The Worst Way To Get Rich

in money •  5 days ago 

Hey Jessavvy investors

As an SEO I look at search terms all day long, and one of the worlds most popular and evergreen search terms is a a variation on how to get rich, get rich quick, typical every day people just want to get rich. The idea of being rich is appealing, I get it, having that kind of freedom is a logical want in today's rat race and with our overdependence on money to live.

I'm not rich by any stretch of the imagination I was born in a 3rd world country, to the so-called "previously disadvantaged class", I didn't have access to the best schools, opportunities, networking with the right people and I've had to grind it out my way.

I am still fortunate, in my countries terms for sure, I have a university degree, and I was able to get a job, and I worked for four years until the age of 27 and then called it quits and started my own business, and I've been slugging it out ever since it's by no means glamorous.

The moon shot

We all want to go to the moon, regardless of the industry you're in, we want to hit it big and be an overnight success, and that can be done, but only a few will ever do it, and yes anecdotal evidence and case studies are helpful but replicating moon shots are one in a million.

The fact is for most of us without backing, capital and a network to support us and having to build wealth on our own steam it's going to be a long and arduous process, something I call the worse way to get rich.

So how do you do it? 4 Simple steps really, its how I'm doing it and perhaps I'll die before getting there, but with time I think it will work. The power of compound gains and leveraging time has never failed anyone.

How to get rich the worst way

Image source: - listenmoneymatters.com

Multiple streams of income

The first thing you need to do is monetise your time and labour and do it in multiple streams. This could be through a job and side hustle, partnering with different opportunities and businesses, doing active investing and working, but some combination where two or more streams are bringing in capital and hopefully you can use it to create new streams over time.

Spend less than you earn

The second is to have a capital surplus; you have to spend less than you earn and have stored purchasing power backed up every month start building up reserves you're going to use for strategic moves.

Having capital allows you to leverage opportunities, tomorrow you could see a bargain of a car that you can flip for a profit and so on, having access to working capital is key to leveraging money-making opportunities.

You may start with say something small buying shoes and flipping them, and so work your way up to items with larger margins over time.

Invest in deflationary assets

Next, you want to start storing capital you feel you won't need for money-making operations into deflationary assets. Property, stocks and bonds would have been the traditional place to go, but with the markets being so overstimulated, I think its best to stay clear and look at other assets that can provide a floor like precious metals and Bitcoin.

You can naturally pick up stocks you feel are recession-proof like tech companies or commodities like food or gold but that you'll have to make your call on with research.

Stay the course

Most of us aren't going to be world-class traders, and we're not going to pick out opportunities at the floor, we can't be looking for market opportunities and gobble up alfa, but what we can do is leverage time. Time as a commodity has ALWAYS seen positive returns.

Using the three methods, I mentioned before and looking for more ways to earn interest and compounding it with deflationary assets over time will only see you grow your wealth exponentially.

I currently make an annual return of around 8% - 10% on my basket of assets and while I am looking for more and leveraging risk in the crypto market, I am young enough to do it. I will naturally reduce risk as I get older and by then my capital base should be large enough to compensate for the lower annual returns.

Have your say

What do you good people of STEEM think? How are you planning to get rich? Share your secrets with me.

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

Let's connect

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