Thursday, November 8, 2012

The get rich formula


          Is there a get rich formula ? Sure is , and you will learn it for free.
It is quite simple..."don't save" yes I said it,  don't save your money as a younger person, rather spend it on assets . Think of assets as something that can return your investment and go beyond that to give you a profit worth the investment and your time.
         The problem is people have a hard time telling what an asset is, or they try and think too big sometimes, very often in my early years I would be happy with a profit of $100+ and sometimes I would spend five to six hours to earn that hundred bucks, but it was only time I was giving and while I was working on lets say cleaning up and tuning a car for reselling, my friends were wasting time on video games or going out clubbing . So not only were they wasting the time they could invest they were also wasting money. The little nickle and dime stuff is what ad's up when losing or gaining money for the beginners.
        You see while I was only making maybe a hundred or two a deal to start, I often had 3 things going a week making me an extra six hundred dollars aprox per week on top of my regular job at about $500 a week , I would flip things like I said , go karts, golf karts, cars, dune buggies etc.. haggle with people to get the lowest possible price don't be afraid to ask "is that your bottom dollar on this" or " is that the best you can do on that".
        The early days were a bit of a hustle for me as I came from no financial background and had no advantages so there was a lot of refining needed for me to make it big, I had no college education as I have seen little good come out of it but that's my opinion.
         One thing that my mentor told me that has helped out tremendously was to treat your home finances like a business ,this was all part of this get rich formula , any money going out needs to be meticulously tracked just like your life has investors looking over your shoulder. you need to track profit and loss, ask yourself do I need this beer? do I need these cigarettes? is that a good investment? Am I using my time well? You have to forget what people think of you, the only person you need to impress is yourself, I see young people with crappy cars and 20" flashy rims that serve no purpose at all, and I think "jeez I could have made $3000 with the $2000 he spent on those" I drive and old 2007 Prius could I afford a new Suburban? sure but why, I don't need it for running around town and I only spent $70 a month in gas, this is what works for me, do what works for you.
         Another money tip, I made almost $700 one summer just house sitting and feeding animals for a number of families, and it was not very hard to find people that did not want to burden their family or friends, but this is all beginner stuff, next time I will go into more advanced things like how I bought a rental property 4 months after bankruptcy.

No comments:

Post a Comment

Pin It button on image hover