How to Get Rich?

It seems that everyone wants to get rich. Many books have been written on this subject, classes have been taught by many who claim to show you an easy way to get rich, rich people have given advice on how to get rich, and many other schemes have been developed that guarantee you will get rich fast. Yet, most if not all get rich schemes don't work. Here are some more dependable ways to become wealthy.

• ·         Surround yourself with self-made millionaires. Learn from them. It's been said that "like attracts like". Get all the information you can about how rich people started making big money and what they are doing now.
• ·         Every night before you go to bed, empty all of your spare change (coins in particular) into a jar. This takes time but after about one year you may have at least $150 saved up in coins.
• ·         If money is burning a hole in your pocket for something specific (a new car, for instance, when your current model works fine), force yourself to wait a month before buying. Ask a family member or very trusted friend to hold your money for you if it's that much of a temptation. Spend time considering the real cost of what you want to buy, the pro's and con's, how much it will set you back in your aspirations versus the immediate satisfaction, and how that money might be put to better use. If you still can't live without it after a waiting period, it's yours, but often you will find that an immediate desire looks less and less attractive once you stop and think about it.
• ·         If you find yourself wanting something big to gratify you immediately, divert yourself with a small indulgence rather than giving in to the large one. Walk away from the designer suit or purse, but on your way home, buy an ice cream cone or catch a movie instead. The $8 movie ticket is a lot less expensive than the $800 purse, but gives you the same feeling of doing something "just for you."
• ·         Get a good education! Would Larry Page have started Google if he didn't have a good education? Well, the short answer is no.
• ·         Know that if you tend to buy things you don't need, you will eventually have to sell things you need.
• ·         Pay off all your smallest bills first and then apply those payments to the next smallest bill until you are completely out of debt. If you are going to take out any new loan then make sure that it is for something that will produce income.
• ·         If you are self employed then Form a Sub-S corporation. This will allow you to take a reasonable salary for your type of employment and then take the rest of the profits out as a distribution which is only taxed at 15%. You can also deduct your vehicle through the corporation (must keep log). Business Equipment, purchased or leased through the corporation, can be expensed in the same business year up to $250,000. So if your corporation made $300,000 in NET profit then you would only be taxed on $50,000 because the equipment lease would offset the income.
• ·         Education, in the form of specialized knowledge, is essential to being able to build a sizeable income. Specialized knowledge can come from professional training, on the job training or from school.
• ·         Keep your credit record clean because most companies require capital infusions to grow. You won't be able to get a line of credit if your credit score is low. Keep your personal expenses as low as possible and re-invest in your company until you are financially independent. This means until you can float your home and business for 6 months without any money coming in the door without a loan.