The Truth about GET RICH QUICK Schemes
Do you want to get rich? I’m sure you do.
Chances are you would have already scoured the internet like everybody else and looked for the get-rich-quick methods. Get Rich Quick schemes are famous and remain in trend throughout the year. After all, who does not want to become rich?
Investing your money in some fund with the expectation of getting it double in the next 21 days is all too good to be true.
And most of the time, these schemes are cash burners rather than becoming cash earners. The common consensus is that The Get Rich Quick Schemes are a scam.
But recently, I read a book, “The Millionaire Fastlane,” and learned an interesting lesson. It was so intriguing that I felt to share it with you.
MJ DeMarco wrote this book, which includes topics like entrepreneurship and business management.
We have also written a book review about it. If you ever find little time to learn about building a business. Do pick up this incredible book.
The author himself has a rags-to-riches kind of story. He put forward an idea backed by his experience and journey.
The author said that Getting Rich quickly is possible and not a scam.
You must be saying what a fool he is. Everybody knows the truth about them. People create faulty businesses to fool others and acquire their money. People get driven by greed and easily part with their capital for quick returns. While the idea of getting rich fast might seem alluring, it is frequently a dangerous path that ends in financial devastation. Ponzi schemes and scams prey on people looking for quick ways to get rich. They offer immense returns with little to no work. These dishonest firms prey on people’s greed and ignorance to convince them to spend their hard-earned money on risky and unlawful businesses. Participants ultimately experience significant financial losses, while only a small group at the top experience gains.
Stay with me!
The author points out that people need to build clarity and differentiate between ‘Get Rich Quick’ and ‘Get Rich Easy.’
There are some founding principles of becoming wealthy. There must be an expenditure of energy, time, and effort to become a person to hold money.
You cannot be competent of any wealth unless you become capable enough. And this comes via putting in the effort.
You should see the road to wealth as a marathon rather than a sprint, where persistence, education, and moral behavior open the door to long-term prosperity and financial security.
Keeping this in mind, let’s investigate the two topics.
Getting Rich Easy
What you see when you witness any Ponzi scheme or any XYZ idea that is guaranteed to make you millions is a getting rich, easy trend. “Do this and become rich in 30 days”. “Buy this multi-million dollar strategy just for $79.” You are encouraged to earn money without effort. It is where you are bound to fail.
Did you seriously think that buying a strategy for $79 can pave the way for your millions, and that too by just sitting on the couch?
How can you deserve to earn a large sum of money when you do not even break a sweat? How can success come to your doorstep when you are not putting in the effort to go and unlock the gate? And when they fail, they label it a get rich quick scheme.
The author himself points out this book, and to be frank, his brutal honesty opens your eyes. People don’t want to put in any effort and demand a paycheck like their boss.
People get into such schemes with great expectations and hope to turn around their life but move farther away from their goals.
Scams that promise instant money thrive on the delusion of ease and speed. They take advantage of people’s desire for rapid pleasure by making unrealistic promises of high profits with little effort. These scams frequently give the appearance of trustworthiness via persuasive marketing strategies and testimonials. Real wealth growth, however, needs patience, diligence, and a decisive financial plan.
Even if these schemes work for some people, these businesses do not have any solid foundation or growth to be repeated for a longer time to utilize the power of compounding.
Now comes the part of the actual, Get Rich Quick trend.
Getting Rich Quick
The author argues in his book that this scheme gets tainted for ill reasons. “Quick” is a relative term. And people should focus on that.
Compare two situations:
1) You are at your job for 30 years, saving 10-20% each year and investing in any preferred asset, after which you become wealthy.
2) You labor for your business, grinding hard for 4-5 years and generating the same amount of money.
One thing I know is if I can generate the same amount of wealth in 1/10th of a time, it is a “Quick” method.
Check any business owners around you. I am specifically not naming established CEOs like Bill Gates and Jeff Bezos, as you might call them, as an outlier event.
A simple businessman with even a little turnover is bound to earn more and faster than a salaried employee.
Yes, if your time frame for “quick” is lowered to a couple of weeks or maybe a month or two, then it won’t make much of a difference in your life, and Get Rich Quick and Get Rich Easy will somewhat be the same.
Thus, if you intend to build wealth for yourself, you can surely get rich fast and build a solid business. Until now, you must have realized that you cannot become stupidly fast wealthy unless you own a business. And many believe themselves not born for it. But if you want to build crazy wealth for yourself, it is one of the best options.
The idea of quickly becoming wealthy could be alluring. It is impossible to ignore the issues with such plans.
The fundamental problems with get-rich-fast schemes include the appearance of instant success, a lack of substance and sustained growth, a lack of transparency, a significant danger of financial loss, and legal and ethical issues. People must be aware of the risks and traps involved with these schemes and concentrate instead on practical, long-term methods of wealth growth. Avoiding the appeal of shortcuts that result in disappointment and financial ruin is necessary to build true wealth. It demands patience, diligence, and a long-term perspective.
The accumulation of tangible possessions and financial resources is only one aspect of wealth. It includes an abundance mentality or the conviction of many prospects for achievement and riches. This way of thinking promotes people to be open to new ideas, see problems as opportunities for learning, and think creatively. One can attract money in many forms and get a holistic feeling of fulfillment by developing an abundant mindset.