JD Roth - Get Rich Slowly



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How to Get Rich Slowly

Getting rich is not a short term project. We aren’t talking days. We aren’t talking months. We are talking years. Lots of years and maybe decades. This isn’t a get rich quick scheme. This is a get rich path.

Steps

  1. Save your money.Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald's, eat mac and cheese. Cut up your credit cards.
    • The first step to getting rich requires discipline. If you really want to be rich, you need to find the discipline, can you? If you can, you will quickly find that the greatest rate of return you will earn is on your own personal spending. You have to give things up and that doesn’t work for everyone, particularly if you have a family. That is reality. But whatever you can save, save it. As much as you possibly can. Then put it in 6 month CDs in the bank.
    • The goal here is having cash available. You aren’t saving for retirement. You are saving for the moment you need cash. Buy and hold is a suckers game for you. This market is a perfect example. Right at the very moment when cash creates unbelievable opportunity, those who followed the buy and hold strategy have no cash. They can’t or won’t sell into markets this low, that kills the entire point of buy and hold. Those who have put their money in CDs sleep well at night and definitely have more money today than they did yesterday. And because they are smart, disciplined shoppers, their personal rate of inflation is within their means. Cash is king for those wanting to get rich.
  2. Get smart.Invest your time in yourself and becoming knowledgeable about the business of something you really love to do. It doesn’t matter what it is.
    • Whatever your hobbies, interests, passions are, find the one you love the best and get a job in the business that supports it. It could be as a clerk, a salesperson, whatever you can find. You have to start learning the business somewhere. Instead of paying to go to school somewhere, you are getting paid to learn. It may not be the perfect job, but there is no perfect path to getting rich.
    • Before or after work and on weekends, every single day, read everything there is to read about the business. Go to trade shows, read the trade magazines, spend a lot of time talking to the people you do business with about their business and the people they buy from.
  3. Wait for times of uncertainty and change in your business.The time will come. It may come quickly, it may take years and years. But it will come. The nature of our country’s business infrastructure is that it is destined to be boom and bust. Booms are when the smart people sell. Busts are when rich people started on their path to wealth. You will know when that time is here for you because you will know your business inside and out. You will be ready because you will have been saving up for this moment in time.

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  • Despite the change and uncertainty in the financial markets, there are people right now making more money than they ever dreamed of. They are the ones who have been living the real estate market and the financing behind it and understanding what actually what was going on. They’re the ones who understood the complexities of the credit markets. When everyone was following the crowd, they kept on saving their money and avoiding the temptation of groupthink. Boom and busts happen to every industry. The question is whether you have the discipline to be ready when it happens for you?

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Date: 03.12.2018, 08:03 / Views: 53331