2006-12-10 09:02:52 · 6 answers · asked by l.a.rome 1 in Business & Finance ➔ Small Business
be smart
ask people
observe
read books
get a job in whatever one BEFORE you risk you own money
learn what works and what doesn't
invest just a little till you are sure or at least nearly sure it will work, then a little more
2006-12-10 09:06:09 · answer #1 · answered by kurticus1024 7 · 0⤊ 0⤋
Hello I.a. rome,
You've asked a terrific question.
I think you're on the right track in asking the right kind of questions.
I will give you advice that I heard: "The first part of being successful in business is just showing up"
Next I would say that all business success involves and will depend on your success in some kind of "selling" at one level or another, ie, retail to consumers, to service providers, with vendors, or suppliers, etc. So it is really a good idea to understand and get good at the sales process which is a skill and can constantly be improved on.
Of course set your goals, stay focused,
have a positive attitude, and go for it.
Good luck!
2006-12-10 09:59:24 · answer #2 · answered by whoopswhatever 4 · 0⤊ 0⤋
Help alot of people get what they want and you'll end up with all you can handle.
Try Network Marketing, also called Multi-Level-Marketing. When Donald Trump was asked "If you were broke again, what would you do?" This was his answer. "I would find the best network marketing company in the world and become a distributor. They must have a great product, AND a great compensation plan. It must be structured to make money by helping others - not by taking advantage of them."
To be rich, take the advice of rich people.
2006-12-10 09:41:53 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
Get your first house and be sure to pay a hefty deposit if you borrow.
Make sure the rental income less tax and other charges are greater than the mortgage payments. (thats important)
Make sure you have enough available funds to pay the mortgage without tennants fot at least a year.
If the property value increases then borrow against that to get another house
Stay on your toes. Get yourself a good income until you have at least five houses. Maybe just maybe you can relax a little after that.
BTW : You will go grey. Lots of things to check such as : Can I find paying tennants easily? Will the property appreciate quicky? Can I take the stress?.....Most important : Is it legal were I live. It is where I live.
Oh yes : Make sure you understand the kind of tax you have to pay if you sell one of those houses. It can be a lot
2006-12-10 09:22:09 · answer #4 · answered by philip_jones2003 5 · 0⤊ 0⤋
Instinct. Staying ahead of the market.
2006-12-10 09:04:52 · answer #5 · answered by Maria D 1 · 0⤊ 0⤋
Find a niche that isn't already crawling with competition and be the best at what you do. The bigger the niche the richer you will be.
2006-12-10 09:10:15 · answer #6 · answered by jewelking_2000 5 · 0⤊ 0⤋