Get Rich Quick
There are a lot of noise and misconceptions surrounding the topic of wealth building or getting rich in general.
So, what’s the best way to get rich?
Based on my experience, improving one’s finances should never be seen as a get rich quick scheme. Most people who are looking to change their financial situation are trapped in the get rich quick mindset.
Though theoretically, a more ideal situation as many get rich quick hopefuls dream of; getting rich overnight just don’t happen in real life. Anyone, claiming or boasting of quick riches must’ve some push-button programs they’re trying to sell you or the next and shinier pyramiding scheme they’ve always wanted to involve you in so you don’t miss out. Sounds familiar?
If you’re serious about getting rich and building real wealth, remember that no empire was built in a day, heck not even Rome. So not to burst your bubble, no one ever gets rich quick and gets to keep it long term.
Stories of overnight riches are over-rated! Exaggerated and most of the times aren’t at all true. Ninety nine percent of all overnight riches were built a decade ago from the date they were declared to the public.
People who are being suckered into multiple get rich quick schemes and so called “opportunities” often times find themselves in a more dire financial situation every after opportunity they’ve dabbled into.
If you feel that you are in this class of hopeful soon to be rich crowd, then maybe you have to change your mindset and strategies on achieving your riches.
If you want to get rich, you have to be willing to build your pipeline and understand the fact that no one ever gets rich overnight. The tale of overnight riches has been used by con-artists over and over again to fill their own pots of gold at the expense of unsuspecting crowd who only wanted to better their financial situations.
Most people who thought that they’re going to get rich quick often find themselves poorer and poorer after each and every attempt because they’re looking to get rich in all the wrong places.
Don’t aspire to get rich quick, instead aspire to acquire the knowledge and skills that will help you build your cash-flow pipeline over-time and hustle your way to riches.
Again, sorry to have burst your bubble but if you’re seriously looking to get rich do understand that getting rich is a process and that you would have to acquire the mindset and skills of a rich person first before you can actually get rich. You will get rich, it may just take longer than you initially expected.
And if you’re poor right now, the first thing that you will have to do is invest in your self-education and stop wasting your time in so many business opportunities that you’re going to come across, once you acquire the skills, the proper mindset and personal development, it doesn’t matter which type of business you’re going to start – people get rich in all sorts of businesses and in all sorts of industry.
As Jim Rohn puts it: “The more skills you have, the richer your become”. Invest in yourself by learning immensely about money, entrepreneurship, marketing and personal development.
Get Rich Slow
As a financial advisor, I believe that this will be the easiest strategy to adapt for most people but then again, most people will not take action to adapt this get rich slow strategy to build their riches as most people are either too lazy or too negative to do something to change their financial situation.
Most people will have started working at a full time job by the time their 20 or 21 year old. Unfortunately, personal finance was and may never be taught in school.
If you’re an employee today and you don’t see yourself of ever owning and running a business or ever becoming an entrepreneur. This traditional wealth building strategy is for you.
You can get rich slow by simply saving and investing a portion of your income for your future. When is the future? Retirement is the future! In North America, almost half of the population aren’t ready to retire at the ripe age of 65 due to financial reasons. 16% of the population will have to continue working at their jobs not because they want to, but because they have too! 25% of people aged 65, after working at their jobs for 30 to 40 years are still broke. This is the reason why you have to strive on getting rich slow at the least if you can’t get rich fast by becoming an entrepreneur.
Saving and investing a portion of your income while working at a job may be the slowest way to get rich but if you’re one not cut out for entrepreneurship then this may just be your ticket to wealth.
The strategy I’m talking about here is the boring traditional financial planning method of saving for retirement. I know it’s boring and a lot of get rich quick gurus will tell you that this no longer work nowadays but institutional investing has never been more active than in the last decade and if you’re one of those who see themselves working at a job until they retire then this may be the most suitable option for you.
If you love your job and you see yourself working in the workforce for the rest of your active working years, investing an hour worth of your income each day which equates to 12% – 18% of your income consistently will build your riches over-time so when you reach the point in your life when you no longer want to work or you can no longer work for money, you will have amassed your riches that your money can then start working for you when you’re no longer able to.
“But what if I can’t afford to save an hour worth of income every day?”
You should be saving and investing at least 10% of your gross income each month and this is at the minimum. Some people who are looking to retire quickly saves 50% of their income. If you feel that sparing 10% of your gross income is impossible for you then you’re in a deep financial mess and you may become part of the 95% of the population who will retire broke.
