How to Get Rich – The Right Path

Unless you have been living under a rock, the business of helping people get rich is going apace in the world of today. Thanks in part to the rise of online businesses.

And if you, like many in the space are someone keen on making their mark in life, the idea of being financially free will invariably form a core feature of this mission.

The idea of helping people to develop a source of income, one that helps them break the (supposed) monotony of the 9 – 5 straitjacket; to help people reach their fullest potential, or more simply to help aspiring people get rich! Is the top currency in the world of marketers, influencers, self-help gurus, and the like.

The question is (besides identifying and cutting out the fake ones) finding out the right strategy that works for you. As no two people are the same, the solutions do not always work for everyone.

So it’s important to know that besides the matter of avoiding snake oil salesman and get-rich-quick scammers, you as a person who is aspiring to make something in your life need to figure out what path towards financial independence-which is the correct understanding of the concept of wealth-is right for you.

Which is what we are here to do.

In this post, we will outline some important concepts that you need to know when approaching the question of: ‘How to Get Rich’. So this does not mean we are going to provide the whole blueprint on how you can, well, get rich.

What you will find however is key pointers on what it takes to become financially independent.

On what you need to start donging today to be set on your path towards a state where money as a question is no longer hanging over every decision you make.

What is Financial Independence? 

Before we get to the subject of how to get to rich, we need to understand what exactly does one mean by the idea of financial independence.

In Hollywood terms (a bad place to start) this idea tends to be connected with “being rich”. Which in practice tends to be associated with having “a million dollars”.

The notion of ‘If I had a million dollars’, which is often associated with luck; that of winning a million dollars would somehow make all of your problems go away is not a great one.

Well, unless you are someone living in a developing country, or someone whose idea of wealth and importantly success and status-two concepts that are closely tied with wealth-then this number is not going to be enough.

Living in the Western world, in developed economies like the US or any major nation in Europe, and even regions like East Asia and the wealthier parts of the Middle East, just having a million bucks to your name is not going to guarantee financial independence.

In July of this year (2022) an article on CNBC observed that it takes a net worth of around $ 2.2 million to be considered wealthy in America. But that was on average.

The moment you get into the top metropolitan areas in the US, to be able to live comfortably in cities like New York, that make up the top 5, then that number goes up into the $ 3+ million mark ⁽¹⁾.

So there you have it. In case there was anyone out there who thought that winning or running into a million bucks is going to make you rich… For life (Which is a related and important subject) then you better think again.

Critically though, the question when it comes to wealth is not so much how much money you have at the moment-though that too is important-but rather how much money or wealth you are creating at the moment and how viable the strategy that you have chosen for creating and maintaining that wealth into the future.

To provide another statistic, a very insightful 2017 article on Market Watch, cited the study of over 3000 high net-worth families and found that almost 7 in 10 lost their fortune by the second generation. And by the third generation, that number goes up to 90 percent! ⁽²⁾.

Did you hear that!? And note, that wealthy families are not talking about those whose wealth remains in the single million count. But this is not new.

If you have followed the lives of many an athlete or celebrity, the story of riches to rages is not uncommon. For that is the nature of money.

A key principle that anyone who is serious about, well not getting rich per se, but about building wealth that lasts, is that you need to establish a steady source of income. Cash flow, in other words, is secure, growing, and able to finance other, newer sources of income.

When it comes to the idea of getting rich is not so much how much money you have now in the bank (though if you are a multimillionaire or better billionaire then you’re pretty much fine provided you don’t do anything really stupid) but how good you are at using that wealth to generate more.

• To be financially independent is to be able to do the things you want to do.

• To not be restrained by the burdens of paying your bills and trying to make ends meet.

• To able to work towards things that give you true satisfaction.

• To NOT have to answer to some boss, or entrepreneur who is working to build his dream. Not yours.

Do you know how to get there?

