Lazy Man and Money

How to Start Getting Wealthy Right Now

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So many of us set goals like trying to become a millionaire by the age of thirty or forty. (Confession: Once upon a time, I thought that 27 was reasonable with the way the stock market was going). Some of us set a goal of being wealthy enough to take that dream vacation or buy that dream house. The problem is that those “some days” won’t become a reality unless you start putting a plan into motion right now. Unless you suddenly win the lottery, money isn’t going to fall into your pocket. Hoping for a big lottery win is no way to plan for your future, so here are some proven ways that you can start getting wealthy right now.

  • Start small – Rome wasn’t built in a day and you’re not going to become independently wealthy overnight either. The best strategy is to start small, saving a few bucks here and there. It will add up over time, even if it seems like a slow way to build wealth. What you’re doing is building the foundation for your next wealth building exercises.
  • Put your money to work – Once you’ve got some money put aside, don’t let it sit there and don’t bury it in the back yard. Start investigating some safe investments that will provide good returns. For example, bonds or even certificates of deposit are a great way to start seeing some extra money. High interest bearing savings accounts are another. You don’t want to sink your money into bad investments at this point (or ever) so play it safe and again, start small.
  • Find your inner entrepreneur – If your job just isn’t going to help you realize your dreams of wealth, it’s time to think about adding some secondary streams of income that you can rely on. Whether you spend the money you make from your ventures or put it aside, you’ll have a lot more financial freedom. Of course, if you want to get wealthy, the key is making that money work for you.If you’ve got a talent, start using it. Open up your own small business or start your own company. Just don’t quit your day job unless your business really starts to pay off. It will take time to build it up, but you’ll eventually be able to strike out on your own and be wealthier for your trouble.
  • Consider real estate – Smart investments in real estate can really pay off, especially over the long term. Read up on flipping properties or think about buying property that you will then rent out. There is a lot of money to be had in real estate and you can do quite well with the right property. Just make sure to take your time and make wise decisions to avoid ending up with a money pit.

These are four simple ways that you can start building wealth right now. You have it in you, you just need to buckle down and get down to business. Financial security doesn’t have to be a pie in the sky idea any more.

Get Rich, Stay Rich, Pass It On: A Mini Review

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Catherine S. McBreen and George H. Walper Jr.’s book may be misleading

Every now and again, publishers sense me books to read. More often than not it takes me a long time to read them. I was sent Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America’s Richest Families in May of 2007.

The last couple of days, I carved out a few minutes to look at the book. As I write this I’ve completed on the first 28 pages. This is why I call it a mini review. I wouldn’t normally try to review a book after reading a little more than 15% of it, but this is an exception. The authors have repeated pelted me over the head a hundred times with the same concept… lasting wealth is built through real estate and owning a business that reinvents itself.

Building Wealth Through Real Estate: Is It Really the Answer?

The book takes a historical look at what has worked for the richest families in the past. In just the 28 pages I’ve read, there have been numerous stories about people who have either gotten rich or protected their wealth through real estate. Did we forget about Casey Serin and how he had 8 houses that all foreclosed on him?

I have my own real estate story. I bought a home in the summer of 2004. It’s valued at less 10% of what I paid for it. At the time, I bought it a little below market value – not a great deal, but not the worst one. I don’t mind that it’s valued at less since I continue to rent it out at break even costs. It’s worth noting that it isn’t building me lasting wealth. Perhaps in 30 years when it’s paid off largely through my tenant’s rent it will be worth something. I’ll have spent a good deal of money renovating it though.

I’m not going to say that real estate doesn’t work to build wealth. I think it can, but I’m not necessarily convinced that the historic performance is going to be indicative of future performance. I don’t believe it’s a given that real estate is the key.

I do have to agree on the second point. Constantly reevaluating your business is key. I don’t see this as a big secret. Perhaps reading the rest of the book will flesh out the ideas in this area. If so, it might be worth the $7.00 that Amazon is currently charging for the hardcover version of the book.