Get Rich Quick Sucks!
As you will know if you have been following us for a while this is not our normal kind of headline for a blog post BUT ……
We just see so much hype and BS in the online space that we just wanted to give you our perspective on it.
First and foremost there is no such thing as “get rich quick“. We’re sorry to disillusion you on the point but the famous saying “if it sounds too good to be true it probably is” holds true but yet …….. everyone is out there searching for that pot of gold at the end of the rainbow – the “get rich quick” solution to all their problems.
Get Rich Quick Shiney Objects
Get rich quick syndrome is also known as “shiney objects” syndrome – they amount to the same thing to be honest. Unfortunately in these current hard times because people need money and they need it quickly, they get caught up in the excitement of the get rich quick, easy money.
Everyday, we are bombarded with emails telling us about the latest greatest craze, software, digital channel, social media platform and how using them will likely make you money.
Here’s the truth …. they probably will but they are not a business and they will not generate you a regular and long term income. Stand alone they are just a “get rich quick” shiney object.
We will admit that we have been taken in by get rich quick schemes and to be honest most people will at some point but you have to learn from the experience and not do it again. Sounds simple but sadly we see too often people who don’t learn from it and just end up broke – again and again and usually after a time give up all together.
How To Avoid The “Get Rich Quick”
Here’s our five point plan to avoid the “get rick quick” syndrome and establish if what you are looking at is a real opportunity or just another one of those too good to be true shiney objects.
#One – Solve a Problem
Does the product, platform (dare we say it ‘scheme’) solve a problem for people. Do some careful research and discover if people are searching for a particular solution to a problem.
# Two – Are There Customers
Look at the demographics of your target customer. Is there an audience for the product or platform and can you easily reach that audience. Consider if the audience is limited – for example only men or only women or is it age related or both even. Is it relevant to a wide audience? It’s ok to have a niche audience provided there are enough people wanting your solution.
# Three – How Do People Use the Product/Platform
Is the product/platform (the solution to their problem) easy to use. If it is not easy to understand or use then your time is going to be taken up with “technical support” instead of helping people start a business
# Four – Does it Look and Feel Like A Business
There is no escaping that a real business opportunity will require a commitment of time and you may also need to learn the skills required. It may take some time before you see a return on your investment. What do you see when you look at the “opportunity”. Does it have a corporate website, is there access to support, does it comply with industry legislation.
# Five – Are You Prepared to Invest in Yourself
Last but not least and this is a big one – there is likely to be a learning curve to achieve success Are you prepared to do what it takes? Are you prepared to be in it for the long haul and overcome any obstacles.
In accountant speak, looking at these things are part of your ‘due diligence’
When you have done all you can do and assured yourself it is not a get rich quick scheme then just get on an do it – treat it as a business and give it the commitment and the attention it deserves and you are likely to make a success of it.
Seth Godin also shares his view on Get Rich Quick
Although it was written in 2009 Seth Godin’s blog “Get Rich Quick” is as relevant today as it was then (we remember reading it when it was originally published)
Last But Not Least …..
Ask questions and do research before giving away hundreds of dollars—really consider the opportunity cost behind the risk and understand the commitment.