When you hear the words, “get rich quick,” your first thought is that of something scammy. You’ve probably sat in a hotel conference room and watched somebody draw pyramids on a presentation board. I, like many others, have been burned by the get rich quick lie in the past. I’ve tried the multi-level (or network) marketing businesses. I believed it was as easy as getting a few people to sign up. I thought it actually would be that easy to get rich quick. It didn’t work. Everybody knows that get rich quick doesn’t work. For most folks, get rich slow is more realistic. In fact, most financial bloggers know about a very popular blog that was named after and themed around exactly that... GetRichSlowly.org. Good blog. Check it out. But not before you read why my way of thinking on this get rich quick idea has changed. I was formerly content with getting rich slow, until I heard this...The Millionaire Fastlane
This monetary revelation I recently had came via podcast. This is how I get most of my information and revelations these days. I recently discovered Pat Flynn’s podcast that accompanies his Smart Passive Income blog. In the last week and a half I’ve listened to every single available episode. Most episodes are filled with all kinds of tips, advice and instruction on exactly how to create online passive income. Some episodes highlight success stories via interviews with others who have done it. One episode really stood out to me though and I might even call it life-changing. This is the one that inspired me the most to get serious about creating a passive income and getting on the get rich quick road.
In session number 18 of his podcast, Pat Flynn interviewed MJ DeMarco, author of the book, The Millionaire Fastlane. I haven’t read the book yet, but it is on my list. Just hearing the interview with the author was enough to change my mind, so I’m positive the book will be a worthwhile read.
In the interview, MJ talked about the myth that get rich quick is a scam and that getting rich slow is a better plan. Here is a quote from the interview that stood out the most to me (paraphrasing)...
“Sure, getting rich slow is great - if you want to be the richest guy in the retirement home.”
MJ’s theory is that you should get rich as quickly as possible. Create enough passive income to live on so that you can enjoy life and do whatever you want for the rest of it. Working a job you kind of like, but don’t love, and slowly saving for retirement in order to be rich when you are old is not a great plan in his eyes. It is far better to hit The Millionaire Fastlane earlier rather than later. By doing so, you can enjoy the riches while reinvesting some of them in order to create even more wealth.
This sounds great, right? Who wouldn’t want to do that? The trick is to actually take action and make it happen.
Live Like No One Else
I’ve been listening to Dave Ramsey on the radio for a long time. One of his cornerstone sayings is, “Live like no one else, so that later you can live like no one else.” Usually, he applies this phrase to getting out of debt. Sacrifice lifestyle in the short term in order to pay off debt and build wealth so that later you can live a lifestyle like no one else. It’s a great saying and a great concept, but...
How much later is later? How long do you have to wait before you can live like no one else? Yes, I want to be the richest guy in the retirement home, but I don’t want to wait to be that rich. I would rather be rich sooner, and then be the richest guy in the retirement home. For this reason, I am going to highjack Dave Ramsey’s saying, combine it with MJ DeMarco’s theory, and come up with my own saying. Here it is...
Live like no one else, so that SOONER you can live like no one else.
Essentially, my saying is the same as Dave Ramsey’s, except it implies that the riches will come sooner rather than later. I like mine better. Another one I thought would go nicely with this concept is this...
Work like no one else, so that SOONER you can NOT work like no one else.
This one could be kind of a motto for putting in the hard work to create passive income. Yes, I said hard work. That is exactly what it is. Nobody said that getting rich quick is easy. It is very hard work. But, I believe it is worthwhile and worth it.
Anybody can get rich slow. Anybody can work any old job and slowly but diligently save a percentage of their income. Anybody can build significant wealth this way. In fact, everybody should do this. Not everybody can get rich quick though. Anybody can, but not everybody will. Too many people believe the myth that getting rich slow is more reasonable and better. As for me, I am going to jump on The Millionaire Fastlane and figure out ways to create passive income in order to get rich quick. Getting rich quick really is the better plan and it is not just a scam.
Recommended Resources
Smart Passive Income Blog by Pat Flynn
Smart Passive Income Podcast by Pat Flynn
The Millionaire Fastlane by MJ DeMarco (Amazon Affiliate Link)
