Summary
You’ve heard of those fake get-rich-quick schemes and you may have even heard of get-rich-slow methods of compounding interest as a concept. But what if there truly was a way to ensure that you could retire “rich” by having a specific plan. Would you choose a proven method to get rich fast or the proven method to get rich slow? (And when I say “get-rich-fast,” I mean in five to seven years.)
Well it’s a trick question really, because actually you can use both methods simultaneously; you don’t have to choose one or the other.
There are literally tens of thousands of people around the world getting rich on the Internet, fast! There are also people using the more traditional slow build methods of getting rich and ensuring their futures. Neither is wrong, but you must know what you are doing in both cases.
I suggest using both methods of getting rich fast and getting rich slow, simultaneously. Because it is possible, and you can do it, with the right plan and motivation!
Read on to gain further insights and details on both the get rich fast and get rich slow methods.
Transcript
The world is changing fast: the internet, 3D printing, delivery drones, multi-million dollar mobile Apps. For many people who want to make a lot of money, it’s all completely overwhelming.
Real estate is the cornerstone of many high net-worth portfolios, whether it’s how a fortune is made initially, or how it’s maintained. I’m going to provide an overview of methodologies that could just turn out to make you a fortune. You will need to do some more digging to figure out which method is right for you.
You’ll need to decide for yourself how much you want to make whether it’s two million, two hundred million dollars or something in between, your particular number is something to decide.
Next, decide on how you’re going to get it. What can someone with determination and the right direction do in today’s rapidly changing world?
What’s Your Pace?
Also decide whether you want to get rich fast, or get rich slow. Which is it for you? I define “get rich fast” as being able to be financially independent in five to seven years.
This is actually a bit of a trick question because they aren’t necessarily mutually exclusive. In fact, I suggest you do both: use what I call my “safety net method” to get rich slowly and use the internet or real estate to get rich fast.
My first real estate transaction was definitely a “get rich fast” method. I bought a house that was sitting on two lots and flipped it to a builder. I had decided to venture into this wholesaling method of real estate dealing when I discovered that builders were always looking for lots to build new homes on. In advance I had spoken with builders to determine who would potentially buy the lots, if I could find them.
After researching lot values in the area I started my search for people willing to sell older homes on double lots. To find the property, I knocked on many doors and made many phone calls, talking with the owners of perspective houses. I finally found someone willing to sell a home on two lots, at a price which I was confident could make me a profit by wholesaling, or flipping the property to a builder. I was able to quickly sell the property to one of the several builders I had spoken to previously for a $30,000 profit, with no money down on my part.
I diverge from the essence of the safety net method to make a point: my first real estate transaction was one where I “wholesaled” a property to another party. And although I suggest that real estate should be part of your get rich slow plan, this story points out how it could also be part of your get rich fast plan. This methodology is used by people in this book on a larger scale so I will let them go into more details. You can start small like I did to learn the ropes and progress to larger projects as your experience and contacts grow.
Get Rich Slow
Using my safety net methodology, I generally suggest buying reasonably priced homes or condos in decent areas with enough cash down so that they’ll carry themselves. This means it doesn’t matter if prices go up or down in the near term. You’re looking long-term with the idea of having these properties paid off at some point, providing you with a cash flow free and clear of mortgages, that will provide you with the lifestyle you’re after. You need to know what cash flow you require to maintain the lifestyle you’re after. Then, just look at the rents of the potential properties, and some simple division will tell you how many properties you need to acquire over the next number of years.
This isn’t meant to be a complete real estate lesson, but I hope you your curiosity is whetted. Seek out mentors who can teach you the finer points of how to get a foot in the real estate business – it should be one of the cornerstones of growing your net worth over time.
Another popular method that I’m heavily involved in is the stock market – in particular, high-quality income producing stocks. The challenge with stocks, even more so than real estate, is in not only choosing the right companies, but monitoring them over time and knowing when to get in and out. Personally, I am not a stock researcher or analyst. I rely on several excellent, completely independent newsletter writers to provide me with the information I need in order to be in and out of the market. You need to ask around and always check their long-term track record – not just the track record of the last year or their results in only a broadly-based rising market.
