Ken Fisher knows how to make money. The Forbes columnist and investment mogul has established himself as the authority on how to manage and grow your money. In his book “The 10 Roads to Riches” he lays down the most sure-fire routes to putting those extra zeroes in your bank account. Although Fisher is considered a viable expert in the finance world, how reliable are his methods? Let’s determine if his approaches are truly effective ways to get rich fast.
Road number 1: “Start a successful business.” Yes, establishing a service in a high-demand market is an obvious way to create a smooth cash flow. However, your success depends on entering an industry at the right time with the right marketing strategy. Establishing a profitable business isn’t an overnight process. It requires determination, immense effort, and patience to even start generating revenue.
Road number 2: “Become CEO of an existing firm and juice it.” If you’ve held product manager positions and led a team or two, you might be ready to take the reins of an existing organization. However, this role requires years — if not decades — of experience and the right connections to boot.
Road number 3: “Hitch your wagon to a star.” Invest in a genius or someone extremely talented early on in their career, and there’s a chance you could see profit down the line.
Road number 4: “Turn celebrity into wealth.” Are you famous? No. Then this road isn’t for you.
Road number 5: “Marry well – really, really well.” For those desperate to get funding for their venture, getting hitched to a wealthy person is one way to secure that financial backing. However, is compromising your morals and values to be with someone with a lot of cash? We’ll let you make that decision on your own.
Road number 6: “Steal it, legally.” Business ideas are constantly recycled by other entrepreneurs. As long as you’re copying another concept while adhering to the law (a fine line to walk), then you should be in the clear.
Road number 7: “Use other people’s money.” Most successful ventures are funded with loads of cash. Whether it be a high-rolling Y Combinator Series A company or private equity firm-funded start-up, the best way to launch your business is to get people to give you money for it. Yet, this is considered one of the most challenging aspects of setting up shop, so get ready for a long road of ahead.
Road number 8: “Invent a future revenue stream.” Remember the chia pet? An invention that’s bound to go viral is a fool-proof way to get rich.
Road number 9: “Monetize unrealized real estate wealth.” Buying property, renovating it, and then selling it for four times the amount you originally paid for is a creative and fun way to make a living. Although, what we’ve learned from HGTV’s “Flip or Flop,” you’re not always going to get the rate you thought you would.
Road number 10: “Take the road most traveled.” Treat your career like a safe fixed-income EFT, and practice traditional routes of building wealth.
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