Making Millions for Dummies (For Dummies Series) - Softcover

Doyen, Robert

Softcover

ISBN 10: 0470276746 ISBN 13: 9780470276747

Verlag: For Dummies, 2008

Inhaltsangabe

The must-have guide to achieving great wealth

Making Millions For Dummies lays out in simple, easy-to-understand steps the best ways to achieve wealth. Through a proven methodology of saving, building a successful business, smart investing, and carefully managing assets, this up-front, reliable guide shows readers how to achieve millionaire or multimillionaire status. It provides the lowdown on making wise financial decisions, with guidance on managing investments and inheritances, minimizing taxes, making money grow, and, most important, how to avoid common and costly financial mistakes. Millionaire wannabes will see how to maintain financial security throughout their life with this easy-to-follow road map to financial independence. For individuals who yearn to make millions but don't want to be restricted to owning or running a business, the book features other options, such as inventing and patenting the next big thing, consulting, selling high-value collectibles, and flipping or owning real estate.

Über diesen Titel

Über die Autorin bzw. den Autor

Robert Doyen is a former Enrolled Agent with the Internal Revenue Service and former Registered Representative with the Securities and Exchange Commission. He now manages his seven-figure investment portfolio. Meg Schneider is an award-winning writer with more than two decades of experience in television, radio, and print journalism.

Von der hinteren Coverseite

Learn to:

• Achieve and maintain financial freedom
• Manage your investments wisely
• Minimize taxes while making your money grow
• Avoid common and costly financial mistakes

Your practical guide to taking control of your money and achieving great wealth

Want to be a millionaire? You can! This no-nonsense guide shows you how to make your financial dreams come true with a proven method of saving, smart investing, and solid moneymaking opportunities. You'll see how to make wise financial decisions, minimize taxes, avoid costly mistakes, and ride out an unstable economy in order to reach your goals.

• Get your finances in order understand your relationship with money and lay the groundwork for setting and meeting your financial security goals
• Start building wealth today get rid of bad debt, start and stick to a savings plan, and maximize your paycheck
• Begin a venture to make your millions explore proven wealth-building opportunities, including starting your own business, coming up with an invention, capitalizing on an inheritance, and investing in real estate
• Manage your money wisely know your risk tolerance, get help from the pros, and minimize your tax liability
• Plan for the unexpected and the inevitable protect your assets, plan for your heirs, and keep your finances in good health
• Stay financially secure for the rest of your life reshape your attitude toward money and make the right financial security decisions

Open the book and find:

• What you can do to immediately improve your finances
• The difference between good and bad debt
• Proven strategies for building wealth
• How to invest for income or growth
• Money pitfalls and poor practices to avoid
• Ways to free up your money and make it work for you
• A plan for working out finances with your partner
• Tips for protecting your credit-worthiness

Aus dem Klappentext

Learn to:

• Achieve and maintain financial freedom
• Manage your investments wisely
• Minimize taxes while making your money grow
• Avoid common and costly financial mistakes

Your practical guide to taking control of your money and achieving great wealth

Want to be a millionaire? You can! This no-nonsense guide shows you how to make your financial dreams come true with a proven method of saving, smart investing, and solid moneymaking opportunities. You'll see how to make wise financial decisions, minimize taxes, avoid costly mistakes, and ride out an unstable economy in order to reach your goals.

• Get your finances in order — understand your relationship with money and lay the groundwork for setting and meeting your financial security goals
• Start building wealth today — get rid of bad debt, start and stick to a savings plan, and maximize your paycheck
• Begin a venture to make your millions — explore proven wealth-building opportunities, including starting your own business, coming up with an invention, capitalizing on an inheritance, and investing in real estate
• Manage your money wisely — know your risk tolerance, get help from the pros, and minimize your tax liability
• Plan for the unexpected and the inevitable — protect your assets, plan for your heirs, and keep your finances in good health
• Stay financially secure for the rest of your life — reshape your attitude toward money and make the right financial security decisions

Open the book and find:

• What you can do to immediately improve your finances
• The difference between good and bad debt
• Proven strategies for building wealth
• How to invest for income or growth
• Money pitfalls and poor practices to avoid
• Ways to free up your money and make it work for you
• A plan for working out finances with your partner
• Tips for protecting your credit-worthiness

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Making Millions For Dummies

By Robert Doyen

John Wiley & Sons

Copyright © 2009 Robert Doyen
All right reserved.
ISBN: 978-0-470-27674-7

Chapter One

Gathering the Building Blocks

In This Chapter

* Knowing the truth about money: wanting it, getting it, and having it

* Assessing your attitude toward money

* Identifying your destination and mapping your route

* Holding onto your wealth when you get it

* Thinking like a rich person

There's an old axiom in finance: If you suddenly made rich people poor and poor people rich, and then fast-forwarded ten years, those who originally were poor would be poor again, and those who originally were rich would be rich again. Why? Because poor people spend their money, and rich people keep theirs.

That's the "secret" to building wealth. Simple, isn't it? But if it's so simple, why isn't everybody rich?

