You’re probably attracted to this blog because you want to get wealthy … and, if you’re anything like I was (and, now still am for ‘professional interest’) you probably read any and all decent books on personal finance in the hopes of finding those very ‘keys to wealth’.
But, you’re probably wasting your time …
The key to wealth isn’t to be found in this blog or any other blog, book, seminar or boot camp. Not convinced?
Well, Millionaire Mommy Next Door poses the one question that you should be asking:
If the answer to wealth is revealed between the covers of the books proliferating in bookstores, why aren’t more people wealthy?
Just brilliant, thanks for an outstanding post, Millionaire Mom!
So, why aren’t more people wealthy?
Why do I think that you’re probably wasting your time reading all of those books/blogs on personal finance …
… including this one?!
The answer, of course, is equally simple:
It’s not what’s in the books that counts, but what you do with the information.
I work on this blog daily; I give you the information – factual and ‘as it happened’ – that I really used to make $7 million in 7 years.
What have you done with this information, so far?
>What have you done with this information, so far?
Certainly not enough! Part of it is I don’t have a burning purpose that requires me to be really rich really soon… To be comfortable I need just over two million within 25 years. If I continue with the passive stock investing I’m doing today it should happen.
Would I like it to be sooner? Yes! But I don’t feel a pressing need to make it sooner. I have to admit another part of it is fear. I know I could use leverage as a huge wealth booster, but I fear a disaster if there were a cash flow problem. I feel like the tortoise – I just have to keep going slowly and I’ll make it eventually. The problem is that if I rush and mess up badly enough I might not…
I’m preparing to setup a 5 acre farm to sell vegetables at a metro farmer’s market (we currently have 1K sq ft in our yard). We’re looking at hiring 5 people to provide the labor, while my wife manages the business and I work a day-job to bring in money to help with the cash flow of the business. Our goal is to net $100K our first year.
This is one of our MM201 steps onto “retirement” in 12 years at age 42. I’m working hard to make it sooner, but not risk too much to make it farther away. Our life’s mission is to have the means to help others while not having to worry about where our next meal is, which is why we’re working hard now.
That’s what I’m doing with the information here and elsewhere.
i havnt done crap with what i’ve read and learned.. i’m 24 now and i’ve been reading these books since i was 19, books such as the richest man in babylon, million bucks by 30, think and grow rich, rich dad poor dad, automatic millionaire, millionaire mindset… etc… the list goes on and on
i graduated college a year ago.. and have been working for a year. i’ve just been laid off and now have some free time. i think maybe this is my chance to start something.
through the past year i was making 20/hr and i’ve saved as much as i could. i lived at home with my mom which is tough .. when all the cool kids live in mid town. i’ve saved and invested .. my portfolio is worth 30K including my ROTH IRA.
I want to buy a rental property and live at home to collect rent.. i want to start a business.. I think i need quit being afraid to fail and “just do it”
so i plan to fly to LA in the next few weeks .. i heard there are some quality fashionable womans clothes there. they arnt being sold here in TX yet. I plan to check it out and hopefully come home with huge box with the intention to distribute to stores..
yall have any words of advice to a 24 year old with dreams of being a multi millionaire by 33?
@ Rick – Assuming that your “two million within 25 years” Number/Date helps you achieve your Life’s Purpose (will it?), then is seems that you ARE doing enough … keep up with what you are doing, enjoy your life, and just ‘let it happen’ 🙂
@ Charles – 5 times expansion. Hope it all goes well … Good Luck, and keep us posted… better yet, write a blog about making a fortune from farmer’s markets 😉
@ Eric – “i havnt done crap with what i’ve read and learned” … I beg to differ:
You are currently unemployed, and only 18 months out of college, yet you have already:
– saved as much as you could,
– stayed at home to cut costs,
– built up an incredible $30k portfolio,
– AND, have plans to start an ‘importing’ business
… impressive stuff for a recent college grad. Keep it up and you’ll be writing this blog soon!
It seems like you are very impatient as Adrian said you have accomplished alot. I think you are looking at your peers and want to be cool like them and missing the picture. YOU want to be a millionaire, you cannot spend and borrow monet to ACT rich like your friends.
Start your own business, that is a sure way to become a millionaire
I’ve slept soundly at night. I’m a bit over two years away from hitting my number (absent a poor return on my investments) + 1-2 extra years to build a buffer and generate some play money. If all goes well, I will be exiting full time employment by the end of 2013 at age 47 – not exactly early but better than sticking it out in the office until I am 60.
I read this blog primarily to keep myself focused on the goal – not to change what I am doing.
That said, I am interested in Adrian’s property projects and will consider moving up the value chain next year (after the current buy to let refurbishment project is completed in late December).
I read these kinds of blogs and books to make sure I am not missing something new in regards to making money. I have yet to find any new information, but this is a habit I keep.
@ Brad – Good idea! But, where have you read of the 20% Rule, the Power of 10-1-1-1-1, how to calculate your Number, how much money you can make developing real-estate, MM101 v MM201 v MM301, etc. before? If you can provide the links, it would save me a lot of time writing this blog 😉