Sadly, we don’t live in a world where one can realistically be expected to save their money. It just doesn’t happen anymore! A few decades ago that could have happened …
0
Understanding Grace Periods And Interest Free Periods
Knowing the way in which interest free days works is fundamental to both getting the most out of your card(s) and for the debt-management plans outlined later. The first thing to know is that interest free days are only available on Purchases (unless otherwise stated in your terms and conditions, or as a balance transfer offer etc.)
It’s important to note that the terms for credit cards vary from country to country. Many countries have a 25 day payment ‘Grace Period’ (eg. USA, UK, Canada) while other countries have a ’55 Day Interest Free Period’ (Australia, New Zealand, some of Asia and Europe.) The time period is essentially the same (30 day statement period plus 25 day grace period = 55 days interest free.)
But the terms for eligibility are very different!
With a Grace Period, you need to pay the Full Owing Balance by the Due Date to be eligible for interest free. In other words pay the card off entirely, including any card usage after the statement period finishes.
However, for ’55 Day Interest Free’ cards, you only need to pay the Statement Closing Balance by the Due Date to be eligible for interest free. In other words, excluding any card usage after the statement period finishes.
Note also, for some cards you need to have paid the previous statement’s closing balance by the due date too, so you may wish to check those terms and conditions, as this may mean a one or even two months delay for eligibilty! If so, you may wish to use a card without this condition for the plans.
To restate this important point: the Closing Balance for the Statement Period will often vary from the actual credit used by the Due Date, due to any payments or card usage between the statement period end date and the Due Date (approximately 25 days.) What this means in practice is for ’55 Day Interest Free’ cards you don’t need to pay your whole owing balance to be eligible for interest free days – only the Closing Balance shown on the Statement. But for ‘Grace Period’ cards, you DO need to pay the whole owing balance to be eligible. Burn this distinction into your memory as it will become a very useful piece of knowledge!
A simple example will help clarify these points. Say I have a new card and in my statement period I buy a DVD Player for $200. After the statement period finishes, but before the due date, I buy a TV for $500. To be eligible for 55 Day Interest Free Days I pay the $200 Closing Balance by the Due Date. The next Statement is sent out approximately a week later and I have until it’s Due Date to pay $500 for the TV to be eligible. If I only pay $499, I should not be surprised when my next statement includes interest charged on the TV Purchase (based on my average unpaid daily balance for the period.) Yet for a Grace Period card, given the same situation, I would need to pay the full $700 by the Due Date to not pay interest.
So as you can see, consumer awareness makes a big difference. The advantage is to the financial institution in the case where the customer hasn’t read their terms and conditions, goes and makes purchases, then rings up a month later and complains they didn’t get their interest free days. Oh well, maybe next time.
But the advantage is to the consumer when they do take the time to read and understand all that funny-worded fine print, even if they need to have a long conversation with a customer service officer to get it clear. Or you read this or some other report that actually explains it (hopefully ahead of time.) If it’s still unclear, go back and reread, because not ‘getting it’ is going to cause difficulties at some stage. (maybe not today, maybe not tomorrow, but soon and for… hang on! Back, clichÈ! Back!)
In contries where available, most of the card offers include the ’55 Day Interest Free’ period. If you have a card without this facility, you can usually change to a card product from the same financial institution that does. Otherwise you start paying interest from the day you make a purchase. No fun!
To my knowledge, 55 Day Interest Free cards are available in Australia, New Zealand, and some parts of Asia and Europe. Grace Period cards are available in the USA, UK and Canada. Residents of countries not listed here will need to check for themselves as availability will vary. It’s worth checking a card’s terms and conditions as not all cards go by 25 or 55 day periods. There are, for example, cards with 20 day Grace Periods and other cards with 44 Days Interest Free!
All rights reserved. Article may be freely published or distributed provided it remains intact and unchanged and links remain active.
0
Using A Loan For Home Repair
No matter how much you love your new home when you purchase it, the odds are that at some point in the future you will want to think about some kind of home improvement project, whether it is remodeling or making an addition. Upgrading a kitchen, adding a swimming pool, extending a wing of the house to include a study and another bedroom, or putting up a new fence are all common projects undertaken by home owners to improve both the look and the value of their homes. The problem is, all of these tasks cost money.
For those wondering about where they can get the funds to make their project a reality, there is always the possibility of home improvement financing. Whether engaging in simple decorating, in home repair, or in a big improvement project, financing options are available. This financing will usually take the shape of a loan, and loans will differ in conditions and charges according to the borrower. There are a few options when it comes to these loans. They can be paid on a monthly basis, a bi-weekly basis, or on quarterly payments. The length of the loan is also something to determine; will it be paid off over five or ten years, or even more? Remember that the time will determine the amount of interest paid on the loan.
