Reading is something that has something to do with success. A survey done with most self-made successful entrepreneurs had revealed that they all spend a good 2 - 3 hours simply reading up - novels, works of non-fiction, literature, magazines, newspapers, periodicals, anything. All that matters is that they read and are up-to-date with whatever it is that they are associated with. I am going to make myself yelling over the sounds of their empty heads that the importance of reading is next only to breathing.

Here are a few books you must catch up with NOW :

• Think and Grow Rich - Napolean Hill
• As a Man Thinketh - James Allen
• The IBM way - Buck Rogers
• How to Win Friends and Influence People - Dale Carnegie
• How to Develop Self-confidence and Influence People by Public Speaking - Dale Carnegie
• Chicken Soup for the Entrepreneur’s Soul - Chicken Soup Series
• The Magic of Thinking Big - David. J. Schwartz
• The Art of War - Sun Tzu
• Alexander the Great - Paul Cartledge, Alexander the Great - Robin lane Fox
• The Prince - Niccolo Machiavelli

If you did come this far reading through the list - You are somewhere on your way Know any more great titles?

Update on Books :

I just stumbled on a great list compiled at Get Rich Slowly on some of the best books to be owned and a few other tips to maintain your personal library. Awesome read and I hope it helps you just as much.

 Building a Personal Library : 25 of the Best Books About Money 

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I listen to people making excuses everyday as to the fact that they weren’t able to start their own businesses and even if they had tried once, they couldn’t do much but write it off as one- of -those -things- that -happen -to -us. Among a lot of reasons, myths and laziness-induced excuses, some people still emerge as likely candidates to start their own businesses after all and probably for the second time now and if you had just been a discerning young about-to-jump-ship business junior, this is just as relevant to you as it is for anyone else.

I have figured out 5 ways to nurture your start-up effectively : …..Click here to read more

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It is so tired to be “ordinary”. It is such a pain to see all that effort going into living one’s life to see that the results are far from extra ordinary. It is almost a sin of you let your life be just as everyone else’s life is. Simply put: if you don’t have spunk and dare to do something different; you suck”

Harsh it might be, but ask this question again. Munch on a cookie and tell yourself that you are happy munching it like everyone does? Or have you started thinking already?

Businesses are started everyday without a single pointed difference in the product offerings or services provided. It’s just the same thing given to us with another name on it. How long will you last with a “me-too” product or service? Why should a consumer look at you and not your competitor if she wanted to buy?

You didn’t get that yet?

Well, ok.

You see, money comes in when products and services are sold. Money goes out when you spend towards all expenses that occur while the sale happens. What is left becomes your profit. Simple, wasn’t it?

Now, the problem here is that the consumer, who gets to choose between so many different people providing what the customer is looking for, will go where there is ‘Value’.

Now, no one has ever said that you can’t do anything new to get to that value. No one said you can’t think. No one stops you from thinking of other ways to go ahead and shake your competition up. So what stops you?

YOU stops you. You are being lazy, after all. Why think of something new when your competitor has done all the thinking and has set up a strategy which seems to be working fine? Why take the risk of doing something and that ‘something bombs?

If you need to be successful in business, you need to have the spunk. Only Intrepid entrepreneurs will make it. Not the sissies. You got to be thinking big and marking your territory even before someone spells the word.

Go get the spunk!

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What is the one single biggest investment anyone would ever make, anywhere in the world? It would be a home! A home strikes an emotional chord with many people and is probably one of those few assets which has a string emotions attached to it - not just the owners but even their families. Owning a home is like owning a few square feet of bliss; of an inexplicable sensation of freedom.

More than anything else, owning a home also gives you this possibility of dropping anchor at a set place where you would consider as a neighborhood where you would feel a sense of community — and that is an age-old human emotion which can make you experience an emotional tug of war to get you your own home.

The first step towards a dream like owning a home — for most people - is of course a mortgage. It’s like saying you will have to pay dearly for all of those big dreams you dream about. You will realize that a lot of money goes towards paying off your mortgage. However, for most people, the sheer happiness found in owning a home surpasses the pain of paying out a substantial lump sum as mortgage payments — the essence of this write-up is to ease that pain a bit.

Mortgage — very simply defined - is the loan that you take up to buy a home for yourself. Mortgages can be two types: fixed-rate mortgages and Variable rate mortgages.

The differences between both of these mortgages come about based on how each payment or Equated Monthly Installment will be influenced by the prevailing interest rates across the market in particular and the country in general. In case you are planning to invest in commercial property, apart complex as a whole (so that you can lease it out) or if you are considering dabbling with any other kind of real estate investment you could avail commercial loans which would make it easier for you.

It goes without saying that “due diligence” is a must (as it is critical, no matter what you choose to do in life) before you swoop down and make decisions. Thanks to the Internet and an abundance of information available at the drop of a hat, you could easily do all the requisite research much before you pick that call up and talk to a mortgage officer. You would do well to learn how mortgages work; the kinds of mortgages available; the prevailing interest rates; what the payments are and the elements of each payment; the principal component and the interest component; the financial institutions that provide mortgages, they history and reputation, service and support — That is enough juice to get started with your research on, isn’t it?

