I see a lot of young people today, particularly in dentistry and medicine, who are very sharp.
They’re smart, and they’re looking for opportunities that are available to them outside of their practice.
But for their investments and wealth building, I see them reaching for bright shiny objects.
It’s great that they’re thinking about wealth building, because many people wait until it’s too late.
But what they’re doing is playing in areas that we call speculative investments.
Maybe they’re trying to hit a big home run in the crypto currencies, like Bitcoin or Ethereum. I think that’s crazy.
For big players who know what’s going on and who are able to influence the market, that can work.
For little guys like us, you might as well take that money to Vegas and gamble it away.
Occasionally, do people hit on things like that or hit a spike in the market? Sure.
But is it sustainable? Is it a way to really build wealth?
Again, it’s like hitting a slot machine in Vegas. You hit one and you feel good. But then you go back and try it again, and eventually you’re back at zero.
I see people who want to invest in startup companies because they think they’ve got this innovative idea that they’re going to patent.
They think they’re going to get this thing going, and then the other company is going to be dying to buy them out.
The odds of all those things coming together are very slim.
When they do happen, it’s a big day – but how do you think you’re going to hit on those things when it’s not your area of focus?
You just heard a rumor, some gossip on the street, and you tell yourself it’s the opportunity of a lifetime.
Here’s my point: If you really want to build true, sustainable wealth, and to have real freedom in your practice, there’s no get-rich-quick scheme.
It just doesn’t happen that way. You’ve got to focus on the one thing that you really believe in.
And hey, if you like the stock market, then focus on it. Get good at it, or find somebody who’s an expert who can help you, and just do it.
In my arena, which is real estate, it’s the same thing: I don’t go out and try to hit home runs.
I do regular, consistent investing where I know I can get solid yields. I ride the inflation curve.
I do what I need to get the cash flow, so I can actually be free.
This is key to succeeding in life: Don’t aim for pie in the sky. Be disciplined, focus on what’s regular and sustainable, and you will achieve true growth.