Last Updated on October 5, 2020
The Path to My Success
I made money in real estate by looking at thousands of properties and making a lot of low-ball offers and “no money down” deals.
Usually, it was in situations where a discouraged/incompetent seller was anxious to hand control to a more competent, dedicated person in return for a dependable the promise of enough money to pay off his loans and get out in one piece.
It took over twenty years of full-time effort until I was able to sell out, have my liquidity moment, hand my assets over to my own “Family Office” and quit working forever.
That was about 30 years ago. I am quite skeptical of any tales of serious “instant wealth” being made gambling in Binary Options or Casino (not requiring special skills like counting cards) for that matter… It just doesn’t happen.
So how to become financially independent?
The Best Way to Achieve Financial Independence
To make money you must usually have expertise and skills to control the variables.
Sure, people can win a lottery, but it is rare, pure luck, and seldom repeated. Then too, without proper money management skills, most lottery winners blow their winnings on consumer goods and conspicuous consumption.
A few years later, those lottery winners often end up back where they started—broke.
If the figures re Binary Options winnings I read about online were accompanied by a certified public accountant’s audit, then I would guess the guy had a 1 in a hundred million lucky streak—one that is extremely unlikely to be repeated. Otherwise, these stories in my opinion are just made up to bring in suckers.
Making money in real estate, deal-making or success in many other endeavors is another matter. You can hunt and find bargains and buy up distressed property—if you know what you are doing.
You must put in the needed time, study, work, and make an effort as explained in such books as my own “Think Like A Tycoon”.
Financial Independence Using Real Estate Investing
I believe that more money has been made by individuals in property than in all other industries combined. But successful real estate investing is not a passive activity—nor is it gambling. It is a business needing skill, marketing, management, legal knowledge, and many other things.
I learned as I went along what I needed to know about architecture, law, surveying, plumbing, heating, air conditioning, electrical wiring, carpentry, structural engineering, public relations, dealing with bureaucrats and accounting.
You don’t need to be an expert in everything with a Ph.D., but you need to know enough to tell if the experts you hire are incompetents.
Expecting a “robot” or “black box” (while you stay ignorant) to make good bets on things like options is like trusting a robot to correctly predict hundreds of heads or tails coin tosses. Sorry, it doesn’t work.
Guesses are guesses. As Phineas T. Barnum said:
“A fool and his money are soon parted”
Giving your money to someone else (or a “robot” ) to make bets is a sure way to lose your assets.
Binary Options, derivatives, or complicated financial products created by banks or insurance companies. They are not being marketed to make you rich. They make the dealer/seller rich. Need I say more?
What Are the Other Options?
Your best chance of getting rich is by starting and running your own business.
Creating or finding some product or service that you can provide to others, i.e. finding a need and filling it. Being a dealer in anything is OK.
You won’t become a Billionaire practicing a profession, but you can have a degree of independence and a good life as a lawyer, MD or Dentist.
Forget about jobs; working for someone else. Forget about some stranger on the internet making you rich. It won’t happen.