Becoming super rich may be the fantasy of every child that never quite materializes while being independently wealthly and financially secure is the years long culmination of planning, saving, investing and plain old fashioned working.
While working for a non-profit organization or trendy establishment as a youth fulfills a driving need for social acceptance it often does very little to springboard an individual to becoming super rich. Starting at an entry level position of an established corportation and being both willing and eager to earn advancement is how people like Warren Buffet began their illustrious careers. Becoming an irreplaceable asset to a corporation garners good wages in addition to certain financial perks like a 401K, an expense account, full health benefits and profit sharing or stock options, These benefits combined with even a decent income can effectively catapult a person’s net worth in just a few short years.
More is Better
Becoming “super rich” is nearly impossible with only one income stream unless you are famous and savvy enough to be able to capitalize on the fame. Creating passive income in the form of investment dividends, appreciation, capital gains, renewal or royalty payments or a franchise that requires minimal oversight allows more hours to be spent in pursuit of either earned income or other passive income opportunities.
Every person seems to have been born with an innate ability to excel at something whether it be painting, drawing, music, acting, music, writing, photography or anything else a peson feels they have a special talent for. Lance Armstrong turned bike riding into a multi-million dollar career, Brittany Spears makes as much money falling off the stage as she does singing on it and Keanu Reeves has made enough money to retire twice over and has never deliverd a believable movie line in his entire career. While it is highly implausable that the average person will stumble into stardom, it is possible. So don’t give up, and don’t quite the day jobs.
There is no replacement for getting it right the first time. Young adults who begin their lives focused on making, saving and investing money and are able to maintain that momentum win the money race. The time requirements for reaping the full benefits of compounding interest are on their side and being a multi-millionaire as a young forty-something is a practical goal. Avoiding expensive divorces, remaining in a single purchased home and not being deluded into believing that every new automobile, gadget or widget is essential is a solid first step.
Financial independence never occurs by accident. It requires years of planning and a certain respect for money to prevent a fool and his or her money from being parted. Becoming super rich tends to be a favorite dream of youth who have yet to discover true passion and understand the value of acceptance, contentment and peace which is how some people, steeped in experience, choose to define “super rich”.