If I had a nickel for every book on how to get rich . . . I would get rich quick! I have spoken with countless entrepreneurs who wish they could find a sure-fire way to get rich quick – though none of them have ever succeeded. The notion of getting rich quick has been around for my entire adult life. Thankfully, I never paid much attention to it because I believe that it is unlikely to happen. When I was in high school, some of my classmates were all abuzz about a series of poker games in which they were participating. This was in the late 1960s and early 1970s and conversations went something like this, “Wow! Jack (names have been changed to protect the not-so innocent) won $340 and Sam lost $460!” Oh, and by the way, the guy who won $340 lost it all and more a couple of weeks later.
For some reason interest in getting rich quick seems to be snowballing. Take cryptocurrency for example. I recently heard an entrepreneur talking about “investing” in one of the major cryptocurrencies which has seen extraordinary highs (and periodically falls off the cliff) in the past few months. I shake my head because this is pure speculation, not investing. Generally, speculators are looking for a quick score. Lottery ticket sales are skyrocketing especially as the jackpots reach stratospheric levels. The online poker industry supposedly grew from $58.9 billion in 2019 to $66.7 billion in 2020 according to an article in The Sports Economist publication dated October 10, 2020.
Yes, there are anomalies – an entrepreneur here and there who invents something or develops a software application – and nearly overnight, this individual is filthy rich. But remember, for every example (the media only reports about these anomalies) of a get rich quick success, there are millions upon millions of us who do not get rich quick. The sensationalized nature of these stories becomes a siren song to entrepreneurs who have been laboring for a long time trying to get ahead. I am here to tell you . . . do not be swayed by the song you may be hearing. Often, those who try and play the get rich quick game end up in a worse position financially and have even developed unhealthy addictions that can ruin lives.
I know that the advice I am about to give is going to sound old-fashioned but trust me when I tell you that it is as sound today as it was in 1975 when I launched my career. There is no free lunch. You can dream about becoming rich all you want, but it will not make you rich. Skip the schemes and concentrate on your passion. You will have to make sacrifices along the way. Some may involve time while others may be financial. When we are younger, we tend to be very impatient. We want to take a helicopter to the mountain top rather than trudging through the thin air, slipping and sliding with every step. I have said it many times before, but when I chased the almighty dollar, it was always just beyond my outstretched fingertips. And it was frustrating beyond belief. After I began concentrating on living my passion for reasons other than making money, I began making real money. By then a couple of decades had passed in a flash and I was working a lot smarter and effectively. There were still setbacks along the way, but I rolled with the punches and persevered.
There is no silver bullet or magic wand. It is still all about hard work (and eventually “smart” work), resilience, maintaining a positive attitude, and keeping the passion front and center. You probably will not get rich quick. But you will have a fulfilling life and may eventually accumulate the wealth you seek.
This blog is being written in tandem with my book, “An Entrepreneur’s Words to Live By,” available on Amazon.com in paperback and Kindle (My Book), as well as being available in all of the other major eBook formats.