And importantly in present times, are the guys out there who are selling the next best way to get rich or become financially independent showing you the correct way to achieve this?

How to Get Rich…. The Wrong Way 

Let’s get the obvious factor out of the way. There are no shortcuts to wealth. None.

Unless you get extremely lucky with the draw (not a wise strategy), happened to be the inheritor of some long-lost fortune of a wealthy relative, or happen to be born into a wealthy family then your path toward attaining financial independence will involve work and enterprise.

And that’s a good thing.

The adage that money doesn’t grow on trees is true. And is especially true in today’s world with rising inflation, resource costs, energy constraints, geopolitical strive, and other uncertainness.

In other words, being rich is no longer just a question about having a luxurious life and being free of the cares of day-to-day life. Rather it is about being financially secure in times of growing risk and uncertainty.

In the world today, being rich is arguably one of the biggest safeguards you will have.

Think about that for a second. The idea of wealth and the safeguards that come with it is no longer a question of wanting the pleasures of money, or the idea of satiating one's greed for possessions. The issue of wealth and financial strength is a question of security.

But what are the ways to get there? We have already removed luck and inheritance from the equation.

That leaves the 401Ks. Which is a popular wealth-generating method, that is often viewed as a source of security. But there are issues with this as well. Especially if your goal is to build financial independence, and to do this whilst you still have a few good decades in your life.

The troubles with the 401Ks as a wealth-generating source is somewhat technical, and to explain this we have linked an informative video below. So please check it out.

Then what else do we have? Well, the next obvious answer is to stick to the 9 – 5 job. That is to continue slaving for someone else in the hope that things will pay off, eventually. This takes us to the next point of our discussion.

The 9 – 5 Dilemma 

It is important to note that the classical way of making a living and for some being a source of wealth has been under consistent attack in recent times.

Particularly with the rise of online entrepreneurs, and those in the self-help industry, with many in the business of pushing courses and programs that advance the idea of taking control of your life and doing what you really want.

This is not problematic in and of itself. However, the trouble emerges when this view is advanced without considering the unique life circumstances of the persons concerned.

Statements like ‘Fire your Boss’; ‘Get out of the 9 – 5 cycle’; ‘Escape the prison of the Cubicle’ that get thrown around often miss the mark with respect to the particular financial status of those trying to make their way in a competitive economy.

The 9 – 5 forty-hour work week, where you are working for an employer in a chain of command with designated duties and responsibilities does sound like a chore. More so if the job carries little in terms of future prospects for progression.

However, and this is the important part, that job, as boring and dreary as it may seem IS a source of income. One that you cannot do without, unless you can find a better job with better hours, or if you are able to strike out on your own.

If these possibilities are not available to you, or you simply cannot do without the money in the short term: then our advice would be to stay put.

If you are not happy with your job, the answer is Not to quit it, without having something else as a backup.

And if you happen to work in a relatively lucrative industry like IT and tech, then the difficult hours might be worth it. The money you make will become useful in your other key ventures in the future. Such as building a side hustle.

Even if you are considering doing some kind of side project, this needs to complement your primary source of income. Not replace it. At least until the time when things really start rolling.

So in conclusion of this particular point: don’t just quit your job. And if you are planning on starting another hustle, do it on the side, until the right time to truly move on.

And yes, this may not be the most popular advice, but for some, maybe even for a lot of people: the corporate 9 – 5 work your way up slowly, could be the way forward. Just make sure that the money you make is well enough for you to save and start other hustles on the side, and invest in yourself.

The Right Path to Wealth – Learn from Someone Who Has Done It 

Look, when it comes to making money there are countless ways to do it. When it comes to making good money (i.e. that which sets you on the path to becoming a millionaire) the options are somewhat limited.

But they are there.

Leaving aside those who become professional athletes, supermodels (if there are any girls reading this), or social media influencers with hundreds of thousands of or even millions of followers, then the pathway towards financial freedom would be more clear cut.

