How To Get Rich
Google How to Get Rich and you will come up with over 54 million hits. Just browsing some of those hits I found one site that said I could “earn $300 in 7 minutes”, and another that promised a guaranteed $100,000 per month!
I wonder how many of the people selling these products are actually rich themselves? How many people do you need to sucker into buying your product before you yourself are actually rich?
I did some research and I found the top 3 ways people get rich. And by rich I mean have a net worth in excess of $1,000,000. Can you guess how they did it? I’ll give you a clue, not by spending money on a system that will help you “get rich FAST!”
I suppose I could write an ebook and offer to sell you my “system” for the low price of just $49.95, but only if you BUY RIGHT NOW! Because the price could go up at any minute. Or I could just tell you. So here it is, the top three ways people get rich.
#3. Get An Inheritance
Hope you chose the right family. Otherwise you are out of luck with this method. This is the easiest of the top 3 ways to get rich. Just inherit your riches. Of course, you have to spend your whole life watching what you do so that you don’t piss somebody off and get yourself written out of the will. Of course, if you weren’t born into a rich family you could try and marry into one. Just as long as you don’t mind being called a gold digger.
#2. Start Your Own Business
But make sure it is boring and very unglamorous. Plumbers do amazingly well.
#1. Real Estate
We are not talking house flipping here. Commercial real estate investors were the big earners here. Buy a commercial building, rent it out. Keep it for years.
There you go! Note that lottery winners and internet marketers did not make the list. (Neither did bloggers 🙁 )
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Real Estate is a good option at the moment with everyone hurting for cash but that also means tenants are harder to find. It does however take a great deal of research and some startup to undertake such a venture, after all you need to buy at a fair or better price and do any repairs needed, chances are if no repairs are needed you won’t find a fair price on commercial real estate. Also make sure you have any property you are looking at purchasing inspected by a professional.
The commercial real estate seems like a really good idea, but is there any money in flipping the buildings?
I wish I can inherit something, but yah starting your own business is a must… nice blog i learned a lot, thanks
I have not inherited much and even if i had, i would have preferred building every on my own. It is not good to stand on others shoulder.
.-= Rakesh @ Wizard Journal´s last blog ..Free Antivirus Software Premium 1-Year License of BullGuard =-.
Seriously, if everyone just saved their $49.95 on crummy ebooks they could put it towards one of the real ways of making money that you listed.
Real estate is a mixed blessing. I’ve owned dozens of buildings over the past 20 years and I’ve watched the business boom and bust. You are absolutely right buy and hold works. Don’t think you can do it on your own? Look for small deals, low and middle income housing, in nice up and coming neighborhoods and work at it.
Interesting. I wish I had the time to be able to try these.
Man im in the wrong business! thanks!
The problem with real estate is that it fluctuates year to year. Some years you have good growth, others bad even negative growth. I guess you will have to time the real estate market well in order to do well here.
Without fluctuations you wouldn’t be able to make money! Most people will tell you that you need to buy low and sell high. But you will find they do just the opposite. They buy while the market is hot and overvalued, and then stay away when it is in a slump and cheap. This is what is happening now in real estate. The market is very depressed and prices are low. I am excited to be in the position to buy real estate right now. No I won’t even try to time the very bottom of the market, but I know prices are cheap now and will go up sometime in the future and I will make money.