The reason for taking out a loan like this is because not all projects can be done by amateurs. Sometimes, whether we like it or not, we have to call in the professionals to do what needs to be done in our homes, and tradespeople charge quite a bit of money. Even projects that can be undertaken by novices will necessarily entail some costs in terms of materials, so really big jobs will always need some extra cash available. Many people will never be able to save up the money necessary for the project, so taking out a loan becomes a necessity. For some reason, most find it easier to pay off than to save up.
The best way to get a loan is to shop for one. Don’t take the first offer you see advertised; instead, shop around and try to get a price that is the lowest available. There are many institutions that offer loans such as banks, credit unions, and loan companies, and they all have different qualities as far as interest charges and terms. You will need to have a clear idea of what your home is worth and its equity, as well as your earning potential, in order to be approved for the loan. It is vital to take your time and do a lot of checking before signing any agreements, to make sure that the venture doesn’t cost too much in the end.
0
Understanding Your Bank Account Details Better
With so many different terms floating around, banking terminology can get really confusing. If you are someone who doesnít know their AER from their APR and their PIN from their Chip, then this guide to common banking terms could enlighten you.
AER
AER stands for Annual Earnings Rate. AER is used to calculate the annual amount that you earn on an investment or savings account. The higher the AER, then the better the investment or savings account. If you are looking for a savings account then compare AERís to work out where your money is going to make the most profit.
APR
APR stands for Annual Percentage Rate, and is the amount of interest that you pay each year on a loan or mortgage. The lower the APR then the less you will pay yearly on that item of borrowing. Items with high APRís like credit cards have APR figures around 15-20% whereas mortgages have a low APR figure of about 5-7%. The quickest way to compare loans is to look at their APR values.
Chip and PIN
Chip and PIN is the current system used to pay for items or withdraw cash using a credit or debit card. The card has a 4-digit PIN, or personal identification number, that you enter into a cash machine or till machine in order to retrieve money or pay for goods. The chip on the card holds information that, combined with the PIN, allows the machine to identify you as the correct owner of the card. Chip and PIN is more secure than the previous magnetic strip and signature technology that was used a few years ago.
Overdraft
An overdraft is a sum of money that you are minus within an account. If you go beyond the amount of actual money you have in an account, then you go into the overdraft. Many accounts have a pre-arranged limit that allows you to go overdrawn, which can be useful, as unauthorised overdrafts will cost you a lot in interest and fees.
Phishing
If you use online banking, then Phishing is a term you might have heard of but you might not know what it means. Phishing is a form of scam or illegal attempt to get hold of your bank details online so that they can withdraw money from them. When online banking started this was a big problem, but with increased security measures the problem is getting better. Most Internet browsers include a Phishing filter to stop such practices from occurring.
Standing orders and Direct Debits
Standing orders and Direct Debits are similar in some ways, but different in others. Both involve a regular amount being transferred from one account to another. Standing orders are a regular, fixed amount that you pay to another person or company, usually monthly. Direct Debits are an amount of money, which can be fixed or varied, that is removed from your account at set intervals. One example of a Direct Debit is mortgage repayments.
Getting advice
If you are unsure about any other banking terms, then visiting your local bank branch or looking online might help. Never be afraid to ask about something, because if you donít understand something that is part of your account policy, you could lose money or not be taking full advantages of the features on offer to you.
0
Top 5 Reasons People Get Reverse Mortgages
Once youíve done your research on reverse mortgages and gained a more complete understanding of the product, the next step is to decide if a reverse mortgage is right for your situation. If youíre eligible (a homeowner 62 years of age or older with equity in your principal residence), this may be a quick decision or one that requires a bit more consideration. As with any decision, itís always helpful to get the perspectives and experiences of others who have faced similar situations and asked themselves the same questions. So for those other folks who have decided to get a reverse mortgage, what were their reasons? Weíve asked some of our readers and site visitors and below are the top 5 reasons people get reverse mortgages:
1.Retire in style! ñ Most homeowners getting close to retirement age have spent that last thirty years or more making mortgage payments; depending on where you live, this monthly obligation could be anywhere from a few hundred dollars a month to a few thousand dollars a month and beyond ñ phew! Every month that one big check goes out the door to the bank and leaves you with that much less cash to save, invest or spend on the items you need and want. How great is it to finally turn the tables on Main Street Bank, where they now send you a check each month? Most retirees have steady monthly costs, such as housing, medical, insurance and other necessary expenses. For non-working retirees, those expenses are managed with a fixed income from retirement accounts, pension plans, social security or other plan. The reverse mortgage allows a retiree to increase their fixed income and provide cash to do some things that they might otherwise not be able to afford to do. Typically, the personal quality of life is the number one reason people get reverse mortgages.
