How to Get Rich: it’s no secret

[Jon Q.]

How To Get Rich:

(and it’s no secret)

(1) Be Efficient with Your Time & Money

“In short, the way to wealth, if you desire it, is as plain as the way to market. It depends chiefly on two words: industry and frugality. Waste neither time nor money, but make the best use of both. He that gets all he can honestly, and saves all he can, will certainly become rich.”

-Ben Franklin

(2) Delayed Gratification (ie saving)

(3) Invest in a Way that Creates Value

High returns result as your investments increase in value. Your investments increase in value due to a change in the market or through sweat equity (you working to increase their value). Ex. Adding value to your product or service that customers are willing to pay more for, beautifying or increasing the square footage of your property, etc).

(4) Leverage Other Peoples Money (OPM)

Obtain a loan (debt) or raise equity, both are forms of OPM. Once you’ve built a good reputation and track record for investing, raising equity gets easier.

(5) Investing Over Time (staying/being invested).

(6) Compounding Returns (reinvesting)

is the not so secret way to get rich.

And it’s HOW the rich really get richer!

Example: If you invested just twenty cents each month and generated a 20% return per month and reinvested all proceeds, in 20 months you’d be worth $1,048,576.