All of that matters because most of us have limited incomes and what we pay out must not force you to lead a life style that you don’t deserve just because you “didn’t know”. You have to know everything about the loan and the disbursing institution before you commit yourself.

Owning a home is a dream for many people and keeping a few things as mentioned above will go a long way in ensuring a hassle free transaction towards that dream.

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Do me a favor — forget whatever you knew about businesses — starting one; running it; marketing it and even selling it. Forget the fancy degrees and whatever else you did to get around to even THINK about business. Remember just one thing:

Cash In Must be More than your Cash out.

That’s the corner stone to business success. You won’t exist without it. Never.

Not just business, it will work for Investing and saving money too. So even if you are really Interested about businesses, look at your personal financial situation — if this basic tenet is not being fulfilled, you are likely to be in doldrums.  Don’t even start a business if you can’t see this happening within a set, pre-determined time. Don’t even talk about marketing plans and financial planning ; funding and systems develoment ; IT implementation and EXIM, if you don’t get that equation right.

Most businesses falter because they don’t get it. Businesses tend to rush in to fill demand. Do things that are unnecessary - scores of meetings are held to ‘talk” about situations. Well, if you want to bail out of one potential killer situation - get the cash flow management right.

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Everyone keeps doling out ideas by the dozen but perhaps it is time to give you the ingredients and allow YOU to think — see what makes for a great business model.

1. A no over head business : I don’t see myself having fun when I still need to pay for the rent, employee salaries and huge over heads while the profit I stand to make on any given sale is miniscule. Without overheads, my profits are pure gold.

2. A Service Business : Because it gives me an opportunity to correct myself or my business processes if I do any mistake. Immense flexibility. Products will be expensive to produce and it will be difficult to back track .

3. Automated Businesses : Any business that can be automated and set to run all by itself is an amazing business to have. I know a few friends who have such businesses and I can see what it has done to them.

4. Location Independent Business : Like content development, web design, promotion and development businesses that can be operated from anywhere. Think about it, you don’t need to be ain any office and stuck to any one place.

5. A system based business : The above pointers might not be possible all the time. However, there is no excuse for not having a system in place for each function in your business — all the way from lead generation to accounts or product handling. Systems are crucial for business success.

Can you think of more of these ideas?

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There are numerous people who dream of being rich and to be able to do all those things the rich do - like travel and be anywhere at any time — but somehow, these very people never get to be where they aspire to be. They get stuck with the steady, mundane corporate grind and the more time they spend doing this, the more it becomes impossible for them to get out of it — or so it seems.

Here’s the fodder for your brain — one thing you don’t have that the rich do — freedom. The dream of being anywhere at any time is an all-consuming one and it is surprising as to the fact that not many DO it, even if they knew it.

You can design your life starting now, with that key element embedded in your line of work by following certain radical, contemporary and really whacky ways of living and making money as given below:

• Writing: One of the best things you could do is to travel around, all over the world, on a visitor or tourist visa (simply because they are easy to obtain and inexpensive too) and continue to write — it is up to you as to what you choose to write on and how often or how much, but it is an option that sets most travel bug bitten souls thinking really hard.What do you need? - A habit of reading; a desire to excel; commitment and the willingness to learn.

• Web designing: A dying art and is also a highly competitive art like writing (writing isn’t going to die, anyway!). However, that should be the last thing on your mind because a true entrepreneur must innovate and think of different ways to make his or her product offering unique. Web designing is another option simply because you can do it from anywhere.What do you need? A Computer and an Internet connection; the skill of web designing; perseverance; an eye for detail and the ability to bring in business

• Financial planning: Have you ever wondered what occupies most people, across the world? Financial problems - the need to have sufficient, if not lots of money and what can be a better vocation that to be a self-employed financial planner? Yes of course, there is a steep learning curve here and you might even need credentials but then, it can be done. Investing in relevant courses, on the job training (if possible), online courses and certification tests can take you far in this field.What do you need? An undying thirst for knowledge; a sound logical and reasoning mind; ability to crunch numbers and the desire to help others make money.

• Coaching and mentoring: Here’s another thing that most people fight with everyday — a range of problems plaguing them day in and day out. Why not become a personal coach? Do you connect with people? Can you come up with practical solutions to everyday problems? Are you approachable, affable and social? Perhaps you could earn lots of money by being their mentor or coach.What do you need? Approachability; the skill of listening; rapport - building and excellent verbal, written and non-verbal communication skills.

