The easiest way to get rich
Judging by their behavior, most people have an obsession with wealth. Politicians promise to create it, most popular magazines are filled with gossip about those who have it, and the average person spends much of their adult life trying to obtain it. We are creatures obsessed with money, partly for what it can buy, but also as a thing of value in itself.
But most people misunderstand money. They don’t really know how to obtain it, or how to hold onto it once they have it.
If you’re interested in getting rich, I’m going to give you the simplest formula for doing so. In fact, if you follow it you’re virtually guaranteed to build enough wealth to get you into the top 5% of society. As the shampoo advertisement says: “It won’t happen overnight, but it will happen”.
The hardest way to get rich
Before I go into my formula, let me tell you about hard ways to get rich.
One of the hardest is to be born into it. Of course, if you happen to enter this world as a Hilton, a Gates or a Windsor, then life is sweet. But since 99.9999% of the population aren’t that lucky, I’m assuming you didn’t win that particular lottery.
And speaking of lotteries, gambling is another very difficult way to get rich. Sure, some people buy a lottery ticket and win big, but most don’t. You can gamble your entire life and you’ll most likely end up broke rather than wealthy.
When I was younger, I thought the easiest way to get rich was to become famous through some kind of creative act. Stephen King got rich writing horror novels, so why not me?
I’m now much wiser and realize that the vast majority of novelists never even get published. Of those who do, most wallow in obscurity. Only very few make it anywhere near the best-seller list, and only one in a million will achieve any kind of serious wealth.
The same fate awaits the majority of musicians, software company founders, sportspeople and website creator. For every Google that makes its owners billions, there are a million websites that lose money. Creativity is the most fun and rewarding way to get rich, but it’s also a very difficult way.
The reason the media raves about and idolizes those who’ve built wealth through creativity is because they’re so rare. You don’t hear about the vast majority who wallow in obscurity and poor pay, because they’re not interesting. “Young genius makes $1 billion from website” is a great headline “Ten thousand young geniuses make nothing from their hard work” isn’t.
I’m not saying you shouldn’t keep your dreams alive. It’s one of the best parts of life. But this article isn’t about the most fun way to try and get rich – it’s about the easiest way.
Okay, here’s the system.
Step 1: Get a well-paid job
Step 2: Get good tax advice
Step 3: Save 20% of everything you ever earn
Step 4: Conservatively invest the funds that build up in your savings account
Step 5: Reinvest any income you get from your assets straight back into buying more assets
Step 6: Never touch these funds and do your best to ignore them
Step 7: Wait a decade