Do you want to be rich ? I am sure the answer would be YES. Everyone wants to be rich. But how do we go for it. Here are 10 steps of wisdom from Ken Fischer from his book “The Ten Roads to Riches - The Ways the Wealthy got There (and How You can Too!).
1 Start a successful business. Have a compelling vision ? Leadership skills ? An understanding spouse ? You just might be a visionary founder. Founding your own firm can create astounding wealth. Half of the 10 richest americans did this, including Microsoft’s Bill Gates, Oracle CEO Larry Ellison, Apple’s Steve Jobs, and Google founder’s Sergey Brin and Larry Page. This road works with scant restrictions by industry, education, or pedigree - Ph. D’s, and college dropouts are equally welcome. Be warned: This road is not for the fainthearted. It requires courage, discipline, strategic vision, a talented supported cast and Teflon skin.
2. Become a CEO of an existing of an existing firm and juice it - a very mechanical function. Responsibility and running things come easy ? But you’re no visionary founder. Some of our finest CEO’s didnt found the firms they lead - like GE’s Jack Welch. Non-founder CEO’s can take firms to unthought-of height. Fully half of America’s largest-firm CEOs make in excess of 58.3 million.
3. Hitch to a successful visionary’s wagon and ride along - it’s high value added. Good at picking winning horses ? Think being boss is tough ? Your destiny could be a ride along. Ride-alongs rise high, play critical roles, are well-respected leaders and get rich, but never bear a CEO’s pressure. Some famous ride-alongs ride high on the forbes 400 - Buffet’s sidekick Charlie Munger, for one, with about $2 billion.
4. Turn celebrity into wealth or wealth into celebrity and then more wealth ! Seeking fame and fortune ? Don’t mind abducting privacy ? Try crushing the rich-and-famous road.
5. Marry well - really, really well. Seem ridiculous ? Then this isn’t your road. See it like this: You wouldn’t marry someone physically repulsive to you, so why marry someone fiscally repulsive. If money moves you, shop among the rich. If you don’t like the notion, fine. Leave the rich to those who care.
6. Steal it, legally. No guns necessary. Ever wish you could just take the money ? Would you like some to see you as a hero ? And others fear you ? You can legally steal and be a hero as a plaintiff’s lawyer, today’s Robin Hood. Idolized by Hollywood, plaintiff’s attorneys posture themselves as crusaders for the helpless - fighting big bad business to save the little guy. My apologies to other lawyers and law students if this sounds harsh, but it’s true: Most plaintiff law is a perfectly legal twist of thievery and thuggery. With targets the media love skewing - big business, pharma, tobacco - your odds improve.
7. Capitalize on other people’s money (OPM) - where most of the rich are. Like telling folks what to do ? Have nerves of steel ? A good OPM richie effectively and ethically makes his (or her) clients rich at the same time.
8. Invent an endless future revenue stream - even if you’re not an inventor. Have wild imagination or none at all ? Here you make an annuity-like future cash flow from something you create, own or patent that just keeps spewing cash. A gadget, book or even experience. A big money is in getting rights, licensed or patented, for future reuse or generating reuse.
9. Trump the land barons by monetizing unrealized real estate wealth ! Dream of building skyscrapers ? Collecting rent ? Don’t let the current residential hoopla dissuade you - there’s huge money in being a land baron.
10. Get down the road more traveled - save hard, invest well - forever. Like boring, predictable paths ? The least sensational, but the most reliable, road to riches is saving linked to good investment returns.
The above 10 points are excerpts from “The Ten Road to riches : The ways the wealth got there (and How you can Too!)”. Courtesy : Success Magazine, May 2009 print issue.
You can buy the book from here : The Ten Roads to Riches: The Ways the Wealthy Got There (And How You Can Too!) (Fisher Investments Press)



4 Comments, Comment or Ping
Tom Humes
Nice Site layout for your blog. I am looking forward to reading more from you.
Tom Humes
Apr 12th, 2009
Allen Taylor
Nice writing. You are on my RSS reader now so I can read more from you down the road.
Allen Taylor
Apr 12th, 2009
Susan Kishner
A friend of mine just emailed me one of your articles from a while back. I read that one a few more. Really enjoy your blog. Thanks
Apr 12th, 2009
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