How to get rich quick
Despite the mercenary nature of this subject, within all of us is a guilty (or not-so-guilty) desire to learn how get rich quick. And this is exactly why we decided that this subject needs bringing well & truly out into the open. Let’s be honest, we all want to get rich quickly and easily. None of us want to spend our entire lives grinding out a living.
Here at FX Profit System, we are as eager as anyone to achieve this, which is exactly why we chose to embark on the journey we have. The difference between us and most people is that we’re not embarrassed or ashamed of our motive like many people tend to be.
Discretionary cash & why this is the metric we use
Before we continue further, you need to work out how quickly you’re getting rich at the moment. The rule we will apply to “getting rich” is going to be “how much discretionary cash do you have”. We are not going to talk about equity because equity is an uncertain number. It doesn’t necessarily make you feel rich whereas discretionary cash does.
To explain this further, here’s an example why equity is not a good metric. Suppose you own a house valued at $500,000 and you have a mortgage of $200,000. Your equity in your house is $300,000 but it isn’t much use to you. Property can take a while to liquidate and even if you did sell it and turn it into cash, you no longer have a house to live in, so you’ve got to either buy another one, or start renting & using your newly cashed up equity to fund it, or live in your car.
Discretionary cash is like a nest egg that you are allowed to dip into if you want to. It must be additional to what you need to live on from day to day. You could use it for dining out, holidays, a new car, an investment, giving away… whatever you wish, it’s yours to spend and it won’t affect any other part of your life if you do.
We all know the likes of Warren Buffett’s wealth is measured by the sum of all his stocks and assets but until any of us are in a similar position to him, then it’s easier to think about discretionary cash.
How quickly are you currently getting rich?
How much discretionary cash do you have right now? Seriously, you need to work out the answer to this question. Be honest, if it’s none, that’s OK. We all start from the same point! If you do have some, how much is it and how much time has it taken you to accumulate?
One year? Two years? We need to know this because we want to establish how quickly you’re currently getting rich so we can forecast into the future how rich you will be in say five, ten or twenty years time.
Let’s say you have $5000 of genuinely discretionary cash sitting in your savings account. And it’s taken you two years to build it up. We can reasonably expect that you can accumulate $2500 a year. Now we’re going to add in interest at 5% per year and also we’re going to assume you can increase the amount you save by another 5% year on year by increasing your income. The following chart shows us how quickly you’re getting rich and how long it will take you.
Don’t forget this is assuming you never dip into your savings ever until you are supposedly rich. Would you feel rich if you had $162,000 in twenty years time? I don’t think so.
Yet most people today that started trying to get rich quick twenty years ago don’t have that amount of discretionary cash. So as a comparison to the norm, yes you would be rich – but not rich enough.
The two problems we face with how to get rich quick
There are two problems we need to overcome if we want to get rich quickly.
The first problem is “How?”
The second problem is “How quickly?”
In the example above, if you kept it going for another twenty years, so forty years total you would have over $1,200,000 which isn’t a bad figure.
This would be OK if you started when you were twenty but most of us weren’t thinking about getting rich when we were twenty!
We’ll tackle the “how” first.
You need a passive income stream.
For most of us, our day job provides the necessities to keep us alive: food, drink shelter pus hopefully a few luxuries thrown in. But it’s incredibly difficult to also accumulate discretionary cash out of the income we get from our daily occupations. There are too many competing demands on this income stream and as a result we fail to accumulate savings. There’s no point beating ourselves up about it either. That’s how it is and that’s how we are. Seriously what options are there to learn how to get rich quick?
There’s no point mentioning wildcards like lotto or inheritances. And we definitely don’t endorse illegal activities to achieve this. But you could invest in the stock market or a mutual fund with the expectation of earning a bit more than if your money sits in a savings account at your bank.
Whether these methods are going to make you rich is a question. Over time yes probably, but they don’t solve the next problem we have: “how quickly”
It’s not too difficult to find a passive investment option that will give you a 10% return on investment per year. And if this is compounding, over time you will accumulate a reasonable amount of wealth. But it still takes time. And if you have started with a very small investment, and you have limited ability to contribute further funds to it, then your only option is to be extremely patient.
An unashamed plug for our system
Our system is designed to double any investment within one year running on extremely safe settings.
It is a software program that trades the global forex market.
It is not entirely passive because you need to do about 15 minutes management of it most days.
It is completely different to almost every other supposedly similar system available because our system does not try to predict the direction of price. This means that whether prices of currencies are going up or down is immaterial. As long as they are moving, our system generates profits. And most importantly, our system runs with extremely low risk settings. Probably the single most important thing about trading the forex market.
Here’s how our system can provide the answer to “how to get rich quick”.
We set it up to generate average weekly profits of 1.35% compounding.
This will result in an annualized return of about 100%.
This is running at extremely safe risk settings which is important.
Provided you don’t withdraw funds from it, this will make you rich quickly.
Even if you start with an extremely low account balance.
The chart below shows how even a starting balance of just $100 can becomes something very significant.
And for most people, skipping the first four or five years wouldn’t be too difficult.
Other ways to get rich quick
There undoubtably would be other ways to get rich quick however we have never researched them and furthermore aren’t likely to. A quick Google search brings up a number of things most of us are never going to be prepared to do, let alone have the discipline to stick to for a long period of time. Things such as start saving from a young age (too late), make more money by working longer hours (seriously?), or cutting expenses. But one thing did attract us was the concept of saving 10% of everything you ever earn to put into your wealth creation fund. No matter what else you need to purchase or wan tto do with your money, 10% must be put aside for your future before anything else is considered. The reason this resonates with us is because we have been motivated by a very old book that teaches this very philosophy.
That book is called The Richest Man in Babylon by George S. Clason and you can even get yourself a free copy here. Please do read it, you’ll be astounded how simple it makes everything to do with money. Click Here
