Personal Finance | 7 Ways to Get Rich Quick

What’s a person to do?!?

I propose seven ways for you to get rich quick!

Stock speculation - We all know money can be made here. You just have to invest in the right companies. Find lots of small companies that look good. Big companies weren’t always big - they started small. Find an emerging industry and invest there. Surely professional companies will grow and as they do so will your stock price. Check this out - as recent as 2003 stocks returned over 28%!!

Buy property and flip it - Rates have dropped. Housing prices have dropped. Now is the time to start reaping the rewards of of the housing bubble burst! Do you own a home now? Leverage that home with a home equity loan and buy up what properties you can. Housing prices will go up again and you will see the green!

Insider trading - We all know someone on Wall Street don’t we? Think they keep everything secret? Why do you think they are rich? Next time you run into one of your Wall Street buds hit him up for some tips. These guys work with stocks all day so they know where they are moving. Use those tips and buy what you can!

Gambling - Ever played blackjack? Craps? These games have some of the best odds in the casino! You can learn all sorts of different playing strategies online to help you win. Heck, there’s even a movie coming out about some MIT students who beat the casinos with blackjack. Go get to the casinos before everyone sees the movie and has the same idea!

Blog - Anyone can blog. Really. Look at me, I’m no Dostoevsky and you’re reading this. There are so many ways you can monetize a blog. Just throw some ads on your site, write some posts, and voila! Instant cash! Make sure to link back to me when you start up!

Tax return - List anything you can as a deduction. We can all find some way to justify an expense. The more you put the better. The money you donated to the orphanage? That’s like having a whole bunch of dependents to declare! Get your tax return to the point where the government is giving you back a huge return. When the money comes in you can try the other six tips here. Oh, don’t have your accountant do it. Do it yourself. You know what your deductions are.

Win the lottery - Someone has to win. Yes the odds are bad. But every ticket you get improves those odds. What if you took your tax refund or stimulus check and bought lottery tickets? There’s bound to be a winer in there.

What’s that?………Hold on one sec……uh-huh…ok.

My lawyer and accountant just barged in on me. They’re telling me I might have gotten a few facts wrong.

Umm, lets see…stock speculation’s not a great idea. Speculation without real research is actually closer to gambling than actually investing. But I like gambling! Cross off gambling too. Something about if it were so easy to do well with it then everyone would do it. And that casinos have the best odds in the long run. And those MIT kids were an exception that didn’t last. Remember those 2003 returns? Here are the returns for the three years before 2003: 2000 -9.03%, 2001 -11.85%, 2002 -21.98%. Ohh. Past returns do not guarantee future returns. And lots of small companies fail or never make the successful leap to become a large corporation.

On the same note, there’s no telling where the bottom is in the housing market. Many thought it would never drop and here we are. Buying now could be ok if you’re looking to buy your own house but otherwise you’re back to speculating. Leveraging what you own could be a sure-fire way to end up foreclosed.

My lawyer mentioned that insider trading is illegal. Ouch. Ok, don’t do that! My accountant chimed in saying that just because someone trades a stock it doesn’t mean they research the fundamentals of any of the companies they trade. That’s good to know. So watch out for any stock tips too. Do your own research!

I just checked my advertiser accounts for this blog. There’s a few cents in there but nothing to live off of. I might have jumped the gun saying that a blog was instant cash. Guess it takes persistence and hard work and even then it could fail. Nope, not a way to get rich quick.

That looks funny! My accountant and lawyer are jumping up and down pointing to Tax Return. Wha? oh. They are highly against putting anything fraudulent on your tax return. There’s this thing called an audit which is not something you want to go through. Make sure your return is correct and if you have questions seek out a professional accountant.

Can I keep my lottery tickets at least? I can? Oh, but odds are I’m just giving money to the state? Even though someone wins the odds are very much against winning. Better off saving the money.

Oh well… There really aren’t good ways to get rich quick. I tried. We’ll all have to work hard, be frugal-minded, and stay disciplined.

12 Responses to “7 Ways to Get Rich Quick”

1. Nicole (8 comments) on April 2nd, 2008 1:14 am

   When I saw this post, I thought Ha! April Fools Day but I’m wondering, did you get a ton of hits on this post? This is probably what a gazillion people are searching for online…

2. Foxie (1 comments) on April 2nd, 2008 1:22 am

   I have to say, kudos on an awesome post. It’s a very entertaining read!

3. Personal Finance Management Guide (1 comments) on April 2nd, 2008 8:04 am

   Reality on Insider Trading: Hot tips and claims of inside information are usually yesterday’s news. “A friend of a friend who is the manicurist for the wife of the CEO of General Motors (GM) said to buy Blimpy-Whimpy, X.P.S, right now. Big developments are on the way.” Unfortunately, unless you work at a high level industry, by the time you or anyone you know has gotten an accurate hot tip, it’s history. Leaving aside the laws against insider trading, ask yourself this: Why would anybody who really knew something share it with anyone else?

4. Joe @ SimpleDebtFreeFinance.com (3 comments) on April 3rd, 2008 4:16 pm

   LOL!

   Thanks for the laugh -
   I needed that.

   But it’s also a great post since many a truth is said in jest!

5. Cassie - Homeschooling Four (1 comments) on April 4th, 2008 1:14 pm

   Very funny! Oh, I think you missed one…
   Go into a bank and ask for all their money…
   can you check if your accountant and lawyer approve of this method?

6. Free From Broke (113 comments) on April 4th, 2008 6:49 pm

   @ Nicole - I’ve gotten some visitors…though a lot came because the post was commented on at the MSN Smart Spending Blog (http://blogs.moneycentral.msn.com/smartspending/archive/2008/04/01/7-schemes-to-get-rich-quick.aspx?CommentPosted=true#commentmessage )

   @ Foxie - I’m glad you enjoyed it!

   @ Personal Finance Management Guide - Those are great points about insider trading. Basically, why is someone giving me something for free?

   @ Joe - Happy I could give you a laugh!

   @ Cassie - You can go to the bank and ask, just don’t demand anything or look threatening then they might think you’re trying to rob them! It’s funny but my original draft had rob a bank as an option but I thought it would be too much of a giveaway that I wasn’t serious about my tips.

7. mike3 (1 comments) on April 15th, 2008 1:25 am

   “Oh well… There really aren’t good ways to get rich quick. I tried. We’ll all have to work hard, be frugal-minded, and stay disciplined.”

   But if you don’t know _what_ sort of hard work to do — like I don’t, for example, you could easily waste all your effort. So then that begs the question of: What sort of hard work should one do? And that’s where I’m stuck. I really would like to make some more money, as I don’t have a lot of money, and if I have to work to do it, fine, but remember: if you throw your whole little heart and soul into the wrong thing working away so hard at it you’ll just be wasting yourself. The trick therefore is that KNOWLEDGE of where to spend the effort. So where is that?

8. Loan (1 comments) on September 24th, 2008 11:58 am

   Another great site with excellent tips! But for me the easiest way to make money is not spend the stuff you do get. Pennies you find in the parking lot, allowance if you get any, pack a lunch and put your lunch money all away into a box with a lock on it, and give the key to someone else if you don’t trust yourself to not spend it.

Trackbacks

1. Links for Super-Charged Living - April 26, 2008 | My Super-Charged Life
2. The Money Life Network | Prime Time Money
3. Blog Carnival Round-Up, Week of April 7th, 2008 | Greener Pastures: Personal Finance
4. Money Hacks Carnival #7 at Mommy Gets Paid | Money Hackers Network

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