2.Pay hospital or medical bills ñ For many older Americans and retireeís medical issues are an increasing reality in their daily lives. With the ever rising cost of healthcare, this can put tremendous demands on a fixed income. Ongoing medical treatments, prescription drug regimens, or a large one-time (possibly unforeseen) medical bill are all top reasons that people get reverse mortgages.
3.Improve or modify a home ñ While this may not be an expansion of the home, the early part of retirement is a great time to re-purpose your house to accommodate the way you will be living for the next ten, twenty, thirty years and on. Maybe itís time to expand the kitchen, widen the hallways or remove some steps, or exchange the old pool in the backyard for a beautifully landscaped garden. As we get older, a top reason people get reverse mortgages is to outfit their house for their new lifestyle.
4.Dream vacation anyone? ñ What better time to just get away than when your working days are behind you and the weather turns a bit gloomy? Proceeds from a reverse mortgage have allowed many homeowners to take that vacation theyíve always dreamed about, but never had the time or resources to take. Bon voyage!
5.Pay off high interest rate or problematic debts ñ With the large amount of debt that the American consumer accumulates over a lifetime, it should be no surprise that this is a top reason people get reverse mortgages. Whether its high interest rate credit cards, a relativeís student loan debt, or even a potential foreclosure that must be dealt with, reverse mortgages can be a very effective way to get a large sum of cash to manage other debts.
These are the top 5 reasons people get reverse mortgages ñ once youíve made a decision to move forward with a reverse mortgage, send us your top reasons and weíll add them to the list!
0
To Build Wealth, Don’t Seek Higher Education
One of the most important determinants of building wealth during your educational life would have been a solid course in the history of education. Why? Because a solid understanding of the roots of institutional education would enable you to realize that most education puts you in debt at the same time as never teaching you how to build wealth. Henry Ford once stated that it was a good thing that people in America had no understanding of how banks truly worked because if they did, there most likely would be a revolution by tomorrow morning.
This statement still holds true today. 99.9% of people, even the very people employed by banks, have no true understanding of how banks control economies. Think that banks in the United States actually keep the stated 10% of the Reserve Ratio Requirement (RRR) in their reserves? Think again. As well, most people have no true understanding of how educational institutions work. If they did, many people would realize that formal education can often hurt their ability to build wealth even more than it helps.
Most people, no matter where they are educated, go through their educational life learning to become robots. The ìauthorityî figure tells them that A+B = D and if the student disagrees and argues that A+B = C, then his or her reward is a less than satisfactory grade. So students spit back what the teachers tell them to think, they receive good grades, and for their obedience, are later rewarded with a good job. Itís a perfect process to produce the perfect cog in the machine, the pod people represented in the film ìThe Matrixî.
How Educational Institutions Feed into the Debtor System
More times than not, to attend higher education at a top ranked global institution, one will accrue between USD$80,000 to USD$200,000 in debt by the time one graduates, in essence trading an ìeliteî education for a lifetime of debt. Even if a family is wealthy enough not to accrue enormous debt to send their children to the top schools in the world, their child, before he or she even graduates, needs to start establishing ìcreditî if he/she ever wishes to successfully apply for a car loan or a home mortgage after graduation.
However, ìcreditî is an extremely funny choice of words considering that to establish good ìcreditî, one has to rack up lots of debt. If you donít rack up lots of debt and in turn prove that you can pay off this debt responsibly, then you will have ìbad creditî instead of ìgood creditî. And without ìgood creditî, even if you have $1 million of ìcreditî in the bank, youíll have no credit. And with no credit, you wonít be able to get a car loan or a home mortgage. Not even with $1 million in the bank. Not unless you offer your money as collateral for a secured loan.
