The Shocking Reality Behind "Get Rich Quick"

When I was 26 years old, I was living with my mother and delivering pizza for a job. By 33, I was a multi-millionaire. By 37, I was fortunate enough to retire and pursue a dream of writing and was able to publish my first book, The Millionaire Fastlane.

Not many people in the business world will admit this, but I will: Get rich quick exists. Yes, it is real.

And it can happen to anyone if you just know how to access the road to its reality.

I know I know; when you hear those 3 words “get rich quick” you’re immediately inundated with negative thoughts about some Nigerian Interior Finance Minister who needs to unload $10 million (USD) in your personal bank account, one tiny classified ad, or late night infomercials that peddle some “no money down” real estate opportunity.

While I don’t blame you for these negative connotations, these aforementioned scenarios aren’t really indicative of “get rich quick” but of his evil twin, “get rich easy”.

Think about it.

Mark Zuckerberg is one of the youngest billionaires on the planet. Did he get rich quick, or get rich easy? It was the former, not the latter.

The 27 year old founder of, Aaron Patzer, recently sold his company for $170 million and effectively, never has to work another day in his life. If you’re familiar with Aaron’s story, he worked his butt off for years before he was able to sell his company. Again, get rich quick, or get rich easy?

You see, the truth is out there and that truth is this: Get rich quick can happen to anyone, and yes, including you, if you just know the right roads to travel.

And that road?

It starts with a simple concept that I call Leveraged Business Assets — an innovative business that adds value to the world and helps millions. And while some might misconstrue that infamous word “leverage” as risky real estate debt as often placated by other gurus, the leverage exists in the product itself through its scalable nature.

Everyone in the world can use Facebook. Everyone in the world can use personal finance management. Do you offer a product that millions need, and can use? And if so, can you reach those millions?

They say that the internet has created more millionaires in the last 10 years than in the last 50 years and it’s because of this: The internet implicitly contains SCALE or LEVERAGE, one of five commandments highlighted in my book to creating the same exponential wealth scenarios that myself, Patzer, and Zuckerburg have shared.

If you look underneath the hood of get rich quick stories, you’ll find that they are often preceded by long processes and “backstories” that you rarely hear about.

You don’t hear about the founder who started the company on a shoestring, drove a rusty Honda with 190,000 miles, ate Ramen Noodles for years. You don’t hear about the founder who locked himself up in a studio apartment on Friday night to regurgitate code while all his friends were out partying down at the neighborhood bar. You don’t hear about the long hours and the grunt work that most others, simply won’t do.

So the next time you’re up at 2am watching some boob-tube infomercial guru who’s selling you some get rich seminar, what’s he really selling you? Get rich easy? Or hard work and a leveraged business asset that can be scaled to the masses to solve a problem and make the world a better place?

The former makes gurus richer and you poorer, while the latter can you make you a millionaire, and yes, awfully quick.

The following post is a guest post from Houston, Texas area real estate developer and entrepreneur Tracy Suttles. Tracy can be best contacted for questions, comments and concerns on Twitter at @tracydsuttles.

FHA mortgages are provided by the Department of Housing and Urban Development (HUD) to help low income families and first time house buyers get a foot on the property ladder. They cater for those who have a bad credit history and/or are able to only offer a low mortgage down payment. The maximum amount that can be borrowed is 115% of the median house price in the local area. This means that home buying help is available for those who live in the more expensive parts of America, such as central New York. It is important to make an assessment of the pros and cons of FHA loan mortgages before proceeding.

Advantages of an FHA Mortgage

  • Low mortgage down payment. A first time house buyer will normally need to find a house deposit of 20%. However, an FHA loan mortgage means that only 3.5% is required as an up-front payment.
  • Bad credit history. Those with missed and late payments may still be able to get approval. Individuals who have filed chapter 7 bankruptcy may be able to get their loan approved once 2 years have elapsed since they were discharged. The figure rises to 3 years following foreclosure.
  • Debt to income ratio. Whilst conventional home mortgages require the ratio to be below 36%, it can be up to 43% with an FHA mortgage. Affordability can also be established on the basis of mortgage payments expressed as a percentage of net monthly income – up to 31%.
  • Mortgage types. There are a number of different loans available, including fixed rate mortgages. There are also a number of different options, such as the growing equity mortgage and the graduated mortgage. There are fewer limitations than with other federal programs.
  • No prepayment penalty. Unlike other mortgages, there is no early redemption penalty.

Disadvantages of an FHA Mortgage

  • 1.75% Mortgage Insurance Premium (MIP). As well as finding a 3.5% mortgage down payment, it is also necessary to find a further 1.75% of the mortgage value to cover the risk of default.
  • Property type restrictions. It is only available for an existing single family home, one to four family homes, condominium units or a manufactured home on a permanent foundation.
  • FHA mortgage processing. It typically takes longer to process than conventional loans due to the additional government regulation and paperwork.
  • Selling a home. The higher cost of helping a first time house buyer is likely to mean that the seller is less likely to reduce the sale price.
  • Loan origination fee. There is typically a loan origination fee of 1% on FHA loans.

FHA Loan Mortgages – Home Buying Help for First Time House Buyers and Low Income Families

An FHA mortgage is an excellent way for first time house buyers or those with a bad credit history to get a foot on the property ladder with a minimal mortgage down payment. However, individuals looking at more expensive property or have really bad credit history are unlikely to be eligible. It is sensible to consult a mortgage advisor to identify all suitable options prior to making a decision.