Being rich simply means having acquired much more wealth
than others. If everyone is rich, on one is rich.
First of all, there are several ways to never become rich.
Avoid the following options:
1) Working for the government – Good job security but no
financial bonanza to be had here.
2) Working for someone else -- Fat cats who own the company
get rich, you get down-sized.
3) Gambling -- The only person who ever wins the lottery is
some dimwit who accidentally gets into the wrong line and buys a ticket,
usually a single ticket, simply to avoid the embarrassment of standing in the
wrong line.
4) Marriage -- Marrying into money is highly competitive and
potentially humiliating. You must be young and attractive, with an overwhelming
desire to hang out with old codgers.
5) Theft -- Stealing is a real a bad idea. On the plus side,
you will get to spend many years in a rent-free environment, with free meals
and lots of exciting social encounters.
6) Inheritance -- An excellent road to riches. However,
unless your family is rich, this probably won’t work.
There are two major ways to become rich: real estate and
starting your own business.
More people have become millionaires through real estate
than by any other method. To get started, take real estate classes and become a
realtor. This will get you into the business, help you find properties, work
negotiations, deal with financing, etc. Basically, you buy under-valued and/or
high-potential property, with favorable financing, whereby you can repair and
rent the property with a positive cash flow.
Real estate is a long-term prospect. It takes years to
acquire properties, continually using them as financial leverage to acquire
additional properties. But your wealth is basically tied up in the worth of the
property rather than with a high cash flow. As you make money, you must spend
it to continue to expand. Plus you must deal with bad tenants, property
maintenance, vacancies, etc. This would be a headache business for most people.
Starting your own business is another alternative. Find a field
that interests you, then get some experience. If you want to open a beauty shop
or a welding business or a computer software company, get a job in a beauty
shop or a welding business or a computer software company. Offer to work for
minimal wages – after all, you’re getting paid to learn a trade. Volunteer to
do additional tasks, such as helping with the accounting or inventory or sales
or whatever. Learn the business before you strike out on your own.
Starting your own business usually requires some start-up
capital. The government offers many business loans to beginners, especially
woman and minorities. Make a presentation to a bank loan officer – even if that
fails, you’ll learn how to make a better presentation next time.
You can even get started without much capital. If you have a
bucket, a sponge and a squeegee, you can start a window washing business. If
you have a lawn mower and a rake, you can start a lawn service. If you have a
pickup and a chain saw, you can sell firewood. Once you establish a steady flow
of clients, you hire people to meet the demand. Over time, you oversee the business
while others are working for you.
It's not all that difficult to make money -- it's a lot
harder to make a difference.
Those who succeed work long hours and slowly build a
business. But there are no guarantees. Nine out of ten new businesses fail
within the first year. On the other hand, some enterprises have grown into
giants.
Then there’s the easy way to be rich. It starts when you
realize there are more important things in life than the pursuit of the
almighty dollar. No one ever goes to their grave wishing they had spent more
time on the job. Quality of life is measured by the amount of time you spend
doing what you want to do, when you want to do it.
The richest people in the world are the ones who don’t need
riches to find happiness -- it's better to live rich than to die rich.
By the way, the best tax shelter is to keep income at a
minimum. Plus, remaining poor requires less effort than becoming rich. So enjoy
life and let the rich fight it out. Be poor and happy. It works great for me.
___________
Quote for the Day -- "Money is only a tool. It will take you
wherever you wish, but it will not replace you as the driver." Ayn Rand
___________
Bret Burquest is the author of 9 books. He lives
in the Ozark Mountains with a dog named Buddy Lee, where his riches are his
friends, his freedom and his memories.
___________
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