Get Rich For Dummies

Richest people in the World

2008-09-24T14:26:00.000-07:00

Image via CrunchBaseRich List reveals wealthy reap profits under Labour

Richard Woods

The richest 1,000 people in Britain have seen their wealth quadruple under Labour, according to The Sunday Times Rich List published today. Even under Gordon Brown’s brief premiership their fortunes have soared by 15%, just as the financial squeeze and faltering house prices have hit ordinary people.
The collective wealth of the 1,000 richest has jumped to £412 billion, up from £99 billion in 1997. Total net wealth during the same period has slightly more than doubled.

“The 11 years of Labour have been absolutely fantastic for the super-rich,” said Philip Beresford, compiler of the list. “Having a friendly Labour government has almost been better than having a Tory one; it has neutered politicians on the left.”

The wealthiest man in Britain is the steel magnate Lakshmi Mittal whose fortune has rocketed to £27.7 billion, up from £19.25 billion last year, thanks to strong global demand for steel. Mittal is now the sixth richest person in the world and far ahead of any other billionaire in Britain.

He is followed by Roman Abramovich, the Russian owner of Chelsea football club, on £11.7 billion, and the Duke of Westminster on £7 billion.

The list, which includes people born or based in the UK, reveals that the native British are being overtaken by foreign billionaires. Only six of the top 20 were born in Britain.

They include Sir Philip and Lady Green, worth £4.3 billion; Earl Cadogan and family, worth £2.9 billion; Joe Lewis, the financial trader, worth £2.8 billion; and Sir Richard Branson, whose wealth has fallen by £400m to £2.7 billion.

By contrast, foreign billionaires are making London one of the global capitals for a mobile “superclass”. The highest new entry on the list is Alisher Usmanov, a tycoon with interests in mining, steel, media and banking; he is a close ally of Valdimir Putin, the former Russian president. Usmanov, worth £5.7 billion, is now the largest shareholder in Arsenal football club.

Also a new entry is Leonard Blavatnik, a Russian who made his fortune in oil. He has a £41m home in London and ranks 11th on the list at £3.9 billion. Another arrival from the former Soviet Union is Vladimir Kim, who heads the London-based mining company Kazakhmys. Kim is worth £2.9 billion.

About this blog - and more about me

2008-09-12T04:16:00.001-07:00

This blog is for people like me and others who have a quest for becoming rich.

Some of you, like I will come from a background of limited or little school education. Some of you will still be dreaming of becoming millionaires, I myself am halfway there having made £500.000 half a million pound since 2001 to 2008.

Between the years of 2008 to 2013 you can follow me and join me in my quest to making my first £1000.000 million pounds. Even though the UK might go into a recession.

Don’t forget you can become more wealthy & rich if you don’t follow the herd
I will help you in Get Rich for Dummies to become financially free and escape the rat race. You may be fed up just like I was working the 9 to 5 job like a slave for very little money.

I was not great at school most of my teachers and friends wrote me off as a loser, as you will see from my blog & my posts I am not the best at grammar & spelling.

But I have considerably improved my financial education. Most people think of education as school, college, university, most were never taught a financial education at school to be able to make money.

So chin up and enjoy the path to true financial freedom on Get Rich for Dummies.

Words of the rich & wealthy - jargon buster

2008-09-12T03:46:00.000-07:00

Image via WikipediaIn the a b c of the rich you will see and learn about words the rich use in investment. So for you to become rich you will need to be able to understand these words to use to your advantage in the investment world.

A = action you will here the word action in the world of investment over and over again. Its used in the sense of take action to improve your wealth.

For example if your saw an apartment that you thought was a bargain priced at £40.000 in 2006, did not take action and later saw the same apartment priced at £80.000 you would be dissapointed. This is why it is important to take action after first researching investments.

B = bmv = Below market value, this is used as in buy property below market value.
So you can then later sell on at a greater value.

C = compounding, the idea of compounding is to make greater amounts of money from interest earned on money in the bank.

D = Debt, many people view debt as a bad thing and yes of course it can be, if used in the wrong way. If debt is used in the correct way it can make you very rich.
As multi millionare Robert Kiyosaki says their is good debt and bad debt.

E = equity, as in the amount your property has increased in value or you have paid off of your mortgage.

F = Financial freedom a word that excites me. And I hope excites you to.
This means you have enough money to cover all of your bills, & maybe more. You dont need to work. Hence you are financially free.

G = Gearing means using the banks money to become rich. Its best used when inflations is rising. As inflation erodes debt. For example you live with your parents & see a nice investment property. You go to your mortgage company & get a 100% mortgage let's say the house is £100.000 you rent the house out for 10 years. Over the 10 years let's assume inflation increases @ 10% per year. You now sell the house & have made £100.000 well done you.

H = Hustle one of your many challenges to becoming rich is to practice hustling. Life throws things at you that are hard to deal with. People & life gets in your way. They are just obstacles, get over them.

Many more jargon busters to follow.

Make money the easy way

2008-09-12T02:58:00.000-07:00

Image via WikipediaThere are many ways to start making decent money so you can then invest that money to make more money.

I would recommend for people with little money that want to become investors to start by trading small cheap itiems like motorbikes, cars, used mobile phones are great sellers to.

You can easily make up to £500 to £1000 per week just trading the itiems I listed above. To make money this way trading you will need to become educated about the itiems you choose to sell i,e car, motorbike or mobile phone. This is not to hard study, use the loot or ebay or gumtree to find items that you can by cheap & then sell on at a margin.

In my next post I will tell you how I started on my road to true wealth.

Thanks for reading & please give me some feedback if you enjoy reading Get rich for dummies. Good or bad feedback is welcomed.