Some people get to where they want to be earlier than others so why is that do you think. I mean some are lucky through good timing – some are born into it – some do it accidently – some follow a regimented set of stratagies etc etc
Some make it big then 5 years later we hear they lost it for whatever reason, i’m not talking about getting rich over night, but if there was a way you could shorten the journey say from 20 down to 10 or 15 years …[hmm]
I think you have to take a bit of risk.. I had my PPOR paid off by mid 2000 but didn’t do anything else until 2003 a lot of wasted time. And even more wasted time in a booming market.
I think that a lot of people who take the long slow road don’t even try a shorter path. There are lots of easy to find reasons to NOT HAVE A GO, such as:
Too many stories of get rich schemes and “A Current Affairs” con men and the like is enough to scare the peoples majority off anything faster than a 45 year super retirement plan.
Heck, the lottery pays big and is a nice easy risk so why try anything else that would leave your balls swinging in the wind.
And while we’re at it, bills are hard enough to pay so why even bother risking extra cash in something that is not MONEY BACK GUARANTEED 100%, I mean a set of steak knives comes with this, so why would i risk money on anything like shares……oooo risky.
Hang on, I can get a loan for a big shiny new car and a plasma TV today, or risk everything on property or shares for some benefit years down the track?
THERE ARE LOTS MORE.[wail]
I began an apprenticeship at 18 in an old power station and worked with blokes who had been working all their life in the dust and heat for a pittance. All of them had struggled to pay off their own house and still did not have much retirement money to fall back on, and I asked all of them when they complained and moaned if they had ever tried starting a business or investing with a goal to get out of the 9 – 5 rut.
All of them had an excuse and none of them had tried more than once or twice to set up a financially free future.[blink]
$1 a day invested and compounded sensibly since they started work and they would have a million bucks plus!!!!![cool4]
I think the ones that have a shorter path to success, simply persisted with their desire to become financially free despite the knocks and setbacks that life ALWAYS tests you with!!!!!!!!!!!
o000o…………[bike2]
(I’m loving the bike smilie, it is like a symbol of the fast road to success
Live, Learn and GrowLifexperience
Hasn’t this topic been covered before!!![comp]
“some are lucky through good timing”
But somehow I’m guessing they had done absolutely nothing (like buying property/shares/etc) except getting luky through good timing. Usually someone has to do something to “get luky”.
Rgds.
Lucifer_auI’m working on the get rich slow method. I equate getting rich quick to getting poor quick and a lot higher risk in my books. I have a pretty crappy SANF anyway and prefer the KISS principle myself. I just buy in the bad / stagnant times and hold forever i.e the Jan Sommers method.
Bit of a no brainer that has worked for me so far.
i believe you have to be fast in all markets… if your not fast you will lose out on making money, you can get rich quick or slow, but if you have the time and can watch your investmenst… then go for the quick rich scheme…
and repeat systems that work…
though the fastest money, i seriously make is from the stock market, doesnt matter if the market is going up or down… but compounding and averaging up profits and sticking to the trend…
Cheers,
sisA simple rule of thumb I have read alot about is “the best risk is the one you are comfortable with”. Generally, most advisors will tell you that higher reward means higher risk, and in many cases that is true.
However, I believe one of the true arts of investment, or business for that matter, is risk management.
I personally am not happy with the thought of working for many years to come, so I am now going all out with a plan to stop work and full time invest within 18 months. This primarily involves positive cashflow real-estate.
I certainly believe that I can achieve this plan, however the risks that I will take to achieve this (including a high level of leverage) may not be comfortable for some people.
Also, I will try to force myself to treat my failures (of which I expect there to be some at least) as learning experiences.
And I think everyone will agree with the importance of setting goals. I like small goals – they give me a regular sense of achievement, and help to maintain momentum….regardless of how fast you elect to move along your path to financial freedom.
Hope this helps.
Cameron [cap]Originally posted by WallFlower:
Hasn’t this topic been covered before!!![comp]Hi Wallflower
If this topic’s been covered before, do you have a link? If so, and you can provide it, I’d love to read lots of people’s comments.
