It’s easy to say, but harder to execute. Twenty years have passed since I wrote my first consulting article, but I see it over and over: folks who are trying to get rich fast. If you are young and are reading this article, you really do have a lot of time, but you need to stay focused. Find something you love to do, and then focus on it. Don’t become distracted or bored. Just keep shooting the gun.
The other important part of getting rich slowly is to live within your means and be thinking about how to invest so that you can achieve your financial goals. People often ask me, “What are the biggest hurdles to success you’ve seen are in the automotive industry?”
Two come to mind.
One – Failure to invest in something other than their business. Just a little here and there, and in a decade, you won’t believe what you will have. Folks call me and ask what they should do with the $25,000 they just got unexpectedly. They usually put it in the stock market, which I guess is safe, but you’re never going to make over 5% or so a year over a long period. Instead, I advise them to buy a rental house. Do you know that if you were to buy two rental houses a year for 20 years, in 30 years you would be worth about $10 million dollars? That’s a nice retirement plan!
Two – Being distracted, by anything. The biggest distraction I see in the automotive world is racing. If you love racing and want to have an expensive hobby that will drain you for your entire life, racing is it. I won’t judge you for choosing racing as a hobby, UNLESS you gripe about not having enough money. For many people in the automotive industry, racing is enticing enough that it will keep you distracted from executing on number one above or from doing most anything else that you could have used the time, energy and money on.
Start your thinking about getting rich slowly by reading my book, Getting to Yes With Your Banker. You can’t get really rich without leverage. You can’t do it while trying to be debt free. You need other people’s money helping you! I am working on what will likely be my last book. Homeless to $100 Million. I’ve been giving business advice for years, but have never advised on how to build wealth, with an actionable road map. The mantra of the book is to build wealth, not income, because they are not the same.
Remember only you can make business great!
Ron Sturgeon, Mr. Mission Possible, has been a successful business owner for more than 35 years. As a small business consultant, he can deliver wisdom and advice gleaned from an enviable business career that started when he opened a VW repair business as a homeless 17-year-old and culminated in the sale of several businesses he built to Fortune 500 companies.
Ron has helped bankers, lawyers, insurance agents, restaurant owners, and body shop owners, as well as countless salvage yard owners to become more successful business people. He is an expert in helping small business owners set the right business strategies, implement pay-for- performance, and find new customers on the web.
As a consultant, Ron shares his expertise in strategic planning, capitalization, compensation, growing market share, and more in his signature plainspoken style, providing field-proven, and high-profit best practices well ahead of the business news curve. Ron is the author of nine books, including How to Salvage More Millions from Your Small Business.
To inquire about consulting or keynote speaking, contact Ron at 817-834-3625, ext. 232, rons@MrMissionPossible.com, 5940 Eden, Haltom City, TX 76117.