There are many ways to make money; trading stock, working as a highly paid professional, and flipping real estate are just some of the ways people make a lot of money.
A lawyer who makes one million dollars every year is considered to be rich by the average person. If somebody makes one million dollars trading real estate or stock, he would be considered rich as well.
We're going to be daring and say that people like this are not at all rich. Why?
These people are not rich because they do not make money forever. Their income stops when they stop working, so they are not rich.
So, how does one make money forever? Those of you who want to be rich need to learn how.
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?
He spent his life trying to impress others; he went to college so that he could get a degree to impress a medical school. He got a medical license, and then spent his life trying to impress patients so that they would become his patients.
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 patients, he could might have created a business. When one starts a business, one goes through the rabbit hole. The side of the table that is hiring is a completely different side.
Suddenly, he isn't asked for his credentials by anyone. Taking the place of that are people lining up to show him their credentials!
By hiring people, the doctor is creating a business. He might have instead started his private practice, but instead of having the intention of working, his goal could have been to hire people to do the doctoring job for him. It would be his business, not his job.
When other people work for you, money comes in regardless of whether you work or not.
If you have money coming in without your effort, you will make money indefinitely. Make sure you are on the hiring side of the table, not the "I want to be hired" side. You will create something that works for you indefinitely; therefore, you are going to make money forever. - 22871
A lawyer who makes one million dollars every year is considered to be rich by the average person. If somebody makes one million dollars trading real estate or stock, he would be considered rich as well.
We're going to be daring and say that people like this are not at all rich. Why?
These people are not rich because they do not make money forever. Their income stops when they stop working, so they are not rich.
So, how does one make money forever? Those of you who want to be rich need to learn how.
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?
He spent his life trying to impress others; he went to college so that he could get a degree to impress a medical school. He got a medical license, and then spent his life trying to impress patients so that they would become his patients.
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 patients, he could might have created a business. When one starts a business, one goes through the rabbit hole. The side of the table that is hiring is a completely different side.
Suddenly, he isn't asked for his credentials by anyone. Taking the place of that are people lining up to show him their credentials!
By hiring people, the doctor is creating a business. He might have instead started his private practice, but instead of having the intention of working, his goal could have been to hire people to do the doctoring job for him. It would be his business, not his job.
When other people work for you, money comes in regardless of whether you work or not.
If you have money coming in without your effort, you will make money indefinitely. Make sure you are on the hiring side of the table, not the "I want to be hired" side. You will create something that works for you indefinitely; therefore, you are going to make money forever. - 22871
About the Author:
Cody Scholberg, an expert on long term wealth, writes at How to Make Money Forever, where you can learn about wealth and the language of money.