Credit cards should be renamed ìdebt cardsî and institutions of higher learning should be renamed ìinstitutions of higher debtî so at least every innocent, bright-eyed 18-year-old has no misconceptions about the dark side of credit cards and institutions of higher learning. The moneyed elites founded almost all of the top universities in every country in the world. If we look at the founders of the U.S. educational system, the moneyed elites founded Temple University, Vanderbilt, Johns Hopkins, Cornell, Duke, the University of Pennsylvania, Columbia, Harvard, and Stanford just to name a few. In the seminal book ìEducation and the Rise of the Corporate Stateî, Joel Spring wrote that ìthe development of a factory-like system in the nineteenth-century classroom was not accidentalî. Russell Conwell, a member of the wealthy elite, validated Springís assertion with statements he made before he founded one of Americaís oldest educational institutions, Temple University:
ìThe men who get rich may be the most honest men you find in the communityÖNinety-eight out of one hundred of the rich men in America are honest. That is why they are rich. That is why they are trusted with our moneyÖIt is because they are honest menÖ.the number of poor who are to be sympathized with is very small. To sympathize with a man whom God has punished for his sinsÖ.is to do wrong.î
That is one of the most ridiculous statements I have ever read in my life but yet the American educational system was largely founded to sustain a caste system of rich and poor. In the late 1800ís and early 1900ís, masses of students were trained to conform in their thinking and any dissent to the teachings of these universities was discouraged and punished with poor grades. If you were rich, it was because you were a good person. If you were poor, you deserved your fate, because poverty was a sinnerís fate. Even though this was a hundred years ago, not much has changed with the ìmodernî educational system. For the most part, in classrooms all over the world, conformity is still ìKingî.
How Traditional Education Kills Critical Thinking, the Most Important Skill to Build Wealth
As an example of how yesterdayís psychology is still applied in todayís classrooms, I distinctly remember a university course in which I strongly dissented with the professorís opinion. The professorís argument just didnít hold any weight in my mind. Though I crafted entirely well constructed arguments to support my dissenting view on the next exam, the professor ìrewardedî my critical thinking with a C+. On the following examination, having learned my lesson, I spat back exactly what I knew the professor wanted to hear. For my utter lack of critical examination of any of the key issues, I was rewarded with an ìAî. This lesson in conformity occurred within the ìrevered and hallowedî halls of an Ivy League institution, and such manufactured conformity spills over into the corporate world once these institutions graduate their students.
If Copernicus had accepted the Catholic churchís teachings that the earth was the center of the universe, people would have continued believing that the sun circled the earth for a hundred more years. If the Wright brothers had accepted the universal belief that flying was for birds only and quit due to the ridicule heaped upon them for their ìunachievableî pursuits, we still might not be able to fly today. To illustrate how blindly people accept what they are told, recently I read an article where astronomers agreed that Pluto is not a planet, so they stripped Pluto of its accepted planetary status since 1930.
But when I was a kid going through school, if you didnít mention that Pluto was a planet on a science exam, your answer would have been marked wrong. Even if you gave the same exact arguments that astronomers gave today, you would have been wrong. Your teacher would have told you, ìLook, itís in our science book. Pluto is a planet,î and another lesson in conformity would have taken place. If a hundred years ago, somebody started teaching the world that the moon was made out of cheese, everybody today would believe the moon appears as a yellow orb in the sky because it is made out of cheese. It is only when universally accepted beliefs are shunned that groundbreaking progress is possible.
This slow death of critical thinking skills then places financial institutions back in control. They tell you Strategy A is the only way to invest, and since the five different investment firms tell you the same thing about Strategy A, you believe that Strategy A must be the best way to invest. So apply critical thinking and question everything when it comes to your investment life and you just may discover that what you have believed to be true for the past 20 years is wrong. Critical thinking was what made the invention of my proprietary SmartKnowledgeUô long tail investment strategies possible and critical thinking is what will make you a better investor.
Traditional Education Does Not Provide Any of the Courses You Need to Understand How to Build Wealth
If I owned a revered institution of education, I would teach at least 10 courses that arenít currently offered by any traditional universities: (1) The Long Tail of Investment Analysis 101; (2) The Long Tail of Investment Strategies 101; (3) Gold and Other Precious Metals; (4) Major Global Currencies and Their Effects on the World Economy; (5) Investing in Hard, Tangible Assets; (6) How to Leverage Money; (7) How to Identify the Debtor System and Beat It; (8) Corporatocracies: The Relationships of Governments, Banks, and Corporations; (9) Who Controls Money Flow Around the World; and (10) The Myths & Lies of Global Investment Firms.
Every single one of these course would be a thousand times more helpful in building wealth than Economics 101 or Marketing 101 type courses that are currently offered in the venerable halls of our elite learning institutions. Yet no one seems to want to offer them. Could it be that those that benefit from this knowledge have no intention of ever sharing it with the masses? This is exactly why I founded SmartKnowledgeU and why I strongly believe that formal education is only worthwhile if you are pursuing a career that requires a specialized degree in medicine, engineering, architecture, law and so on.
