This is a guest post by Bob Richards. He is a financial blogger that thinks people think too small about money and as a result never have any. He says it’s not possible to save your way to wealth. He is among the 1%, inherited nothing and worked his ass off.
I encounter way too many websites by financial bloggers who think too small. Their posts are intended to help their readers who also think way too small. Here are the types of issues I see promoted:
I don’t want to insult anybody, but these are chicken sh** issues and if you focus on them, you will have small financial results. You get what you focus on. If you accept that, wouldn’t it be better to focus on earning an additional tens of thousands of dollars or adding hundreds of thousands of dollars to your net worth? Your problem, I guess, is that you don’t know the steps to do that. My response is that if you look for websites that help you save $25 per month on groceries, why not substitute that research would sites that tell you how to earn significant extra amounts.
First, let me take a step back. Don’t focus on saving money. That’s the focus of poor people. Rich people focus on making money so make that your primary financial intention. Now that your focus is free from finding free movie tickets, you can turn your attention to making some significant dollars. Note that if you want to accumulate wealth through somebody giving you a job, hang it up now. Stop looking for a job as that’s the way poor people think. Very few get rich through a job. Rather, you can get rich with little to no investment by connecting buyers and sellers of anything.
There are unlimited ways to do this and the elements of success are:
If you can bring these four elements to your focus, then here is a tiny sample of places to look.
Be an agent. Sell a $500,000 house to somebody and you can earn $10-$15,000. Do that once per month (or hopefully more often) and accumulated some serious net worth. How do you become a real estate agent? Go work for a firm in that business. Let them train you and watch closely the two top producers in the office and replicate what they do. No special education is required, only that you pass an exam and intelligent sixth-grader can pass.
Trust Deed Broker. There are people who need financing on their home and they don’t fit the bank’s profile. However there are many investors who would be happy to lend them the money. The person who puts the two together is called the trust deed broker (or private mortgage broker). Just like you research anything else on the Internet, you can learn about this and even find courses that teach you the details. Again, you need a license that any intelligent sixth-grader can get.
Flip finder. There are people who want to sell their homes at a cheap price. There are investors looking for homes to buy, fix and sell. These people are called flippers. You can help them find the right homes and earn a commission on each deal. Again, put on your research hat and locate the opportunities. No education or license acquired.
The model of being a middleman in transactions can be applied to almost any industry. You are simply the party that connects buyers and sellers. All you need to bring to the party are the four elements above and facility using English. But the very first step is to eliminate your attention on the nickels and dimes you’ve been intent on saving.
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