Sunday, May 13, 2007

Is There Any Such Thing As Getting Rich Quick ?

By James A. Gage

A wise man once said, I got rich quick once and it only took me 80 years to get there!

Getting Rich Quick, that’s what we hear all the time. The newspapers, magazines, TV, and radio espouse the idea constantly. One guy got rich in his underwear, another did it by being lazy. It’s taught through seminars, infomercials, books, and tapes. One infomercial Guru loves to parade several very nice looking folks holding up big checks. You see them sitting under palm trees by the pool, holding drinks with little umbrellas, smiling, and laughing. Meanwhile you’re at home wondering if you have enough credit left on your charge card to pay for your kid’s birthday party at the Chucky Cheeses Pizza joint.

At one time or another we have all fantasized that it could be us winning the lottery or having the Publisher Clearinghouse Van & cameras come to our front door during the super bowl. It’s tantalizing imagining yourself on your Tom Vu yacht in the Caribbean or driving the new deluxe Hummer model while others slave away at jobs they hate.

The question remains, is it possible that wealth is just around the corner ? Do people really get rich quick in real estate or anything else for that matter ?

I found my financial freedom by learning and implementing the techniques of Lease Purchasing. It was not get rich quick, but rather a slow and steady get rich slow formula. It doesn’t have to take you a lifetime to accumulate or achieve fiscal solvency and security, but you do have to follow some basic common sense rules.

1. Do something you are passionate about: The greatest tragedy in the world is for people to spend their lives working at a job they hate or to work for a company where management doesn’t appreciate them. I was fortunate. I discovered creative real estate at an early age and I loved it. This is what I wanted to do.

2. Obtain Specialized Knowledge: If you think books, tapes, and seminars are expensive then try ignorance. Become a learning sponge. If you’re on a tight budget, go to the library, log onto the Internet, join your local investor club. Work with or for a Successful Investor. All successful people have one thing in common, they are aware that they don’t know everything and they must constantly learn to stay on top of their field.

3. Make a Plan: I know the sneaker commercial says ‘just do it’, but how about putting some thoughts on paper first. Throw out the day planner and get a simple calendar book. Make a list of things to do, jot down your thoughts, take notes, make appointments and phone calls, and WRITE YOUR GOALS DOWN and how you will implement them.

4. Discipline: Success takes lots of discipline. You must be consistent in working your plan every day - consistency equals success in what ever you do.

5. Work Smart: Always ask yourself the question, am I really making money doing this or just spinning my wheels? Is there a cheaper, quicker or just better way to accomplish what I want? You can never make more time, but you can use your existing time more productively.

Example: I used to spend hours at the copy store. I found a great printer who not only picks up and delivers, but one who charges me a lower price than the local copy store.

6. Be Financially Aware: Create multiple avenues of cash flow. I learned that Lease Purchasing (AKA Rent to Own) was just the way to achieve many avenues of income from a one niche concept.

Sorry, but getting rich quick for the most part is a tempting delusion. It could happen, but it’s not very likely. However, having said that, GETTING RICH SLOW is a realistic way to really become financially free.

Moral of The Story: It’s ok to want to become rich, just be willing to pay the price and be patient.