How to become rich? How to make more money? Let’s be honest, the day only has 24 hours and we only have two arms and two legs. If we worked all 24 hours a day we could hardly get rich just from that work. Unless of course we are a consultant who charges $1,000 per hour. 🙂
I like to remember stories about David and Goliath or those about aquifers. While one was carrying buckets of water the other was building a water supply. You can easily guess how the story ended.
To become rich we need leverage. We need help because we can hardly succeed on our own. The lever is a great thing. Thanks to it, we can easily lift a load that far exceeds the strength of our muscles, and a car of 100 tons / h that runs at 100 km / h can be easily stopped by lightly pressing the brake. But what if we had a lever to help us get rich?
A few levers come to mind:
- Other people’s money. (OPM)
- Other people’s time. (OPT)
Other People’s Money
Someone else’s money loan is usually one of the most popular levers. It is very affordable provided we have a steady job. We can get rich by skillfully using someone else’s money. I don’t know very many rich people who didn’t use other people’s money at some stage of development.
The founders of Google after making a business plan received $ 100,000 from one investor. Not bad to begin with. Do you think you could start a business with that amount?
Credit is often used to buy real estate because banks are happy to borrow money to buy real estate, but very difficult or not at all for stocks or starting their own business.
But, banks are not the only source of money. You can turn to investors, friends, relatives, parents, etc. etc. I’m not saying they’ll all give you money right away, but with a good idea it’s worth a try.
There are no bad loans, only bad purposes for which they are used – said my professor of finance and he was right.
Other people’s time
People don’t really like to read and think about how someone else is making money from their work, but that’s exactly what happens while you’re employed somewhere.
At first glance, it seems like an injustice. However, at a second glance, we realize that we are not all born for entrepreneurs and that security and peace are more important to us than more money. And that’s okay.
We don’t all have to work 16 hours a day, open businesses and hire other people. If you think this is easy, think again. Some of us like to come to a finished job with a fixed working time, a good salary and that’s it.
And there is no reason to be angry. We work and someone else uses us as their lever to become rich. Who says it can’t be reversed?
Start a business and hire people just be fair and don’t exploit them by hiring them illegally or taking advantage of their bad financial situation. Be creative and create new value.
It is better to earn 1% of 100 people than 100% of your own work.J. Paul Getty
By technology, I primarily mean the Internet, since it is available to everyone, unlike expensive machines, tools, factories, etc.
With the help of the internet, almost anyone can make a fair amount of money. The Internet is still the “wild west” and whoever goes first has a great chance of success.
For real success, I recommend orienting to the English-speaking area (or Chinese), although it can be successful in other area as well.
Remember that good performance is more important than a good idea. There were search engines before Google as well as Internet browsers before Internet Explorer.
Knowledge is a great lever because no one can take it from us and it tends to grow. The more we know, the more valuable our knowledge is.
If it is really useful / applicable knowledge can be very, very well monetized. Maybe that’s why all the rich advise us to invest in ourselves and our knowledge first?
Unfortunately, there are a lot of smart, educated people who are poor. What is the problem then?
In that their knowledge is not so useful that someone would be willing to pay a lot for it or they simply do not know how to cash in (sell) it.
Imagine having the knowledge on how to recognize a quality and undervalued stock? Or knowledge of how to successfully sell any product or service? Detailed knowledge of tax laws? How Much Money Can You Make? All this can be easily learned today.
The only thing that distinguishes the rich from the poor is that the rich spend money on things that will bring in more money while the poor do just the opposite. The rich are working to increase their leverage.
Let’s start thinking about levers, ways we can earn more with less effort. The lever is all around us, which one is yours?