Wealth Building World

How Can I Get Rich?

June 25th, 2010 Filed under: wealth building — Wealth Building Author

Green houses or Red hotel?

Believe it or not, the formula for getting rich is exactly the same as that for playing the board game “Monopoly”. For example, you buy 4 green houses and trade them up for a big red hotel. Now, I know this example is somewhat over-simplified, however, what I’ve just described is an exact investment strategy used by my wife and I for wealth-building.

And this exact same formula could not be more appropriate in today’s economic climate, with the biggest downturn ever witnessed in the real estate market since records began. Back in the recession of the early 1990s, with what limited money we had, we bought two cheap properties, lived in one and Let the other. But whenever the market improved, we traded our two small houses and bought somewhere bigger. You could repeat that exact same exercise today if you want.

Same Goes for Hamburgers and Coffee, too!

Even if you don’t like real estate, you can easily apply the same principle to something else. You could, for example, build a business around an in-demand product, say hamburgers or coffee and then franchise it. Within a few years the resulting cash-flow may provide you with more money than you could possibly spend. And that’s exactly what the rich do!

In my opinion, the rich think differently than everyone else. The problem is, if you do what everyone else does, then you end up achieving no more than anyone else. And for the average person, that usually amounts to years of hard work, punitive taxes and lots of debt – just to get by.

Money – The Route of All Embarrassment

Most people don’t like to talk about money. They find it embarrassing and believe it bad manners. But that’s not how we do things in our household; in our family, we talk openly about money. We exchange views, share information and talk about how we spend and save money.

We also talk about how we invest money, too. That’s how we educate the very youngest children in matters financial – by listening and learning. So when they grow up, they too will have knowledge to handle money wisely and pass that knowledge on to their children.

So What’s the Problem with School?

One of my personal niggles with the way we do things in this country is that we send children to school to study in the hope they will get a good job. However, we don’t teach that child anything about money. Is it any wonder then why so many people finish up neck-high in debt?

Essentially, to get rich, it’s not what you do that needs to change, it’s really how you “think” that needs to change. Going back to my simple example of the game of Monopoly; are you the kind of person that thinks buying four green houses and trading them up for a large red hotel is “hard”, or are you the kind of person that thinks it’s easy?

If you chose the latter, then already you have what it takes to become rich. It’s simply a matter of putting that thought process into action. It doesn’t really matter how small you begin!

Huntley Palmer has been writing articles for nearly 4 years. Come visit his latest website over at Free Wills which helps anyone who wishes to make a Will find Sample Will and information about making a will. Copyright (c) Huntley Palmer. All Rights Reserved. Please note: This Resource Box MUST be included with article.