Last week I started a brief review of the book “The Ten Roads to Riches.” Today is part two of the review. I will go over the last ideas that the author goes over.
Steal it legally – no guns necessary
The sixth road to riches is to steal it legally. A lot of businesses do this all the time. They steal or use ideas that other companies have, and they make money off of them. There are hundreds of examples of this happening through the years. I want to go over a recent example. Instagram is a picture sharing app. A few months ago, they added a feature called Instagram stories. That feature is very similar to an app called Snapchat. With Snapchat, people take pictures and stories that you can see for up to 24 hours. The Instagram story feature is the exact same thing. IG took Snapchats’s idea and ran with it.
Capitalize on other people’s money (OPM) – where most of the mega-rich are
This is another tip that makes a lot of sense but isn’t the easiest thing to do. People aren’t just going to give you their money. If that were the case, we’d all be rich or wealthy right now. Starting a business or getting into real estate are two ways that you can capitalize on other people’s money. With real estate, you can rent, lease or sell the property that you have.
Invent an endless future revenue stream – even if you’re not an inventor
Having an endless revenue stream is another thing that can bring wealth. If you can create something that people love, you can make money off it forever. For example, if you write a best-selling book, you could get royalties from it. That is just one example. There are so many things that you can do to generate that endless revenue. Getting something patented or licensed can make you, even more money.
Trump the land barons, by monetizing unrealized real estate wealth
Communities are always growing. Businesses are always expanding. What is the one the thing that isn’t growing or expanding. Land is that thing. People will always need it. Even if they don’t want to buy real estate, people will want to rent. They need it for homes, office space, and businesses. Learning about and then investing into real estates is one of the smartest things that people can do. It’s something that I want to learn more about it in the near future,
Go down the road more traveled – save hard, invest well – forever
The last road to wealth is the safest road. Save hard and invest well. There is nothing wrong with going the safe route, but it could take decades for you to get wealthy this way. If you want your wealth sooner, combine this one with some of the other ideas that the author discussed.
The ten roads to riches is a great read. I believe that everyone should read this book when they get a chance. You should figure out which “road” works for you and get to work.