Know anyone who's making their fortune in the railroad industry?
Dated or not, I believe that the principles in this chapter hold true. Wattles says that some of the existing industries are pretty well sewn up, there's not much chance of our getting rich in them. I have to agree. He also says that opportunity abounded in industries that don’t yet exist, and people will get rich in them. He might have been thinking of the infant oil industry, back in 1910. That spawned a lot of millionaires and billionaires, J Paul Getty springs to mind, and he's just one of many-many. Oil, automobiles, the aerospace industry, computers...? No, Wattles was for sure not thinking of the computer industry a hundred-plus years ago, not even in his wildest and most adventuresome dreams. The silicon valley didn't even exist, Heck, it didn't even exist when I was growing up there (photo to prove I existed, circa 1965) The silicon chip had just been invented when that picture was taken, and look at it now - miniscular!
One thing for sure: When Wattles predicted opportunities in industries that didn't yet exist, he nailed it!
Meanwhile, is it possible to get rich in industries that do exist? I hope so, because in my dreams, I'd like to get rich in the literary industry. You know what my crazy dream is, really? A blockbuster movie based on one of my novels. That’s how I’d like to get rich. That's an industry that already exists. Now, if only I could find a way to connect with it! On the other hand, perhaps my particular opportunity lies somewhere completely different, in something I’ve yet to discover. I’m okay with that. Who knows what industries may show up in the future? I’ve seen clips on YouTube about a couple guys who invented a machine that potters about on the ocean gobbling up plastic bags. Maybe they'll make their fortune as inventors, in the soon-to-be recognized Planet-Salvation industry. Or how about this video, about a mall - not just a store, but a whole mall full of stores - where all the shops sell either Recycled, Re-purposed or Up-cycled goods? That's a current industry (thrift shops!) taken to a whole new level (The Video is HERE) Who knows what's to come? What Future Industries can you dream up? I imagined the “Planet Salvation” industry. Now it’s your turn. Tell us about your wild (or not so wild) ideas in COMMENTS below. IMAGINE THIS: Although your imaginary industry might not be your particular opportunity, what if, someday in the future... ...someone stumbles upon this blog, sees your COMMENT and cries, “Oh my gosh! That’s mine - that’s the opportunity where I can make my mark. I have something to contribute to that infant industry!” Wouldn’t that be fun?
Thanks for sharing your brilliance, Elaine PS: to get an email when I write again, go HERE