Dr. Greg Reid interviewed 100 of the world’s richest people — from entertainment pioneers to real estate tycoons — to find out how they built their wealth and held onto it.
He and co-author Gary M. Krebs published the findings in a book, “Wealth Made Easy,” which contains proven, real-world strategies for hanging onto money.
For example, buy land in an area eight miles from a fast-growing town, rent it out to local farmers to cover the costs, and then sell it to a large retail developer for much more than you paid.
Another strategy: Combine unrelated business ideas for something brand new that meets the needs of a wide range of people.
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Ever wonder how you can discover the insider secrets — or wealth hacks — that millionaires and billionaires used to build their lives of sustained prosperity?
If you don’t have access to super wealthy people, don’t sweat it. Below are four simple wealth hacks to get you started.
SEE ALSO: The 7 most crucial money lessons to learn before age 30, according to a Harvard grad who was raised in poverty and now runs a finance site
1. Buy dirt
Canadian land mogul Brian Sidorsky shares a concept so powerful it challenges your imagination. When asked how he amassed a fortune in raw, undeveloped land, he sat back in his chair and exclaimed, “Time plus dirt is wealth.”
Sidorsky then clarified his concept. “Find a town anywhere in North America that is growing 20 to 25 percent a year. Pinpoint their ‘Main Street’ and draw a line out eight miles from that location and buy that land. That is the ‘dirt.’ Rent the soil to local farmers who will pay the rent that covers the costs, so it’s free. As the town continues to expand, eventually it ends up on your property where you own the largest lot and, since you are already near Main Street, you can then sell that land to a big-box store for one hundred times what you paid for it.”
2. Combine unrelated business ideas
Gene Landrum did something seemingly impossible when he founded Chuck E. Cheese’s. He created an entirely new business model by combining several different ideas into one chain: food, family, and amusement park-type entertainment.
Food: Kids love pizza. Amusement park-type entertainment: Kids are fixated on video games, whack-a-mole, and air hockey.
Combine pizza and amusement park entertainment, and you have occupied kids and happy parents. Why parents? Because they can sit at the table, take a breather, and eat while their kids are busy playing in the gaming area.
The hybrid pizza chain/entertainment center concept was revolutionary, and it reversed old thinking that had kept dining and kids’ entertainment separate.
What businesses can you combine to create something entirely new?
3. Take advantage of obsolescence
When machinery and other office equipment gets old, most companies see junk. What do they do with the junk? They donate it or toss it out.
Ron Klein — who’s also the founder of the credit …read more
Source:: Businessinsider – Life