I’m posting excerpts from my Klipinger’s magazine subscription for the March 2007. The article is about advice from entrepreneurs that have been successful in their field.
“You have so many opportunities to be discouraged, but you have to believe that one day it’s going to happen.” – Lorena Garcia
Here are the tips:
- Follow your passion.
- Seize an opportunity.
- Exploit your talents.
- Learn the ropes. (”You have to know how to be a good employee before you can be a good boss.” – Maxine Clark)
- Have a plan.
- Put in the time.
- Be patient.
- Take a chance.
Other tips include:
- Don’t be a afraid to negotiate for your first salary.
- Determine your value to the company. You can use others to compare yourself to from websites like Salary.com.
- Know when it’s time to move on.
- Milk your benefits. In the 25% federal tax bracket, every $1,000 you contribute to a 401(k) trims your taxes by $250.
- Stash savings in a Roth IRA, if you’re eligible.
- Invest automatically.
- No-load mutual funds with low expense ratios of 1% or less is a better bet than the typical hedge fund.
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