If you have an interest in becoming wealthy, and I’m talking about financial riches, there are only a few paths you can travel down.

Listen…if you think someone is just going to walk up to you and hand you a million dollars for nothing wake up!  You aren’t going to get rich playing the (something for nothing) lottery either.  The lottery is a sucker’s game.  The only winners are the people who run the lottery.  Do the math.  Research all the people who have won big money and you will find most of them are dead broke just a few years later.  All most all of them wished they had never played the damn thing.  

You will never get rich working 9 to 5 for "Corporate America".   The Corporation was designed to make the owners and top level management rich not you. 

How about buying and selling Real Estate? 

90 plus percent of the people who go to those "Get Rich Quick" real estate programs or see advertised on TV or the web never make back the money they spent on the books, tapes, CDs and seminar course.  Why; the people who get rich are the ones selling you their programs.  They aren’t buying and selling real estate like they preach to you.  If they were they wouldn’t be doing seminars and writing books.   Can you make  money?  Yes, but where are you going to get the money to start buying and selling the property.  Think the Banks are going to give it to you? 

Even if you do get your hands on the funds to make the purchase will the property cash flow money to you on a monthly basis or will you have to wait until you are able to sell it for a profit some day in the future.  What will you do for money until then?

Same thing goes for those "Stock Market" Gurus.  

If they were so damn smart why aren’t they getting rich in the market???  That’s because you can’t get rich by doing day trading.  Can you make some money?  Yes, but you have to have money to start.   You can’t get rich in the stock market investing $100 or $200 a month.  

Here’s how people really get rich:

1. You are born into it…if you’re one of those lucky people whose parents or relatives are rich and they decide to pass it on to you congratulations.   For the rest of us we’ll have to rely on these next steps.
2. Marry Money…now here’s a traditional method of getting rich.  Find someone who has already made it and get them to fall in love with you and marry you.   Worse case, if the marriage doesn’t work out you get half their stuff in the divorce (in most States).  What; you’re not the cold calculating type?  Then you’ll have to move on to the next idea.
3. Invent or Create something new…Take that wonderful brain God gave you and use it.  Find a problem in the world and figure out a new way to fix it.   Hey, it’s just that simple.  Well not really.  Having a great idea and no money to take it to the next level is all too common.  Unless you lucked into either step one or two you probably don’t have all the capital you need to properly launch a new product or service.  New ideas or concepts take a lot of marketing dollars to properly position them in the minds of people today.  Venture Capital is one answer to the financial need but that comes at a price and may dry up just when you get ready to launch you new idea.  More about raising money for your business in future posts.
4. Start a business using an existing product or service, and make a slight improvement or upgrade to it.   This goes back to the concept of building a better mouse trap.  You don’t have to invent anything new or revolutionary to start a business, you can just take an existing one and make it better.   I’ll talk more on this subject next time.         

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This entry was posted on Friday, February 19th, 2010 at 8:33 am and is filed under Wealth Building. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.