These “get rich slow” methods are what I consider to be your safety net: a strategy you use to maintain and grow your net worth and cash flow over many years.
Get Rich Fast
Is it really possible to get rich in three to seven years? First, understand that the way to make a lot of money marketing anything is by reaching and positively affecting a lot of people. Your income will be a reflection of how many people you are positively affecting in some direct or indirect way.
In real estate, you can create huge profits via the leveraging of your abilities and talents to find a deal and bringing the people and money together to make it happen. But I’m going to leave that topic for others that I know will cover the nitty-gritty in detail. You can start doing this with little or no money and still see big results in the time frame I’ve talked about above.
The same is true with the internet.
The internet is vast and there are many traps set to draw you and your money into a dark hole from which you may never emerge. There are many online “gurus” telling you how you can easily make $1,000 per day campaigns in three easy steps. Don’t believe it! I have seen dozens of these and investigated many.
They are often just making money “teaching” techniques that are out-dated, incomplete or just don’t work. The truth is that you can find virtually everything you need to know about marketing online for free. Although, as in most endeavours – whether real estate or stock investing or marketing online – having the right information or mentor can shave months or even years off of your learning curve.
So here are some basic ideas to consider when looking into online marketing: understand that no matter what method or market you enter online, it isn’t just a matter of setting up a website, creating a merchant account and watching as the money flows in; there are many combinations of different factors to consider.
You’ll want to decide on the type of marketing you want to do. Ask yourself if you want to become an “expert” in a niche market and create your own online information products. This is an excellent way to break into a market. One of the keys though is to know how you can differentiate yourself from others in the field you are choosing.
This really can be an excellent way to go; however, understand that there are costs associated with this method: web sites, marketing, education and perhaps mentoring. Investigate your upfront costs and know what you’re getting into before you start.
Another way to go is to market other people’s products. You can actually start this method with little or no money at all. There are several very good affiliate networks, such as Clickbank, that you can learn a great deal from, for free. I know several people that literally make seven or eight figures a year in affiliate marketing. But be prepared to get technical and learn how the system works.
Deciding between these two business models is critical. My company TransCon Mobile, for example, markets mobile Applications, offers and brands of companies. We focus on mobile only, which is a very rapidly growing market.
My website old.tonyneumeyer.com markets products I’ve personally created using my experience and expertise in the areas of goal achieving, personal and business development. My programs give step-by-step tracks so people can more easily and quickly achieve the life they’re after.
Affiliate marketing can also be broken down into subcategories, such as building mailing lists, using paid ads to generate profits, and others. I have limited space and am only wanting to open your mind to the possibilities here. Getting rich fast and getting rich slow simply comes down to making some decisions, getting into the right mindset and taking clear and decisive action.
Maintaining Focus
To help keep you on track, I suggest using a method of creating what I call PPMs (Personal Programming Messages). Break down each of your goals into small actionable steps that will move you toward your goal each day. Record each of these tasks along with the bigger picture goal, in your own voice, on your phone or computer. Listen to this recording first thing in the morning when you wake up and the last thing at night before going to bed.
I’m only describing this method in brief, but believe me – it works! Everyone I know that has employed this method goes on to make great changes in their life. They become virtually unstoppable in creating the life they are after.
So here are five “Don’ts” and five “Dos” to live by when you get rich fast or get rich slow:
“Don’t:”
- Think that you can’t get rich.
- Think you can get rich without some new education.
- Believe you can get rich without a plan.
- Believe that your mindset isn’t a critical part of your success.
- Forget that who you know can be a big help in your success.
“Do:”
- Decide your magic net worth and cash flow you require for your lifestyle.
- Decide how and if it will be fast, slow or both?
- If the Internet and affiliate marketing is right for you.
- Set your business plan, deciding on the budget to get started.
- Set your goals, break them down, create your PPMs and listen to them daily to keep you focussed and in action.
Then Just Get Rich!
