Sub-Topic: INVEST IN YOUR OWN BUSINESS.
You know I'm not going to let you go on this one. Here's a harsh reality: it's very difficult to make millions by just doing a regular 9 to 5 job with modest increases in income and investing your money on the side in an interest-bearing account or through other financial vehicles. The old-fashioned pinch, save and wait approach, won't get you to millions in a short time period. It's similar to the problem that serious debt can cause-it can be very difficult if not impossible to get out of deep debt working with what you currently have in fixed income. You must find new ways to tap greater sources of income to clean up your financial house quickly. You must "un-fix" your income. We also just saw in the examples above how it could take decades to reach a million. Yes, compound interest is amazing but it won't win on the race track against someone who's got premium fuel in the tank thanks to the blessings of a high, unfixed income. You are constantly at the mercy of how much you have to invest as well as how long you have to invest and the rate of your return. You are also at the mercy of inflation and taxes, both of which can ruthlessly filch your hard-earned money. Rates of return and time are not so much in your control as is how much you have to invest. And that, as you can predict, relates directly to income. Unless you can substantially increase your income or, in a perfect world, break free from a fixed income, you won't get rich in the near future. So how do you do this? Here are strategies for increasing income, such as getting more aggressive about raises, taking on a larger role in your company, creating passive streams of income, and thinking about starting your own business where the sky is the limit on what you could potentially make.
Truth be told, the vast majority of millionaires and billionaires got rich through the various businesses they started or helped run. Did you get that? I also said helped run. Not everyone may aspireto be a fully-fledged entrepreneur, and I respect that. That doesn't mean you can't become the next-best thing to owning a wonderful company that makes a lot of money: being its most indispensable employee or leader. If you can become an invaluable member of an organization, no matter how big or small, you will no doubt welcome numerous financial benefits that can translate to millions. Top positions at many companies can offer equity in the company, which, as a stakeholder means you are entitled to a percentage of the profits. You may even find yourself sitting in the CEO's office someday. It may not have been the company you founded, got going, and saw through all the tough times. But now it's the company you've helped run of late, and you've become a priceless member by helping it continue to grow, increase revenues, and transform itself through the years.
This is exactly what Jack Welch did to GE, and what Ursula Burk is doing now for Xerox.
👉Okay, so here's another challenge you may be thinking: what if you want to start a business?
👉Does that count as in "investment?"
👉And how do you juggle paying down debt, setting up investment accounts with hard-to-find savings, yada, yada?
👉Is this realistic?
Of course, it is. I don't expect you to get rich overnight. Aim to have a combination of investments, including stocks, real estate, CDs, bonds and businesses-whether they be solely your own or a piece of a larger organization. You can also consider investing in the businesses of others, who approach you as an investor. Just be sure to do your homework, even if it's your Curious George cousin or brother with a self-proclaimed brilliant idea. Any business you sink money into is an investment, even if it's your own. Because start-ups typically require you to invest your own dollars and personal funds to get started, you'll find the priorities figuring themselves out. Again I repeat: nothing happens overnight. Be patient with yourself.
##SAM#WHATSAPPGROUPTEACHING#
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