Most people start to search for ways to get rich when their finances and those of the people around them are in an unhealthy state and although the old saying "money makes money" is still the case, and always will be, getting rich in a recession is still possible, although finding a get rich quick scheme that actually works can sometimes feel like finding a needle in a haystack.
Me and my wife are the perfect example. We are both very young (early 20's) we both work part time and earn combined a lot less than most people earn by themselves. We have $20,000 in debt, a child on the way and we live in an area that is fairly expensive. Despite these setbacks we are steadily making our way to become rich and we will be financially free within the next 5 years.
Predators seeking the naive
There are a few places you can begin to look and a few different methods to help you turn your finances around and my advice to you is to look around, review your options before deciding where to turn and which method, scheme or money making activity looks right for you.
There are multitudes of con-artists out there (who seem to particularly frequent the business opportunities market). Perhaps these people justify their actions by arguing that those who buy from them deserve to be trapped because of their naivety or perhaps they themselves were trapped by some 'how to get rich quick' scheme and their response is to exact revenge by trapping someone else. There is after all a price one has to pay for folly or naivety, and someone seeking how to get rich quick, needs to learn that the way things work in this world generally speaking (and with very few exceptions) is that wealth is a reward for diligence. As Genesis 3:19 makes clear: "By the sweat of your brow you will eat your food".
Your financial education will allow you to earn more money, pay less tax and will also allow you to have your money work harder for you. People with a low financial IQ will work hard, live frugal and save money. Their money will earn maybe 4% per year, be taxed at 50% leaving them with a 2% return on investment. All the while the value of their money is going down 3-5% per year. So they are losing 1-3% per year because they don't know how to invest.
With financial intelligence you can invest more intelligently and earn more money. Reading this article is a great first step to increase your financial intelligence. I also suggest reading any of Robert Kiyosaki's books. Eventually I will have some of my own books out, but until then you can read Robert's books or you can sign up for a free email newsletter that will teach you how to be rich. Invest in your learning, because it is your financial intelligence that will make you rich, not how much money you have.
Finding a balance between these two is something that we all (and all businesses) have to do. Earning money is therefore fundamentally an exchange of cash in return for service. To get rich quick, you either have to serve people more effectively by working harder or smarter for them (which won't happen quick) or you have to take more cash in return for less service (generally this can only be achieved by deception or dishonesty). The person who understanding this still wants to know how to get rich quick, needs to realise that generally speaking they will do so only at the expense of another. The stingy are eager to get rich and are unaware that poverty awaits them (Proverbs 28:22).
Can you repeat the same business model and reinvent it for today's market? Can you get access to this knowledge and ask specific questions of the people who have built a successful business through their entrepreneurial endeavors in the past? Is there a specific market that emerges in a recession and do you have the skills, contacts and funds to tap into that market?
Assets are things that put money in your pocket on a regular basis without you needing to work for it, liabilities take money out of your pocket. A rental property can be an asset if the rental income is greater than all expenses, it can also be a liability if the expenses are greater than rental income.
Can you find an investor? Can you bring in additional knowledge from outside and offer shares to get your project off the ground? Can you afford to outsource specific tasks in order to move the project forward at a pace that you're happy with?
How to get rich quick
In conclusion, the way how to get rich quick is to rob a bank (not recommended), win the lottery (though the odds are against you the moment you enter) or just get very lucky. People who are not prepared to rob a bank or gamble, will have to either wait to get lucky (could be a long wait) or accept that they are not going to get rich quick, rule that option out and make a more sensible plan. I hope this conclusion does not upset you, but life is often about climbing along 'a branch', discovering it's the wrong branch, coming back and trying another, until the right one is found. If I have saved you time climbing along the 'How to get rich quick' branch of life, before you have to come back, then I will judge your reading this to have been worthwhile. I hope you'll agree!
Me and my wife are the perfect example. We are both very young (early 20's) we both work part time and earn combined a lot less than most people earn by themselves. We have $20,000 in debt, a child on the way and we live in an area that is fairly expensive. Despite these setbacks we are steadily making our way to become rich and we will be financially free within the next 5 years.
Predators seeking the naive
There are a few places you can begin to look and a few different methods to help you turn your finances around and my advice to you is to look around, review your options before deciding where to turn and which method, scheme or money making activity looks right for you.
There are multitudes of con-artists out there (who seem to particularly frequent the business opportunities market). Perhaps these people justify their actions by arguing that those who buy from them deserve to be trapped because of their naivety or perhaps they themselves were trapped by some 'how to get rich quick' scheme and their response is to exact revenge by trapping someone else. There is after all a price one has to pay for folly or naivety, and someone seeking how to get rich quick, needs to learn that the way things work in this world generally speaking (and with very few exceptions) is that wealth is a reward for diligence. As Genesis 3:19 makes clear: "By the sweat of your brow you will eat your food".
Your financial education will allow you to earn more money, pay less tax and will also allow you to have your money work harder for you. People with a low financial IQ will work hard, live frugal and save money. Their money will earn maybe 4% per year, be taxed at 50% leaving them with a 2% return on investment. All the while the value of their money is going down 3-5% per year. So they are losing 1-3% per year because they don't know how to invest.
With financial intelligence you can invest more intelligently and earn more money. Reading this article is a great first step to increase your financial intelligence. I also suggest reading any of Robert Kiyosaki's books. Eventually I will have some of my own books out, but until then you can read Robert's books or you can sign up for a free email newsletter that will teach you how to be rich. Invest in your learning, because it is your financial intelligence that will make you rich, not how much money you have.
Finding a balance between these two is something that we all (and all businesses) have to do. Earning money is therefore fundamentally an exchange of cash in return for service. To get rich quick, you either have to serve people more effectively by working harder or smarter for them (which won't happen quick) or you have to take more cash in return for less service (generally this can only be achieved by deception or dishonesty). The person who understanding this still wants to know how to get rich quick, needs to realise that generally speaking they will do so only at the expense of another. The stingy are eager to get rich and are unaware that poverty awaits them (Proverbs 28:22).
Can you repeat the same business model and reinvent it for today's market? Can you get access to this knowledge and ask specific questions of the people who have built a successful business through their entrepreneurial endeavors in the past? Is there a specific market that emerges in a recession and do you have the skills, contacts and funds to tap into that market?
Assets are things that put money in your pocket on a regular basis without you needing to work for it, liabilities take money out of your pocket. A rental property can be an asset if the rental income is greater than all expenses, it can also be a liability if the expenses are greater than rental income.
Can you find an investor? Can you bring in additional knowledge from outside and offer shares to get your project off the ground? Can you afford to outsource specific tasks in order to move the project forward at a pace that you're happy with?
How to get rich quick
In conclusion, the way how to get rich quick is to rob a bank (not recommended), win the lottery (though the odds are against you the moment you enter) or just get very lucky. People who are not prepared to rob a bank or gamble, will have to either wait to get lucky (could be a long wait) or accept that they are not going to get rich quick, rule that option out and make a more sensible plan. I hope this conclusion does not upset you, but life is often about climbing along 'a branch', discovering it's the wrong branch, coming back and trying another, until the right one is found. If I have saved you time climbing along the 'How to get rich quick' branch of life, before you have to come back, then I will judge your reading this to have been worthwhile. I hope you'll agree!
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