There are a number of ways to get wealthy– most of the methods are within your control, but some come across it out of sheer luck.
If your goal is to become a millionaire or billionaire, the best time to get started is right now. But which path is suitable for you? Business magnate, stock investor, real estate mogul, or even marrying into wealth are all possible options, but the trick is finding the avenue that’s the best match for you, your skills, and what you’re willing to give up.
Every single path to wealth requires some sort of sacrifice, because you can’t get something (including millions) for nothing. Here’s how a few wealthy people did it. Are you primed to follow in their wake?
1. Start Young.
Example: Aaron Pitman, millionaire by 30 and investor/entrepreneur. Pitman credits the “10,000 Rule,” in which you need to spend at least that many hours to master any subject. For him it was founding API Investments while honing his own stock “game” and also making the right connections. Specifically, he targeted relationships with veterans in the industry who saw his youth as a hurdle but still doled out their niche advice.
2. Create Something in Demand.
Example: Mark Zuckerberg, founder of Facebook. Zuckerberg is just one (albeit extreme) example of someone finding a disparity in the market and filling it. He may not have realized immediately that the whole world would be into a digital, global “yearbook,” but he did notice a disparity on his own college campus. Do it yourself if you sense a need for something and nobody else is stepping up to the plate.
3. Be an Heir or Heiress (Then Make More).
Example: Huguette Clark or Paris Hilton. What do these two heiresses have in common? They were born into money but also learned how to hold on to it. At Clark’s death, almost $300 million was donated to charity. As for Hilton, say what you will about her, but the hotel heiress has long earned money in her own right as a tv, personality and film actress, and creator of a brand brimming with popular products.
4. Marry Into Money.
Example: Start by looking at Hollywood. Does it matter if you’re called a gold digger when you’re laughing all the way to the bank? For most of history, marriage has been a business setup, and as long as both parties understand what they’re getting into, it’s nobody else’s business. In some parts of the world today, arranged marriages are still the norm– do you think two complete strangers who’ve never met encounter love at first sight? Hardly, but love is something you can develop over time, and if both parties are getting perks while that happens, that’s even better.
5. Dominate With Investments.
Example: Tim Sykes, stock investor extraordinaire. Famous for turning his bar mitzvah money into his first million via day trading, Sykes was committed to learning every niche of the investment world. Investing isn’t gambling; there are very real strategies and well played risks at hand. It requires your all if investment is what piques your passion and you have a natural talent for it.
There are countless ways to get rich, but the key is figuring out the path of least resistance for you. Assess your skills, comfort level with different approaches, and never veer off your “will not compromise” list. For example, maybe numbers aren’t your thing so the investment niche is out. Perhaps you’re a hard-core romantic and refuse to marry for anything but love. You set the parameters, but know there’s a perfect get-rich match out there for you.