Let's say, just hypothetically, that you wanted to be rich.
I'm talkin' Bill Gates rich. Rich enough that you don't merely write your own ticket, you write your own ticket to fly on the airplane that you own. You know what I mean? So rich that you don't just have lawyers on your payroll, you have judges on your payroll.
Well if you wanted to get rich (hypothetically), you'd probably focus on creating a product or service that everybody needs and then selling it to them. Things like indicator plastic wrap, or tick repellent pills, or cargo dress slacks.
Necessity is the mother of invention. Right? So You'd develop these ideas for useful items then sell them on QVC or find someone to buy the idea from you. Right? That's what you'd probably do.
But you'd be wrong.
The best way to get rich is to come up with a way to take cheap useless crap, rebrand it and market it to elementary-age kids. It's the American way.
Need and example? Of course you do.
Those of you with elementary-age kids are no doubt familiar with these:
I'm referring of course to the rubber-bandy looking things, not the Moleskin notebook or the earbuds (which I threw in to give you a sense of scale).
These little rubber bands are known among the social circles my 7-year-old runs in as Googly Bands.
They are the latest rage sweeping the grade school set. That's right, the kids are crazy about them. They're more than just cheap jewelry. They come in all different shapes and colors. Animals, toys, modes of transportation, clothing. Some are tie-dyed, rainbow colored and others glow in the dark. The kids, boys and girls alike, collect and trade them the way I used to collect and trade baseball cards.
Only here's the thing, there's absolutely no value to these things. Well, maybe there's some minute value. I mean, I'm not an expert on rubber production (but I play one on the Internet), but according to one of my many inside sources, there's about one twelfth of a cent of material and labor involved in producing one of these things. They are sold 12 to a pack, so a pack cost exactly one penny to produce.
I recently took my kid to a large discount retailer (which I won't name since they don't advertise on this site, but I think you can guess which one it was) because she just had to spend her hard-earned chore money on some of these useless trinkets. We found them on sale for a dollar a pack, which you math wizards can see works out to almost a 100% profit, or something (what do I know about business? Who am I, Donald Trump?).
So yeah, all you have to do to get rich is come up with a product that costs almost nothing to produce, and sell it for a minimum 100% profit. It's just that easy. Pretty soon you're be up to your eyeballs in party jets.
tagged: rich, kids, fad, Googly Bands, rubber, scheme