If you love automobiles, you can still be wealthy.

May 21, 2008 | By admin In How To Get RiCh |

If you love automobiles, you can make money and become wealthy in your hobby!

Name: Harry
Age: 31
Occupation: Carpenter
Income : $25,000 a year
Retires wealthy: Age 41

Harry loves cars. He dreams about cars. He details cars. And he loves to go car shows.

His hobby and passion is to purchase used cars, do minor repairs, clean and detail the car, and then resell the car for an $800 profit. It’s nice to make a profit on your hobby!

So what Harry’s goal for his part-time hobby/business? He wants to resell two cars a month, ten months out of the year. The other two months are reserved for sky trips. That’s a total 20 cars sold a year at $800 profit each - for a grand total of $16,000 of extra yearly income.

What does Harry do with his money?

He invest it wisely in stocks, his own house, and re-invests in his hobby/business by purchasing more expensive cars that can give him higher profits. If Harry average a 10% return on his nest-egg fund ( actually, he earn much more because he makes tremendous profits when he re-invest in cars ), here is what would happen in just 10 years:

Year:                     Amount Saved:              Total Savings & Interest:
1                              $ 16,000                           $ 16,000.00
2                              $ 16,000                           $ 33,600.00
3                              $ 16,000                           $ 52,960.00
4                              $ 16,000                           $ 74,256.00
5                              $ 16,000                           $ 97,681.60
6                              $ 16,000                         $ 123,449.76
7                              $ 16,000                         $ 151,794.74
8                              $ 16,000                         $ 182,974.21
9                              $ 16,000                         $ 217,271.63
10                            $ 16,000                         $ 254,998.79

So in just 10 years, Harry’s fund has over $250,000. At a 10% return, Harry can just sit back and collect $25,000 a year. Harry says, ” I figure I can ski six months a year in Colorado and six months a year in New Zealand.”

And, if Harry ever needs a few extra dollars, he can always fix up a car or two during the year.

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