple jobs
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Cut down your expenses...
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FREELANCE JOBS FOR ADDITIONAL INCOME CAN BE A SOLUTION
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Multiply your time.
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Increase your expenses
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saving & investment..............
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There are only two ways
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utililizing of resources
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invest money in different company's share
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Become Relationship Manager with a Multimational Bank for Rapid Income
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"USE OUR INTELLIGENCE, POTENTIAL IN RIGHT TIME, AT RIGHT PLACE"
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"USE OUR INTELLIGENCE, POTENTIAL IN RIGHT TIME, AT RIGHT PLACE"
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hard work
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"Using your Specialization smartly "
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It's Depends
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Risk-takers, innovative individuals maximize their wealth in a short time
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"All the above as well as a side business"
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Channelising SAVINGS AND YOUR MONEY
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Join Politics...
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Your Innovative Ideas
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Its all about how you keep your savings
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do something out of box
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INVEST AND START BUSINESS VENTURES AND EARN!!
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Ishwar Rout
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Sell your Ideas.
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Yes, if you are in the 20s and early 30s, put in two jobs or multiple jobs. Save the money earned wisely in good pension plans (15 years or above) so that you have a second stream of income by the you are around 45 or 50. Better still would be to have a side business. Something like a retail shop (which can be managed by other members from one's house in the day time) or a small eatery (serving food in the evening only) or tuition classes or Multi-Level Marketing or net based activity that earns money or any other money earning activity. Also, one has to build a investment portfolio in order to start having multiple streams of income after a few years. |
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I would like to narrate a story on wealth growth / Investment.
There is this Rich Lady who goes to the golf course to play golf. She is a novice and couldn’t find any other novice to play with her. Finally she finds a man, a well experienced in golfer, who is willing to play with her. To make things interesting, the man comes with a betting system. He tells the lady, “See, I will play with you provided you pay Re. 1 for the first hole I win and keep doubling the amount for every subsequent holes that I win. It would be like 1 for the first hole he wins, 2 for the next, 4 for the one after that, which would become 8, and then 16 and so on”. The lady thinks to herself that “there are only 18 holes and even if I lose all the holes the money wouldn’t much” and agrees. They play and she loses all the 18 holes. Can you guess how much money she had to pay the man?
The amount is an astounding figure of 1.3 lakhs. In fact, till the 14th hole the amount is not significant at all. It is just around Rs. 8,000 But from then on it grows on by leaps and bounds. This is the power of doubling your money. It may feel insignificant initially, but as time goes by, the figures would become astronomical.
Same way, if someone were to double an amount of Rs. 1 lakhs every 4 years (approx. 20% returns per annum), at the end of 40 years it would be around 10 crores. This would be an ideal retirement corpus and help him maintain a very good lifestyle for the rest of his life. Even if we take an average inflation of around 6% per annum the amount would be equal to today’s Rs. 1 crores (approx.). Go ahead and work this out in an excel sheet and you would understand.
So, whatever monies you get out of side business, just keep investing wisely and see it grow.
all the above, earn and save so that is can grow and save in such a way so that it can meet the expectation of inflation, your saving also grow with your income and investment avenue also change with change in economy policy and situation.
I agree with you. the "side business" could fetch more money than ur "main job" if managed well.
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do side business and save that money And invest in a proper manner which give you safe and high return...............
Side Business means:financial advisory, insurance agent
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I think Savings and investments in Assets is correct way to meet any kind of future eventualities Your savings should be structured and portfolios should be structured so as the risks are mitigated As we all work for money, the saved money should work for us and when this savings generates more income than we do then we should start focusing on the savings part and not working ;) its time for retirement Man !!
he is also right do side business on one hand you are giving employement to your dearest person on the otherhand you are having income
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There are two ways to accumulate / conserve. One to forever look for ways to make more money yet this may not be quick unless ethical practices are thrown to wind. The second one is learning to value what you have ethically created...to me this is what can make our and others lives better. |
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Valuing your resource can at minimum ensure reduction of wastage and tendencies to over accumulate. This ensures a more equitable share for more.
Adrija,
I am unable to resist countering your aim and ask a simple question:
Why and How much?