If you’re that deep in the rut, then you better do something. First stop digging yourself deeper in the financial rut that you’re in and find ways on how you can increase your cash-flow. Keep in mind that most people spend more than what they are making, so don’t break down for you are not alone but then of course, don’t pat yourself on the back because this isn’t something you should be part of. Rather, learn from your financial mistakes and affirm to yourself that you will never be in the same situation ever again.
Now, before this quickly turns into a personal money management article which is a topic entirely of its own, I would like to focus more on the subject at hand.
Working at a job and investing a portion of your income is the slowest way of getting rich and if you don’t see yourself building an entrepreneurial empire, this may be your best bet to build some sort of riches but either way, you have to be disciplined in handling your finances.
Now, I’m not sure as to how old you are at the moment and as to how long you’ve been in the work force but say for example you’re in mid twenties or early thirties. Saving and investing a small portion of your monthly income consistently in the next 30 or 40 years will help you amass wealth you wouldn’t have amassed otherwise.
You have to understand and accept that time is going to pass you by faster that you would expect it and in a few short years, you will find yourself old and gray. Not exerting the effort to build wealth or become rich is a mortal sin for no one can better take care of yourself financially when you’re old than your younger self today! Not the government, your children or the company you work for today have the obligation to support you at old age; it is one of your most important obligation to yourself.
Let me give you an example below:
Say for example you’re currently at 30 year old earning $30,000.00 a year gross income. If you keep 18% of your gross income and invest it long term in a compounding rate of return environment this is what you’re going to get:
Saving and investing $450.00 a month at a meager annual interest of 5% would amass you almost $500,000.00 by the time you’re 65 years old. Now, you may be thinking that $500,000.00 is a small change at 65 but let me ask you this, how many people do you know that have amassed half a million dollars at 65?
By now, you may be thinking “man that’s slow” and I have to agree that yes it is but getting rich slow by investing a portion of your income is a way better strategy than trying to get rich quick overnight.
Get Rich Fast
Now, if you’re like me and you consider yourself a bit impatient let me tell you that there is actually a better and faster way to get rich without becoming a prey to get rich quick scams.
That’s called true entrepreneurship! True entrepreneurship means, letting go of any get rich quick mentality that you may have nurtured over the years. You have to understand the fact that getting rich in a real business may not happen in a year or two as most get rich quick-ers claim. You have to be prepared to build a real business that is sustainable in the years to come.
Getting rich fast isn’t overnight riches nor is it a get rich quick scheme. It requires a better understanding of what it really takes to get rich and more importantly the willingness or the drive to work for it.
To become a true entrepreneur, you have to be willing to build or acquire business systems or pipelines that will siphon your riches toward you on a consistent basis.
A lot of people who wants to get rich wants it the easy way that’s the reason why get rich quick schemes has evolved into a multi-million dollar industry. Most people are attracted to the “push button systems” of income generation but let me tell you that if it were that easy, 95% of the world’s population who are poor would all be rich!
Getting rich fast isn’t easy but it isn’t impossible either and if you are poor right now, you have to evolve first into a rich person. You have to acquire the traits, personality and mindset of a rich person.
You have to change because the poor with poor mindsets will never get rich. You have to get rich first in your mind, in your personality, in your whole being then only only then you will get really rich because you just can’t get rich if you’ve always thought of yourself as a poor person.
Getting rich requires a different perspective. You need to see yourself and the world around you in a different perspective than what you’ve always seen it as a poverty stricken individual.
Getting rich requires commitment. The only way to become rich fast is to commit to becoming one. Rich people commit all their intelligence, efforts, talents and skills to becoming rich and richer and richer after they became one.
How fast can you get rich with a business?
If I tell you that it may take you 10 or 20 years to get rich in a business, would you do it? A lot of people won’t, thinking that committing 10 years of their life to succeed in a business venture is such a long time but they don’t mind working 10 to 30 years of their lives at a job only to stay broke after that.
The natural progression of a business to be profitable is 5 years. Depending on what type of business you’re running, you may find yourself profitable in as little as over a year and I’ll applaud you on that but don’t think that your initial success is enough to carry on a constant flow of income that makes your rich on a consistent basis.
So, instead of squandering your profits from your initial business success, I would suggest that you reinvest a part of it in growing your business. Again, you have to be in for the long haul. Just like a plant, you have to cultivate and water your money trees on a consistent basis.