Myself, I’m with Cameron. My wife and I did the slow -ve gear way for 16 /17 years [axe][axe][axe] then got into more avid reading / networking / Wrap Kits (both Steve and Rick’s) etc. etc [bike2][biker][bike2][bandana][bike2][biker][bike2][bandana] and am now into land subdivision / house and land packages.
As you can see, I love the bike logo too (symbol of the fast track!)
Cheers
GregI like LifeX answer and some of the others too.
I personally think that “get rich quick” has got a bad rap, and that one must be able to discriminate from “get conned quick” plans.
Providing you do your homework and ask the RIGHT people, I think that the worst you can do is ask your neighbor or his financial adviser for an opinion on something they are ill prepared to comment on.
You are likely to get a touchy feely sensible answer full of measured word with calculated risks and a disclaimer at the end that are likely to keep you as poor as you were before asking but now oh so much wiser. NOT.Just like working hard does not work on it’s own, get rich slow does not work on it’s own.
Prosperity is a cunning lady that likes to be unpredictable, likes to challenge common sense and loves lateral thinkers. Properties are not different and anyone who bought properties in Sydney inner city before 1987 or at least before 1992, or in Redfern two years ago can testify that common sense did not make them buy there rather good old gut feeling and love for one of those challenge that keep you going to the toilet more often than you would if cruising along “slow”.
Oh yes… “if you get rich quick you lose it all quick”!! .. and if you go fast you may kill yourself!! and what if you run out of petrol or you slip on a banana peel??[baaa]
Life is to be lived and years go by at the same speed if you sip on a diet coke at Macdonald’s or sip on a 100 year old cognac in front of a fireplace in a cabin on your lake front property.
I know which one I choose.
My advice, get rich quick by thinking BIG
PS
“Conventional wisdom doesn’t work…and never did.”
“If you are going to work hard anyway, you may as well get rich…and the quicker the better.”
T.Harv EkerMay God prosper you always.[biggrin]
MarcMarc1,
I have noticed that a lot of your posts follow robert kiyosakis opininion that your advisors in wealth strategies must be someone who has created wealth.I think that the worst you can do is ask your neighbor or his financial adviser for an opinion on something they are ill prepared to comment on.I personally agree, and I think that this point is valid to point out in this thread.
If you were to ask a rich man about the best way to get rich, I doubt they would say “slowly”.
The more i think about it, the only influence that could possibly have such a negative influence on someone as to suggest that you should only look at plans and goals that get you rich slowly, would be one of two people.
The ignorant and/or the deliberately cruel.
Unless you actually enjoyed making money slower than you could be.(ridiculous)
The rewards and potential leverage of things that you could do with your life are unlimited by $$$ if you have unlimited amounts of money at your disposal.
DISCLAIMER FOR NOVICES: TAKING UNEDUCATED RISKS WITH MONEY IS GAMBLING AND WILL LOSE YOU A LOT OF MONEY EVENTUALLY.
and a second time in case you did not understand>
DISCLAIMER FOR NOVICES: TAKING UNEDUCATED RISKS WITH MONEY IS GAMBLING AND WILL LOSE YOU A LOT OF MONEY EVENTUALLY.
As cameron pointed out
Also, I will try to force myself to treat my failures (of which I expect there to be some at least) as learning experiences.That being said, you can limit the amount of money you lose and still aim high. WHY AIM LOW?
Your SANF (sleep at night factor) should(and can be) just as peaceful making money fast or slow.
Please. please people, don’t let the limited and ignorant views of people stuck in the RAT RACE drag you in……….there is more to life!
All you have to do is aquire the knowledge.
To have a glimpse at the opportunities financial freedom would give you to enrichen your life and then do nothing is an ignorant, selfish, disgraceful spit in the face of life.
[drummer}
ptooooooeey
Live, Learn and GrowLifexperience
There is one point I would like to make here and that is, I did not say GET RICH QUICK!, once again people have interpreted the post incorrectly.[angry2][angry2]
I said QUICKER eg; from 20 years down to 15 years etc, not over night but over time, I hope you read contracts better than reading post questions … sorry, but this seems to happen a lot here !!