Thanks Mr Arikrishnan, Conservation is not limited to any single part. Eating on bite less than full stomach is a well known healthy practice, it saves the person from unnecessary post overeating treatments. The same resources can fill many more stomach if we limit our consumptions........
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As an employee, if you can squeeze in few hours for the partime job, you can easily increase your income, many people who are working who are really good at studies do take tutions for students where they can earn few extra bucks, and if the Word of mouth spreads regarding this one can easily make some cool cash, also one will not get that feeling of their jobs being monotonous, so depending upon one's skills one can do those things as part time jobs and rapidly grow their income.... |
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Instead of working multiple jobs one can start and develop a business like real estate consulting, financial advisory etc,. Because business can only will make one rich. Not JOB. And business can be inheritted, not Job, so start the business of ur interest immediately along with the job.
I am not agree with u because who company will give the opportunity to go out from company & do work for another company which is competitor in his field. How it is possible to do this.
Yes you are right Adrija. It all depends on how you are managing time and area of your interest or expertise. One can opt part time engagements like teaching, Insurance agent, copywriting, accounts work for small shopkeepers or can encash hobbies also.
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There are no methods to rapidly grow one's income unless you are looking for short cuts which are not advisable. Better is to cut down your expenses and i mean the frivolous ones till things look up. Make every ruppee count and suddenly you will find yourself on the richer side. Also remember what the elders said about saving for a rainy day.
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FREELANCE JOBS IN ADDITION TO REGULAR JOB CAN BE THE SOLUTION Freelnce Work at Home Jobs are adding more on day to day basis. Freelance professionals now make up more than a quarter of the U.S. working population, or 26%, according to a survey by human resources consulting firm Kelly Services, Inc, up from 19% in 2006. So, why not Indian workers can also resort to freelancing in addition to their existing jobs to utilize their spare time in the best way? "As the economy contracts, there are not only more people looking for new ways of earning money, there are also more companies looking to make their employment practices more efficient," said Rob Palmer, CEO of a job search site for freelancers. I have got a contact address of Work-at-Home Club [wah.club@gmail.com]. Probably that may help willing workers to search for freelance jobs to work at home. |
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Dear Sharad, Time cannot be multiplied, as the time remains the same. Only a person would need to get himself multiplied. But that would also not be possible due to his limited capacity during a given time.
Dear Narayan,
In fact your job as Estate Agent is also a freelance job. I have never stated that the job of an estate agent/consultant is bad. I have stated that this is one of the best methods to rapidly grow income. May the estate consultants be uneducated or semi-literate, they earn brokerage only after serving the interests of the investors or the home seekers. But, it seems you have taken it in some other way. You are also correct to point out about white collared crimes by politicians and bureaucrats. In fact corruption is rampant amongst only the politicians and bureaucrats, who seem to have unending hunger for money. But, here the question is not about corruption. The question, in itself seeks the methods of earning rapidly. BUT, I am sure whatever method leads to RAPID growth of income that leads only towards corruption and unethical practices only. Even auditors, as you have pointed out correctly, some times lead the white collard individuals and companies towards corrupt and unethical practices.
Everyone also know that it is the educated who have swindled more money, in billions, as compared to uneducated persons. Take the case of the white collared crimes, bureaucrats and politicians, etc. And as I stated earlier, most of the real estate agents are uneducated as compared to management consultants. Take the case of Author Anderson and other consultants.
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Increase your working hours, as time is money, how? By increasing your availability, imparting your skills to a set of people (delegation) you multiply your productive hours per day. This is how one can become Microsoft TATA or Amway. |
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I support your views Mr.Dasgupta, but instead of increasing your working hours one can learn new skills in their field in their interests, this time will make them expert and they can make more money...
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Though it may sound foolish, it is the advice given by a famous economist. "The best way to increase your income is..increase your expenses"...So to meet your expenses, you start finding different earning methods.
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Yes, hard to digest but its true.
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1st,"To get a flying start",
2nd,"To convert the start into stability & experience the Work,love it & learn"
3rd,"To work smart & hard for a couple of years.
