How do people become rich?
In the following video author, speaker and success expert Brian Tracy shares the 5 primary ways to become rich.
1. Become an entrepreneur
Entrepreneurship is the number one road to riches. Starting and building a successful business is exactly what 75 percent of self-made millionaires in the US did to become wealthy.
Bill gates, Henry Ford, Elon Musk and millions of others started companies with an idea and built it from the ground up to amass their fortunes.
Whilst entrepreneurship isn’t for everyone and certainly isn’t easy it’s always the best method I would recommend to someone to become rich.
With a business your income is directly tied to the amount of value you add to the lives of others.
You are only limited by yourself and your vision.
2. Work your way up
Climbing the corporate ladder and becoming a highly paid executive for a successful company is another way to become rich.
You could also join a company as an employee that offers stock options.
10 percent of millionaires in the US take this route.
Either join a successful company and work your way up collecting a higher salary, bonuses and stock options along the way or join a start-up offering stock options and cash out at the right time.
I would say that you should never make the mistake of thinking that you are working for someone else. You are always working for yourself regardless.
This mindset will allow you to offer the most value to a company and help you succeed faster.
3. Become a professional
Becoming a doctor, dentist, lawyer or any form of professional is typically what most parents want for their children and for good reason.
Having advanced degrees and being a specialist in your field usually translates to high salaries which will help you become rich.
10 percent of US millionaires are professionals who managed their money well.
4. Get into sales
5 percent of millionaires in the US are experts at selling a product or service.
The world will always require people that can sell whether it be stocks, real estate, cars, computers or anything else.
Large companies are willing to pay handsome commissions to those who are at the top of their game.
5. Accept that wealth will not happen overnight, but it entirely possible.
Brian Tracy finally states that the last category of wealthy people includes the likes of authors, inventors, musicians, actors, athletes and those who reach celebrity status.
This group of people account for less than one percent of wealthy people and yet because they receive so much attention people think they are they represent the typical rich person but they are rare in the bigger picture.
The key to remember about any method of getting rich is that you are always in control.
You may not become wealthy overnight however if you are truly committed to becoming rich the chances are you will.
77 Peter Thiel Quotes On Startups & Success
If you’re looking for the best collection of Peter Thiel quotes then look no further. Peter Thiel is an American...
95 Best Reid Hoffman Quotes On The Start-Up of You
If you’re looking for the best collection of Reid Hoffman quotes then look no further. Reid Hoffman is an American...
Top 25 Reed Hastings Quotes On Business & Leadership
When it comes to entrepreneurship, leadership and business growth few are as experienced Reed Hastings and his quotes will show...
55 Travis Kalanick Quotes For Entrepreneur Success
If you’re looking for the best collection of Travis Kalanick quotes then look no further. Travis Kalanick is an American...
57 Brian Chesky Quotes On Culture, Startups & Success
If you’re looking for the best collection of Brian Chesky quotes then look no further. Brian Chesky is the co-founder...