However bear in mind the point that was made earlier, that it is not enough to just have money, or to be even in the process of making a lot of money now, in the present.

Rather what is really needed is a framework to ensure that the money you make and other sources of wealth you have, continue to be operative in the future. A point that applies no matter who you are and what your career path.

Another key consideration is the importance of wealth in relation to who you are as a person. Building on the point that wealth creation and wealth management go hand in hand, an underlying point is the mindset of the person who is doing it.

The Proverb: “a fool and his money are soon parted” is true for more reasons than one. Most significantly the principle that money is a tool that helps a person do things. It is not an end in itself. And that the success a person has in making and then managing money greatly depends on his ability to manage himself.

This is important. Whilst recognizing and applying the right method for making money: whether that be in stock trading, real estate investment, or selling educational courses online; the ability to manage other aspects of your life from your health and fitness, mental well-being, social life, and beyond needs to work into the equation.

The technical aspects of building a business need to be supplemented with the process of personal growth and social calibration. The real question that underpins the wealth equation is not just about getting rich. It is about becoming a success.

I mean look, anyone can learn how to code, how to manage an investment portfolio, how to set up a website or YouTube channel, and start producing content to build followers to attract advertising revenue. The true challenge lies in making it work.

Make no mistake there are tens of thousands of people out there jumping on the ‘I am going to build the next big thing’ or more conservatively, a business or venture that is going to get me where I want’, and then, after an x period of time to simply throw in the towel, when results didn’t meet expectations. And least not immediately.

Or for countless others who get roped in by bad business advice, who throw away their savings, and time (in addition to quitting their day job) to make it big in the next big get-rich scheme, which ultimately fails.

Believe it, we have seen it all.

So the question how do you do it? What are the steps that a person, say a guy who is just finishing college, or is already working a decent but dreary 9 – 5 job, and who wants to make it in life? What should he do?

The First Step: Make the Choice to Transform Your Life 

Let’s face it, money alone is not enough. But without money very little gets done. And the best way to make money is to do something you are good at that the market values and then to do it well.

But working on your businesses or working harder at work to get that pay upgrade is only part of the equation. Knowing what to do in the process in how you improve yourself is another matter.

This is where are different. Our solution to the get-rich question is to deal with the entire person. We are focused on not just helping you build a business but to help build you.

Whilst providing key insights on how you can start your journey toward true financial independence by building your own source of income. Are you ready to get started?

Invest in Yourself

Life is about growth. Your ability to make more money greatly depends on your skills, knowledge, networks, and mindset. Getting this right is not an overnight process. It is a lifelong journey. Wealth and success are a part of that equation. Growing as a person corresponds to growing in your capacity to create wealth by building viable sources of income. But do it, and do it effectively and consistently, you need to get stronger, and smarter. This is where you need help. The right kind of expertise.

In Conclusion

One of the most important things to know about wealth and success is that they are correlated. If you want to build wealth that lasts and wish to grow as a person then you need a game plan. Virtually every success story in life had one.

The challenge lies not so much in coming up with a strategy to build wealth that lasts-that is no doubt the first question but it is about sticking to a winning strategy that will bring in the gains in the mid-to long term. So find a strategy that works, but also find the right place to learn how to make it work.

References

1. CNBC. 2022. Here’s how much money it takes to be considered wealthy in 12 major U.S. cities. [ONLINE] Available at: https://www.cnbc.com/2022/07/03/what-it-takes-to-be-considered-wealthy-in-12-major-us-cities.html#:~:text=In%20the%20U.S.%20overall%2C%20it,Schwab's%20annual%20Modern%20Wealth%20Survey.. [Accessed 10 October 2022].
2. Market Watch. 2017. Here’s why 90% of rich people squander their fortunes. [ONLINE] Available at: https://www.marketwatch.com/story/heres-why-90-of-rich-people-squander-their-fortunes-2017-04-23. [Accessed 10 October 2022].