Harris, I think it depends on several factors. First, I recommend having a well established emergency fund that will be enough to cover several months living expenses. This will help you cover any unexpected expenses and avoid taking out additional debt. Next consider other short/medium term goals. For example, are you saving to buy a house, do you need to replace your car in the next two or three years, etc. Finally, consider the interest rates of your student loans and what you may be able to earn in an IRA and decide which option is best for your needs. Investing for retirement now could be a huge benefit for you and your wife when you reach retirement age, but eliminating debt increases cash flow and gives you peace of mind. Both options are solid. Best of luck.
This were great ideas, but sometimes a great idea is not enough. You must have “vision” on the business model, and when you already have something done working, maybe should be better contact a good investor (make sure you have a patent of your idea – You dont want people copying you).
People frequently make a lousy choice on their very first business decision: which business area to enter. In fact, it is often given little consideration, a choice that people may drift into without consciously looking at the options.
Every successful business I have ever studied, has hired the help it needed. Conversely, every failed business I ever looked into, tried to do it all themselves. DIY is best kept to the home. Do It Yourself accountancy, IT, marketing and legal work, etc, makes zero sense… especially in today’s super competitive economy.
There are professionals, entrepreneurs and industry experts in your community who have already gone through the business-building process. Learn from them. They have suggestions to share and failures they’ve learned from that can spare you the pain and cost of making those same mistakes yourself. It’s valuable to have an experienced, trustworthy advisor to review your ideas and help position you to improve and succeed. (Here’s more on why you need a mentor.)
The long-term average annual return of the U.S. stock market is about 10 percent per year. Using a handy statistical tool known as the “Rule of 72,” you can calculate that a 10 percent annual return will double your investment just about every 7.2 years. So, can this power of compounding returns turn $500 into $1 million? If you’ve got the time, it certainly can.
Million Dollar Business Secrets is a four module program designed by creator T. Harv Eker himself, and those four modules contain over 20 videos that help tackle every important part of creating, managing, and growing a business so you can actually be a business owner and not just someone creating a self-employed version of a high hour and high stress job.
So when is the right time to buy Million Dollar Business Secrets, if ever? First you really have to think about whether it’s something you can invest your money and time in. Keep in mind that any investment is risky and you can lose your money, regardless of what the advertising is promising you. Always try to see through hype.
What about age-related diagnostics tests if you are not a scientist? No problem. Write a newsletter about the latest developments in that area. Make a blog about it. Or sell your subscription newsletter for a high price to every big pharmaceutical company. In other words, pick an area in “Step One” above and then brainstorm the various ways you can build a business around that area in “Step two”. You don’t have to make an airline to set up a travel-related company. There are many ways to come up with ideas that work.
The best thing about Million Dollar Business Secrets is the simplicity. As Harv himself says time and time again, complex doesn’t work. But what will bring you in super-profits are simple, effective strategies that work in every field of business out there.
If you ask enough top executives about their leadership style, you’re likely to hear a number of them say, “I hire the best people and get out of their way.” It’s a good line that makes sense at a certain level. Hiring the right people is the most important part of building a strong team, of course, and delegating to give people more autonomy is a powerful motivator.
– Be as consistent as possible. No one is going to hand you a million dollars. It took me a few years of constant 14 hour days of hustling to the point we generated our first 7 figures. Now I’m able to leverage my time and money to create greater products and live my lifestyle at the next level.
Of course this type of business is capital intensive but the truth remains that it is a money spinning business. Before you become a player in this industry, you would need to acquire the required license and permits from the required authority before you can be allowed to start lifting crude oil. It is an industry that is regulated because of the activities of pirates and crude oil bunkers.
Most people have a single checking account for all of their Bills and Spending. This could be called “traditional BS money management” (ha ha). In such a system, if you don’t spend all of your cash, the “extra” money might get saved into a simple savings account. This can cause a few problems:
I listened to this, and watched the video interview in regards to your story. Really liked it man. My story is somewhat similar. As a junior I was one of the highest ranked tennis players in Hawaii, and was on my way to a D1 scholarship, and then maybe some pros… but I decided to take a year off to train… and in that year, totally burned myself out by overtraining and drinking too much caffeine.
Many people who start a small business are concerned that they don’t have the knowledge to master finance and accounting. I have a number of presentations that take you through the basics, even if you have no experience in accounting. As long as you stay meticulous and organized, you can master small business finance.
Just today I was ordering a house-warming gift for a friend who moved into a new home. I sent their family some gourmet cookies. The company I bought from has a service where you can “subscribe” and have cookies sent to your house every month.
The remedy? Build time into your schedule to meet with contacts and friends who may be able to help your business grow. It’ll also help keep your creative juices flowing. Scofield stays plugged in by calling a couple of colleagues or friends each day, or, when he’s short on time, keeping in touch via social networks like Twitter and Facebook. “When you work in a home-based business, you have to work a bit harder on communicating,” he says.
Thousands of investors lost everything during the property crash of 2008. However, most of that came about as a result of sub-prime mortgage lenders selling homes to people who couldn’t afford them. It was financial suicide for everyone involved.
There are loads of people who have been able to legally make a million US dollars and above within a year from investing in different business portfolios and also from other legal means. One thing is common with such people; they are always willing to take the necessary risk involved in the business deals. The truth is that, if you are not able to take some calculated risks, you are likely not going to make a million US dollars in a year except inheriting it from a family member.
It doesn’t have to be a specific business. There are many business ideas; search a need for a particular business in your surrounding area, do the SWOT analysis to see if it will work, then do an initiation. Being well-known will come once you’ve become established and achieved success.
The quality of who you are as a person, and the work you do, is completely within your control. But you can’t wish for it to happen. You must become the kind of person who naturally attracts the success you seek.
On the surface it might appear like their income only comes from one source. But once you dig a bit deeper you’ll find they have money invested in real estate, several e-commerce businesses, a cryptocurrency portfolio, an indie publishing house, etc.
I’m 27 years old, I am married to a doctor in residency, just bought our first condo in boston have a roth account a 401k some precios metals. I want to be doing so much more but kind of stuck not knowing what to do next. We are working on paying off debt from my wife’s med school and the condo. Does anyone have any advice? I have a finnacial advisor also and he just tells me to keep investing! I need more direction then that! I’m 27 there’s a lot to learn still…. I’m currently working on making more money at my job just have to wait for the big promotion. Please help?? Thanks guys
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Some people would simply like to quit their jobs and make a good living. Some people would simply like to quit their jobs and make a million dollars. In that movie (the Justin Timberlake vehicle), JT says, “A million’s not cool. A BILLION is cool.”
He began that 15th business with $2,000 in credit card debt and became a millionaire within 2 years. Eker then began analyzing the relationship that rich have with money which led to creating his Peak Potentials training company along with becoming one of the most sought after speakers and trainers.
“Look at your beliefs and look at the beliefs of the wealthy and how they think about money,” he says. “They see it as a game. They’re just playing a game, and they’re having fun. They’re moving things, and they’re creating value for society, and they’re getting richer all the time. It’s more about thinking about money in terms of abundance and opportunity and freedom and all the good things, such as good health. Money can save your life if you have enough of it, because you can pay for treatment for whatever you have.”
Rules #3. Get a customer! This is probably the most important rule for any entrepreneur. People want to find and take the “magical path”: get VC money, quit their jobs, build a product, and then have millions in customers. It NEVER works like that.
8. Ivar Kreuger, the “Match King,” was a Swedish businessman who built his company on completely fabricated assets ($250 million) and ended up shooting himself (although rumors persist that his death was a case of murder).