Friday, September 19, 2008

How to Become A Rich Person

To Become rich, there are many avenues that you need to explore. In fact, the are many ways to make money: a daily job, trade stock, trade foreign exchange, make money online, investment in bonds, investment in property. Each of these options requires a different level of capital to start with.

Usually, online money requires little monthly expenses to build and host a website say 10-20 dollars. Other types of trading online such as stock trading or foreign exchange require a fair capital say 10,000 dollars. You may even find a way of earning money online by filling online surveys.

They pay between 5-75 dollars per survey.

The first step in the journey to be rich is not to accumulate debt. If you intend to have your own business, avoid debt problems and bad debts. Avoid the idea of filing a bankruptcy or chapter 11. It will take you years to have a good credit rating by the credit rating agencies.

Debt problems can never disappear magically from your life. Accumulating debt is easy and progressive, but getting ride of it is uphill journey. It all depends on how much debt you have and how much your income is.

Before we start on how to reduce your debt problems, you should always aim for no further borrowing. You need a car? Just save for it. Become a saver and cash buyer from now on.

When you have debt problem, it is time to think about increasing your income as well. Another job or utilize a skill that never though you have, or starting a business that almost cost nothing is a good start. Think of starting your website and sell advertisement on it. This site should help you start with such an idea.

When you think of applying for a loan, think how much do you need. Most importantly, think of how much you can afford paying off the loan using a worst case scenario. You will always need to buy pair of shoes, a new trouser or something for the person you love. So, avoid having debt problems by
thinking that you can pay off the load quickly because you intend to squeeze your expenses.