Regards Phil
Originally posted by resiwealth:Thread title: “Get Rich Quickly or Get Rich Slowly”
Some people get to where they want to be earlier than others so why is that do you think. I mean some are lucky through good timing – some are born into it – some do it accidently – some follow a regimented set of strategies etc etc
Some make it big then 5 years later we hear they lost it for whatever reason, i’m not talking about getting rich over night, but if there was a way you could shorten the journey say from 20 down to 10 or 15 years …[hmm]
Resi, Resi, it ws you that posted the above, entitled Get rich quickly or slowly, others did mention “get rich slow”, so it is only natural to mention get rich quick. The difference between quick and quickly is semantic at best.
I note nevertheless that you avoid such word quick with extreme prejudice and even illustrate your dislike of get rich quick by saying of ‘some’ who after succeeding in 5 years lose it all.
This makes for a debate all on its own.
“Get rich quick schemes” is a catchcry phrase like “Pyramid scheme” or “Conspiracy theory”
used to discredit in a preemptive strike something we want out of the way.Such sentence appeals to values that are universal, yet not necessarily true, that slow is better than fast, “easy come easy go” “rich are stingy” and all those popular wisdom little things, that cling to our brain like a bad smell.
The fact of the matter is that scam do exist and so do scam artists, but any person with average intelligence can and must be prompted to research deals for their true worth, and not dismiss them as bad if they promise a lot quick and good if they promise little in a long time.
Three years ago we had an advertising campaign with fliers that promised “Earn 200,000 a year*”…*conditions apply.
The add was extremely well worded and explained how an average person could in the term of 3 to 5 years turn over such income per year.The ACCC pulled us over and demanded we stopped this “claims”. In the mind of some small minded person on a salary, this figure was a fallacy and an obvious scam , a “get rich quick scheme”.
However it took only a few in our group to show them that this was reality for many who in fact had achieved far higher income with a couple well in the 1.5 million a year, based on the simple principles offered. We continued with the campaign for a year after that.
The reality of our income is that we get paid according to how much value we deliver according to the market. If we deliver massive amounts of value and such value has demand we will receive massive amounts of wealth. The speed at which we are rewarded has relation only to the value we give and if we get rewarded in small dribs and drabs, that does not make our position any stronger just because of that.
The fact that the less attractive deals carry a lesser risk and are therefore safer to tackle without proper research does not devalue the high risk deals who demand a thorough research before attempting them. In other word, I someone wants to jump into a deal head on and take the risk of no research, you may as well jump into a may get rich one day slow scheme, rather than a get rich quick, but be aware of why this is so.
May God prosper you always.[biggrin]
MarcMy dear resi,
I will try to address your initial post simply
Some people get to where they want to be earlier than others so why is that do you think.I agree, the reasons why I think this is so is outlined above (I did not mean to offend you by elaborating on some issues. This is a topic I am very passionate about)
I mean some are lucky through good timing – some are born into it – some do it accidently – some follow a regimented set of stratagies etc etc
True, true, true
Some make it big then 5 years later we hear they lost it for whatever reason,
Interesting point, you raise many issues by mentioning this phenomena ie: conmen and get rich quick schemes. Allow me to voice my opinion on this in the above posts
i’m not talking about getting rich over night, but if there was a way you could shorten the journey say from 20 down to 10 or 15 years ..
…I agree, it would be crazy to drag it out longer than necessary, 10, 15 years or however long. I personally consider the exact time frame a minor issue
[
][][][][]resi, resi, resi….. I hope that you don’t frown as much in real life as you do in your posts.
I am concerned that you get upset by mere technicalities in an open discussion, maybe I can help you with your broad opening posts so as to induce a discussion more exact to your intentions.
PM me if you want.[biggrin]
Live, Learn and GrowLifexperience
Hell I recieved more money in the last 2 months than I would recieve at any job (based on my non-job experience ;->). So I would rather get rich very quickly than just quickly… Of course that menas I have to be more educated and sophisticated in my investing – and this takes constant learning as well as action and correction.
So I believe it is very possible to retire within 5yrs using strategies that are discused on this forum, because I know people who have retired in a shorter time period and they are really reaching their stride now, of course they could lose it all, but I think they could be back earning the same amount in less time.
Rgds.
Lucifer_au
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