Get Rich Slick

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I wrote this series exactly a year ago and I continue to observe people still use these excuses although I must say that with Barak Obama becoming the Democratic Presidential nominee and Hillary Clinton coming close, I’m not hearing excuse #6 that often these days. 

I’ve counted down the top 10 excuses I’ve heard over the last ten years from friends, family, peers, and others as to why they’re not getting rich; I’m recapping them today as tomorrow I’ll be writing about the #1 excuse I’ve heard for not getting rich.
10. I don’t have a college degree.
9. I don’t have well connected friends to get a high paying job.
8. I wasn’t born rich.
7. I didn’t have great parents.
6. I wasn’t born the right gender or color.
5. I didn’t graduate from Ivy League School.
4. It’s too complicated to run a business.
3. The government taxes me and interferes with me too much.
2. I don’t have the time or money to do x.

1. I’m Afraid

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The most often heard excuse I’ve heard over the years for peers not getting rich can be encompassed with just two words, “I’m Afraid.” It’s fairly simple and straight forward and I can say I’ve seen this over and over with peers in my personal life and currently in the at large PF Blog world recently.

There are so many people that won’t touch credit card arbitrage because they deem it too “risky.” Come on guys, how “risky” can something be when you borrow money and stick it in a high yield account and pay it back slowly? This isn’t rocket science it’s an opportunity to earn money.
Then a ton of people won’t ever learn to invest in anything other than mutual funds because they consider everything else too “risky” or too “difficult” to learn. I’ve had several people tell me that they consider ETF Covered Call writing too exotic. Good grief, it’s the most conservative trading methodologies with regards to options and people consider it too risky.

It all boils down to the fear factor and herd mentality. To quote a great thinker, Bertrand Russell, “Collective fear stimulates herd instinct, and tends to produce ferocity toward those who are not regarded as members of the herd.”

Over the years, I’ve tried to help many people advance in their careers by mentoring and offering advice; I’ve tried to teach people how to make money yet often, the advice is disregarded because of fear and herd mentality. If the herd isn’t doing it then it must not be effective or probably too risky.

I hope you enjoyed reading the top 10 excuses I’ve heard over the past decade as to why people I know aren’t getting rich. I’ll leave you with one last quote; It was Marie Curie that said, “Nothing in life is to be feared. It is only to be understood.”

Don’t you think it’s time you began to understand how I’m getting rich slick with ETF Covered Calls? I’ve made over $10,000 with the ETF Covered Calls so far and I’m on my way to making another $10,000 this year. I hope you’ll conquer your fear and check it out.

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I’ve counted down the top 10 excuses I’ve heard over the last ten years from friends, family, peers, and others as to why they’re not getting rich; I’m recapping them today as tomorrow I’ll be writing about the #1 excuse I’ve heard for not getting rich.
10. I don’t have a college degree.
9. I don’t have well connected friends to get a high paying job.
8. I wasn’t born rich.
7. I didn’t have great parents.
6. I wasn’t born the right gender or color.
5. I didn’t graduate from Ivy League School.
4. It’s too complicated to run a business.
3. The government taxes me and interferes with me too much.
2. I don’t have the time or money to do x.

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The second most often heard excuse I’ve heard over the past decade as to why my friends, peers and others aren’t getting rich is, “I don’t have the time or money to do x.”

X represents many different things. For some, X means finishing a college degree plan, for others X means completing that certification to advance a career, for yet others X may be starting a business.

It doesn’t matter what X is though because the critical component of the excuse that they don’t have the time or money to do it.

Although it’s the second most often heard excuse, second only to #1, it is, in my opinion, the weakest of all the excuses.

Not having the money is a fairly poor excuse because there are a near infinite ways of getting money to do x.

If you want to finish that college degree, student loans, government grants, and other programs exist for you to be able to do it.

If you want to start a business, the government has plenty of small business loan programs to help you get started.

If you want to complete specialized certification, credit cards, loans, company sponsorship or other programs exist for you to complete that certification.

If it’s a question of time, then there are a variety of places to look to find the time to get things done. Most of the people that complain to me that they don’t have time to do anything fell into three categories: TV Couch Potatoes that spent 30+ hours/week watching TV shows and could recount every prime time program for that week easily; Sport fanatics that spend their free time playing volleyball, football, softball, basketball, and other sport activities for 30+ hours/week and finally the party goers who spend their time partying, going to clubs, bars, dancing trying to “hook up” with people for a “fun” time.

Do you fall into one of these three groups? There are others which I didn’t include such as the family engulfed types who spend a great deal of their time with kids activities: sports, boy scouts, swimming, piano, etc. but it doesn’t really matter.

The issue at hand is that these people have made a decision that their PRIORITIES are elsewhere; they are NOT FOCUSED on doing the things that will get them rich. It’s not a right/wrong choice; it is simply a choice that has been made that will not lead them to the wealth they want.

Personally, I am focused on getting rich via a two-pronged approach: Get Rich Slow with traditional investment methodologies and Get Rich Quick with more aggressive strategies. The net result is to Get Rich Slick. It won’t take you a but a few moments of your time to check out http://www.etfcoveredcalls.com to find out how I’m getting rich slick. Stop making excuses and take a peek, you won’t need too much time or money to stop by….

Next week I’ll give you the number #1 excuse I’ve heard over the years. Be sure to click back to see it here next Friday!

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Last week I wrote the fourth most often heard excuse for not getting rich was “it’s too complicated to run a business” and this provides a great lead in to the third most often heard excuse I’ve heard why my peers aren’t getting rich. The third excuse is best described as a sentiment that “government” interferes too much in the affairs of a person trying to conduct business. What is government interference? Taxation, Regulatory Compliance, Ordinances, and various other laws or requirements for a particular business.

While I wrote last week that starting a business was as easy as filing a form with a state agency, running a business can get complicated when dealing with the government but there are plenty of ways of dealing with the issues.

A relative who used to run a restaurant complained once to me that the city was making his employees go to a health safety education class before he could officially hire them and put them to work. Of course, he was required to pay their salary during the training and had to pay for the class as well. This “bureaucracy” seemed to have bothered him a great deal but in the end it probably provided some benefit to his business in that his customers were likely kept from getting sick because of better food handling training.

I recently wrote about a friend who’s getting dinged for government required “equality” for health insurance premiums and he also had griped about having to file quarterly sales tax reports with the state.

Of course I know others who ended up owing the IRS a ton of cash and when unable to pay, had various property seized to settle the debt.

What really irks me however are the people that don’t even want to ATTEMPT to start a business because of what they’ve seen happen to others: IRS seizures, Fines for non-compliance w/ ordinances, etcetera and the perception that it’s impossible to start a business because of government rules or laws. It’s NOT that bad people! And if you properly plan for the beginning (e.g. expenses, taxes, government requirements) then you’ll have absolutely no problem.
Speaking of government regulations, every third Friday of the month is Options Expiry and on Monday I’ll update you on how my Power Funds account and Mini-Funds Account have fared over the past 6 months using my ETF Covered Call Strategy. You can read the update on Monday or visit http://www.etfcoveredcalls.com to see it in action.
We’re closing in on the top 2 excuses I’ve heard over the years from peers and family as to why they’re not getting rich and I hope you’ll click in to read them. Here’s a sneak peak to #2, “I don’t have the time or money to do X“

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