WEALTH EDUCATION (4): HOW TO BE A MILLIONAIRE WITH PAID EMPLOYMENT
Wealth is neither the exclusive
right of the Business Owners (who own business systems), nor Investors (who own
investments), but it is also the entitlement of average people, paid employees
on modest salaries, who are willing and determined to take actions that people
don’t take normally.
As a matter of fact, the dream
of an average worker, even those who are in paid employment, is to get rich or
in very specific terms, to be at least a millionaire. And the good news is that
it is possible for employees to turn their earned income or salaries into
substantial wealth.
Thomas C. Corley studied 233
wealthy individuals for about five years. In that research, the Rich Habits
Study, he discovered that 177 of them became rich through earned income. In an
article he contributed in July 2017 he wrote that, “…39 percent of the self-made millionaires in my study became rich
working for someone else.” So it is not only entrepreneurs or even people
who are doing homebased businesses that can be millionaires, if you’re working
for someone else, be it government, parastatal, or a corporate organization,
you can grow rich if you do the following things.
(1) You must ensure that your expenditure is less than your income
every month. Jim Rohn writes that,
“The philosophy of the rich versus the
poor is this: the rich invest their money and spend what is left; the poor
spend their money and invest what is left.” It takes a high sense of self-discipline
and good planning to succeed in putting your expenditure under your income consistently.
It could mean not buying new clothes and new shoes every month or making some other
necessary sacrifices.
(2)
Wherever you work, take on additional
responsibility and work longer hours than others. Any day, any time,
anywhere, employers highly treasure and prefer workers that are willing and
determined to go the extra mile. Doing more than what you are paid for always
goes with surprising opportunities such as faster promotions, allowances, new
assignments, privileges, etc.
(3)
Start immediately to invest at least 10 percent
of your income on a regular basis. Investing is one of the most effective paths
to building wealth. You may need a good and result-oriented financial advisor here
because investing is a little technical area so that you don’t get your fingers
burnt. The multiplier effect of compound
interests multiplies the little amounts invested every month into reasonable
wealth over time.
(4)
If must get rich working for others, you
must read good books at least 30 minutes a day. This is a million dollar advice.
Books on personal development and inspiration, wealth education, goal-setting, time
management, etc) will be very useful and helpful. Millionaires would tell you that
education after school greatly facilitated their access to wealth.
(5) Be very creative
and imaginative. The truth we must tell ourselves is that terrific technological
advancements and the Internet have made our IDEAS (product of our imagination) a
far better, more competitive, and more saleable commodity than just our physical
labour. OLD THINKING WON’T SEE NEW DOORS; OLD WAYS WON’T OPEN THEM. NEW IDEAS ARE
WHAT OPEN NEW DOORS OF WEALTH.
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