4th,"Save your money,"bcoz "A PENNY SAVED IS A PENNY EARNED" &
5th,"Invest your savings for your betterment"
"START EMPLOYING OTHERS"
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First is Hard work and a focussed approach in any thing that you do. But it will not grow your income Rapidly. It will be gradual and may then become fast. The second way is to become a politician, become shameproof to all criticism and its there.
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by proper utilizing of resources and by creating new ideas,innovation it is possible
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when you are investing money in different company's shares your income will be automatically increased why because they will give you the dividend
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A fraud of Rs.400 CRORES cropped up in the Citibank Gurgaon due to RAPID growth of income by a Relationship Manager of the Bank and arrested by police. So how is the idea of RAPIDLY growing income? |
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We can make money of course by hard-work and effort in the particular field. But Using our intelligence, potential, knowledge, we can invest at right time, at right place. Like investment on gold, land etc...
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We can make money of course by hard-work and effort in the particular field. But Using our intelligence, potential, knowledge, we can invest at right time, at right place. Like investment on gold, land etc...
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there is no other way them making efforts and doing what we are suppose to do some time you get quick returns cause you must have worked hard in some previous avtar and would have given up you have taken of from there and started again so hard work is the only way to rapidly grow your money.
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Working on related areas where you specialize gives you an advantage. As an assistant finance manager you must be having some insights on financial aspects like Repo-rate you can provide guidance to MBA graduates into finance & banking and earn
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In my opinion it's depend according to your situation
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Maximizing wealth would not come from an 8-5 work in an office, as ordinary and middle-level employee. Maximizing wealth would come the way of risk-taking individuals endowed with entrepreneurial skills and innovative-imaginative individuals much shorter compared to an ordinary 8-5 mortal.
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all the above and also do the business such as share trading etc where you can do your business with your intelectual property you can use. CFA & CA can take the class at weekend program or guest lecture
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With the market becoming more simple to understand, people still invest on hot tips and loose there money. General investor who have money to invest don't give their time on thinking about what they are doing with their money and when they lost it they find themselves cheated or rather misinformed. People only drive themselves with the flow of crowd, but people who think differently about their money and move the opposite direction of the crowd make more money and are more satisfied. There is no get rich quick schemes available and if someone says you that it exists than s/he is making a fool out of you. You can create whatever you dreamt off by utilising whatever you have. JUST THINK DIFFERENTLY AND EARN QUICKLY.
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And you can have onions with each of your meals! |
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Ujjwal ji, there are enough sharks already so why make it completely inhabitable...
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Its your Innovative Ideas which is only rule the entire Business industry. Who can think and do what others requires and able to apply his thoughts in action, He/she Wins the Race.
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I would say maximizing wealth never means working in an office for long hrs. or to cut down your expenses. It means the increase in your savings so its all about how you keep your savings. one should invest the ideal money in some fund can be secured or unsecured depending upon the risk taking capability and the most important should keep the track record of the investment.
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Do something what others don't do move out of rat race and think something path breaking and you will earn like you never thought was possible
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It is time and money again, there are some business ventures where one can invest as capital and earn good returns let it start from a tangible businesses like small hotels or SMEs or might be even as a venture capitalist by creating an investor's pool to convert a small investment to a good capital by some of the like minded people around you, like all you MBA classmates, All your Room mates, All your shift workers etc., better to find an investment opportunity other than capital market and invest with an viable and financial credential business ventures.
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Yes, of course this is a good idea to have a side income but you cann't just trust the chain marketing theory or on the mails received daily through inboxes for selling of health products. Good bankers should come up with ideas while providing finance to establish some business setups of our own.
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That's what everyone is doing. Selling ideas!! How real your ideas can be is upto you.
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Ideas per say don't make money. It is only its implementation. Having an Idea is nothing other than a piece of information. It is how you put to use that information that counts. You can refer to the following web site http://rodinhood.com/7-myths-of-starting-up-busted-here
- Create a confidential Career Profile online
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Mam, when someone publishes a study or research it means there is fair amount of truth into it. You just cannot brush off the matter saying it is fake. If so then you should resonate. |
Thanks Manish btw many here are too old for this :) MR. Murthy the link of your blog :) |
As such I am not satisfied by the sides given. But the question that should be raised is that why should there be an increase. They already have enough what more do they want? |