e-Wealth Daily: Free Ways to Make Quick Money, Ways to Become Rich

The Fundamentals of Being a Risk Taker... The More the
Merrier When It Comes to Building Wealth... A Gamble Not to
Take... Did I Wish You a Happy New Year?... and More.

** The Fundamentals of Being a Risk Taker
By Adrian Newman, co-founder of the WLI

If you are considering starting your own business, then you have to be comfortable with taking risks first. I don't care how solid your business plan is or how revolutionary your product is going to be — starting a business is risky and the sooner you accept this, the better off you will be.

If you aren't comfortable with taking risks, then you might not be suited to starting up your own business. Risks are a normal part of entrepreneurship, plain and simple. You are taking a risk by leaving your cushy job to venture out on your own. With a job, you have a steady paycheck, benefits, a retirement plan, and so on — with a start-up business, you will have to rely entirely on yourself to obtain these things.

By going out on your own, you risk not being able to get financing, you risk not being able to compete and, most of all, you risk losing your dream. However, though I might be making it sound grim, the fact is that starting your own business, although risky, is also a great way to make money and gain personal freedom.

The key is to prepare yourself for the risks that you are going to have to take. You need to find out if you are cut out for the life of an entrepreneur before you jump headfirst into a new business.

Think about the following questions when looking at every aspect of your life, from eating dinner to playing games. If you answer them honestly, you might find out if you are a risk taker or not.

Do you enjoy adding extra excitement to your life by betting on games?
Does the unknown scare or excite you?
Do you enjoy trying new things or would you prefer sticking with what you know?
Does the possibility of losing scare you enough to stop you from gambling?
How often do you try something new?
Have you ever taken a trip without having a destination in mind?
Have you ever entered into a career where you had didn't have a lot of prior experience?
Did you take chances and answer questions when you were in school or did you sit back and listen to others?
Would you rather eat at a restaurant you know you already enjoy or try somewhere new because it could be even better?
Do you tend to try something only after someone else gives you a good review of it?
Have you ever changed careers even though you were experiencing success in your current position?
Have you ever lost out on a job opportunity or something else you wanted because moving from your city scared you?

Questions like these will give you a good idea of whether or not you are comfortable with risks. Often — and I am guilty of this, too — until you ask yourself certain questions, you really can't know what type of person you are.

Some people might consider themselves to be risk takers, but they have been at the same job for 30 years, lived in the same town their entire lives, and attended the same college that their best friends did.

Playing the lottery once a week does not mean that you are suited for entrepreneurship.

If you find that you're not a risk taker, but you have a great business idea, then start to warm up slowly to the idea of starting your own venture. So, take small risks and see how they make you feel.

Try a type of food that you would have never tried before or pick up a book that you would have never read before. If you are feeling stagnant in your career, then take a few courses that might prepare you for new job options.

These are all small steps that you can take, which will get you used to taking big leaps.

The best advice I can give is to tell you to calculate your risks as much as you can before taking them. When you are writing out a business plan, include all the obstacles that you might encounter. Don't be afraid to put those things in your plan — just remember to write out how you plan on tackling those types of obstacles if you encounter them.

If you have an idea of the potential risks you will inevitably face, then you can reduce them through preparation and planning. Plan for not having tremendous sales in the first year and put money aside for your family in case every penny has to go back into the business.

Have a disaster plan in place just in case something happens that you cannot foresee or control. Also make sure that you have insurance in order to protect you and your business.

If you have a great business idea, you shouldn't let the fact that you are not a risk taker stand in your way. If it's not part of your nature to take risks, then start to change this about yourself by taking small steps. Nobody can force you to be a risk taker — this is one of those tasks that you have to handle on your own.

Good luck; you can do it!

** The More the Merrier When It Comes to Building Wealth
By Doug D'Anna, the "Hundred-Million-Dollar Man"

Unfortunately, there are no guarantees in business. No matter how great your business idea is, there is always going to be a certain amount of risk involved. Sometimes it's all due to poor timing for a business, a down economy, problems within your specific industry, or any number of other factors that can contribute to a business not succeeding.

