Getting Rich Slowly March 31
What a title. I’ve somehow over the early part of my life, bought into the idea that you can get rich rather quickly. I wanted to be a millionaire by 30. I’m way past 30 and still not a millionaire. I’ve learnt some lessons along the way and the idea of being rich financially for the sake of being rich no longer appeals to me that much.
I think, somewhere along the way, I got this idea that money can solve all problems. Now, a bit older and wiser, I know having money helps but it is NOT going to solve all problems. Sometimes it creates more. Which brings me to post. Today, you and I know off people who advertise all sorts of secret formula to get rich fast, now. Books titles like retire rich and retire young, although having good principles, at times plant into people wrong ideas. With people peddling their GRN, get rich now, thinking many people are caught. I’m back of your mind, you’ll be thinking, “If this person’s formula is so good at making tons of money in a short while, why is he giving a seminar about it?” Why not just keep the idea close and get rich and retire to the Bahamas, or wherever?” Of maybe it’s because, now the people who got rich quickly wants recognition? I don’t know. Now, off course there are those who really make it big. Perhaps many things went right for this person. Maybe he or she have the talent, connection, the preparation and they made it. But not everyone get’s those breaks.
You and I know, that many of us attend such seminar and 80% or more, don’t do anything about it. Here is a story about a guy who did something about what he learned and is under $2 million in debts. Casey Serin, age 24, a real estate wannabe, went to several such seminars, bought the books, follow the methods, perhaps albeit to agressively or naively. If you have not heard about Casey, he is into real estate investing. He took real estate seminars from Russ Whitney and read books by Carleton Sheets. He bought into the “get rich quick†mentality, and by his own words “a would be real estate mogul, bought 8 houses in 8 months in 4 states with no money down looking to fix ‘n flip. I made some mistakes and am now millions in debt!” His blog is here. Facing foreclosure and having people hounding you for money is no way to live.
The thing about Casey is, you get the feeling, he has not learnt his lesson yet. Don’t fall into the same trap. Investing, like anything else takes time. Time to learn, to make mistakes, to see the seasons.
Technorati Tags: investing mistakes, foreclosure, getting rich quick mistakes
If you are a regular reader of Personal Money Tips, you’ll know that I usually put up a list of Top 10 Richest people every year. The list is compiled by Forbes magazine, I don’t have the resources to go snooping to get the figures. If you want a longer list, just head on over to Forbes.com for more details.