Get Rich By Writing About How To Write About Getting Rich
Funnily enough (yes, it’s a word), one of the quickest and easiest ways to get rich is to write a book about how to get rich. Some have accused Rich Dad Poor Dad author Robert Kiyosaki of doing just that, or at least of exaggerating the truth (you can read John T. Reed’s criticism of Kiyosaki here). While I don’t really write about how to get rich here and try not to give specific financial advice (you should always do your own homework), the irony of this criticism doesn’t escape me. But you know what? It is a profitable niche.
Helping People Meet Their Goals Will Help You Meet Yours
As I’ve stated before, businesses and products which help people meet their goals are usually the most successful ones. Many if not most people list “financial success” among their goals in life. If you can faciliate achievement of this goal either through advice, products, or services, you should do quite well. It goes without saying you should provide these services ethically, of course.
But this concept isn’t limited to helping people get rich. It can be applied to any area of peoples’ lives they want to improve. The big three areas people want to improve are their finances, their weight, and their relationships with the opposite sex. What’s more, demand for these products is pretty much inelastic. Many people are willing to pay whatever it takes to lose 30 lbs or get a date. Why else do you think dating services and weight-loss plans are so successful even with all the competition? Because there’s plenty of business to go around.
Many people think manufacturing businesses that actually produce things are inherently more profitable or desirable, but nothing could be further from the truth. During the 1840’s California gold rush, the vast majority of prospectors never struck it rich, but the people who provided the products and services to make those prospectors more efficient (shovel and pick vendors, clothiers, cartographers, etc) made a killing. That’s part of the reason blogging about personal finance, digital photography, and even blogging about blogging have become so popular. It’s an inexpensive way to get a piece of the giving-advice business.
This post appeared in the Carnival of Personal Finance #170 hosted by The Personal Financier.
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Excellent article. People are always willing to pay for a chance to achieve their dreams, even if their odds are low. I guess that’s why lottery tickets are so popular. Wait a minute; did I just equate blogging to a lottery ticket?
Information, useful information, is always more valuable than a physical object. Instructions and directions, and any training or education, included.
Useless information is the least valuable thing in the world, though.
Interesting post! I’ve often suspected that about R.K., and I’ve come across other “wanna-be” gurus claiming to be rich whom I suspect will only become rich if people start buying their advice.
So, I have the finance blog, now I should start a weight-loss and a dating blog?
Great article,
There is a saying that ‘those who can do and those who can’t teach’ or in this case write books.
Generally you are going to want to about the guy who has made a million rather than the guy who thinks that it is theoretically possible to make a million. The reason is simple – we want to know how to do things and there is no better place to find out than from someone who had direct experience doing it.
I like your comparison with the gold rush.
Makes you think how the people selling “How to books” for real estate or foreclosures have done themselves. It’s easy when they had a bankroll or investors, but they might be stretching the truth when they say “no money down”.
I found your post from the Carnival of Personal Finance and will also link to this post as well.
Thanks Scott! Yeah, I’m always wary when somebody is trying to tell me how to get rich. If it really worked, why wouldn’t they just do it themselves? Asking that question would probably help people avoid 99.999% of the scams out there.
This is very true. I often go to property exhibitions and it’s amazing how many so-called investors actually make their money through seminars.