I’ve been getting this question more often recently, generally from younger folks: “How can I get rich?” Generally, they’d like this to happen as quickly as possible. Now, it’s easy enough to write this question off, but I prefer to dig deeper. What way are you looking for to get rich? Normally, I’m being asked for that perfect investment that will, sure thing, turn $1-10,000 into a million, if not overnight then say in 10 years. It’s at this point that I let my prospect know, that investment doesn’t exist in the traditional sense, but there is another way.
The Perfect Investment Doesn’t Exist
First, let’s address why this wonder stock, or similar investment, doesn’t exist. To start, there is never a sure thing. Every investment involves risk and for every success story there are hundreds if not thousands of failures where someone gains nothing or even loses everything. Then there is the problem of compounding. Even if we look at a phenomenal stock success like Tesla that million-dollar success becomes unlikely. Even a perfectly timed investment into the electric car company would see you only increasing your money by 20-fold. $10,000 into $200,000 is no mean feat, but it’s still a long way from $1 million. And even then, this was after the stock bounced around well below today’s valuations for more than a decade. Of course, if you invested $50,000 you would have that million, but that’s the problem with traditional investments, they only make you the big bucks when you already have the capital to invest. So, how do you get that money in the first place?
The secret to getting rich as quickly as possible is going into business for yourself. There is no other opportunity with that sort of unlimited upside. But, that upside doesn’t come easily. To finance a business often means using leverage (borrowing money), working long days (10-12 hours), and long weeks (6 or 7 days) often for years on end. To boot, you’re also taking on the most risk possible; you’re putting your own livelihood on the line. Losing $10,000 on a bad investment is horrible. Losing everything because your business failed is catastrophic. But for some, that's a risk well worth taking.
I Can Help
It’s at this point in the conversation when I stop and read someone’s reaction. Is a fire burning in their eyes, or have their shoulders slumped? Regardless, I let them know this: I can help you. Before I was a having my own practice as a Financial Advisor, I owned a tea company with my friend and business partner. I’ve walked this road more than once and am proud to say I now have a successful business of my own. I also work with self-employed clients of all different stripes. Between personal experience and that of others I have a wealth of knowledge to help you plan and get into business. And for those who want that help and guidance, you can engage me as your advisor either on a one-off or ongoing basis.
The Truth Can Be Painful
This experience isn’t for everyone. Planning and execution both take hard work and perseverance. And every step of they way you’ll need to be able to hear hard truths about where you are and where you are going. But for those who want to face one of life’s great challenges, there is also nothing quite as exciting and rewarding.
So, if you have dreams of being self-employed, let me know, I’ll be happy to chat and see how I might be of service to you. And in the meantime, what business have you always thought of starting?