Otherwise, years of liberal arts educations or even attaining a business major is pretty much useless in helping you build wealth. I have never used anything I learned about marketing theory, economic theory, statistics theory from business school in buiding wealth. What Iíve learned outside on my own time, comprised of the ten courses above, is what Iíve found to be useful.
0
Tips To Save Money
Maintaining a budget is very important in the grand scheme of things as you want to make sure that you can take care of all the expenses that you incur in the course of living. This is something that a lot of people are not aware of and they spend their life living paycheck to paycheck. When you live in this type of state you have a big problem because there is no money available in case something should happen.
If you want to have a personal budget then you need to take on some money saving. Saving money is not something that a lot of people are very good at. This is due in part to our nature to want to spend what we have. But when you take the time to save a little money each time you are paid. This is a matter of some importance as you never know when you are going to need it.
The best course of action is to plan on saving ten percent of the money that you bring home. With this plan you will have a weeks worth of pay saved in ten weeks. The money that you are saving should not be touched for any reason barring an emergency. The reason that you are saving is to make sure that you have money should you need it for an emergency. This will enable you to save a lot of money because if you have not saved for an emergency then you will be forced to go and borrow the money which will compound the problem when you take into consideration the amount of interest that will be charged.
Personal budgeting is a matter of knowing how much money you have coming in and going out. First off you would need to determine the amount of money that you need to pay out each week or month depending how you prefer to pay the bills. Most people do not like to pay the bills on a weekly basis because the bills may change by the month. Once you have determined the amount of money that you have going out each month then you will need to determine the amount you need to set aside each week. Most often you will find that you can set aside forty percent of the pay that you receive and you will actually have more than you need.
The budget that you set up should be stuck too no matter what. A budget that will do no good is one that is not stuck too. The budget amount that you set should not be your entire pay amount. If you are finding that you need to save all or nearly all of your pay then you should take the time to check out the expenses that you have. There may be some things that need to be trimmed, because you are operating outside of the money that you have coming in.
Setting a personal budget and saving some money is a requirement to lead a life that is not ruled by money or the lack of it.
0
Tips On Getting Your House Insurance Right
There are many different types of packages when it comes to home insurance and it can be difficult to choose which type of cover and package to go for. Insurance can cover fire, theft and even liability, however there are many exclusions within policies and you should make sure that you read the small print. To help you here are some tips to get you started.
Make sure that you correctly value the contents of your home. If you are going for a new for old policy then make sure that you value your items at the price it would cost you to buy those items now, not how much you paid for them when you bought them.
If you have expensive items such as computer equipment, mountain bikes or family heirlooms then these wonít usually be included in the cover so donít automatically think that they are, these will have to be added on as extras to your policy.
You can get cheaper insurance by making sure that your home is secure. Installing mortise locks and deadlocks can cut down the cost of your premiums as can installing security lighting around the outside of your home. It is worthwhile checking the small print of your policy because some policies state that these have to be in place and if not then your claim might not be paid.
Make sure that you keep written documentation of the value of the items in your home and whenever you make new purchases add them to the list to keep it up to date. It can be surprising how things mount up if you donít care and you could soon find you have greatly underestimated the value of your possessions.
When looking to purchase your policy you should always shop around for the best deal. When it comes to buying insurance you can get the cheapest premiums online.
Doing a simple search from one of the popular search engines will reveal hundreds of online insurance companies all competing to give you the best deal.
0
Tips For Choosing A Health Insurance Policy
Choosing a health insurance policy is a very important decision and will affect your health in either a positive or negative way, depending on your choice. You will want to be sure that you pick a health insurance policy that will have you covered when you need it. If you are not sure how to pick a health insurance policy for you and your family, consider the following helpful tips. Following these tips can help you pick the best health insurance policy that will cover you and your family adequately while being affordable.
Tip #1 – Consider Your Needs – When you are trying to choose the right health insurance policy for you and your family, you need to take your health needs into consideration. If any of you have a pre-existing medical problem it can make it a bit harder to get medical insurance. You should also carefully consider what needs you are going to have in the next few years. If you are planning to start a family you will want to make sure that your health insurance policy covers maternity and other OB/GYN costs as well. When considering your needs you want to make sure that you purchase enough health insurance coverage, but you also want to make sure that you are not going to pay for coverage that you do not need.
