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Brokering Cash Flows: Is It Just Another "Get-Rich-Quick" Scheme?
by W.J. Mencarow, Jr., president of The Paper Source, Inc.
Yes, it is - if you fall for the hype of some folks who
are in the seminar-selling business, not the note business. When we started
the original industry newsletter THE PAPER SOURCE in 1987, we did so because
we were personally successful in buying and selling notes, there was no
newsletter and very few books or tapes devoted to it, and we thought we'd
have fun (and maybe make a few dollars) teaching people the note business.
Today the suede shoe and pinky ring crowd has moved in on this quiet little
backwater industry. They've used mass marketing techniques to sell it
as the latest road to fabulous wealth. It IS making THEM wealthy.
One of those pitchmen, whose conscience got the better of him, confided
to me that his partner was always introduced as follows: "Now,
ladies and gentlemen, here is a man who has made millions with the information
he's about to share with you!"
Pretty impressive, right? Well, as Paul Harvey says,
here's the rest of the story: Yes, he made millions with the information
he gave the marks, I mean, the audience (in case you don't know, a "mark"
is a carnie (carnival) term for a sucker). But it's not what you
think. Those backstage got a big laugh when he was introduced that
way. Why? The "information" his millions came from was
his sales pitch for his tapes and seminar!
No one has the secret to getting rich quick. If they did, why would they
tell the world about it? They'd be too busy using their secrets to get
rich. Count on it: Anybody who sells his books, tapes
or seminars with promises of easy riches is conning you.
What can be done is to teach you how (in the words of Jimmy Napier) to
get smart quick. And smart people are much more likely to get rich than
others.
The note business business is not a get-rich-quick scheme, despite what
you may have been told. It can be a get-rich-slowly plan. For
the rest of the story, see the FAQ "Can
You Really Make A Living At This?"