What’s not to love about entrepreneurism? We’re helping people, solving problems and creating wealth for ourselves in the process.
Be careful, though. Often times, when we’re looking for a solution, we forget about the possibility that the solution might introduce another problem.
Making money too fast can be a more of a curse than a blessing. When people have overnight success, they don’t learn the skills of how to earn and hold onto money. Then, they spend it all and struggle to make it back again.
Stephen Michael Miller studies a lot of different industries, to get ideas about what people are doing and how and why.
What he often notices in the affiliate marketing and network marketing industries is a lot of people making money very quickly who have never made large quantities of money before.
The interesting part is what happens after these “overnight successes” make their money.
Because they don’t have the point of reference and the mindset growth, they blow it. They party it away, buy drugs, expensive cars, go traveling. Then, not only do they have no money left, but they don’t have the skill of making it back again.
Unable to replicate their past success, they end up in a worse off position than before.
It’s the same phenomenon with people who win the lottery. 5 years after winning, they often end up worse than broke.
Why? Because they didn’t earn that money the hard way. They didn’t learn the lessons about how to earn and hold onto money. They didn’t know any better than to throw it around until there’s nothing left.
The real problem is when tax time comes around and they have nothing left to pay. Often, they end up in debtors’ prison.
Learning how to earn big money is just one side of creating wealth. The other side is learning how to hold onto it. Your business might make a lot of money faster than you expect. But you’ll regret your success, unless you learn the strategies for holding onto it for good.