Can you still get rich if you are old?
It is super unlikely to get rich in your 20s and early 30s unless you are in an industry that’s going through exponential growth like we have seen in internet and now happening with Blockchain & Bitcoin
The way people accumulate growth is by systematically increasing their cashflow.
Let me explain, during your lifetime you will have to earn your living. Most of the time you will end up with excess cash. What you do with that money directly impacts what you will be worth when you are old. The goal is to acquire assets not liabilities.
If you are not clear about what are assets and liabilities, I will suggest get the book Rich Dad and Poor Dad. This is the best book which will provide you with the detailed information required. For now, you can understand by the fact - if any thing that takes money out of your pocket is a liability, example you paying rent or EMI for the house which is self occupied. I know people always say that the house is an asset but this book will clear all the misconceptions about the same. And for assets, just the reverse - anything that puts money in your pocket, example being the same flat which you own but you have put that for rent and you a positive cashflow after deducting EMIs and other expenses from the rent that you get.
So, let’s back to the question, if you are young, you just do your best to stay afloat and whenever you have extra cash, look to purchase an asset. The problem is that when you are in your 20s and 30s there are so many distractions which you would rather spend your money on. In addition to that you are likely to start a family which will dramatically increase your cost of living and will push you to work longer hours. When kids start showing up you are in financial stress.
That’s where being old is incredible. Your kids are already grown-up so no worries there. You have got a full life of knowledge and mistakes that this young generation will get to experience on their own skin for the following years. You are solid.
Usually when you are old your cost of living should not be that high unless you are struggling with health conditions. It is easier to get rich at 50 even 60 or 70 than it is to get rich at 30.
Maybe younger people know more about technology but you have lived longer and you know the ups and down in life. In creating a fortune or financial independence.
There is going to be ups and downs. Older people have a great great advantage here. When it comes to getting rich, it takes less than half of the time of someone who is half your age.
I can go on for days with different strategies like consulting for big firms in the same field you have worked in before retiring. Actually this is the fastest way to get rich as you will earn ten or twenty times the amount you did per year in the last working years or how you have already gotten all the top connections these young folks are struggling to get and can leverage that. And this is just the tip of the iceberg.
If you are here you are probably wanting to know if it’s too late for you to start something new. No matter your age, here is a list of people that are living examples that prove it is possible.
- Stan Lee drew his first comic book when he was 39. He called it Fantastic Four. A couple of years later, he created what we know today as Marvel Universe.
- Vera Wang was a figure skater and a journalist. She decided to give fashion a shot when she turned 40 and today is one of the biggest names in fashion.
- Sam Walton founded the first Walmart in Arkansas when he was 44 years old. You might have heard of Walmart right.
- For Henry Ford, created the Model T car at the age of 45.
- The guy who invented instant ramen was 48 when he changed the world with his food product. His name is Momofuku Ando.
- Charles Darwin published his book, On the Origin of Species when he was 57.
- Ray Kroc bought McDonald’s at the age of 52 after being a milkshake device salesman.
- You know KFC right. Harland Sanders, better known as Colonel Sanders was 62 when he started the franchise.
