The Worst Way To Get Rich

in money •  2 months 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 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 HIVE 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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consistency and original thinking ... we've got to change the system to empower young people

I agree, I just don't see young people wanting to roll up their sleeves and put the work in, we don't have that work ethic that's why startup owners look like complete loons because they're willing to put in the 80 hours a week + to make it work

Option 1 for me is what I'm trying to do at the moment. I still have a job thankfully which is my main source. Then the side hustle is trying to earn from blogging, music, crypto etc but will be trying other ways too with something tangible. Boy's always trying and evolving.

Spending less than I earn each month is definitely being helped by having a spreadsheet to keep on top of EVERYTHING.

Will be looking at getting my own house and turn that into another side income if possible so yea, building the pot if I can but by no means expecting over night success

I'm with you on that, if it doesn't give me a drip I don't even consider it, like I have my work, I have adsense and 3rd party ad networks, crypto, then stocks and bonds oh and a pension, but it has to give me a drip each month

Look down has surely made it easier to spend less that's for sure,

I would hold off for now, I think we're going to get a major correction in housing as forbearance comes to an end we'll see foreclosures and banks desperate to refi

Side stuff is the obvious choice here. I have been doing it for a while now and it works.

Savings funds, investment funds as well but they are all long term... although after near 10 years it is interesting to look at those funds and see how they have accumulated.... if I havent been doing it they would be there at all. I know people in my exact position that havent done anything similar.

Crypto is great as well. A totaly new and diferent thing. It is also a possibilitie to learn and grow.

Yeah thats what I'm thinking too, like yes its hard and I could probably give up and buy whatever and "feel" good for the moment, but as I keep my spreadsheet and keep tracking I find that I see the gains slowly compound and over years I feel it will be the wise decision, lol I won't be very flashy but I hope I won't have to be picking out of the trash when I'm older

I saw the title and my mind instantly went to "through sucking dick" 😆

That's certainly a different "stream" of income there 😂

Oh there'll be a lot of streams to the face alright 😆

Hahaha

of "Incum" 😂😂😂

Not vegan

You used the NSFW tag on this post right? 😂

Lol #dporn finance tips, just the "tip"

"Tips and Drips Vol 1"

Lol call me the fresh prince of bellend

Saved by the Bellend

Well its most likely the case for most of us in the beginning, you need to suck a little corporate dick to start generating some initial capital flows from your labour

A fact that can't be denied. Human beings pretend like they don't care but most people strive to get to the top just say they can be high enough for you to jump up and reach their dick with your mouth.

LOL I love that whole oh I'm so noble I don't care about the totem pole but you like I really want a new car and the new iPhone, just because you suck at playing the game and try to reject it because it rejects you doesn't make you woke

I do get there are people who fully aren't tied to these stupid wants but I'm not talking about them, normal every day working folk, all bullshitting themselves, I'm talking to you

Lol. You're talking to virtually everyone tbh, because there's the 1% with the wealth, the other 1% that don't care and then the 98% where the rest fall into.

Lol, I think you hit it on the head there mate, everyone just wants to graduate from being the dick sucker to getting their dick sucked, no ones interested in changing the game

Fuck the game, I want my dick sucked.

LOL have the women of Nigeria not suffered enough already?