MAKING more money is a choice. It is about doing something different than you are doing right now. If you do nothing, in 10 years you will be 10 years older and probably still where you are right now. Wealth does not happen on its own. You have to make wealth happen. It’s up to you to make a change.
And what are these choices? It may mean working more or taking more risk or investing more time in yourself through either self-education or formal education. But it can be done. Thomas C. Corley did a 5-year study of millionaires (those with an annual income of US$160,000 or more and a liquid net worth of US$3.2 million-plus), and came out with a success blueprint.
1. Turn your hobby into a side business
Build a side business doing something that you love and that provides value to others and society. When you do what you love, you are somehow able to find the energy and the time to devote to your passion.
The self-made millionaires in the study loved doing what they did for a living, and accumulated an average wealth of $7.4 million over just 12 years. When you do something you love, you will devote all of your available time to it.
The Wright brothers ran a bicycle business full time, and on the side they conducted their famous experiments that eventually led to the invention of airplane. Over the course of five years, the two brothers often worked eight hours at their bike shop business and another eight hours on their passion, the airplane.
2. Nothing ventured, nothing gained — Take calculated risks with your savings. You have to risk some time and money in order to build wealth of any kind. We are not talking about gambling, here, but about an entirely different type of risk called calculated risk. This risk requires that you gain some experience and working knowledge in an area, and then put that knowledge to work by taking action (as opposed to diving blindly into an area in which you lack any expertise). It might be real estate, investing in a private business, starting your own business, or pursuing another somewhat-risky opportunity.
3. Stand out from the crowd
Develop a niche in your career or business. Those in the study who had a unique expertise in a particular area were paid the most by their company, or were able to charge more to customers or clients than their competition. You can develop your niche on the side, in the mornings, at night, or over the weekend through self-study or by taking classes at night.
Most of the millionaires read 30 minutes or more every day for learning, and many others went to night school to develop skills and gain knowledge that would eventually help them accumulate enormous wealth. While this takes time and effort, it is an investment in yourself that will forever pay dividends down the road.
4. It’s hard to succeed on your own
Organize a partnership with others. Organizing a team of like-minded, success-focused individuals makes it much easier to achieve success in life and build wealth. Many of the self-made millionaires in organized joint ventures with other individuals. The reason is clear: Many hands make light work, plus you have multiple brains to tap for ideas and solutions to problems.
Andrew Carnegie, at one time the world’s wealthiest man, in the beginning of his working career organized joint ventures with others in the steel, railroad, and coal industry in order to leverage what little money he had at the time. His partnerships created many millionaires and resulted in the mammoth company famously known as US Steel.
5. Offer your skills part-time to someone you admire
Work part-time as an apprentice. Everyone is no doubt familiar with Donald Trump’s show “The Apprentice.” The winners get a chance to work with and learn from the Donald. If you lack skills in an industry you think you’d like to work in, seek out a successful person in that industry and offer your services as an apprentice or intern. This has a triple benefit:
1. It enables you to learn from a mentor.
2. You can make some extra money.
3. It gives you an opportunity to test the waters and see if you actually like the work. If you don’t, you can always quit and move on to something else.
It’s never too late to give something new a chance. Don’t just pursue some career or profession that your parent, or teacher has advised you to pursue. Instead, pursue your own dreams and your own goals, instead of the goals of someone else. Self-made millionaires who pursued what they loved were able to accumulate an enormous amount of wealth in a relatively short period of time, and you can too.
Make that change.
*For more info, visit www.wealthmentors.com. If you like this article, please SHARE.