Get Rich Quick vs Long-term Wealth Building:
One thing I have learned when it comes to building wealth, is that there are no short cuts to instant riches. While there have been a small percentage of high profile incidents of instant riches/wealth being created virtually overnight, like in the case of Google, and a few other virtually overnight successes, even in these rare cases, there was a huge amount of risk, in order to create the wealth.
The most important factors which lead to success in business are, the willingness to take a risk/risks, the ability to focus on an idea/concept, and to bring it to fruition, and having a little bit of good luck doesn’t hurt either.
While I’ll be the first to admit that there are some people who just happen to be in the right place at the right time, or that some folks win the lottery, sell a stock at just the right time, or buy and sell real-estate during a market peak or valley, most people who have built wealth, have done it over time.
The vast majority of people that have built substantial wealth, approach investing/business building, with a disciplined plan, and the relentless pursuit of their dream.
A lot of people want to own their own business and become an entrepreneur, but they don’t have the “big idea” which leads to a blockbuster business. Luckily, that is not necessary to succeed as an entrepreneur. While it would be nice to come up with one a “big idea”, there are plenty of other ways to become the owner of your own business.
Purchasing an existing business/franchise, is one way to join the ranks of business owners. This is usually an expensive endeavor, and requires leaving your full-time job, in order to manage the business. It also involves taking a risk, but if you do your homework, and devote the time it takes to manage and build the business, it can be a great way to build long-term wealth.
If the idea of owning a business while maintaining a full-time job is more your cup of tea, there are business models that can make that happen as well. Again, there’s no free ride, because nobody is going to provide you with all the tools to run a profitable business, without some cost. Unless you are strictly interested in doing a specific task at home for a fee, most of the business models I’ve reviewed for an at home or online business, require a money and time commitment.
These are reasonable expectations when you utilize an existing franchise, or affiliate program. Developing multiple streams of income can be achieved by developing a home business along with your full-time job.
So, if getting rich quick is your main goal, then there’s a good possibility that you will continue to jump from one trend to another, such as day trading or real estate flipping. We all know where those bubbles have led. This is the equivalent of gambling, and while I know full well that sometimes people do quite well gambling, I don’t recommend it as an investment/business building strategy.
If building real wealth is your goal, then creating multiple streams of income, and consistently investing in diversified assets, is the way to go. One day you’ll probably look at your portfolio of investments, and realize you’ve built wealth far faster than you thought you would.
Yours in success,
Michael “MJ The Terrible” Johnson
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