Why get rich quick business models suck.
My morning coffee inspired today’s topic, so lets get into it. When you set out to evaluate your competition it’s hard not to be drawn to the people/businesses that are doing it so wrong. “I got rich by these 3 simple steps. Download my ebook for $$”. If making money was easy, everyone would be rich! Simple? It is hard work. ‘Work’ being the key word.
As an investor you need to be grounded in reality and understand that realising the full potential of an investment will take time. Some don’t, most do.
The consultants at Hometree often talk to me about how impatient their new clients are. Some are concerned because they have started taking investing seriously later in life, now they are looking for the quick and easy road to financial success. Unfortunately, there are businesses out there that advertise directly to these people and regularly win them as a client with these tactics. Being realistic with your financial goals should be a priority for all people looking to get ahead.
Now this article was never written with the intention of being negative towards success. If you have an idea for a business or an app to create money, power to you. Creating an investment plan with what you have available to you right now is where people lose focus. Creating a foundation for success is important. It might be boring and lacklustre but it frees you up mentally from financial strain to chase different opportunities, à la an app or business idea.
So, next time you see someone offering something you consider “too good to be true” you’re probably right. Seek professional advice around your specific needs and don’t be afraid to question it or get a second opinion. Good professionals will welcome this, as the old saying goes. The cream always rises to the top.