Friday, January 29, 2016

Review of one of the best blog posts ever on becoming wealthy

I have been writing quite bit on how one can become wealthy. I had intended on writing an article on stupid things people do to set themselves back and that prevent them from becoming wealthy.

However, I recently came across a post by Chris at the "Get a Life" website that really impressed me and that I think everyone could benefit from reading and understanding. The post is called "How to Ruin Your Life in Your 20"s" (Financial Death Sentences).

The article talks about ten poor decisions that people make that can torpedo your chances of becoming wealthy. After I read the article I realized that these were mostly common sense items that I though every one knew. I knew all of this only because I had a father, grandfather, and uncles that were old school real men who cared about me and did their duty by passing down wisdom that they had been taught. I then remembered that quite a few guys have come from single parent homes and/or dysfunctional homes and did not have the benefit of being taught this information.

The article really hits home with life truths and I really could not have written a better article on the subject. I do have a few comments and additions from my own experience.

#5 You acquire major debt from student loans

Unless you are trying to become a lawyer, doctor, engineer (which I consider advanced trades) you really are better off not even bothering with college. I know tons of guys in their twenties with a degree in business waiting tables.

One avenue often ignored is getting a trade. I have tried to convince several guys in their twenties to go get a HVAC ticket and hang out a shingle as an ac and furnace repair guy. This can be done in a year or two at community college even at night while you work during the day. I even offered to buy the van and tools for them after they get done. No takers as of yet but this is often an overlooked field and these guys can make $100,000 per year if they hustle just fixing ac's and furnaces. Hell they charge $125 bucks just to pull up in the driveway.

#8 You don't start young and you don't try

 "It may be in the future I may lose a battle, but I shall never lose a minute."-Napoleon

Back in Napoleon's day it was imperative to move your forces into position before your opponent could get settled. This would allow you to dictate the tempo and location of the attack thus forcing your opponent to always be reacting thus never able to take the initiative against you. You could not waste time on the battlefield in those days. You needed to move fast, get settled, and attack.

You cannot waste time. Time is the most valuable asset a young man has. Sitting in your parents basement playing Call of Duty lamenting on how bad the economy is strikes me as just stupid. I am 48 and have made quite a few mistakes. However, if I could go back thirty years with the knowledge that I have now and start over at 18 I could take over the world financially. Time and compounding are the keys to wealth. Don't waste time. All the information on starting businesses, building websites, at your fingertips on the web. Move it boy

The economy might not be good for wage slave schlubs but the world GDP is still $60 trillion every year. Get off you ass and go out into the world and capture some of that scratch. It ain't going to land in you basement while you lie on the couch watching Portlandia reruns.

#9 You don't own anything

Man this is the key right here. You have to own income producing assets; real estate, dividend paying stocks, businesses, websites that generate residual income etc..

This is where my advice comes in on saving and investing. The sooner you start the more time you have to compound and to grow these assets into other assets. You will also learn that the more assets and money you accumulate the more doors open to more and greater opportunity. Success attracts success.

In summary, a really great article that I think just about everyone can benefit from. It also illustrates the fact that all the information and brains in the world are virtually at every persons fingertips. You just need to seek it out. It is far easier to learn from others success and more importantly their mistakes than to make the mistakes yourself.

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