We talk a lot in The Club about what exactly “wealth” is.
See, we don’t believe wealth is just having a big bank balance. In fact, studies show there’s a limit to how much money can add to your happiness.
And, since happiness the ultimate goal, we view wealth holistically – it’s about Quality Of Life (QOL). That’s right, QOL is true wealth.
That said, let’s get into some money stuff. 🤑
Specifically, let’s talk about the ONLY three ways to get rich.
The Good, The Great, And The Lucky
One of the first jobs I had was working the till at my mom’s convenience store. It was the local “mom and pop shop” for its community and was filled with lovely people coming in for the paper, a cup of joe and a chat.
Even working only my regular Saturday morning shift I got to know many of them, some of which would come in religiously to “play their numbers.”
When I turned eighteen I started to buy lottery tickets too. I wasn’t a die-hard but would still play once or twice a month.
It wasn’t until about three or four years later that I came to the realization that only I was in control of my financial future. At the moment of having that epiphany – and to solidify the onus as being completely on my shoulders – I quit buying lottery tickets and haven’t bought one since.
And so I started reading about personal finance, investing, building businesses.
And in my reading, I came across the idea by successful investor and author, Mark Ford, that there are only three ways to get rich. I believe whole-heartedly he’s right. They are:
1. Slowly: (in 30 to 40 years) by saving and investing in the long-term
2. Quickly: (overnight) by gambling and getting lucky
3. Surely: (1-10 years) by generating a higher income while keeping expenses low in order to buy property, and invest in smart and safe opportunities when they arise
Let’s talk briefly about each:
HOW TO GET RICH QUICKLY
The quickest ways to get rich are through getting lucky gambling or winning the lotto. Gambling is an odds game, so in order to get rich gambling you’d have to put a decent stake into your bets and so for most people, this isn’t an option anyways.
What they can do, however, is buy a $3 lottery ticket a couple times a week. And because we humans are often adverse to long-term planning and the hard work required to make that long-term plan come to fruition, we buy a lottery a ticket and pray we get lucky instead.
As you can guess from my story above, I think this is a brutal game plan to achieving financial freedom because you’re not taking responsibility for your financial future. I know you most likely agree with me on this but, just for kicks, here are two more reasons:
1. Your chances of actually winning are horrific. You had a 1 in 303 million chance of winning a recent $1.6 billion MegaMillions, which means you are 400 times more likely to get hit by lightning.
Of course, that $1.6B was a record jackpot and everyone and their dog wants a shot at that behemoth. Regular lotto jackpots give you a much better shot: a 1 in 175 million chance. Much better, right? (There’s a reason they say the lottery is a tax on people who are bad at math 😜)
2. We repeatedly hear stories of winners going bankrupt, or worse. Receiving a windfall of cash like that is, sadly, the worst thing that can happen to a lot of people, which is why financial advisors joke about buying your enemies lottery tickets.
Oh and plus, you didn’t earn it. Doesn’t a cold beer taste better after a few hours of hard work?
Now that we’ve dispensed with the quick, let’s talk about the slow…
HOW TO GET RICH SLOWLY
PNC Wealth Management performed a study where they asked people with over $5 million in investible assets what “actions have most contributed to their financial success?”
Their answer was “saving early and regularly.”
Although it’s not a very sexy way to talk about it, it’s still a good way to get rich. Look at the math:
If you make $50k a year and you’re disciplined enough to put away 10% of it and invest that $5k/year at a compounding return of 10.56% (what the S&P 500 averaged from 2013-2018),in 40 years you’d have $2,578,243.80 to your name.
The big problem with getting rich slowly is that it’s dependant on you having another 40 years to invest…
If you’re young – yes, go ahead and begin doing this as soon as you can. If you’re a bit more, let’s say, seasoned, of course you should still consider this a solid piece of the puzzle, but you’ll be most interested in the next option…
In fact, I argue for the next option no matter what your age…
HOW TO GET RICH SURELY
The greatest way to get rich is still through smart investing, but with an increased investible income. Investible income is what you have left over each month after you’ve taken care of your lifestyle expenses.
I want to be clear…
In the study mentioned above, the surveyed millionaires didn’t mention having a higher income as the #1 reason they became wealthy – they said it was through long-term saving and investing. We agree, but we just can’t assume that our members are in a place in their lives where they can wait 40 years (and if there’s a faster way, why not take it?).
So the missing piece of the puzzle – the thing that will truly move the needle in a substantial way without having to wait decades – is in increasing the amount of money you invest.
That is the surest way of getting rich. And that is EXACTLY why we created The Remote Work Wealth Club (with the added bonus that every way we teach you to increase your income can be done with nothing but a laptop and some wifi). 💻 🏖
THE POWER OF INVESTIBLE INCOME
The idea is sound: increase your investible income in order to increase your Net Investible Wealth (NIW). It’s your NIW that will be what funds the retirement of your dreams and ensures your kids’ kids don’t have to worry about money.
There are three things needing to happen in order to increase your investible income:
1. Clean up and, if possible, cut some of your expenses. Fewer expenses = more investible income. (And we don’t mean cutting expenses that truly add value to you and your family’s lives)
2. Kill your debt. The quickest way to kill your debt is to increase your income through a side gig you enjoy. Fewer debt payments = more investible income.
3. Increase your income. This, of course, is the lead domino that will make everything else a lot easier and what you need to do by either getting a raise at work (which will have it’s limit) or beginning a side gig. More income = more investible income.
You truly are in the perfect place, at the perfect time, to change your financial future through any of the remote work opportunities you have inside your copy of Digital Nomad Secrets. And I hope this essay has helped you see that you’re now on the surest path to becoming rich.
P.S. If you agree that a side gig is the surest, quickest way to getting rich, how would you like to speed up the process and get better results? That’s where The Remote Work Wealth Club comes in…
Check out what one of our members, Jake Beal, said:
“It doesn’t take long to realize you’re in the (remote) room with (remote) rock stars – and they want you to be part of the band! The network and resources available in the RWWC position you to be at the forefront of this no-longer-crazy notion of working from wherever you want to be. With their help, I know I’m that much closer to the work I love and the life adventure I want!”
It’s our mission in The Club to arm you with EVERYTHING you could need to earn incredible money from and change your life, from this day on out.
Please, if you’re serious about making The Switch to the digital nomad lifestyle, with all its incredible perks, join us now. I promise you won’t regret it: