One of the other members decided it was a good idea to forward an advert to everyone...
The advert is slightly different from the usual get rich quick schemes, but it rhymes.
The advert says it wants to educate teenagers... can you imagine... TEENAGERS!!!
Well the speaker would like to educate 1 million teenagers in investing.
They will teach about wants vs needs, how to invest and stuff like that.
So it seems like it's some credible stuff to be taught to kids. Which is good...
BUT...
The speaker boasted credentials that he invested in his first share by 17 and was financially free by 24!
Can you imagine?!
I mean... financial education for kids is great, but why the need to sell the idea of fortunes by 24 years old?
So of course I'm skeptical.
Now... I know of no one... who is able to do this consistently.
I would say at 17, most people don't have large funds to invest, and within 7 years, even the best investor would find it challenging to almost no capital into an amount enough for FI.
Maybe if this person was lucky and bought US$1,000 worth of Facebook shares pre-listing.
But even so, they would take more than 7 years before FB actually listed.
So, it is more likely, that this joker traded and got lucky between 17 to 24 and got a big paycheck.
OR, he could have gotten a high paying job and done some lucky investments at the right time, like just after a market crash. He didn't say his FI was done solely by investments.
For for this advert posted by my "friend", I would think it's just someone trying to sell light financial education to teenagers, which is probably a good thing, although I question why they would want to list an early FI as a selling point. It makes me suspect their intent and integrity.
But maybe it's not really a get rich quick scheme per se.
So anyway... The advert got me to thinking... why there are so many "financial education", or get rich schemes, going around.
They all rhyme... It costs hundreds or thousands to attend their talk.
They talk about the usual bunch of things... depending on the course...
Could be trading strategies, candlestick, trading patterns...
Or how to make use of leverage and flip properties
Or telling you to create multiple streams of income, passive income... stuff like that...
And it's appealing to people... somehow...
People like to pay money to learn how to get rich, or think that there's some secret formula...
Cos they don't like to hear the sure fire way to get wealthy.
Same like people don't like to hear the confirm way to lose weight. People want an easier way.
No one likes to hear... eat less and exercise. Although they know that's the way to lose weight.
People like to hear, eat all you want, and buy this pill and you'll miraculously lose weight.
Similarly, people like to hear that you can spend all you want and you can spend 1 hour trading and be rich.
Really? If so easy, then there would be no poor people in this world.
So I kinda suspect it's a human thing, to be in denial...
To believe that there's an easier way. That there's some special secret that they need to learn.
Cos... they want to believe it's not their fault. Not their fault for lacking discipline.
It's easier to think that it's due to a lack of knowledge cos one could feign ignorance.
Whereas a lack of discipline puts the blame directly on themselves.
I'm no different. There's stuff that I lie to myself about, hoping that somethings change, instead of I, myself, change. Been there, done that, probably still doing it in other aspects of my life.
Anyway...
How's this for an idea... The secret to getting rich, is to earn, save, spend less than you earn, and invest the rest...
BUT... There's another bright idea... The more awesome secret to getting rich...
Is to set up a company and sell courses on the secret to getting rich, and the course teaches people to set up a company and sell courses on the secret to getting rich, resulting in an ongoing string of courses teaching people how to get rich. Kinda like an MLM model...
What a wonderful idea.
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