The Three Paths to Wealth
There are three proven paths to wealth in America. They have been proven time and time again by thousands if not millions of people over the years. They are such simple paths that one wonders why there is any poverty at all. Perhaps they should teach these things in school starting at a young age…
If you have somewhat of a tolerance for risk (everyone on earth who leaves their house at all has some tolerance for risk-so if you say you have no tolerance for risk you probably should not leave your house) and have a drive to run things your own way instead of having a direct boss-then a small business would be up your alley.
It takes a lot to run your own business-there is no lie in that. It takes work, dedication, good business skills, and some luck. Having an in-demand product or service is key to lots of sales. Having an new innovative product is also another way to go-but you will need to keep coming up with new products as competitors enter the market. That is something to keep in mind if you are trying to do some product development.
Services are good if they are in high demand-but do not lend themselves to business automation like a product can. If you get your service going really good-you can eventually hire someone to run it for you and you just keep the profits-which is not that bad of a way to go.
For a product-you can set up all kinds of automated systems to take orders, process sales, drop ship product, and direct deposit your earnings-it is completely possible to do this. If you are going to go that route-I highly recommend Tim Ferris’s book-4 Hour Work Week
It is a real solid read on how to that and at least start thinking about the basics (here is a disclaimer-none of the links on my site I get anything for-I have not decided if I want to go that route and have a bunch of advertising etc. I probably will-but at this point all links are for information-I get nothing at this point).
Bottom line for all of this-small business is a path to wealth period. It can work for you-you just have to do it, learn, and (and believe me this pisses me off to no end…) pay taxes on all of it. Each state is different, has different rules, and then of course there is Big Gov Fed-and all their rules and regulations.
Here are some links:
Just ask Donald Trump if there is money in real estate-I am sure you already know the answer. Is there money in real estate-you bet your sweet ass there is. It is no joke. I was watching this show-http://www.bravotv.com/million-dollar-listing and obviously they are a little douche bag like-but just selling these real estate deals-they are making huge commissions-and this guy Fredrick Eklund has a very successful real estate business.
You don’t need to have that kind of scope of work to make some money in real estate. You can buy small properties and either flip them for a profit, or have them for rental units-with all that comes with rental units.
There is commercial real estate development, residential development, and even utility real estate development (i.e. power plants)-and there are rules and regulations for all of them of course. You will not need to learn them all-but you need to learn some to know what is going on. You will also need a good real estate broker-someone a little more advanced than a realtor if you want to invest in the bigger and more expensive property opportunities. You also need to establish a very good relationship with your banker of choice-there is probably no way around this for real estate deals-and that is okay. Just develop the relationship like you would develop property-a little at a time-this is a must.
I highly recommend reading Trump’s book –The Art of the Deal -the story of him moving dirt from one end of the construction site to the other to convince his investors things are happening alone is worth the price of the book-fantastic.
Here are some more links:
Stocks, Bonds, and other Financial Instruments:
Ask Warren Buffet if there is money in stocks and investing. Is there money in stocks-you bet your ass there is. Or maybe ask this guy:
You do not have to be like this-but you can, should, and must invest in some financial instruments-including hard precious metals like gold and silver. You do not have to be a Gordon-but it is economic suicide for not only yourself but your own country’s economy not to invest in sound companies that do business in your country (my country happens to be The united States of America).
The are many financial instruments to choose from: stocks-shares of a company-means you own a piece of the that company; bonds, which are debt instruments that pay off at a later date, and the different types of funds. It is way outside the scope of this blog post to go through all of these items-you need to do your homework-don’t be lazy and think you are going to get it all here. You have to study these things yourself and study hard. There is substantial risk in these items and it is somewhat of a game-but with diligence you can make long term investments to help your financial future. I have put some links down that will definitely get you going down the path of knowledge-it is up to you after that.
Here are some links:
There are three basic paths to wealth and financial independence in the world. They are small business, real estate, and financial investments. For myself-I try to do all three and keep building. That is also my advice to you-do all three-if only one pays off then you are there-if all three pay off-then you are really there. Don’t stop and don’t give up-one one person has done another can do-so can I and so can you.
THIS YOU CAN TRUST
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