If you want to get rich, you need to look at those who have already built wealth and decide which strategy is right for you. There are about half a dozen ways to get rich, each with its own positives and negatives. Since there are many different ideas of what wealth represents, let’s say any technique that allows us to earn at least a million dollars from scratch.
You could inherit the money. If you have a rich dad, this could be a possibility. However, this is obviously not something in your control, but is based solely on the circumstances.
You could win the money. Again, this is completely out of your hands and strictly based on the luck of the draw. While it is possible to win the lottery, it is highly unlikely. It is also something that rich people rarely do in order to accumulate more wealth.
Another way you can achieve wealth is to work a typical job for many years, saving and investing a large amount of what you earn. If you can get a big enough return on your money and allow it to compound long enough, your money could grow over time, and by the time you retire, you could end up rich.
You could decide to go into a profession that is known to pay very well. These may include becoming a doctor, lawyer, or similar profession. While these can pay extremely well, you’ll need to spend your time in college learning the trade. This could take more than 10 years just to get the required education. However, if you can put in the time and become a professional in one of these highly paying fields, you could retire rich.
You could climb the ladder of a large corporation. This could net you an extremely large paycheck and other bonuses, including partial ownership of the business. This will also take time, as climbing the ladder could take years, but it is a definite possibility to build wealth.
The final way to create wealth is to become an entrepreneur. Getting rich as an entrepreneur will be based on your efforts and time. When taking this path to wealth, there is no set amount of time it will take for you to gain wealth, rather it will be based on your ability to find great opportunities and put them into action. This is also not based on luck or circumstances beyond your control, but is entirely based solely on the time and effort you decide to put into it. To be successful as an entrepreneur, you must take control of your finances. You must become frugal and not let your money slip away. Find a great opportunity, or even better multiple opportunities, and work hard to build streams of income. The more sources of income you have, the better.
Make sure you always spend less than you earn or you will never achieve wealth. Take the money you accumulate and be smart with it. Put 10 percent of what you earn in savings and never touch it. Invest part of your income. Look for good and safe investment opportunities and put your money into them. Be sure to diversify your investments. Don’t be too quick to jump into the next big thing.
The only option to get rich that you can completely control is to become an entrepreneur. So if you want to achieve true wealth, make sure you:
– Live within your means
– Spend your time, energy and money in ways that build your wealth
– Look for opportunities that work for you
– Save, invest and otherwise keep what you earn
If you want to get rich, study what the rich do and follow their example.