One of the allures of America is not only the idea that anyone can get rich and live the American dream, but that it can sometimes be achieved quickly, and in some cases, even overnight. While some people have certainly realized this dream, otherwise the notion wouldn’t exist, the truth is that most who seek overnight success end up failing—either physically or, at the very least, financially. And the journey is often a slow and painful one.
The good news, however, is that opportunities in the Western world still generally offer the chance for wealth—whether it’s great, moderate, or certainly more than what the previous generation had.
The little trick behind the phrase “get-rich-quick” is that it doesn’t specify who gets rich. In most cases, it’s the purveyor of the scheme—whether it’s a real estate course, a stock market hack, a tax-deed scheme, a pyramid, a chain-letter program, or one of the most recent trends—gifting. A more consumer-oriented statement might read, “Get Broke Quick !
Ponzi
In fact, the term “get-rich-quick” has likely been around for over a hundred years. Not long after its emergence, Charles Ponzi made a notorious name for himself with his own version of a get-rich-quick scheme: the Ponzi scheme. Ponzi himself got rich quick—first in New York and later selling swampland in Florida. But after using investors’ money and replacing it with that of new investors, he quickly found himself facing multiple prison sentences and eventual deportation.
As Charles Ponzi himself put it: “I went looking for trouble, and I found it.” (Wikipedia.org)
The Brooklyn Bridge
The history of get-rich-quick schemes is varied and fascinating. Iconic landmarks like the Eiffel Tower and the Brooklyn Bridge have been “sold,” and fiction has been passed off as fact. If something sounds too good to be true, it probably is. For example, you’re likely not the long-lost relative of a Nigerian prince, recently discovered and connected by email to a royal disbursement.
Education
This isn’t to dismiss all late-night television wealth-building programs as worthless or scams—not by any means. In fact, such programs are usually more user-friendly and immediately applicable than traditional academic fare, and that’s done on purpose.
Many of these programs do produce results when applied and can make a significant difference in one’s life. However, they belong in the education category, where all offerings should be carefully vetted before any investment of time or money is made.
Overnight Success
People do win lotteries in their various states and become millionaires overnight. While lottery administrators would have us believe that all dreams come true for these random benefactors, the reality is often filled with divorce and illness.
Those who suddenly experience fortune or fame are rarely prepared to handle the changes and the effects it can have on those around them. The annals of rock and roll are filled with such tragedies—too much, too soon.
Famous American humorist Steve Martin once joked that he’d written a financial course titled:
“How I Turned a Million in Real Estate into Twenty-Five Dollars Cash.”
When another businessman became disillusioned with his get-rich-quick efforts that didn’t work, he decided to switch to slower, more sustainable methods of wealth-building.
This overnight success phenomenon appears in other areas as well. Bonnie Raitt, for example, became an instant success in the U.S. with her hit single Something to Talk About in the 1990s. What most people didn’t realize, however, is that she had been writing and performing music at a frantic pace for the past twenty years.
We often notice when people hit it big because it’s a remarkable event, but we’re frequently unaware of the years of hard work that led to their success.
The Journey
But the journey is often the most rewarding part! Many highly successful people look back fondly on their humble beginnings, recalling the “crappy apartment we started out in.” This is evidence not that one should stay in that situation, but that the journey is part of the experience of life—and therefore, the fabric from which we are made. Having a sweater is great, but the joy is in the knitting.
We can be journey or life-rich.
An elder businessman looks at the neglected car of a younger man and urges him to take better care of it. If he’s wise, the younger man will realize that learning to care for this car is part of the path to eventually owning nicer ones.
Realism
The point is not to dissuade anyone from pursuing their ambitions, but rather to temper those ambitions in hopes of avoiding failure. Setting your sights on a mountain is the first step, but running at it without a real plan could lead to pitfalls that could ruin the journey altogether.
The young bull on the mountaintop says to his father, “Let’s run down the mountain, dad, and kiss a cow!” The father bull replies, “No, let’s walk down, son, and kiss them all.”
The three best courses to wealth seem to be, without question:
- career,
- investing, and
- saving,
or a combination of all three. And if well-chosen, all three can be fulfilling journeys.
The Curve
“Be careful to leave your sons well-instructed rather than rich, for the hopes of the instructed are better than the wealth of the ignorant.” ~ Epictetus
In some exciting news, it seems that once you’ve built some wealth, it becomes easier to make more—a sort of convex upward curve of increasing rewards, which helps you get richer faster. Whether this is because money makes money, the law of attraction, or simply the education gained from accomplishment, you can decide.
A survey of wealthy American millionaires revealed that they came from a surprising variety of professions and backgrounds. What they all had in common, however, was a high level of proficiency in their chosen field or profession.
In other words, it doesn’t matter what you do, as long as you do it very, very well. Some would say, “Do what you love, and be the best at it,” as the most important formula for success.
At least that’s what many mothers and fathers, having learned that lesson at great expense, tell their sons and daughters.
