Let’s have an open forum about money. I want to start off with how I started learning about money and building wealth and hopefully you guys will chime in in the comments section.
It all started after I graduated college, and started working, I quickly realized this path would probably not get me to my multi-million dollar dreams, so I decided to study money, Seriously! I knew that there was a lot I didn’t know about it and figured the best way for me to make more of it was to research it and the people who had it. I started my research with the Forbes Billion dollar list and went through the richest 400 people in America and read their story. After googling every name, I realized that NO ONE said I got a job, worked really hard and earned a Billion dollars while working. Instead, they all had a product! The number one guy, Bill Gates, developed a computer program and sold it to millions of people. Then in between there was the Walton’s, the Wal-Mart family; Michael Dell, Dell computers; Steve Jobs, Apple computers (ipod); Warren Buffett, stock investor, etc…
Then I started researching people who made millions of dollars. Actors (Will Smith & Tom Cruise), Athletes (Michael Jordan & Tiger Woods), Lawyers, Doctors, CEO’s. These people developed an expertise and sold their services for a very high price.
Lastly I got to everyone making below a hundred thousand a year. They all had what we call a regular 9-5 job. I then concluded that my 9-5 job by statistics alone was not going to get me very far. However, I did understand there are people who sell products that are broke and others who have jobs and are millionaires. There are always exceptions to the rule, but the general pattern was the one I outlined above.
What I have learned is there are basically 3 ways to make money. You can get a job, sell a product, or provide a service (If there are any other ways, please leave them in the comments section below so we can discuss). Also, I would put investing in the product category because you are essentially trying to buy low (at cost) and sell high (at market value).
I then examined myself and said why am I not selling a product or providing a service. And from that point forward I knew that is what I needed to do and never looked back. Somethings I have done along the way and still currently doing are sell custom apparel and shoes, trade stocks, sell advertising, develop websites, small business consulting, and so forth. Now I challenge you to do the same. Your first product doesn’t have to be a million dollar idea, I have seen plenty people with a simple product make hundreds of thousands in profits. If your job is your only source of income, then you need to find a product or service you can sell to get another stream of income. Take your ideas and wrap them up in products to make money! That is what I say! So now I want to hear from you. Leave comments so we can discuss and I will respond with advice from my experiences. Also, if you have a success story or mistake story leave a comment on how you made it so it can help others!