How to be Rich ?

African American businesswoman throwing money in the air

Dr. Purushothaman
September 6, 2013

Have you ever heard the saying “rich as a Lannister?” If you aren’t nerdy cool enough to know what that means, I highly suggest that you click here and here immediately. I am very serious about this. If you love great stories, this is definitely for you. Do it! Do it quick! Do it now before it is too late!

OK…For those of you who are either still in the dark or are too lazy to click on the links, the Lannisters are a fictional family from George R.R. Martin’s series of novels entitled “A Song of Ice and Fire.” HBO has also made the books into a television series called “Game of Thrones.” The main story line revolves around the dealings of several noble families living in the fictional country of Westeros. The Lannisters are the richest and - arguably – the most powerful of these families. They command the allegiance of one of the largest armies, and Lord Lannisters daughter is married to the king. Think of the Lannisters’ wealth as akin to that of Bill Gates, Warren Buffet, and the Koch brothers combined – assuming that those billionaires granted loans to the federal government.

So, now that we have the boring formalities out of the way, what does it take to become “rich as a Lannister?” Well, I hate to burst your bubble, but let’s be honest with ourselves; no matter what we do, most of us will never have the opportunity to become as rich as the Lannister family. However, no matter how it may seem, becoming independently wealthy is something that is within our grasp. By following the Lannisters’ lead, we too can be on the road to financial freedom

If there is one thing you can say about the Lannisters it is this: “A Lannister always pays his debts.” While this saying applies to more than just monetary matters, it certainly applies to their finances as well. If you want to be as rich as a Lannister, learning to pay your debts is the first place you must start.

Really, the equation for becoming rich is quite simple. The less you owe, the more you are able to save. Think about how much money you could save if you didn’t have a credit card, car, or mortgage payment. While our “spend now, pay later” culture may try to convince you otherwise, it actually is possible to buy things using cash. Not only is it possible, but it is the best way to limit your spending and build wealth quickly.

Our friend William at Drop Dead Money recently said that “Debt is nothing more than impatience.” I couldn’t agree with him more. Becoming rich takes time and patience. Buying things you can’t afford in order to make yourself appear wealthy simply drags the process out longer. So, stop using credit debt in order to make yourself look wealthy. Instead, and start gathering cash in order to actually become wealthy.

Mind Your Own Business

Although owning all the gold in Casterly Rock may not be in the cards, being rich is still attainable. However, taking care of your own business is a must. Most people didn’t become rich by inheriting a crap ton of money. (That is an official unit of measure according to this.) They became rich because they were minding their own business. But, what does that mean?

The Lannisters’ profession may be acting as the ruling family of Westeros, but their business lays in several different areas. They are bankers, politicians, and soldiers. Only through these businesses are they able to perform the duties of their profession.

Ray Kroc of McDonalds fame was fond of saying that his business wasn’t making hamburgers. Instead, his business was real estate. Why? You can buy a hamburger almost anywhere – many of which are “better” than McDonalds. However, you can find the McDonalds brand on almost any busy street corner. His business wasn’t making the best burger. It was purchasing enough real estate to make his burgers available in mass quantities to hungry consumers.

So, what is your business? Perhaps you are a professional accountant whose business is being a landlord. Maybe you are a nurse who sells cosmetics on the side. No matter what you do as your profession, be sure to pay attention to the ”side gigs” that can help you create riches much more quickly. Who knows? If you’re businesses are successful enough, they may eventually become your new profession.

Have Somebody Else Do Your Dirty Work

Whenever they need something done, the Lannisters have plenty of bannermen on which to call upon. Whether it is a cousin to serve as a diplomat, Ser Gregor Clegane to intimidate their enemies, or an ally to perform murder, the Lannisters know how to use others in a way that benefits their interests. While we certainly don’t want to act as dishonorable as the Lannister family, learning to use the work of others in order to increase your own earnings is an essential part of becoming rich.

Do you know many rich people who work “day in and day out” as an employee? In my experience, that number is very few. What the wealthy have learned is that employees can be used in order to create more wealth for themselves. Not only do they help to create financial wealth, but they also help to create the riches of flexibility and time for their bosses.

This doesn’t mean that you have to own a company in order to become rich, although that may be helpful. It means that you should use the resources available to you in order to save you time and money. Don’t have time to manage your rental properties? Use a management company. Do you lack the skills to design your own website? Find a workable template and get it running. There are plenty of ways to have somebody do your dirty work. All you have to do is look.

You Can Be Rich Too

Unlike the Lannnister family, wealth is not something into which most of us are fortunate enough to be born. While being able to s#it gold like Tywin Lannister probably will never be within reach, it is possible for even the most modest among us to become rich. All it takes is a little time, perseverance, and imagination. Give it a shot! You’ll be there before you know it.

Read Related Recent Articles