“Get Rich Quick” is one the biggest fads of today. Lavish lifestyles of the rich are shown to the public which creates misconceptions about what it actually takes or means to be wealthy. The road is grueling and difficult. It is a constant grind and cycle of failure after failure. The road to riches will break most people if they attempt to reach the top without knowing what lies ahead for them. Everywhere we look we are advertised get rich quick. Whether it be the lottery, an ad with an “Amazing proven strategy to get rich quick!”, or any of the other distractions that bombard us with ideas that aren’t based in reality, these ideas are everywhere and people are eating them up. With the amount of fake online gurus out there today, it can be hard to even tell what is real and what isn’t.
There is not secret to riches
The truth is, there is no secret to riches. There is a difficult path that few will go down so people are always looking for shortcuts around it. The simple path is to pick one thing, master it, go through the trials and tribulations that come with undertaking anything, go at it for 80 hours a week for a few years, and then reach the riches you desire. The idea of fast tracking that process sells and it sells fast. So many people buy into the dream that there is a way to coast to financial freedom even if they subconsciously know that dream is not based in reality. Avoid anyone or anything that tries to sell you on this dream as they are just out there to make money for themselves at your expense.
What does it really take?
The path to riches may be simple, but it is far from easy. It requires working for a minimum of 60-80 hours a week for years to learn and perfect whatever the one thing you choose to try and master. For me, that is real estate. I am learning new lessons and being humbled every single day. I am learning to never get too high or low because the path to riches is a rollercoaster. In a single day you may get amazing news in the morning and then try to put out fires for the rest of the day. That is just how it goes and people who become rich understand this and are able to control their emotions. You must be able to anticipate failure but expect success. What this means is that obstacles and hurdles will be thrown at you 24/7 at any time especially when you least expect it. Those that become rich are always ready for those obstacles when they come. They have contingency plans in place to still accomplish that same goal, but maybe in a different fashion. For example, I am investing in a 7 unit student property deal right now. I ordered appraisals on the property and I thought all was well until I got a call from the company that they wouldn’t be able to move forward with the loan. Their reasoning was that “there are no exact sales comps in the area to match our subject property”. Receiving this news was frustrating and I allowed myself to be mad for a few hours which is way too long. I knew that the way commercial properties such as this one are usually valued based on the income they bring in rather than exact sales comps. After being mad about this, I immediately got to work on bringing back to speed the plan B and C lenders I had been keeping in the loop. I’m currently working with lender B to get the process back on track currently. This is just a small example of the fires you will need to put out daily when it comes to staying on track to achieve riches. This whole deal would have fallen apart if I let my emotions get the best of me. I have learned that nothing is set in stone until it’s over, even if it seems like a done deal. This was a tough pill for me to swallow as it is for many people, but it’s necessary to understand and accept.
Feeding your brain
One of the best ways to learn, grow, and improve on the path to riches is by constantly consuming new information. This is part of and in addition to the 60-80 hours a week you already need to be working. 2-4 books a month is something I am personally striving to achieve. I know that the more information I can absorb, the less crucial mistakes I’ll make, and the more knowledge I will have on how to make money and improve my life. In addition to this, feeding the brain information even when you don’t have time to sit and read is another necessity. This can be done through audio books, podcasts, YouTube videos, etc. When I’m at the gym, walking my dogs, driving, eating a meal, or almost any time I’m not working, I’m consuming some source of knowledge and education.
You need to be hungry
Most people aren’t cut out to be rich. If 80 hours a week for years, consuming an insurmountable amount of content, putting out fires left and right, and failing a ton doesn’t sound like something you want to go through, there is no shame in that. You can live a very comfortable life by getting a well paying job, investing passively, and saving money. By doing this, you will have more than enough to live modestly or perhaps even slightly lavishly. The people who want to become extremely wealthy and will do anything it takes to achieve that are willing to make more sacrifices to make their dreams a reality. They are willing to use all of their time and energy for years to build their empire and create their family dynasty. This is all in the name of having a strong purpose and using the wealth you create to buy back time for you and your family, and give back to the world by helping others make their dreams come true. Wealth is a choice and requires extreme commitment to the process. Weigh your options, examine your purpose and reflect on it, and make a decision if this is something you truly want to pursue.