It takes about six months to build an average house. On average, builders spend about three weeks laying the foundation. In the average home, basements often leak and foundations often crack, sometimes with catastrophic effects on the frame and roof. Regular homes often require major repairs to address problems caused by a weak foundation.
For an above-average builder, it takes about nine months to build a house. An above-average builder will spend about six weeks constructing the foundation. Above-average builders build homes with strong foundations that won’t leak or crack. Their homes don’t require major repairs like regular homes.
Those who succeed and become rich spend years laying the foundations. They build relationships with influential people. They hone their knowledge and/or skills. They put in hours every day trying to become experts in their industry.
Few people become famous overnight. Those who do this are looking for a needle in a haystack.
In my Wealth Habits Study, self-made millionaires spent years building the foundation and getting rich:
- Entrepreneurial Dreamer – Accumulated average wealth of $7,450,000 in 12 years
- Corporate Climbers – Accumulate average wealth of $3,350,000 in 20 years
- Virtuosos – Average wealth accumulated in 21 years: $3,678,000
- Saver Investor – Accumulated average wealth of $3,260,000 in 32 years
- 93% of self-made millionaires are over 50 years old
The longer it takes to build a foundation, the stronger it will be. When the winds of economic change blow, those with the strongest foundations will survive.
Focus on building a strong foundation, not getting rich.
In the process, you will become rich.
