Unfortunately to this very day, it still baffles me to see the number of people who believe becoming wealthy is an easy venture! There is no shortage of victims for sinister men and women who take advantage of gullible individuals seeking to get rich quick. If you doubt my statements, then please tune in to American Greed on CNBC. This show chronicles countless ponzi schemes and fraudulent businesses that promise easy money.
The hard truth…. you aren’t going to get rich overnight, PERIOD! If someone else tells you otherwise you need to turnaround and run like hell. Only through time, effort, and ability will someone be able to achieve wealth.
There is a great passage in the book Outliers that states it takes approximately 10,000 hours of practice to confidently master a subject area or skill. On the surface 10,000 hours is pretty intimidating. After all, it equates to 3.5 years if you allocate 8 hours a day to your task 7 days a week. Those numbers are petrifying to individuals who plan to get rich quick! But guess what, it doesn’t stop there, the individual must constantly strive to get better day in and day out. Someone who practices without pushing themselves will plateau, no matter how many hours they put into a task.
You MUST devote a significant amount of time toward your endeavor if you ever plan on becoming successful.
You have to dedicate you’re entire life and existence to your endeavor, plain and simple. Read any autobiography by a successful investor or entrepreneur and you will find that while they are wealthy individuals they are often severely lacking in another aspect of their lives. Does a man or woman who spends 18 hours a day on his business venture have time to hit the gym for an hour a day? Can a father and husband be there for his family when his business needs tending to? By focusing all your effort towards a goal, it often doesn’t leave much will for anything else. Are you willing to do this?
From my days as an athlete and soldier, I can tell you this requirement is highly debated. I personally love the first two requirements because they can be accomplished by ANYONE, while having natural ability is something only certain individuals are blessed with. This is the honest truth, no matter how bad an individual may want to be a wide receiver for a NFL team, if he cannot run 40 yds in less than 4.5 secs chances are he won’t make the cut. If a teenager wishes to one day become a successful investor, and he or she struggles with basic math and economics, then they will likely fail. Do you get my point?
If you think are going to start investing in the stock market and instantly make money hand over fist you are severely mistaken. While I am by no means wealthy, but I can tell you without a doubt that wealthy men such as Warren Buffet, Joel Greenblatt, and Porter Stansberry all exemplify T.E.A.
It’s my personal opinion that a man or woman can be above average with time and effort. But an individual who can master time, effort, and ability will most certainly become extraordinary at whatever they decide to accomplish!