• Running a virtual empire: This one is a beauty — set up websites and fill it up with focused, well-written content; start a web-services business; run a media empire with a slew of websites focused on different profitable niches ; set up a content development firm; start your own Search Engine Marketing firm ; How a Virtual Assistant company?What do you need? Ideas, lots of them ; domain names and hosting packages; automation strategies to set your business in motion

Although it is definitely not an exhaustive list, there are certain takeaways from this list alone that you would do well to pick — firstly, if you feel that you need special skills and competence for these vocations, you are right — and you can train yourself to attain them. This training is any day beneficial, focused and fetches more return on your investment than any management degree in the world. Secondly, if you were looking for something easier, try to get yourself a job and don’t aspire to be rich or dream to work out of a beach shack because it isn’t going to happen.

You got ways to get to your dream of being able to work anywhere, at anytime. Now, you just have to work at it.

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Young and dashing, ambitious but foolish — if you are about to be boxed into this category, take stock and think. You have been earning money but not saving? Have you even thought of long term implications of such nonchalance? Would you like to let your feet touch the blue waters of the beaches in Maldives or Bora-Bora? You need to get away from the grind and plan your finances well for all those dreams to come true and don’t let anyone tell you anything else that sounds like get-rich-quick.

Getting rich and making wines take time.

There are myriad ways of investing and it is highly likely that you might not have been aware of it and if you were, you didn’t hustle. Listed below are a few things you ought to keep in mind for a sound and unshakable foundation for your finances.

1. Get rid of debt: This should be your primary step towards well-crafted financial planning. There is really no point in amassing wealth on one side while the interest rate on your outstanding debt accrues at a much faster rate and at this rate your net worth (i.e. Your Assets – Liabilities) is negative at any point in time. By debt, I mean debt in all its ugly forms – all the way from credit cards to home, auto and personal loans. I don’t intend to advocate the policy of procrastinating your savings and investments until all your debt is cleared, but I do emphasize on the point that clearing your debt has to be your primary focus before you get deep into investing and saving.

2. Start saving young - However you wish: You can do a lot of things to embark on an exciting journey of investments. While most people put off saving until their thirties, it is quite the contrary. You ought to start saving young. As early as you can, so as to tap the time that is truly a blessing at this juncture. Here is a quick snap shot of typical must-dos for a young investor

a. Consolidate all your bank accounts into one or two main ones. Too many accounts are meaningless and it can only nibble away on your money.
b. Divide your money inflow into three parts - Precious money, Short term money and spending money. The Precious part is for your OWN retirement purposes ( No, Not even your spouse and children, because you never know how things and relationships might turn out to be — You can start separate funds for children, though), short term money is for all your cravings, desires and expected future expenses like marriage, child’s education, building a home or a car. Needless to say, Spending money is for just that — spending. This should take care of recurring monthly expenses like rent, miscellaneous items, food, laundry and such like.
c. Draw out elaborate plans to cater to each one of the above mentioned three parts.

3.Sacred money - The foundation for your wealth:It indeed is. If you thought that an insurance plan or a Fixed Deposit would do the trick, it might not be as simple as that. Start with very little amount of money stashed away into safe investment vehicles like Deposits, Recurring deposits - if you wanted to try systematic investments into safe investments and Unit-Linked Insurance plans with their debt or equity fund( depending on your ability to take risk, provided at least one such fund is into a debt fund) opted for. This money is sacred and is not to be touched until at least 20 to 30 years. If you started this when you were say 25 even 20 years would only mean a huge pile of cash waiting to be splurged when you are barely 45 - A time when most people would have started saving. See where you are going? I reiterate for effect - This money is not for home loan down payments. It is to be stashed away and forgotten.

4. Short term Planning: Your Life style will depend on it. Wont it? Your home, your car, marriage and children’s education and everything else depends on what you are going to do with this money. This needs active participation and sometimes professional advice. No one can define your short term for you. It’s your call. However, depending on your risk profile, you ought to be making realistic and prudent judgments about where you need to park your money. I recommend well-performing mutual funds for short time frames like anywhere from a year to three or even 5 and Unit- Linked Insurance policies if the time range gets to 10 years and over.

5. Spending money — The everyday cash you will smell:Whatever you hold in your bank account is going to be the money you would need to pay off utility bills, rent, food and some other immediate and inevitable expenses. It calls for high liquidity and if you can be enterprising enough, there are some other investment vehicles like short-term mutual funds, money-market funds and cash funds, Certificates of deposit and such to park your money into to get a marginally better interest rate than your savings account or current account. However, if all the money in the account is bound to be paid, it is not worth taking the trouble. Budgeting might help you keep this spending under control and see to it that it won’t infiltrate into the other areas of your investments.

A few quick reminders:

• You can save tax only to an extent, hence make the best use of it and save while you can.
• Think short term and long term both. Your children can kick you out of your house and your spouse can initiate a divorce - what then? Whom are you going to fall back on? On top of it, you would be too old to work by then.
• If you thought all this was a waste of time, think again. Ask your dad and mom how much they ended up spending on the family so far, increase it slightly taking inflation into account and check it out for the same for yourself and your own family. I would bet you will faint.

It’s time to take reality with a pinch of salt on your empty wallets. Keep investing.

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