To Be Wealthy…. Opt For Control

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To Be Wealthy…. Opt For Control

Friends, you have to let go of individual glory. Individual effort can only take you up to a certain height. If you want to go far and beyond, it takes more than one man, it takes a team. If you are clearing five feet, all it takes to jump six feet is some extra training. But if you want to jump ten feet, then more training is not going to help you. You can train all day and all night but you are not going to clear ten feet. What you need is a whole new way of doing things. Perhaps even opposite to what you are currently doing. This whole new way involves a few things that in all likelihood be opposite to conventional wisdom and what you are most likely doing right now. 

If you are really serious about building wealth, you must first give up trying to do everything on your own, which means you must have a team. Which also means that you must be willing to pay money for their expertise.

The third step is to give up ownership. if you want to become seriously rich, you have to give up ownership and opt for control instead. This is the price one has to pay to get to Millionaire status.

In order to own anything outright, one must have tons of money. For example, if you have $200,000, you can at best only own one house outright. The good thing is that the house is in your name. You do not owe the bank, or anybody else for that matter, any money. I understand that it can be a boost to the ego knowing that the property is yours and no one can claim otherwise. I also understand that some people like things this way. They do not like to owe anything, and this is fine.

But at the same time, they must realize that this is not the fast track to riches. By insisting on ownership, their net worth cannot multiply fast enough.

If on the other hand, you are willing to give up ownership, then we’ll see how magical things can happen. With the same $200,000, you can actually buy ten houses of $200,000 each with a total worth of $2 million! All you need to do is to pay ten percent as a down payment and borrow the 90 percent. So you are now controlling an asset worth $2 million. Of course, this can only happen if you are willing to relinquish ownership. While this may not give you the bragging right of calling them your own, it doesn’t matter because you now have total and absolute control. Nothing happens without your okay. You are the man and you are the one in charge here. remember that you are controlling an asset worth $2 million with just $200,000. This is what leverage is all about. This is what using OPM (other people’s money) comes down to.

Certainly having one house worth $200,00 can make you some money. But having ten houses worth $2 million, the world is your oyster. If the house prices rise by just 25 percent, you would have multiplied your money by 250 percent. And if the prices went wild and doubled instead, you would have a return of 2000 percent! Outrageous! But this is how people make serious money. By using OPM, giving up ownership, and opting for control instead.

Of course, this is not to suggest that you buy ten houses for just $200,000. In fact, you should not even be considering it. You’ll not be able to sleep at night if you do so. One slight mishap and you will be in the lockup in no time at all. What I am sharing here is the idea that to build serious wealth, one must give up ownership and opt for control instead.

That’s all for now, my friends. See you all in my next article.

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