tom@richhabits.net
One of the most revolutionary and groundbreaking discoveries I have made in five years of rich habit research is that there are four pathways of wealth. I’ve covered these paths in more detail in my new book Wealth without effortbut here is a snapshot:
- Depositor/Investor Path
- Big Company Climber Path
- Path of drill
- Dreamer/Entrepreneur Road
What makes this discovery so revolutionary is that it means that everyone, anyone, can become rich. There is no one way to succeed and be rich. There are many ways.
Why is it so important?
This is important because we are all different. We all have different personalities, different genes, different innate talents, different advantages and different weaknesses.
Because you now know there are so many ways to become rich, your job becomes so easy – you just need to figure out which path is the right way for you.
How do you know which path is right for you?
Each path has its own unique personality profile, needs and success habits.
I cover the unique personality traits of each road here: Do you have the right personality to get rich?
In this article, I will cover the requirements or requirements for each path. When you understand the requirements of each path, it is easier to determine the correct path.
Ask for a millionaire as a saving investor
- Middle Class Income – It’s hard to save when you’re poor. Most poor people are hardly able to meet the cost of even low standards of living. However, if you have middle-class income and maintain a low standard of living, this will allow you to save.
- Discipline – Typical savings investors save 20% or more of their income and save the rest. This requires discipline to be preserved and disciplined first to minimize how much you spend.
- Consistency – Save Investors always save and consistently invest in savings so that their wealth can grow consistently.
- Time – It takes an average of 32 years for savings investors to accumulate their wealth.
The requirement to become a big company climber
- Working hours are long – climbers must work for a long time. Most climbers must travel regularly. Airports, hotel rooms and taxis become a way of life. And usually, climbers have to work on weekends and holidays.
- Political expertise – In addition to hard work, climbers must also possess expert political skills. Those who do have the ability to surpass their own internal competitors – other climbers, biting their heels and stabbing them in the back, as opportunities emerge. There will always be some other climbers trying to undermine you to improve their personal agenda, which is usually the same as yours – climb further up the company ladder.
- Electricity Relationships – Climbers need crazy relationship building skills. Those who successfully reach the upper echelons of big companies are almost certainly the best people to build relationships, whether they work for their own industry or in organizations within their industry. But building these strong relationships takes time, energy, and money. Make frequent calls, keep entertainment, attend weddings, birthday parties or funerals, and send thoughtful cards on special occasions. Just managing all these power relations makes up a large part of their working days.
- Risks – There are some unique risks in mountaineering paths. If a company is struggling financially, for whatever reason, you may not reward you for your time investment in the company as you expect. Acquisition risk is another risk. Your company can be acquired and you may find your own job soon.
A player who demands to become a millionaire
- Large investment – Becoming a performer requires a huge investment in time, often requiring money. Knowledge-based performers have spent many years on continuous research. Often, this requires formal education, such as advanced degrees (PhD, Medicine, Law, etc.). Skill-based performers are committed to years of intentional practice and analytical practice. Deliberate practice takes thousands of hours to hone your skills. Analytical practices require services from coaches, mentors or experts who can provide immediate feedback. In most cases, this feedback costs money.
- Long time – Like dreamers and climbers, performers must work long hours, not only to perfect their knowledge or skills, but also to work in maintenance and use. Players are rare, so demand is high. High demand means many long-term meeting of others’ needs in exchange for money.
Request to be a dreamer – Entrepreneur
- Working long hours – Dreamers in my research – Entrepreneurs work an average of 61 hours a week, especially in the early stages of entrepreneurial travel. There are few weekends and holidays. Those long hours of work affect everyone on the dreamer’s direct track. Family and friends were hit hardest by their absence. Often, a spouse has to take on slackness and raise children as if they were single parents. Keep close friendships on the vines due to long working hours.
- Financial stress – Sustaining a livelihood can create almost unbearable stress until the dream starts to pay off. Only the strong can survive this stress, including the spouse. In the early days, it was almost impossible to get a stable salary. Due to this pressure, a weak marriage will almost certainly collapse.
- High Risk – Dreamers must put everything they have online. Their homes, retirement plans and savings become assets that incorporate life into their dreams. When a dreamer runs out of assets, they have no choice but to turn to debt to continue to fund their dreams. Lucky people are able to secure a credit line to keep it floating. Unfortunately people are forced to rely on credit cards or loans from their family and friends to survive until they thrive. If they thrive. Pursuing dreams is a gamble. There is absolutely no guarantee that the dream will be rewarded. Many failures. In fact, 27% of my rich habits study failed at least once. Failure can mean bankruptcy. Sometimes, bankruptcy comes after divorce.
