This is a special series we’re doing before the end of the year
where we’ll be answering some of the most common questions
you guys have asked us over the past twelve months.
We wanted to do something like a Q&A for awhile now.
As always, the answers might not be exactly what you want to hear,
but we’ll be honest and somewhat to the point.
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With that out of the way, here’s today’s question.
Can you still get rich if you’re old?
Short answer is:
Actually most people get rich when they’re old.
It’s super unlikely to get rich in your 20s or early 30s,
unless you’re in an industry that’s going through exponential growth,
like we’ve seen with the internet and now happening with blockchain and Bitcoin.
The way people accumulate growth is by systematically increasing their cash flow.
Let me explain.
During your lifetime, you’ll have to earn your living.
Most of the time you’ll end up with excess cash.
What you do with that money directly impacts what you’ll be worth when you’re old.
The goal is to acquire assets and not liabilities,
if you’ve seen our video on 15 Business Books Everyone Should Read.
If not, click on the top right corner and watch that one.
Then you know that assets are the things that make you money,
while liabilities cost you money.
If you’re young, you just do your best to keep afloat
and whenever you have extra cash, look to purchase an asset.
The problem is that when you’re in your 20s and 30s,
there are so many distractions which you’d rather spend your money on.
In addition to that, you’re likely to want to start a family
which will dramatically increase your costs of living
and will push you to work longer hours.
When kids start showing up, you’re in financial stress.
We’ve mentioned how much kids actually cost these days,
but people still pumps them out with no concern whatsoever.
That’s where being old is incredible.
Your kids are already grown-up, so no worries there.
You’ve got a full life of knowledge and mistakes that
this young generation will get to experience on their own skin for the following years.
Usually when you’re old, your costs of living shouldn’t be that high,
unless you’re struggling with health conditions.
It’s easier to get rich at 50, even 60 or 70
than it is to get rich at 30.
Maybe younger people know more about technology,
but you’ve lived longer, and you know the ups and downs in life.
In creating a fortune or financial independence,
there’s going to be ups and downs.
Older people have a great, great advantage here.
When it comes to getting rich,
it takes less than half of the time of someone who’s half your age.
We could go on for days with different strategies,
like consulting for big firms in the same field you’ve worked in before retiring.
Actually this is the fastest way to get rich
as you’ll earn ten or twenty times the amount you did per year in the last working years,
or how you’ve already gotten all the top connections
these young folks are struggling to get and can leverage that.
And this is just the tip of the iceberg.
If you’re here, you’re probably wanting to know
if it’s too late for you to start something new no matter your age.
Here is a list of people that are living examples that prove it is possible.
One: Stan Lee drew his first comic book when he was 39.
He called it the Fantastic Four.
A couple of years later, he created what we know today as the Marvel Universe.
Two: Vera Wang was a figure skater and a journalist.
She decided to give fashion a shot when she turned 40 and today is one of the biggest names in fashion.
Three: Sam Walton founded the first Walmart in Arkansas when he was 44 years old.
You might have heard of Walmart, right?
Four: Henry Ford created the Model T car at the age of 45.
Five: the guy who invented instant ramen was 48 when he changed the world with his food product.
His name is Momofuku Ando.
Six: Charles Darwin published his On the Origin of Species when he was 50.
Seven: Ray Kroc bought McDonald’s at the age of 52
after being a milkshake device salesman.
八 你知道KFC 对吧
Eight: you know KFC, right?
Harland Sanders, better known as Colonel Sanders, was 62 when he started the Franchise.
These people dramatically changed the world as we know it.
And their experience in life helped them to do so.
It’s never too late to get started on your mission.
So do we answer your question or not?
What do you think you can add on this subject?
Let us know in the comments.
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