In This Economy, Is It Still Possible To Get Rich?

Let me cut right to the chase and give you the quick answer to the question.

YES!

Not only is it possible but now is actually the best time to do it. Market conditions are perfect – if you know what you’re doing , and what type of industry to be in.

So how do we do it, Del?

I’m glad you asked! So let me tell you…

First of all let me say that my definition of “Rich” goes way beyond money. I believe truly rich people have great relationships, lots of joy in their lives, good friends, great experiences, AND money.

And when I say money I believe that truly rich people have more than enough money for themselves. In other words it’s not an amount but a feeling. The feeling is “I have more than enough to live the way I want to live”.

For the purposes of today I’m going to be talking just about the money part of being rich.

So, are you okay if we just talk about how to be money rich in today’s economy?

Good, let’s get to it.

So how should you go about making more than enough money, for you? Well, there are really only 5 ways to make money in this world:

1. You can steal it or cheat others out of their money

2. You can inherit it

3. You can take money you already have and invest it

4. You can work for someone else

5. You can start your own business

Right off the top, let’s take #1 and #2 off the table. If you’re planning to steal or cheat you can read someone else’s information because that’s not my style. I believe it is so much easier to do it legally, and besides when you stay on the “right” side of the law you never run into someone like Tony Soprano!

As for #2, if you have already inherited a ton of money then why aren’t you on your yacht or your private jet checking out some exotic land?

So this leaves investing, being employed, and starting your own business. Let’s dive a little deeper into each.

Investing is great. Don’t get me wrong! I am an investor. But you must understand, investing is all about the amount you invest, where and how you invest it, and time. Time is the biggie here because compounding interest is nothing short of a miracle! (more on compounding in another article).

But let’s be realistic and upfront with each other, how much do you have to invest? If it’s just $100’s or $1,000’s then you probably won’t get rich. And realistically, how much time do you have? Unless you can wait 25 to 40 years to be rich, then you probably won’t make it either.

So let’s drop investing – at least for now.

Do I even need to explore the “working for someone else” category? If you’re like most people I have had the pleasure of partnering with, mentoring, and/or css teaching, you probably can’t wait to FIRE YOUR BOSS!

Yes, you could one day be the CEO of a Fortune 500 company and make millions of dollars a year and have lots of stock options, but AGAIN let’s take a realistic look at where you are today. Is this possible?

Okay, are we agreed we should drop #4 from our list as well?

Well that leaves us with #5 – Starting your own business!

This is hands down the absolute best, easiest, and quickest way to become “money rich”!

There are industries and business models out there that require very small initial investments ($100’s or low $1000’s) and you can multiply your money in a very short period of time (1 to 5 years, not 25 to 40 years). And best of all, some models don’t require any prior business experience.

Want to know more?

Look for my next post – it’s coming soon – I promise!