Don’t Be Duped by the Lure of Riches
Posted on September 1, 2006
Over the last few years I have been paying closer attention to an interesting phenomenon occurring on television. When I sit down to watch, instead of checking the TV guide channel, I’ve been using the remote to run up and down through the channels to see what is showing. I’ve been fascinated by all the get-rich-quick schemes that are being advertised on infomercials. While they are more prevalent late at night, these infomercials can be found at almost any time of the day and some of them make claims that are unbelievable.
Imagine being able to purchase a few inexpensive ads that can earn you thousands of dollars in cash, or buying houses for a few dollars that you can sell for hundreds of thousands. If you buy the right program, you can learn how to convert $10 into $10,000 in a month or even become a millionaire without having to invest any of your own money. With all of the millions to be made with these incredibly easy get-rich-quick schemes, I can’t understand why everyone in this country isn’t filthy rich.
I’m still waiting for the perfect infomercial. One that will advertise the lottery or a gambling establishment and features a steady stream of people with big smiles and fists full of cash all saying, “Wow, this is so easy, I only invested a dollar and I won $100,000 or maybe even $1,000,000 and you can do it too! All you have to do is buy a lottery ticket or put a dollar in a slot machine.”
Folks; speculating is not investing. Sure, a few people hit the jackpot, but hundreds of thousands more lose all their money. I’ve never liked the odds that come with these get-rich-quick programs. The lure of quick riches has duped many unsuspecting people into taking money needed for food to feed their families to purchase expensive programs. Pay attention to how many of these programs emphasize how you can get rich quick with no money, poor credit and very little effort. Come on, do you really believe that stuff? If it’s that good, why aren’t the people selling the programs doing it instead of peddling books, tapes, videos and boot camps? I’m amused by the number of these wealth building merchants who can’t seem to earn enough to keep their programs on television more than a few months. In fact many of them have already filed bankruptcy and some multiple times. I’m not saying all of these programs are frauds, the legitimate ones like Carleton Sheets, who has been on the air for over 20 years, last. They don’t go off the air after just a few months.
Programs about how to build wealth and quit your job with real estate to are by far the most prevalent of these infomercials. I’ve been investing in real estate for almost 35 years and I’ve written some of the best-selling books in the world on the subject, but I’ve always made a clear distinction between investing and speculating. There’s no doubt that ordinary people can achieve extraordinary success by investing in real estate, but it doesn’t happen overnight. Sure, there are ways to make quick money quick with real estate, but doing so comes with substantial risk and comes with a learning commitment few people are willing to make.
Here’s a tip! From experience, I’ve learned that most get-rich-quick programs are actually go-broke-fast ventures for ordinary working people. Think of it this way, if it were as easy as these programs make it seem, everyone would be doing it. The fact that they aren’t should be enough to make you think twice. Preying upon down and out people looking for a magic bullet to get themselves out of difficult situations is not my idea of how truly successful people would conduct themselves. Don’t be hoodwinked by snake oil salesmen who sell blue sky for hard cash.
Building wealth is not difficult, but it’s not quick either. It requires a change in behavior in much the same way that controlling alcoholism or drug addiction requires a change in behavior. If you’re down and out and broke and you continue the behavior that got you into that position, buying all the real estate investing programs (or any of the other get-rich-quick schemes) in the world won’t improve your situation. Learning to control spending, preparing for major purchases and starting a plan of investing, no matter how small, is the only way to bring about the behavioral changes needed to improve financial status.
In this space each week, I try to give a simple tip or idea that ordinary working people can start using to make positive changes to their financial futures. You won’t find me offering any magic bullets or home runs that will bring financial independence, but I will continue discussing common sense principles that anyone can use when handling their money. Principles that when mastered lead to a higher standards of living, an earlier and more secure retirement and the ultimate goal�financial independence.
We live in the greatest economic times in the history of mankind. Opportunities abound for those who understand that building wealth takes patience, persistence, knowledge and above all, commitment. The advice contained in this space each week is designed to give people a hand up, not a handout. Building wealth and reaching financial independence is your responsibility, not the government’s, not your employer’s, not your family’s or friend’s, but yours. The steady sure path may be slower, but it works. Buying into one get-rich-quick scheme after another only wastes time, money and often destroys your self confidence.
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