Admittedly, there are some people that become millionaires almost by mistake, and others that are able to get on the fast track to building wealth. The vast majority of millionaires, however, are silent millionaires that quietly and slowly accumulate their wealth over time.
Becoming a millionaire by mistake cannot be planned. These are the types that are either born into wealthy, land a huge law suit settlement, or happen to buy the right lotto ticket. They just get lucky. Some would argue that they create their own luck. The person that won the lotto gave himself or herself the chance by purchasing a ticket. The difference is that this method is not a well thought out plan and cannot guarantee success.
The silent millionaires are those that have the greatest chance of reaching their goals. They have a sound plan that consists:
- Paying themselves first by consistently contributing to retirement programs
- Spending less than they make in order to keep debt to a minimum
- Protecting what they’ve created with proper insurance and asset allocation
The silent millionaires use time and compound interest, which is nearly a guaranteed method to become a millionaire. This group realizes that little contributions over time add up to big bank accounts that will allow them to enjoy a nice lifestyle during retirement.
Then there are those that are a little more anxious, determined and may even be more of a risk taker. These are the people that seek to joint the fast track to wealthy by “printing their own money” through an entrepreneurial mindset.
The fast track to wealth folks realize that to build great wealth in the shortest amount of time is to be your own boss. By building passive and residual income systems, they remove the limits off their income potential and grow their bank account as much as their vision allows them to. These could be day traders, serial entrepreneurs and small business opportunity seekers, real estate investors, and network marketing professionals.
Typically you’ll find this group goes against the grain and may even be criticized for taking too much risk with no security. What others can’t see is that it is this “cannot afford to fail” mentality is what drives the entrepreneur to building great income producing assets.
So which millionaire seeker are you? Are you the one that tries to get luck at the slot machine? Are you the one that is playing it safe and patiently awaiting retirement? Are you the one working to hop on the fast track to wealth despite every one’s recommendation?
Maybe you’re doing a bit of all three, thereby guaranteeing success with the potential to reach your goals at a much higher rate.
Great post. I agree with you and have posted similar ideas. I
personally think it is healthy and wise to exercise all three
options of creating wealth. The lotto ticket has been called a
‘fools tax’ but just holding one in your hand allows you to dream a
little and imagine your future free of financial constraints. It’s
funny that many people think that if they win the lottery THEN they
will pursue philanthropic actions and make the world a better
place, but why wait? If you imagine it maybe it will be realized! I
prefer to buy my lotto tickets in the stock market with a small
portion of my disposable portfolio. Not only does this prevent me
from taking big risks with my core portfolio but several
‘investments’ have worked out very well. Good Luck