Identify Your Niche
There are a million ways to a million dollar. It really doesn’t matter what kind of business you’re going to start to get rich fast, the important thing is that you get started.
The simplest and most inexpensive business to start may be based on a skill that you already possess or an industry that you’re interested in. You may or may not already posses the skills necessary to run the business but it has to be something of interest to you.
Remember that most people will have some specialized knowledge or skill that others are willing to pay for. Of course, you can start any other types of businesses if you don’t want to start a service-based business but whatever business venture you’re going start, you’re better off starting with your existing skill set or you’ll have to develop new skills to back your business.
Dream big but start small, this will keep you out of trouble! Remember that skill is more important than capital. A lot of people who says that they’re going to start a business never does because they believe and say that they don’t have the capital. Getting into business doesn’t mean, you’re going to rent a 1,500 square meters of commercial space right away. You don’t need capital to start a business, you need the necessary entrepreneurial skills. Skills are better capital than money so be willing to start small and build your way up as you grow your skills.
You are going to make mistakes along the way, probably lots and lots of mistakes and if you have the money to throw, you’re going to risk a lot of it on your learning phase because no matter how careful you are with your decision making, you will get caught up with one wrong decision that could cost you huge amount of your capital.
A better strategy is to pretend that you don’t have a lot of capital even when you do. Sometimes (or maybe, most of the times), as entrepreneurs, we tend to exaggerate our returns on investment (ROI) in our business venture or business idea. As someone with a good five year entrepreneurial experience under his belt, I have made my share of mistakes that cost me thousands in trying to grow my business but at the end of the day, that just covers the cost of learning and doing business but then of course, you can prevent from putting yourself in some sort of financial trouble if you don’t have a lot to spend on your business while you’re learning the ropes.
Please don’t get the idea that I’m opposed to investing money in one’s business as I’m actually all for it but I also saw a lot of entrepreneurs that got burned in under a year trying to build an empire.
Build Your Team
When you first start out your business, you’ll find yourself spinning too many hats and this can be quite overwhelming at times, this is the reason why too many budding entrepreneurs quit their businesses before even they see some form of success. Your commitment and motivation will fuel you to overcome all the hurdles on your way to building a profitable business as your ticket to riches.
In the first few years of being in business, you’re going to find yourself as the sole employee of your business and it’s so easy to consider quitting when things are not going your way or there’s few to nil $$$ coming in. Trust me, a lot of people will quit! This is the reason why too few people becomes rich fast because not a lot of people have the stomach to overcome adversities and hard work when they’re paid very little.
Being the president, salesperson and technician in your business means you may need to work longer hours compared to what most people put in their day jobs that’s why you need to be mentally and emotionally tough when you’re starting a business because it’s going to be hard in the first few years but then again, no one ever said it was easy.
If you’re running a network marketing business, you will be able to build a team faster than when you’re running a business system which requires you to pay some sort of salary or wage to your team members or employees.
Whatever business you’re going to start, you have to make it a point that you’re going to build a team down the road if not right away because you can’t scale a business without a team. Growing your team is the only way you can expand your business!
Take massive action and continue taking actions on your business. Getting rich isn’t for the lame, it’s for people who take action. People who are willing to give whatever it takes to achieve their goals.
If you want to get rich, you have to be willing to work your face off. A lot of people who dabbles into some sort of business or entrepreneurship in general do so because they want to get away from their jobs, which is fine but most of them start with the wrong mindset. They thought that by being in business, they’re going to work shorter hours; fact of the matter is, your working hours will shift from 9 to 5 to from the moment you open your eyes ’till you close them.
When you’re in business, you think about it all the time. This is not a problem for true entrepreneurs as they’re more than willing to work their face off in their own business than having to go back to working for someone else.
I’ve been working as a self-employed business owner in the last five years and I have to tell you that being in business isn’t a smooth sail and facing all these challenges makes me question the whole purpose of doing what I do and why I’m working so hard but then of course, getting back to the employment world is never an option.
For me, getting rich is being able to control my time and finances. I work hard on my business but I work when and where I want. I don’t have to ask for approval whenever I want to take my family for a vacation and I don’t have to ask for a raise.
Instead of asking for a raise, I expand. When you grow your business, you’ll usually get a pay raise when you’re in business.
Bottom line, you’ll have to work your ass off in the first couple of years if you are to get rich in a business and it doesn’t mean that you’re going to stop working when you’re already rich. You’ll have to continuously water your money trees!