Saturday, February 14, 2009

10 ways to GET RICH

I've read Warren Buffet's advices about getting rich, it's really amazing, and i would like to share it with you. If you don't know who Warren Buffet is, well, he is the richest man on earth: net worth of $62 billion. He earned most of his fortune by trading solid shares on the stock market, with the idea of always "buying what you know". And now you are going to read 10 ways to get rich by the man himself and some comments by me:

1 - Reinvest your profit > Got a nice payment from your business, don't go buying a bottle of Veuve Clicquot and throw a party. The beginnings are always the hardest parts, it's like a plane taking off, it's hard and it's necessary a lot of throttle for it to leave the ground, and the same applies for business, once it's already flying, things get much lighter.

2 - Be willing to be different > Mainly when talking about internet business, once a man has an idea, the cattle follows and copies him nonstop. Be ahead of your fellows, or at least, be in a different path.

3 - Never suck your thumb > Gather the maximum amount of information and make a decision. Sometimes when you think too much, the opportunity is already gone, or it has different conditions.

4 - Spell out the deal before you start > Make clear to anyone involved in a deal what are all the details about it, it will avoid a lot of posterior irritation, i personally had enough headache because of lacking clearness in some contracts.

5 - Watch small expenses > This is rather vague, but a lot of people spend really ridiculous amounts of money with useless things, like cigarettes, or who knows what kind of odd habits one can have.

6 - Limit what you borrow > My interpretation of it tells one should even never borrow any money unless that he is in a situation where there are absolutely no options left.

7 - Be persistent > If you are persistent enough and optimistic, you may beat competitors that are bigger or better established than you.

8 - Know when to quit > This is really something that applies to all life fields. There's a point where you can't reverse the situation and the only way to avoid further losses is to quit it.

9 - Assess the risks > I pretty much liked this one, because i am doing it myself since a long time ago. Whenever you face a situation involving risk and uncertainty, try to consider what are all the best possibilities and the worst case scenario to see how it's going to end, and know whether the payoff is worth trying.

10 - Know what success really means > This is the best part, just read Buffet's quote:

"I know people who have a lot of money," he says, "and they get testimonial dinners and hospital wings named after them. But the truth is that nobody in the world loves them. When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life."

I guess I don't even have to comment on this one.

Thursday, February 12, 2009

How to open an offshore account

Today i am going to talk about a very useful topic for many of us who have business on the internet. Nowadays it's quite easy to open an offshore bank account, and no matter for what reason you want to do it, here are some nice advantages that opening an offshore bank account can bring to you, here we go:

-People who want to bank in multiple currencies, you can leave an offshore bank account in a currency different from the one of your country, eventually earning from it in case your national currency is going through a devaluation process.

-Those who are seeking international access to their money. In many countries international bank transfers are limited, and even online shopping can be very difficult, the offshore bank account can solve this situation.

-And finally if you want to have more privacy about your funds. For example: you hate your wife, you don't want her to know where is your money is, so this is for you my friend.

Specifically an offshore bank account can also be of benefit to some expatriates residing in low or no tax countries as any interest earned on offshore bank deposits is paid without the deduction of taxation.

If you are already successful enough in your business and it has branches in more than one country, and offshore account can facilitate your financial life in different levels.

So once you have decided that you want to open an offshore bank account, you will need to open it. Choose your destination country, bank and account type. I would just recommend options that allow you to movement and manage funds mostly or totally online.

What you will need to open an offshore bank account are notarized copies of your personal identification, this is required due the anti money laundry policy worldwide.

In the next topic on offshore accounts i will give you a few suggestions of nice banks you can choose for opening your offshore account.

Sunday, February 8, 2009

Affiliate Marketing - Choose Quality over Quantity

A lot of people are into affiliate marketing nowadays, it is an important source of money for internet business individuals, but sometimes webmasters forget that their site traffic is based on its content rather than on how many affiliate banners they have on their side and top bars.

The first thing one should consider while choosing affiliate campaigns to display on their site is the attractiveness it has to your traffic. If you put a coffee brand affiliate banner on your toy-related website, the odds of getting significant profits from it are slow. You have to choose only affiliate campaigns that make at least a bit of sense or that are related somehow to your site content.

One therefore can say, "The more the better, if one visitor has more options to click, he has more chances to click on something". I don't think that is the best way to pursue profit on affiliate programs, a big quantity of banners and buttons on your site that don't match will bring pollution rather than profit.

Analyzing each affiliate program qualities is a complex process and probably there is no perfect formula for it. If you think your visitors will most often click a banner rather than buying a service, if you should look for pay per click affiliate programs, otherwise if in some cases they might sign up for a service, even if the ratio is lower than the PPC ones, if you can get enough people signing up through banners on your site, it can be very profitable. The EBay affiliate program pays 16$ for each new costumer they get through their affiliate program, so if thanks to your site content it's possible that ebay will have new costumers, it is indeed a good way of getting money.

Finally you should give a chance for every affiliate program, join the program and give some time to see how effective they can be for you, but don't exaggerate on the number of ads on your site, it will decrease your website popularity and even if they could seem harmless in some corner of your template, you will eventually lose traffic and the number of paid posts offers.