Ah, that's where it gets more complex. For many people, money - and the handling of it - is tied to a cornucopia of conflicting emotions and desires. In the most basic terms, we want to have our cake and eat it, too.

Rich people have figured out how to do that. They have homes, cars, their particular "toys," all the things they want to buy with their money. But they also have money, because they make conscious decisions about how much cake they want to eat and how much they want to have. So their homes and cars may not be what you'd expect a millionaire to buy, and their toys may seem modest in comparison to their net worth. This is because they've developed the attitude and discipline that allow them to pick and choose what they spend their money on, instead of throwing their money at the newest, biggest, or most expensive thing they see.

This book is not about how to spend your money. It's about how to keep it so you can build your own financial security, and how to develop the attitude and discipline you need to do it. It doesn't matter whether you're dead broke right now or whether you've got a healthy savings account or investment portfolio. No matter where you are in your financial journey, there are steps you can take to improve your situation and be on your way to making millions.

Shattering Money Myths

"The conventional view," the famous economist John Kenneth Galbraith wrote, "serves to protect us from the painful job of thinking." When it comes to money, following conventional wisdom also can serve to keep you trapped in a feast-or-famine financial cycle. To break that cycle, first you have to break your faith in several conventional myths about building wealth:

  You don't have to accept your "lot in life." The way things are is not necessarily the way things must be. The first step to changing your life in any area - not just financially - is formulating the desire for something different. Only when you have the desire can you figure out how to make it happen.

  Wanting money doesn't make you selfish, materialistic, or evil. Money gives you the means to lead the kind of life you want: fulfilling, interesting, secure, and independent. Being financially rich gives you choices so you can live a more rewarding life.

  Having wealth doesn't mean someone else has to be poor. Economics, whether personal or global, isn't like a math problem where something added to one side has to be subtracted from the other. You don't have to take anything away from anybody else to build your wealth. (Of course, this also means that rich people haven't taken anything away from you to build their wealth, so there's no reason to resent people who have more money than you do.)

  Becoming rich doesn't require dishonesty. Certainly, there are some people who have made their fortunes through fraud or other dishonest means (Enron, anyone?), but those people usually are more interested in shortcuts to wealth than in truly understanding and managing their money. You can live your values and still create your own financial security.

  You don't have to have a lot of money to make more money. Small sums can add up to big dividends if you properly use the money you do have. The poverty mentality thinks, "There's such a tiny bit of cake; I might as well eat it." The rich mentality thinks, "I would rather have this tiny bit of cake than eat it and have none."

  You don't have to be lucky to create your own financial security. Some things in this life are outside your control, and you'll doubtless encounter unexpected setbacks on your road to wealth - a car or home repair or a medical emergency that delays your savings or investing goal, for example. But you can overcome even bad luck by using your desire and self-discipline to direct the things you can control.

  Making money is not a race. Competition certainly fuels some people's desire to build wealth, and sometimes these competitors are tempted to do things they shouldn't for the sake of a bigger payoff. But if you stay focused on your own goals and ignore what the other guy is doing (except to the extent that you can learn from it), competition is no longer a factor.

  You don't have to give up anything to become wealthy. Financial security is a choice, not a sacrifice. There will be trade-offs, of course; you may not buy or do something today so you can buy or do something else later. But that, too, is a choice. You're deciding what's most important to you, so whatever you don't buy or do today isn't really a sacrifice - it's just something that isn't as important to you.

MILLIONAIRE MINDSET

Wealth doesn't come quickly or without effort. It requires a combination of thinking about what you want and doing the things that will get you there. Thinking without acting is just another way of dreaming. Thinking plus acting equals achieving.

Understanding Your Relationship with Money

Everyone has her own way of relating to money. To some people, money represents power - not just in the political sense, but in terms of independence or security. To others, money is a tool that lets you improve your life - by paying for education or training, for example. Still others think of money primarily as a scorecard - a way to measure their success and self-worth.

Nearly everyone has some negative reactions to money-related topics and situations. Those who go on to make millions minimize those negative reactions. How? By understanding the root cause of such negativity and retraining themselves to think and act positively.

There are two key steps to understanding where your own negative thoughts come from and training yourself to minimize their impact. First is to ask yourself how you think about money. Second is to focus on positive thoughts and seek out ways to change negative ones.

Asking yourself how you think about money

How do you feel when you hear that someone has become a millionaire? When you read of someone winning a huge jackpot in the lottery, for example, or look at the enormous bonuses some Wall Street brokers get? If you say to yourself, "Good for him," and then go about your business, you've probably got a pretty healthy relationship with money.

But if you seethe with envy or resentment,...

Details zur Ausgabe

• Verlag: For Dummies
• Erscheinungsdatum: 2008
• Sprache: Englisch
• ISBN 10: 0470276746
• ISBN 13: 9780470276747
• Einband: Taschenbuch
• Auflage: 1
• Anzahl der Seiten: 386
• Kontakt zum Hersteller: Wiley-VCH GmbH; product_safety@wiley.com; ; Boschstrasse 12; Weinheim; 69469; Deutschland