Tuesday, May 13, 2014

Jarl Moe Millionaire - Strategies Part 2


The millionaire mindset is also true for unconventional skills as well. Pursuing a career as a writer, actor or professional gambler is a virtual guarantee of poverty for most people. For those who actually have the skills necessary to succeed, though, it can be their best chance of building real wealth. (For more information, check out Hot, High-Paying Career Sectors.)
Moe Millionaire Rd

Out-Think or Out-Hustle
Lazy and self-made millionaire just don’t go together. Hearkening back to that supply-demand equation, anything that’s relatively easy, convenient and accessible is going to have ample supply and relatively low payouts. Since most people don’t actually want to work that hard, though, there are real wealth-creation opportunities out there for those willing to think and/or work just a little harder than average.
One option for building exceptional wealth is to out-think the majority of people out there. While endeavors like writing, investing and inventing all involve a tremendous amount of effort and dedication, there is at least some aspect of out-thinking to them all. Steve Jobs of Apple, Herb Kelleher of Southwest and Alfred Mann of MannKind all clearly worked hard to achieve success, but a lot of that success was predicated on seeing things that others didn’t see and figuring out how to do them even better.
Out-hustling is an undervalued aspect of wealth creation. Success in business is often about the hustle – the willingness to make one more call or work an extra hour later. The field of “hustle” is wide, rich and fertile. You can make good money visiting estate sales and reselling undervalued items, just as you can make good money from a variety of multi-level marketing programs. The question is whether you want to spend the hours it takes to drive the process forward.
Rental real estate is a good example. It is actually not all that difficult to find rental properties, buy them and rent them out. Do this well and it’s fairly easy to earn an annual return of 8-15%. The problem is that there are a myriad of small annoyances that go with it – hassles in haggling over the purchase price, hassles in getting mortgages, hassles in getting tenants, hassles in dealing with tenants and so on. Some people just don’t want to be bothered with this, but those who don’t mind the annoyances can reap the rewards.
Jarl Moe Millionaire - The Bottom Line
Having $1 million or more in net worth is still uncommon enough to be special and significant, and it doesn’t often come as a byproduct of luck or chance. Hard work is a virtual requisite, but so too is a willingness to take on some risk (such as starting a business or using leverage) or cultivate a rare gift (like writing or inventing). Although simple living and sound investing will help anyone build more wealth, a special level of success requires a special person who is willing to do more and risk more than most people.
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