Tip #2 – Are Doctor and Facility Choices Available – Another factor to consider when you are choosing a health insurance policy is the doctor and facility choices that will be available with your insurance plan. Many insurance companies only work with certain doctors or care facilities. If you already have a doctor that you really like you may want to be certain that you can continue to see this doctor and have it covered by your health insurance. Also make sure that it is fairly easy to see a specialist as well. Some insurance companies require doctor referrals and advanced notice if you need to see a specialist, which can be time consuming and can take up time you do not have.
0
Three Types Of Insurance You Do Not Need
Insurance is generally something that you purchase in order to protect you and your family from the potential financial loss caused by a catastrophic event or serious illness.
But there are types of insurance that don’t really provide that peace of mind for you, that are not required, that cost more than you could ever benefit from, and that are best avoided.
Here are 3 types of insurance that you can “just say NO” to.
Life Insurance Sold By Credit Card Companies
Credit card companies will offer you insurance that pays off your credit card balances when you die. If you already have a life insurance policy, either obtained on your own or through your employer, that will do the same thing. Why pay the credit card companies a much higher premium for the same thing?
Rental Car Insurance
When you rent a car, they always ask you if you want auto insurance which will cover you if you are in an accident in the rental car. If you have your own auto insurance, you will most likely not need this. Check with your agent to be sure, but most policies cover you regardless of what car you are driving. Even if your regular policy only offers this coverage by adding a “rider” to your policy, the cost of the rider will most likely be much cheaper than paying the higher per-day charge that the rental agency will charge you.
There are a couple of exceptions to note. If the car rental is for business use, check to see if your employer’s business policy covers you. And if you will be driving outside of the US, your agent can tell you if you will require special coverage.
Unreasonably Low Deductibles
While this is not technically a “type” of insurance, it is an insurance expense that you can do without. A lot of people carry lower deductibles because of the peace of mind it gives them. But how many times do you really need this lower deductible? And nowadays, while you may be required to carry insurance, it is often detrimental if you actually use it!
So if filing a claim will jeopardize your insurance coverage, you may want to only file a claim that you really can’t handle. It makes much more sense to raise your deductible and “self-insure” for the smaller claims, using the savings from your lower premiums.
If you decide to increase your deductibles, be sure to put your saved premium dollars into a savings account so that you can pay for those losses that fall below your increased deductible amount.
Specialty-type coverages, like the ones mentioned here, can usually be covered with another good broad-based policy that you already have. And why are these speciality insurance polices more expensive? It costs more for the insurance companies to administer these policies … so guess who ends up paying for the extra costs?!
0
The Way To Wealth ñ Three Principles Examined
Do you dream to attain riches beyond your wildest imagination? Greed when taken in the right context acts as an impetus to go into the unknown and challenge the existing state of things. While many people over the years have written many books on the pursuit of wealth and many people have spent their lives in the pursuit of wealth, this article attempts to explain a simple three step process that you can use to empower yourself and be on your way to wealth.
Mindset of wealth
Priming your mind for success is one of the keys explained in the law of attraction. This concept states that for you to attract wealth into your life, you need to believe in the abundance of wealth. This works at a subconscious level and once you believe that you can be wealthy, you are actually priming your mind to spot greater business opportunity and focus on actions on a daily basis that can bring your closer to your goal. People with closed minds would not dare take the next step for fear of the unknown. This mindset will give you the belief that would help tide you through your next period of doubt.
Plan and Strategize
Any step towards financial success involves a great thought out plan. Where do you see yourself in three years and how are you going to get there? What concrete steps do you intend to take and how will you know if you have success in your plans? Also strategize what type of industry contacts you would need to break into the circle of the industry that you want to enter into. Do you need to join some business association to gain some valuable business contacts or do you need to attend some conference to learn about the latest deals in the market and network with other industry level people.
Take action
Lastly, the way to wealth does not lie in quiet bouts of inaction. Once you have tested your idea or product with a sizeable test market, spend some time talking to venture capitalist and relatives and see if your product can be taken nationwide. A single thought when coupled with some action can result in powerful results. Having all the ideas and thoughts if not acted upon will end in nought. The journey of a thousands steps begins with a single step.
Thus, the way to wealth can be said to be fraught with many dangers and perils but in action will be your biggest obstacle. After testing the potential profitability of your product, there will come a time when all indicators from all around that your idea or product is feasible. It will be at this moment where it would fall on you to ensure that I hope that you have what it takes to take massive action to achieve your financial future. Carpe Diem!