233) 4 Main Paths to be a Millionaire

233) 4 Main Paths to be a Millionaire

What are the Main paths to be rich? 
Which is the easiest and the hardest?

The first and the Super easiest way is to be born into a Rich Family. Your parents and family already have the money to give to you. Nothing much you need to do. The problem is not many of us are born with a silver spoon.

The second easiest way is to marry into a rich family. But then again, how many of us have this "luck" and "attraction to rich people"?

The third easiest way is to buy lottery tickets and hope to strike the Million Dollar Jackpot.The problem is too many people hoping for the same thing. You must be the "Chosen One".

The fourth way is to rob the bank, goldsmith shop or other people. This is morally wrong and never recommended under any circumstances. Forget about this way.

OK, seriously, the 4 paths above are actually not counted in this article.

Below are the more workable method that require actual effort and talents to be Millionaires.

1) The Saver - Investor Path

This is considered as the easiest, but you need a lot of time and to start early. This is using the Magic of Compounding. Dr Albert Einstein mentioned that it is the Eighth Wonder of the World. The Millionaires started to save and invest early in their lives.    
 .

Things in Common:

1. Typically had a middle-class income (many reached a six-figure salary early in their career, and if they didn’t, they lived very frugally.)
2. They had a low cost of living and preferred to save, rather than spend lavishly.
3. They saved 20% or more of their income.
4. They started investing their savings early in life and continued to do so prudently for many years.

They made saving and investing part of their routine
They were constantly thinking about smart ways to grow their wealth.

2) The Dreamers Path

This is perhaps the Hardest Path. They pursue a dream such as starting a business, become a successful actor, musician, speaker or author.

They make pursuing their dreams as their focus. They loved what they do for a living, and their passion showed up in their bank accounts.

They worked very hard and spent long hours in the beginning before becoming successful.

3) The Company Climbers Path

These people worked for big companies and devoted their time and energy to climb the corporate ladder until they land into a senior executive positions. In many cases, they become rich by stock compensation, partnerships and share of profits of the successful company.

They have strong relationship-building skills, networking and making lasting connections with powerful people in the industry.

They also worked very hard and spent long hours. Many have to travel frequently and sacrificed a lot of family and vacation time.

4) The Virtuosos Path

They are among the BEST in their profession.They are paid highly for the knowledge and expertise. Some worked in the medical fields, sports and even law. Some worked for large corporations while others were business owners with highly profitable enterprises.

They spent many years continuously to study, learn and upgrade their skills.


These are the 4 Main Paths. 
Which path do you want to pursue? 
Which path is still available to you?


Original Article:

The article above was adapted from the findings of:
Tom Corley, an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life” and ”Rich Habits: The Daily Success Habits of Wealthy Individuals.”

He spent 5 years interviewing 233 wealthy individuals with at least USD160,000 annual income and USD3.2 Million in net assets.

Tom Corley books at Kinokuniya Malaysia :
Rich Kids: How to Raise Our Children to Be Happy and Successful in Life

Rich Habits, Poor Habits : Learn the Daily Habits That Separate the Rich and the Poor


Original article:
https://www.cnbc.com/2019/09/27/4-main-paths-to-becoming-millionaire-here-is-the-easiest-way-says-money-expert.html