Nov 09
10
The Never Ending River of Money
Some common ways to make a lot of money are working as a professional in a private firm or practice, flipping real estate, and trading stock.
A successful doctor who makes a million dollars per year is considered rich by the average person; someone who trades stock or flips real estate and makes a million from it is considered rich, too.
However, we’re going to be bold and say that these people are not rich. Why?
They are not rich because they do not make money forever. When they stop working, their income stops. Because of this, they are not rich.
Let us discuss how to make money forever. If you want to be rich, you need to learn how to make money forever.
A successful doctor with his own private firm makes five hundred thousand dollars per year; he has many patients who give rave reviews about him. We’re not saying that this doctor is wrong, but what did he do wrong from the standpoint of wanting to become rich?
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.
Most would claim that this professional works for himself; he does own his own business. Technically, that is true. From our perspective, though, he works for his clients, not for himself.
Instead of working for his clients, he could build a business. Once he opens his business, he’s gone deep into the rabbit hole. He wil be in a completely new world.
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.
This is what it is like to build a business. He could have started his private firm with the intention of hiring out all the work. This way, he would be running a business, not running a 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.
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.
