Monday, 22 June 2015

There are only 10 ways to Get Rich legally

I recently enjoyed re-reading the book "THE TEN ROADS TO RICHES- by Ken Fisher".

It might be interesting info for some of you, people who are thinking of career change or looking for a concrete way to go about getting rich.

Book excerpt:

"When you get right down to brass tacks, there are only ten methodical and legal ways you can get rich.

If you genuinely aspire to be rich, figure out which of these roads makes the most sense for you and then focus all your efforts into getting as far down your chosen road as possible.

“Why ten roads? Why not five? Or 100? It’s just the observation of this roads scholar from studying wealthy people all my 36 year investment career. I’ve got over 25,000 wealthy clients I’ve studied carefully – some for decades. As a 24-year Forbes columnist I’ve studied and written about the annual Forbes 400 list of richest Americans for decades – and been on it and the Forbes global billionaire list myself since 2005 – and know people on both lists in and out of America, and interacted with many more very wealthy people. From all my observation, I can tell you they all fit into ten basic categories.

Follow one of these ten roads. Or a combination. For example, become CEO of a firm you didn’t start, build it up, sell it off, use the proceeds to start your own firm, which ends up even more successful. If you can do two at once it’s faster. Harder, but faster. But most wealthy folks travel one road their whole lives. That works. It’s more than enough.”

– Ken Fisher

HERE ARE THE 10 ROADS to Riches;

1. Found your own firm and create wealth
Starting your own firm and building it to be a successful enterprise can create some awe-inspiring wealth. This road is tough and requires courage, discipline and a thick skin as well as more than a smattering of luck but the rewards can be highly impressive.

2. Become CEO of an existing company
Getting to the top of the corporate ladder in a large firm can be highly lucrative. This is hard to do because you need bulletproof leadership and executive qualities but if you have what it takes, this can be a great path.

3. Ride on a superstar’s coattails
This is a matter of finding the right person and hitching your wagon to their rising star. You do all the background things which help the superstar perform even better.

4. Use talents to become rich and famous
If you have the right stuff, you can parlay what you’re personally good at to fame. Once you do that, you can find ways to monetize that fame and become wealthy.

5. Marry into serious money
Perhaps this will be an option for you, maybe it won’t. The point is people have been trying to marry up all through history. If this is a possibility, go for it.

6. Become a plaintiff’s lawyer
The lawyers who get in the middle of class action lawsuits can make very good money. Whether you’re a crusader or a pirate is irrelevant. This is a way to make money.

7. Manage other people’s money for them
Providing a great service to the wealthy and charging them a fee can make you rich at the same time as you help them get richer. Learn to sell and the rest will follow.

8. Invent/Modify something and learn how to sell it
If you can figure out how to sell whatever you invent or create, you can unleash a continuing revenue stream. You have to be good at marketing to make this happen.

9. Buy and sell real estate
There has always been money in real estate development. The key here is leverage – being prepared to take on debt on the basis of your gut instincts.

10. Save your money and invest wisely
This is the least sensational but the most reliable road to wealth. Work hard, save your money and generate phenomenal investment returns. Harness compound interest.

Broadly I agree but there are more ways to get rich..

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