Masters Series: How to Get Rich in Five Years or Less, Part I

Editor's note: We regularly feature tips in the weekend Masters Series on how to grow, save, and protect your wealth. We've shown you the power of doing nothing… how to turn "new money" into "old money"… simple, underrated ways to limit risk… and much more.

 

Today, DailyWealth Trader editor Amber Lee Mason describes one of the greatest wealth-building strategies we've ever covered: How to get rich in five years or less.

 

You may not buy a yacht or a 10-bedroom mansion with this approach. But you'll be able to live how you want… travel where you want… and spend your days doing something you love.

 

In today's edition of our weekend Masters Series – previously published in the March 5 issue of our free e-letter DailyWealth – Amber tells the story of how her friend Dean went from working a boring, dead-end job to starting a new life in an "ideal business" and not having to worry about money…

 

 

How to Get Rich in Five Years or Less, Part I

By Amber Lee Mason, editor, DailyWealth Trader

 

"I want to get rich."

 

My friend Dean and I were out for a drink the other day. He recently quit his job. It was a stable, six-figure government post. But it was boring... and there wasn't much "upside" beyond his current position.

 

If he'd stayed, he would have ended up doing the same thing, earning about the same money, for the next 30 years.

 

He knew he couldn't live with that, so he walked away. He took a job with a small, fast-growing company. "It's a lot more fun than government work," he says. "But I'm not making nearly what I used to." So he feels like he's a lot farther away from getting rich.

 

Here's the thing: If he takes some ideas to heart, Dean has a much better shot of becoming rich now than he did before. And you can get rich, too, if you follow Dean's path.

 

Before we get to the details, there's one thing I need to make clear...

 

When Dean says he wants to be rich, he's not talking about becoming a billionaire. He doesn't need a fancy car collection or a 10-bedroom mansion. He drives an eight-year-old motorcycle. He wears old Converse shoes. He's happy with both.

 

"I don't want a yacht," he told me. "I want freedom." He wants to be rich enough to afford to live where he wants, to spend his days doing something he enjoys, and to not worry about money.

 

By that definition, he can be rich in five years or less. Here's how...

 

Idea No. 1: Join or start an "ideal" business.

 

The first thing Dean did was quit a dead-end, no-growth job and take a risk in a new line of work. And here's the important part: His new industry is just about as close to the "ideal business" as possible...

 

Longtime newsletter writer Richard Russell laid out the requirements for the ideal business in a classic essay...

 

Now obviously, the ideal business doesn't exist and probably never will. But if you're about to start a business or join someone else's business or if you want to buy a business, the following list may help you.   The more of these criteria that you can apply to your new business or new job, the better off you'll be.

You can (and should) read Russell's full essay for free right here. But I'll give you some highlights...

 

 

(Again... I urge you to print off Russell's essay and read it several times. It's one of the most valuable things you or your children could ever read.)

 

Dean's new job is in publishing... It might not be the perfect business. But it's close...

 

He can do his job from just about anywhere in the world. In fact, in a few weeks, he's leaving town to go live on a small island in the Pacific... His job will leave him enough time to finish a business degree at a top-10 school...

 

His job is interesting. "I learn something new every day," Dean says.

 

And most important, the business is scalable. If his company continues to grow, it can make more money without hiring a lot of new people, which means the current people working in it can make more money.

 

In other words, Dean's job has a lot going for it. He might be earning less than he was at his government post. But he's a lot closer to his definition of rich – living where he wants, spending his days doing something he enjoys, and not worrying about money – than he was before.

 

And if he's smart about this job, he's going to be in MUCH better shape in a few years...

 

In tomorrow's essay, I'll share the second big idea for becoming rich. It's one of the single greatest secrets of wealth-building... and if you apply it to your career, it's one of the fastest ways you can build significant net worth.

 

Regards,

 

Amber Lee Mason

 

 

Editor's note: DailyWealth Trader is one of the world's most popular trading research services. Each day, Amber uses her extensive knowledge of the markets and network of contacts and industry experts to find the best short-term and medium-term trading ideas in the market. Since launching the service in May 2012, she has closed out more than 200 winning trades for her subscribers. Click here to learn more about the safe income strategies you'll find in DailyWealth Trader.