Millionaire advice: Best ways to get rich!

We tend to assume that if we work hard and save money then one day we will end up wealthy. This is wishful thinking. We are more likely to end up with some modest but useful savings. If you want to accumulate serious wealth then there a number of approaches you can use and some are much more effective than others. 

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 1. Start your own business and eventually sell it. 

This is the most effective and proven way to become rich. If you can find a new approach to a customer need and build a profitable business that addresses that need then you have created real value. It could be a cleaning business, a hairdresser痴, a consultancy or an investment bank. It will probably take years of very hard work to build up the enterprise. Most new businesses fail so the risks are high. You need all the skills, dynamism, perseverance and diligence of an entrepreneur. But if you can pull it off the potential rewards are huge. This is how many of the seriously wealthy people did it.

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 2. Join a start-up and get stock. 

If you can accumulate equity positions in one or more start-up companies then there is an opportunity for a serious capital gain if the company thrives and either floats or is sold to a larger enterprise. Only a small minority of start-ups succeed in realising large capital gains so the odds are not good. However, you can use your judgement to see which business idea and which management team are likely to succeed. Early employees in Apple, Google and Microsoft became millionaires on this basis.

 3. Exploit your skill as a self-employed expert. 

If you can develop a marketable skill and retain your independence then you can reap considerable rewards. This is how sports stars, authors and entertainers become rich. In general the self-employed expert has greater earnings opportunities than one who works for a company. There are risks and you have to have something special. Your success is in your own hands so this is a popular route for people who have developed a skill and want to strike out on their own.

 4. Develop property. 

Buying, developing and selling property is a well-established way to build a significant capital position. One of the key elements is that by borrowing money you can gain leverage on your investment. Say you borrow $200,000 and put in $50,000 of your own to buy a property for $250,000. Then you develop the property and sell it for $400,000. The property has increased in value by 60% but your $50,000 has now grown fourfold to $200,000. You have to select the right properties in the right areas and develop them wisely. You are at risk from booms and busts in the property market. However, in the long term this remains a proven way to accumulate wealth.

 5. Build a portfolio of stocks and shares. 

If you can make steady investments in stocks over a long period, choose wisely and reinvest the dividends then you can build a large store of wealth. Of course stocks can go down as well as up and many small investors lose heart when their portfolio plunges. But over the long-term equities are as good an investment as property and much more liquid. Stock market crashes represent great buying opportunities for those with cash and strong nerves.

 6. Inherit wealth. 

It helps if you were born to successful or wealthy parents but failing that, you could marry fortuitously!

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Here’s a few more ideas that are not necessarily bad but are somewhat riskier if your goal is wealth:

 1. Work in a steady job, cut back expenditures and save in the bank. 

This is prudent practice and reduces your financial risk but is not an effective method of becoming rich. You should keep your expense within your income but if you want to make serious money then you must significantly boost your income or find ways to multiply your capital. Revisit some of the ideas above.

 2. Be an inventor. 

Invent a something that everyone needs and patent your invention. Then licence out your invention and watch the royalties roll in. This is another very difficult route to wealth. Some inventors do get rich this way but securing the patent is arduous and signing a good licensing deal is not easy. However more big companies are looking outside for innovations they can market so it is not impossible.

 3. Gamble. 

We hear about lottery winners and poker stars so this approach can sometimes work but the numbers are so unfavorable that it represents a lousy plan for becoming rich. You are strongly advised to avoid this method and use one of the first six above.

There are more important things in life than accumulating wealth. Who wants to end up rich, unloved, lonely and in poor health? However, if you can enjoy a balanced life and at the same time become rich, why not do so? Plan your route and relish the journey! 

I need money for a new home!

From housing bubble to foreclosure crisis to somewhere in between, the housing market has changed dramatically over the past decade -- and so have many of the rules of home buying.

ADMINISTRATIVE

Firstly, there are some ways to capitalize on a free money giveaway, no strings attached, that you may want to try to get in on.  All over the world, millionaires and billionaires giving money away as I do also, are handing out cash to those that are in need. When I say a need, I am also thinking about those that are in the dire need of a place they can call home.  If you are in need of some assistance, perhaps this is a good option for you.  Once you find a list of millionaires that give cash to help out others, you can write to them.  If you are saying, I need cash now, let's explore how you should construct a letter to try to get in on a free money giveaway, no strings attached.

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Also, you can try to make money yourself. As you know already, internet is one of the markets that is expending extremely fast. Maybe you have a good idea for online business that could bring quite a buck? Then you should definitely go for it! I am also willing to help you develop in this field! 

Here are five once commonly believed myths that no longer apply.

Myth #1: Buying a home is a great investment

If the housing bust taught us anything, it's that the housing market can be just as risky as the stock market-- if not, worse. Homes lost a third of their value nationwide and some markets took an even bigger hit.

Over the past 10 years, home prices have risen just 0.3% annually, while the S&P 500 has returned an average of 8.26%. There are, of course, other factors that can eat even further into those returns, such as maintenance. Have to repair the leaky roof? That will be $500. Need a new water heater? That's another grand.

Myth #2: Buying is always better than renting

Now that the housing recovery has taken hold, some markets have become way too expensive for homebuyers. One quick way to figure out whether to buy or not: If the home costs more than 15 times the annual cost of renting a similar home, you're better off renting.

In Manhattan, for example, the average cost of buying a house is about 24 times the average cost of renting one. Some other factors to consider: What would that 20% downpayment have fetched if it was invested in stocks or bonds (recall those returns for the S&P 500 we talked about before)? And beyond maintenance and repairs, what will the extra costs of owning the home include?

For most people, the decision comes down to the number of the years they plan to stay in the home. If you think you can stay put for five years or more then it might be worth taking the plunge. The timeline is longer in expensive markets like Manhattan, where it would take nearly 10 years before buying becomes a better deal than renting.

Myth #3: The three most important factors are location, location, location.

Finding the perfect home used to mean that it had to be in a well-established community with low crime, good schools and far from annoyances like airports or heavily used roads. But these days some of the best deals are found in neighborhoods that have yet to reach their peak.

"There should be more emphasis on the future outlook for a location, on what is the upside," said Jonathan Miller, president of Miller Samuel, a real estate appraisal company.

He said it's better to keep an eye on a location's potential for growth -- and value.

Myth #4: Buy the worst home in the best neighborhood.

The advice seems sound: You can fix up a bad home but you can't clean up a whole neighborhood. Those bad homes, though, can come with some pretty huge flaws.

"Every home you buy should have an engineer's report because it could become a moneypit," said Michael Morris of Coldwell Banker M&D in Moriches, NY.

Few Americans have the skills to do the work themselves -- or the money to hire someone to do it for them, he said.

In the end, you may end up paying more on that fixer-upper than if you had bought a home in better condition in a up and coming neighborhood.

Myth #5: All real estate is local.

It wasn't too long ago that the way to make profits in real estate was to study the local market inside and out. Local conditions, such as wages, unemployment and population growth, would dictate the direction of local home prices.

Not anymore.

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"Real estate is much more of a global phenomenon today," said Dottie Herman, CEO of Prudential Douglas Elliman, one of New York's biggest brokers. "The Internet and social media age has drastically altered [the] business."

International buyers accounted for about 7% of all U.S. home purchases during the 12 months ended March 31, while investors accounted for 20% of sales. And many of these buyers are paying in all-cash, driving prices sky-high.

In some markets, like New York, Los Angeles and Miami, this phenomenon is particularly profound.