Many people make a lot of money working at lucrative jobs, trading in the stock market, or flipping real estate.
A lawyer who makes one million dollars every year is considered to be rich by the average person. If somebody makes one million dollars trading real estate or stock, he would be considered rich as well.
I'm going to go against popular opinion and say that those people are not at all rich. Why do I say that?
These people are not rich because they do not make money forever. Their income stops when they stop working, so they are not rich.
Anybody who desires to be rich needs to learn how to make money forever.
A surgeon with his own private firm might make three hundred thousand dollars per year, and his patients speak very highly of him. From a financial standpoint, what is this doctor doing wrong?
His career is centered around impressing other people. His high school grades were meant to impress his college of choice; his college grades were meant to impress his master's program of choice; his accounting license is meant to impress potential clients; his work is meant to impress his clients so they recommend and come back to him.
He would probably say that he works for himself, because he owns his own private practice. From a certain perspective, however, he works for his patients. So, he still works for somebody else.
Instead of working for his patients, he could might have created a business. When one starts a business, one goes through the rabbit hole. The side of the table that is hiring is a completely different side.
Nobody asks for your credentials anymore. People now line up to show you their credentials; people try to impress you, not the other way around.
By doing this, the doctor would be building a business. Perhaps he could have started a private practice, but instead of working, he could hire all the doctors out. He could run it like his business, instead of running it like his job.
When other people work for you, money comes in regardless of whether you work or not.
By doing this, you will be making money forever. Make sure you sit on the correct side of the table; sit on the side where others try to impress you, not where you try to impress others. You will be building a machine made of people that works for you, pumping out money for you forever.
A lawyer who makes one million dollars every year is considered to be rich by the average person. If somebody makes one million dollars trading real estate or stock, he would be considered rich as well.
I'm going to go against popular opinion and say that those people are not at all rich. Why do I say that?
These people are not rich because they do not make money forever. Their income stops when they stop working, so they are not rich.
Anybody who desires to be rich needs to learn how to make money forever.
A surgeon with his own private firm might make three hundred thousand dollars per year, and his patients speak very highly of him. From a financial standpoint, what is this doctor doing wrong?
His career is centered around impressing other people. His high school grades were meant to impress his college of choice; his college grades were meant to impress his master's program of choice; his accounting license is meant to impress potential clients; his work is meant to impress his clients so they recommend and come back to him.
He would probably say that he works for himself, because he owns his own private practice. From a certain perspective, however, he works for his patients. So, he still works for somebody else.
Instead of working for his patients, he could might have created a business. When one starts a business, one goes through the rabbit hole. The side of the table that is hiring is a completely different side.
Nobody asks for your credentials anymore. People now line up to show you their credentials; people try to impress you, not the other way around.
By doing this, the doctor would be building a business. Perhaps he could have started a private practice, but instead of working, he could hire all the doctors out. He could run it like his business, instead of running it like his job.
When other people work for you, money comes in regardless of whether you work or not.
By doing this, you will be making money forever. Make sure you sit on the correct side of the table; sit on the side where others try to impress you, not where you try to impress others. You will be building a machine made of people that works for you, pumping out money for you forever.
About the Author:
Cody Scholberg is a recognized expert on long-term wealth and writes at How to Make Money Forever, where you can learn about wealth and the language of money.
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2 comments:
I also believe if you want to make good money and are prepared to accept risk for it, stock investing is a nice option for you.
Informative and useful read. As far as stock investment is concerned, I think it’s where most investors make most of their investment profits. Certainly investing in stocks can be a good option to invest. But it may be beneficial if you give some time in research.
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