If you want to increase your chances of making money with your own business, then you may want to consider adopting several forms of income, as opposed to just one. It sounds more difficult than it really is. You don't have to run three, full-time businesses. You can make money from a variety of sources — and you don't have to work day and night to do so.

You can choose to run a few businesses on a part-time basis. Look at it this way: running a few businesses gives you a chance to test the waters before getting too committed to just one project.

You can see which business works best for you and which one has the most potential to make money. More so, if they are all moneymakers, then you could be rolling in money in no time at all. Running two or more businesses at once isn't as difficult as it sounds — it all has to do with staying organized.

** A Gamble Not to Take
By John Hurd, Chief Wealth Researcher

I'll admit, there are times when I like to press my luck and go out on a limb. It might be a friendly wager with a friend over a game that night. Or maybe I'll go to see a movie without reading reviews or even knowing what it's about.

Now, I know what you're thinking, those sure are some pretty tame chances to take. And I'll be the first to admit that you're right. That's because I'm simply not a gambling man. I'll take risks, but only when I've calculated every potential loss that could occur if something goes wrong. You see, I just don't like surprises. Especially when they are bad ones.

And I'm sure you'll agree with me that you don't like nasty surprises as well. But, it seems to me there are many people out there willing to risk it all on a gamble.

Take, for example, payday loans. These are, hopefully, a last resort for some people unable to make ends meet until their next paycheck. And, if you can pay back the money on time, you only lose that percentage they immediately charge you for their service. Unfortunately, for many people, a payday loan is a gamble based on money they assumed that may get. In the end, some of them could see that one-time visit cost them upwards of 300% in interest.

You see, spending money before you receive it is not only a bad habit, but you could also be gambling more than you know.

For example, a friend of mine had been counting on a promotion at work that would have given him a pretty hefty raise. He felt like he was a shoe-in for the position, so he began acting like he'd already been given it. He did so by buying a new car and ordering a few outlandish pieces of furniture for his home.

Well, you know where this is going: he didn't land the promotion and is now cutting corners left and right to try to afford all of his new stuff.

While taking calculated risks with some investments can work out in the end, I find that playing it safe and looking at the long-term results of my actions is a far more secure way of making myself successful, and in turn having more money.

** Did I Wish You a Happy New Year?
By Michael Newman, the "Money Finder"

I think I neglected to say this, so here it goes:

I hope everyone had an enjoyable and safe New Year's, and is well rested and ready to get back and focused on achieving success.

More often than not, a person will claim that once the New Year starts, they will "quit smoking," "start exercising," or "reclaim their life." These are all noble resolutions and I wish everyone who makes them success, but the fact is that many do not follow through. They work at it for a week or two and then they're back to their old ways.

Believe me, every year, the first two weeks of January at my gym are complete pandemonium — then all the new faces begin to fizzle out.

Truth be told, old habits are hard to break and new ones can be even harder to pick up. If you want to prime yourself for success in the New Year, there are a few ways to make it easier on yourself.

Make sure you're on the right path. If things haven't been working out for you on the business side of things, it may be a better time than ever to consider altering your approach. Take a step back and look at your business from another angle. Hopefully, this will shed some light on where to make improvements.
Have the support of your family. This is an often-overlooked key to success, but it can be quite valuable. Without the support of your family, a business opportunity has an increased chance of failure. This is because it is liberating to know that someone believes in you. It gives you the confidence you need to try new things and the backbone to weather any storms you may encounter.
Stick to your guns. Keep up with your resolution. Don't focus on how hard it is to change your routine; rather, focus on the new opportunities you're creating for yourself and how you can effectively take advantage of them.

A new year can symbolize new beginnings and new opportunities to capitalize on success. However, it all depends on how well you can utilize your "stick-to-itiveness" and put in the work to produce the results you desire.