Money is hard to make, A change in attitude is needed. And then work harder than you ever have before
If you want to make easy money, do something hard by The Investor on September 9, The lure of making a killing and money is hard to make the rat race runs deep.
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The success of the National Lottery, for instance, is not founded on the great returns on investment you get from lottery tickets. It could be you, sure. All your life.
What about traditional gambling? Everyone knows the odds suck, and pretty much nobody knows a long-term winner. Yet people still gamble.
The list goes on. Day trading and spread betting, daydreaming of being a glamour model or a professional footballer, metal detecting, bank robbing — young or old, man or woman, Northern grump or Southern ponce, somewhere out there is a dubious money making scheme with your name on it.
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- Hard, cold, beautiful bendy stacks of cash.
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Much of the poor reputation of the financial services industry is well-earned, but we should carry some of the blame for ourselves. People expect too much — returns without risk — and they expect it too soon. Bad things happen when you confuse getting financially secure with getting rich quick. A bad approach is to read on a bulletin board about an ex-SAS commando who has got the ear of an African dictator and the keys to a shoe-in of a gold mine, and then remortgage your house and pile in. Few of us are that bonkers.
Reason #2: Financial Goals Typically Take a Long Time to Achieve
But most people can be seduced by the idea of superior returns from star fund managers, or from tips in newspapers. Fact is, diversified balanced portfolios are not going to turn you into Richard Branson or Steve Jobs.
Passive investing is straightforward, easy, and I recommend it. Easy and hard ways to get rich I know there are a few crooks, flukes, and bankers who have made fortunate or ill-gotten gains from long odds.
Why Is It So Hard to Make Money and Keep Money?
But if you look at the vast majority of people who started with nothing and achieve great or early wealth in life — as opposed to modest and meaningful financial freedom — they usually did something difficult, rather than chase easy money.
Here are a few examples. Hey, it worked for Warren Buffett! Property Easy money: Flipping off-plan properties at the top of a bubble, buying into hot property funds at the top of a bubble, using your credit card to secure a buy-to-let that you claim is your own home.
Hard money: Buying into a proven franchise with a six-figure initial fee, launching a start-up business that serves a genuine need, becoming a contractor or a consultant in your own industry after years of experience and networking. Creative Easy money: Ripping off 50 Shades of Grey with a Kindle novel about a female banker who likes to step on her underlings in high heels, being an angel investor in a theatre production, blogging about investing.
Career Easy money: Boiler room tout, porn star, drug dealer, as well as deluded ambitions for most of us like celebrity photographer, music producer, or sports star. Hard money: Corporate lawyer, veterinarian, accountant, amazing plumber, own the boiler room.
The money shot There will be exceptions.
Some porn stars make millionsbut most are literally one-shot wonders. There will always be a few people who put their net worth into a single growth stock and make a fortune.
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But the odds in all these areas are immense. A clue is in how easy it is to get going — how simple it is to place your bet.
But none of those things money is hard to make very likely to make you rich. In contrast, hard things are usually rewarded — if you put the hard work in, or do the hard mental work, or both. If you do that 10 times, working your way up the chain as you go, you could make a real difference to your life.
At the cost of far fewer free weekends! Is it worth it?
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