Four Ways to Accumulate Wealth

Four Ways to Accumulate Wealth

There are four ways for a person to accumulate wealth:

• The Big Company Senior Executive
• The Visionary Entrepreneur
• The Prodigy
• The Saver/Investor

I have books and courses in the first two categories. I cover the skillsets and knowledge required to be a big company senior executive in my book and course MBA ASAP. In addition, I have several books and courses about Entrepreneurship and Startups. These categories overlap. If increasing your income potential and career options interests you, check them out.

The prodigy category comprises movie stars, rock stars, and professional athletes. These talents are not teachable (as they say in basketball, you can’t coach tall). If you are in this category, congratulations! These can be risky categories for long-term wealth accumulation due to fickle audiences, injuries, etc. If you are interested in protecting and growing your nest egg, this is for you too.

The fourth category of saving and investing is the way to wealth that is open to everyone. However, if you fit into any of the first three categories, you still need to know how to be a saver/investor. Too many people have made lots of money only to lose it and end up back at zero or in debt.

The first three categories rely on your individual efforts. Being an investor is the only way to make money while you sleep. Being an investor puts your money to work for you instead of you working for money.

If you don’t master money, money will master you. You want money to be your servant, not your master.

Begin with creating the proper mindset for being rich. Once you see that getting rich is feasible and have a plan, you change to seeing it as inevitable. Once you have your mind together, you will be unstoppable.

You have unlimited potential. We are all guilty of allowing experts, or pessimistic friends and family, to limit us. We must stop listening to doubt, whether it comes from the outside or within our minds. We watch sports because we love watching athletes do “impossible” feats. We relate. It gets us psyched. We want to do something like that.

To achieve something remarkable, we need to drop self-doubt. When it comes to becoming rich, the best way to end doubt is to decide that you are already rich.

What will you do if you know you cannot fail?

When it happens depends on your definition of wealth and willingness to stick to your plan. It might be in ten or twenty years. It is a decision. Once you decouple it from the calendar, you will gain confidence and relieve anxiety. Your task will transform from the impossible into working toward the inevitable.

Get your mind right. Planning is part of that process. But first, you need to know where you are going if you want to get there.

First, set that foundation. Then explore the tools, techniques, and tactics of accumulating wealth as a saver and investor. This process will change your life and the beneficiaries of the legacy you create.

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