5 Ways You Can Become Rich

Dear friend,

There are so many routes to financial independence but if you are serious about becoming wealthy, then consider one of the five ways below through which fortunes are made.

1. Become an Entrepreneur

The number way to wealth is through entrepreneurship which is creating and building a successful business. Small business is the foundation of the United States economy and the bedrock of its prosperity. Entrepreneurship includes every kind of business, from manufacturing to real estate to rental services and trading.

Entrepreneurship is about creating an entity that brings in money while you’re not there, allowing you to take vacations, spend time with your loved ones or attend to community development activities. Seventy-four percent of self-made millionaires in United States have self-owned businesses. Wealth is the result of entrepreneurship. Well known people who became wealthy through entrepreneurship include Bill Gates of Microsoft, Larry Ellison of Oracle, Ted Turner of CNN, Michael Dell of Dell Computers, Henry Ford of Ford Motors, Aliko Dangote of Dangote Group, Richard Branson of Virgin and countless others.

2. Navigate Your Way Up the Corporate Ladder

Another route you can take to become rich is attaining the level of a highly paid executive of a multinational company or as an employee of a company that offers stock option which grows and compound overtime. Ten percent of self-made millionaires in the United States are people who have worked for big organizations for many years. They usually work hard, were well paid and promoted, took part in profit sharing and earn for themselves stock options, and as a result of that, their stocks compounded and they became multimillionaires.

Paul Allen, who started Microsoft with Bill Gates, became a multibillionaire through stock option. Being on board a company that pays well, shares bonuses and profits is a major source of wealth. If you hold on to your stock option and invest the profits back into the company, you will soon become a director in that particular organization. Chairman of Chrysler Corporation, Lee Iacocca was paid $26.7 million for one year sometimes ago. It is pretty easy becoming a millionaire with that kind of fat pay.

3. Become a Professional

Another route to wealth is becoming a professional like a doctor, lawyer, engineer, or pharmacist. This kind of people charge high consultation fees for their services. These set of people take their time to earn their degrees, dedicate themselves to constant learning through personal development, and rise to the top of their profession in their respective industries. Their services are sought-after because they are exceptionally good at what they do. They also charge big money for their services. Ten percent of self-made millionaires fall into this category

4. Become a Sales Person

Selling a product or service can also lead you to wealth. In fact, it is one of the fastest routes to acquire wealth. Five percent of self-made millionaires in the United States made their money from sales. You don’t need a business of your own neither do you need a college degree before you can become a sales person. All you need is a fast selling product or service and the millions will start rolling in once you can communicate effectively.

The money you get from sales can be invested into other income generating assets like shares, real estate, Cod, bonds, rental businesses etc.

5. Others

Others routes you can take to become wealthy includes: investing in the stock market, patenting inventions, writing books and earning royalties, writing and producing songs, sports, lottery etc. Warren Buffet became a multibillionaire investing strictly in stocks of quoted companies. Tiger Woods became a millionaire playing golf.

Action Exercise

1. Make a decision today that you are going to be wealthy. Determine a particular route you want to follow, make plans, set deadlines and take fast actions. Don’t procrastinate because it kills and delays dream.

2. Commit to excellence and become a professional at what you do. Go for extra training if need be. Develop new skills related to your field.

3. Go the extra mile in everything you get yourself involve in.

Feel free to share via the comment box other available routes you know we can all take to become rich.

Cheers