When it comes to building wealth, most rich people build it slowly. You will never see me promote ways to get rich quick, because there aren’t any. Sure, there are a few people who have done it, but its not practical for most of us.
Has someone won the lottery? Sure, but you have a statistically better chance of being struck by lightning while being eaten by a shark. Has someone bet big on a stock and won? Sure. Has someone done well gambling? Sure. However, these are fleeting and not lasting wealth. Additionally, the time, money, and effort spent on these activities far exceed any chance you have of making any money.
Here is my list of 5 ways to get rich quick that are not worth the time, money, and risk:
Need I say more? If you’re going to Atlantic City or Vegas to have a good time and spend a few bucks playing poker, that’s fine. Just don’t think you’re going to retire with your winnings. Ain’t gonna happen.
This is different from real estate investing, i.e. rental property. Sure people were making money hand over fist 7-8 years ago flipping homes, but its a different market now and will likely never get to a point where you can buy and sell at huge profit margins.
Sure, people still do it and make good money, but the transaction fees are too high, the risk is high, the capital investment is high, and the returns are mediocre in this environment.
I tried this in 1999 with no level of success. There is no reason why anyone who is not working on wall street should think they’re better than someone whose full-time job is to buy and sell stocks. This is why I buy mutual funds and ETFs. I let the mutual fund managers do the work.
Multi-level marketing (pyramid schemes)
Many years back, a co-worker told me he had a business selling goods online and was looking for help to marketing the website. I went over his house and joined many other people in his living room while he pitched his “business” called Quixtar (an Amway company). I quickly excused myself, hopped in my car and went home.
No one I’ve ever known has made any reasonable amount of money through Quixtar, Amway, or the Motor Vehicle Club. All of these clubs are predicated on you signing up friends and family and collecting a fee for each referral. Sooner or later, you will run out of friends to bug.
Often referred as the poor man’s tax because most people who buy lottery tickets are low-income Americans. Do yourself a favor and save your dollar. The chances of you winning are next to zero. “But someone has to win and someone does win every time” you say! Yes, that’s true…but it ain’t gonna be you.
Rather than spend your time on get rich quick schemes, put your energy into a legitimate way to earn money. Work hard at what you do. Find ways to improve your career situation. Find ways to make money on the side. Spend less than you earn, save and invest the rest. This is how most people become rich.