There are few ways that wealth can be created. To clarify, when we mean wealth, we mean at least $2 million dollars and hopefully much more, with some caveats, and a fair warning at the end. Lets dive in.
Finding your talents
Okay, so the number one way to build wealth is to find your talents. To be clear, we don’t mean talents like being the best yo yo player in the world. What we do mean is this:
Athletics – if you start playing any major sport when you are young, and realize that you have a talent in that area, then you need to keep investing HARD in that sport because you can build wealth so quickly this way. Sure, it will be part work ethic and part luck (you will be fortunate to be born with athletic genes), but case in point is that if you are a truly skilled athlete you will make millions of dollars. There is really no doubt.
Music – Similar wealth can be found in music (if not more). Was Michael Jackson wealthy? Absolutely. Is Drake wealthy, is Justin Beiber? Yes and yes. Similar to athletics, this talent will partially involve hard work, and will partially involve unique God given talents. So if you find that you have a talent here, go after it and see where it takes you. You’ll fine out pretty quickly whether you have the ability to hack it or not. If you do have the ability, there is a very strong chance that you will become wealthy.
Acting: We’ll put acting in the same category, as the best actors in the world make millions. So if you feel compelled to be an actor and feel like you have the talent to make it, and are prepared to work very hard, go for it. Don’t hesitate because the corporate world tells you that it’s too “risky”. GO FOR IT.
Starting a business
Lets not get it wrong, a business sense is certainly a natural born talent, but its one that I think can be learned by anyone, with time. Starting a business is the best way BY FAR to become wealthy, if you don’t have above exceptional talents in the above three fields. Starting a business may even be the best option if you do have the above talents. This is for two reasons. One is that you have control. If you are an athlete, you are still an employee and you must perform to make your money. Two, is that if you own a business you are making your income passively. This means that you can be on the beach and still capitalizing. This is HUGE.
Working in a lucrative career
The next best bet you have if you don’t feel like you are ready for the above is do work in a career that will improve your lifestyle slowly. The best example of this is technology. If you can hack it in technology you will become pretty wealthy, as technology is the most valuable industry in the world right now. Finance is another great option. Again, you will notice a trend that you need to have talents in all of these industries to do well, so it is more about finding your talents. If your natural talents are built for finance (maybe you are great at math) you’ll be able to make millions there, but will do poorly as an actor, so it is about finding what you can the GOAT at;)
Investing
More importantly, no matter what you are doing you need to be saving and investing. This will make the ride up easier. Its funny that when you don’t have a couple million, you don’t think it is easy to spend that, but when you have it, its looks pretty easy to spend that kind of money quickly. Rather, you should be saving and investing those millions, because sooner or later you will see a great opportunity to invest in something you see compelling and you’ll be happy you didn’t blow it on those 4 Ferraris.
Networking
As they say, it is not about what you know, it is about who you know. While I don’t love the cliché phrase, it is true that who you can truly pay big time. So no matter what you are doing, be nice to people and build relationships. In the end, that is what will make the difference for all the points above.