“Easiest way to get rich quick.”
“How to be a millionaire before 30.”
“Most realistic way to get rich quickly.”
“Effortless ways to get rich”
These were probably among my top searches during my college days. Or something along those lines. By wording this idea differently, I was under this delusion that if I looked hard enough, I would find a way where this wishful thinking could feasibly become a reality.
My suggestion is to stop wasting your time trying to find out how to attain this pipe dream. Why? Because it is this false notion that everyone so desperately wants to be true. And this desperation blinds us from the realization that it is just a false hope. I understand. I was there too.
So many of us want to become wealthy while putting in the absolute bare minimum amount of effort. I mean, who wouldn’t want that? All you have to do is see how much Americans spend on lottery tickets. On average, one person spent $223 on lottery tickets in 2016. Sales totaled $73 billion. Let that sink in. Who knows how much it would be if the $223 average did not include those who don’t actually buy any tickets. Your chances of winning the lottery is approximately 1 out of 14,000,000. If you’re going for the Powerball, you chances of winning are approximately 1 out of 176,000,000. Once again, let that sink in. Americans spent $73,000,000,000 on those chances. I had to fully type out the numbers because I think you need to see all those zeros so that you get the point. How people have spent this much money on those chances is quite unfathomable to me. Hopefully, I have given you enough reason to not buy a lottery ticket. Ever.
I’m not saying that getting rich quick is impossible. However, I think that most of you that are reading this though are not willing to put in the amount of work, dedication, and risk required for this endeavor. And that is completely fine. I am one of those people. I personally enjoy the work-life balance that my employer provides. I’m fine with just working for a fixed salary. However, that means my short term upside is extremely limited. As long as you are working under someone, your upside will always be limited. The most realistic way I see to getting rich quick is owning your own business that you can grow and scale. Then this requires a lot of commitment and quite frankly, a little bit of luck too.
The reality is that you’re going to have put in an insane amount of time into your venture. It’s going to require more than just hard work. You have to go where the money is at. You have to provide a good or service that offers consumers value. You have to distinguish yourself from your competition. Hard work will always be necessary, but you won’t get anywhere unless you combine it with working smarter.
Then you have the risk. Most businesses require a lot of risk. Ideally, you have money to start up your business, but the usual case is leveraging money to be able to grow your business. There’s always the fear of failure that looms over your decision making. This is one of the main reasons that most business will ultimately fail. Oftentimes, the the ultimate objective becomes more about not failing than actually succeeding. You begin to second guess yourself, leading to indecision and this toxic mentality begins to take over. The doubt in your abilities and your business develops into a self-fulfilling prophecy.
Well what about something like day trading? Talk about risk. You might see these people convincing you that you don’t need money. Well, actually you do. If you don’t, then you leverage your funds by means of margin. If you have $1,000 and gained 10%, well now you have $1,100. Big whoop. Make another 10% and assuming you reinvest the previous gain and now you $1,210. Again, big whoop. You need to be trading with big amounts to make any meaningful amount of money. Day trading doesn’t require as much brain as you would think, but rather emotional discipline. This really applies to everything pertaining to business or money. Emotionally based decisions are almost never wise decisions. The difference with day trading is that you can post huge gains or huge losses in a matter of seconds. Having the control to consistently stick to your strategy without straying from it even while posting significant losses is why most will never be able to post profits, much less get rich quick from it.
For the most part, I assume many of you are content your fixed salary. Your plan is just to work hard, get promoted, and invest your money until you have a comfortable amount to retire. It’s obviously the much safer and less stressful option. This is what my blog is mainly about. It’s all about building wealth methodically through frugal spending and savvy investing. It’s going to be a marathon, so stop trying to sprint.