Friday, September 16, 2011
Real Wealth is Slow
Stay away from get rich quick schemes. Real wealth takes time to build. There is no overnight success that hasn't been years in the making. Easy come. Easy go. This is why lottery winners and gambler winners are broke a year later. The first house my mother sold, she spent away half the profits. If she had invested in another or even a better property we would all be much richer right now. But it was a case of easy come, easy go. I don't begrudge her reckless spending. She learned her lesson and she is a lot more frugal now. Some people learn their lessons. It happened to me too with my first inheritance. Although I wasn't a complete idiot because I put myself through school and bought myself a cheap little apartment to live in. But then later, I was sitting on too much cash and started spending. When you have money, it's easy to spend. I had limits and never got into debt. I was also able to give my mother enough money so she could buy an apartment in my building too. She made back most of what she threw away from the first house, which is good. But it took time for us to make money. Good things take time. I also know some people who invested unwisely and lost everything. They lost everything because they thought they were going to get rich overnight. That's not how it works. The housing market is very low right now. It will not come back for at least ten years. If you can wait that long you'll make money. If you can't wait, you'll get out with a bad taste in your mouth. You have to stay in real estate for the long haul.