Business: The Fastest Way To Generate Wealth

by James on 04/08/2010

Image of money growing from a tree

How in the world do some people get rich so fast?! Literally, people have gone from dirt poor to ultra rich in a matter of months! Aside from winning the lottery or inheriting a fortune from family, what allows a person to make this dramatic change? Well, I can’t speak from experience, but I do see one thing that is common in almost every case. A great business.

Passive income is an amazing concept. If you are like me, investing in passive income producing assets cannot be a quick process. Why? Because we don’t make enough earned income to invest in assets at a rate that will retire us in the next few years, much less next few months. We need a great business to supply us with income to invest. Easier said than done… most definitely.

My wife and I currently have a photography business and a web development and design business. Oh yeah, I also have a full-time job as a web developer. Almost forgot about that! We are very happy about what we have accomplished, however, none of this is going to get us wealthy anytime soon. Why? Well, what will happen if neither my wife nor I show up for a photography session? Or, we don’t feel like working on a website for a client? There will be no money to pay the bills! Our businesses are really just jobs we have created for ourselves. There is definitely nothing wrong with this. But, our goal is financial freedom.

With financial freedom in mind, we need to create a business that will provide us with income whether we are there or not. This can be accomplished if your business can be completely automated or if you delegate work to others. Of course, it takes some hard work to get a great business started and running smoothly, but once this occurs it should be able to run well without you present.

What business ideas do you have?

Sorry. I can’t reveal my ideas in detail yet. I will say that one involves real estate, another involves softball and the last could involve web software for schools and mid to large businesses. We will have to pick one idea and go for it 100% (we have already chosen the idea). There is only so much time in a day and focusing all available time on one idea will give us the best chance at succeeding.

How did you come up with these ideas?

These ideas came to us because we are involved in these areas. We invest in real estate, I play softball and I am a web developer. None of these ideas are new. We just believe we can execute them better than anyone else in the market. Think about everything you do and there could be a great business idea waiting to be discovered!

Which idea have you selected and will you update us on our progress?

We have chosen the one involving real estate. My secrecy will only last until I have the business up and running. My best guess is that this could be as soon as 4-6 months from this day.

How will you measure whether this business is a success?

The business we have chosen to pursue will require a great deal of leadership skill in order to make successful. Why? Because I will have to convince 4-6 people knowledgeable in real estate with some writing skill to work with me for at least 6 months (2-4 hours per week). This will be difficult. There are very good benefits though.

Income and profit is another measure. By the end of the 6th month (October 2010), we should be seeing some solid income. And hopefully, profit by month 10 (February 2011). If things go as planned, there will be very nice passive income in the long term.

I know stuff about real estate and I can write! Can I be involved?

We are interested in anyone in the real estate industry who is knowledgeable and can write well. If you have these skills, are motivated, and are interested in being involved in a start up company, drop me a line and we can talk.

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