So you want to get rich. That's good because most people don't. Or at least they think it's impossible, so they don't do what it takes.One in one Hund...
So you want to get rich. That's good because most people don't. Or at least they think it's impossible,
so they don't do what it takes.
One in one Hundred people are "rich". That is good news. You know that when you walk into a movie theater... there's probably 3-4 rich people in there as well?
That's awesome. You can become rich. It's just a matter of doing things the way rich people do them.
In my study of wealth building I've concluded that there's only three things you can concentrate on to become wealthy.
1) Stocks / Paper Assets / Commodities. This is a broad category, it's basically anything that can be traded on an exchange like the New York Stock Exchange.
This is where the big boys play, if you know what you are doing you can make a lot of money on wall street.
This category I think is a little more advance then the other two. Because it requires money to start investing.
Even if you wanted to be a "Sophisticated Investor" you have to have a net worth of $2.5 million or make over $250,000 a year to qualify. Meaning all the good deals are saved for the wealthy.
The other two categories aren't as specific, and can be start at any income level. But once you have money, paper assets can be your greatest level of leverage towards great wealth.
2) Real Estate Investing. Now I would say real estate is the middle ground. Most people park their wealth in real estate.
There's a certain appeal to being able to "see" your wealth. As opposed to paper assets where it's all numbers.
Also the chance of a house dropping from $300k to $0 are quite rare... so it's safer then paper assets in that respect as well.
People can grow their real estate emperor quite slowly, but surely and steadily.
I believe that if you can buy one house, you can buy two.
3) The third and my current favorite vehicle towards wealth is Business. With business you can literally start with just an idea, and turn it into Billions of dollars.
It's also said that Business is the hardest of the three, but the most rewarding. And once you master the Business side of wealth, the other two comes easily.
