Like I have mentioned, I work for a Wealth Management firm that services what we call, High-Net-Worth Individuals and Families. To service them to the best of my ability, I get to look through THEIR ENTIRE FINANCIAL LIFE. We must know the whole story to give the best advise and offer the right solutions. This gives me a very unique situation to see how all these people got so rich and stay rich.
Three things that the clear majority had in common were:
- They are extremely good at finding opportunities
- They are not afraid to get their hands dirty and work their butts off once they find a good opportunity (A.K.A. GRITTY AS F*CK)
- They created multiple streams of income and cash flows
None of these should come as surprises. They are patient and find great opportunities, then GO ALL IN and work until it works for them.
My favorite client is kind of a strange dude, but he is a perfect example and he is totally goals (as those crazy kids are saying these days). To conceal his identity, we will call him Mr. Sandpaper, because this guy is as gritty as a sheet of 60 grit sandpaper.
Mr. Sandpaper was a compliance officer at a large accounting firm in Cincinnati, OH. It was a very strict policy to keep certain documents for a minimum of 7 years before destroying them or throwing them away. His company just so happened to have a huge file room on-site where they stored their documents until they were 7 years old. With the documents that were too old, they rented a big paper shredder and destroyed all the documents. His company was expanding as fast as Cincinnati was. The company needed more space but finding a new office would be ridiculously expensive. He found that a lot of other companies had similar document retention policies.
Mr. Sandpaper saw an opportunity. He got together with his family and drummed up some capital. He found a large empty warehouse and leased it out. He spoke with his managers and set up a contract to take the documents to his warehouse and he would keep them organized, safe and dry for 7 years. When the documents just got finished celebrating their 7th birthdays, Mr. Sandpaper would take them over to the shredder he bought and would destroy them. In exchange, Mr. Sandpaper got a monthly payment to house the documents.
The company was thrilled to find such a simple solution and the business produced a pretty strong flow of cash after all the expenses of running the start up. Mr. S found that he had A LOT more room to store documents, so he reached out to the other accounting firms in the area and then all the law firms. Very soon after its inception, Mr. Sandpaper was able to quit his compliance job and replace his salary plus produce even more income from this business. He had to lease out another warehouse and hire a few employees to manage the warehouse. He expanded to neighboring cities and soon he had a personal cash flow into his bank account of $100,000 PER MONTH.
- S had his eyes wide open and found a problem that he could solve for his company.
- He went all in and used his 60 grit sandpaper-esque personality to build the business.
- He reinvested his cash flows into diversifying his company in multiple cites and across multiple types of companies needing his services.
He gets to do whatever he wants, and I process massive transfers from his business accounts to his personal accounts every month because he earned it.