3 Simple Strategies to Help You Become a Self-Made Millionaire!

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It's certainly possible that your company could become a resounding success and net you several million in a sale. But that's not likely to be the case, even if your business is a consistent earner. So if your dream is to become a self-made millionaire, how do you go about doing it?

1. Follow the money.
This may seem like a basic suggestion, but when it comes to growing a nest egg, the fact of the matter is that many people don't put in the time and thought necessary to monitor where their money is going. From the start, Godfrey says it is important to understand the full nature of your financial position and obligations.

"You need to ask what assets you own vs. what debt you have, such as a mortgage," and "What incomes do you generate vs. what are your outgoings."

Gunderson agrees, noting that especially for entrepreneurs, even though they can be incredibly savvy, they do run the risk of falling into a mindset of always believing that they can make more money and not making the long-term plans needed to not only remain solvent but increase their wealth. "They get on the proverbial treadmill, always trying to sprint," he says. "[But] they could just keep more of what they make by stopping the leaks in the hull, and dealing with some of their personal finances."

2. Set Achievable Goals.
Another old chestnut that really works. Don't spend more than you make or, perhaps more realistically, don't live beyond your means. Thakor says that self-made millionaires start saving as much money as they can as early as they can. That manifests itself as buying a smaller house or waiting a bit longer to trade in your car for a new one. And it means that "you spend only when you think it makes good sense, not to keep up with everyone else," Thakor says.

Godfrey and Thakor both say that setting an investment timeline and plan, while figuring out how comfortable you are taking calculated risks, is key to later financial success. What if you have no idea where to start?

Thakor has a simple approach that you can use as a baseline. "You keep investments highly diversified and your costs low."

3. Stay informed.
Gunderson says that there are many small things that entrepreneurs may not know about when it comes to optimizing cash flow, such as money they could be losing to taxes. "There are thousands of dollars a month that business owners are losing out on, simply because they are overpaying interest, or they haven't structured the loans properly," he says. "They don't know how to improve their credit score to negotiate better interest rates. That's money that [they could put] towards building that wealth, without taking risks and without burning themselves out."

While this may seem like a lot, you don't have to go it alone. But when you do look for financial help -- and not only during tax season -- Thakor says that it's imperative that "you seek financial guidance only from advisors who practice under the fiduciary standard -- which legally requires that they put your interest first," she says, "vs. those who operate under the suitability standard -- which simply says investment recommendations must be in your interest but could benefit the advisor more than you."

Written by Nina Zipkin

Culled from www.entrepreneur.com

10 Important Email Etiquette

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When the use of email became common in the early 90s, the business world changed. Email now takes up a significant portion of our workday.

While we try to work faster and more efficiently, we must not forget the social rules that accompany any form of communication. Here are some of the dos and don’ts of email etiquette.

Do have a clear subject line.

Most of us have to compete with the hundreds of emails clogging our inbox every day, so the clearer your subject line, the more likely your message will be read. For example, if you’re sending a proposal to someone, be specific and write, “The Fitch Proposal Is Attached.”

Don't forget your signature.

Every email should include a signature that tells the recipient who you are and how to contact you. Set it up to automatically appear at the end of each email. Include all of your contact details so the recipient doesn’t have to look up your address, email or phone number.

Do use a professional salutation.

Using “Hey,” “Yo,” or “Hiya” isn’t professional, no matter how well you know the recipient. Use “Hi” or “Hello” instead. To be more formal, use “Dear (insert name).” Using the person’s name in the salutation -- “Hello Robert” -- is quite appropriate, but remember not to shorten a person's name unless you're given permission to do so.

Don't use humor.

Humor does not translate well via email. What you think is funny has a good chance of being misinterpreted by the other party, or taken as sarcasm, without the accompanying vocal tone and facial expressions. When in doubt, leave humor out of business communications.

Do proofread your message.

Don't be surprised if you're judged by the way you compose an email. For example, if your email is littered with misspelled words and grammatical errors, you may be perceived as sloppy, careless, or even uneducated. Check your spelling, grammar and message before hitting “send.”

Don't assume the recipient knows what you are talking about.

Create your message as a stand-alone note, even if it is in response to a chain of emails. This means no “one-liners.” Include the subject and any references to previous emails, research or conversations. It can be frustrating and time consuming to look back at the chain to brush up on the context. Your recipient may have hundreds of emails coming in each day and likely won’t remember the chain of events leading up to your email.

Do reply to all emails.

Give a timely and polite reply to each legitimate email addressed to you. Even if you do not have an answer at the moment, take a second to write a response letting the sender know you received their email. Inform the sender if their email was sent to the wrong recipient, too.

Don't shoot from the lip.

Never send an angry email, or give a quick, flip response. Give your message some thoughtful consideration before sending it. If you feel angry, put your message into the “drafts” folder, and review it again later when you are calmer and have time to formulate an appropriate response.

Do keep private material confidential.

It is far too easy to share emails, even inadvertently. If you have to share highly personal or confidential information, do so in person or over the phone. Ask permission before posting sensitive material either in the body of the email or in an attachment.

Don't! overuse exclamation points.

Exclamation points and other indications of excitement such as emoticons, abbreviations like LOL, and all CAPITALS do not translate well in business communications. Leave them off unless you know the recipient extremely well. It’s also not professional to use a string of exclamation points!!!!!

It may take some practice to keep your emails professional and to the point, but you will look more polished and organized in the long run.

Article written by Jacqueline Whitmore

Originally culled from entrepreneur.com