Welcome!

News Feed Item

Creditnet's Guide to Getting Rich This Summer

SEATTLE, WA -- (Marketwired) -- 07/03/14 -- Everyone seems to want more money, and many people would like to get rich, but there are steps that have to be taken to get from point A to point B. The steps below are no secret to success, but they are an essential part of the formula for getting rich. This summer is the perfect time to start down the road of getting the wealth that is both desired and deserved.

According to Creditnet, a leading financial site, getting rich may be hard, but it isn't impossible. By following this guide, any average consumer can work their way to wealth:

1. Get your personal finances in order

The first step in doing this is to make a monthly budget that is accurate and is adhered to. This means that no extra money is spent at any point during the month that is not allocated for in the budget. It takes discipline to do this, but financial discipline is an important element in getting rich. Once a person can stick to a budget, the next step is to begin looking for places to cut the budget. This includes unnecessary expenses. Part of getting rich is to sacrifice today, so greater rewards can come in the future. It is important to learn to live on only what you need in order to save money. Having extra money set aside is a key factor in becoming rich.

2. Reduce and eliminate debts

There are two types of debt: consumer debt and investment debt. Consumer debt should be avoided. If there are outstanding credit card balances, they need to be paid off. A credit card is a good thing to have in your wallet for many reasons, but a smart consumer will always pay off the balance each month. Other debts, such as credit cards, need to be paid down. Naturally, this does not include a mortgage. Paying a mortgage is considered investment debt, so it is only important to pay a mortgage on time to maintain a good credit rating. Once the credit cards are paid down to a zero balance, it is important to shop around for a credit card that has the lowest interest rates. Although interest rates will not become a factor when there is no balance, in emergencies, it may be necessary to carry a balance temporarily. It is also important to shop for a credit card that has the lowest annual fees, and most importantly, the best deal for cash back on purchases. Smart consumers will use their credit cards to take advantage of cash back, while enjoying the security that a credit card provides.

3. Begin to invest in a side business

Once a person has their financial house in order, extra money can be set aside for the purpose of investing in a business. This is the most important part of getting rich. Every man or woman that was poor or middle class and was able to get rich in their lifetime was able to do it through having their own business. No one ever gets rich by working for someone else. Although having a business is not a guarantee of getting rich, it is an important step in getting rich; therefore, an individual who wants to get rich needs to find a product or service that can be developed into a business.

4. Think about the type of business to start

People who have traveled down the road of getting rich have another common element; they have a passion for their product or service. In order to have a successful business that creates wealth for a business owner, it takes a lot of commitment and hard work. It is easier to achieve this when an individual loves what he or she is doing. Those who get rich with their business don't mind putting in the time needed for success because they enjoy the experience. The lesson here is for a person to think about what motivates them and what they are passionate about. People who have a business related to their passions will usually find success.

5. Keep your day job

It is always best to start a business on the side by working in the evenings and on weekends. In short, a part-time business while a person still maintains their full time job. There is less pressure to make a living, and fewer mistakes will be made without a financial burden hanging over the new business owner's head.

For more personal finance tips, check out Creditnet: http://www.creditnet.com/blog

About Creditnet:

Creditnet is an authority credit card comparison site that offers innovative comparison tools to help users find the best credit card for their needs. In addition, the Creditnet Credit Talk Forum is a community of over 100,000 members that discuss credit cards, credit, debt, and credit repair daily.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership abi...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you ...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...