Unless you were born into a rich family Building Wealth can be very hard
depending on the path you choose many people look at multi-millionaires and
desperately want to know what's their secret how did they get there and what
does it take what connects all self-made millionaires is that they have acquired
their riches by leveraging a predefined wealth accumulation strategy and in this
video I will share with you the four paths to becoming rich so you can embark
on your own money making journey and if you're new to the channel then hit the
Subscribe button below for more life-changing content let's face it when
it comes to Building Wealth most people have no idea where to start they ask
themselves questions like do I need to find a high-paying job or do I have to
save every dollar I make well doing both of these things will help you increase
your net worth over time the most reliable way to amass a significant
wealth is to follow one of the four predefined paths let's now follow the
Journey of riches of four people Steve Jasmine John and Haley and uncover the
strategies they employed to build their own 7 figure realities path number one
Steve the saver investor meet Steve Steve is a 27 year old teacher in
Chicago and since he was young he has dreamed of becoming rich but on a
teacher's salary he knows that he must employ regimented Financial practices
into his life to make this happen which he does quite masterfully in fact all of
his friends refer to him as financially Savvy Steve as Steve prioritizes the
management of his money by budgeting establishing an emergency fund and of
course making regular contributions to his investment accounts being a low
maintenance guy Steve lives in an affordable apartment with his fiancee
and while he would love to own a fancy sports car he relies on the Chicago
transit system to get around town in fact one of the things Steve Prides
himself on the most is how frugally he is able to live by being a conscious
spender and minimizing his costs related to his three major expenses of housing
transportation and food Steve is able to save 30 percent of his income every
month following this regiment to spend plan Steve has been able to amass the
net worth of roughly a hundred fifty thousand dollars in his late twenties
Steve attributes his great progress to understanding his wants versus his needs
and making sure to contribute to his investment account every single month as
outlined by the famous study Rich Habits by Tom Corley just less than 22 percent
of millionaires follow the money-making path that Steve did which is known as a
saver investor path not only is it the easiest way to build wealth but if you
started early like Steve did it almost always guarantees that you will end up
with a lot of money in the 2004 study Corley found that people taking these
Savor investors path reached their first one million dollars around their mid to
late 30s and accumulated an average net worth of 3.3 million dollars by their
mid-50s however all past the riches have their downsides and the safer investor
model certainly has its flaws the major drawback of the saver investor path is
the sacrifices and lifestyle one must give up in order to achieve their
Financial Freedom the typical saver invest earns an average salary meaning
that they rely upon frugality to grant them access to the money they need to
invest in ultimately grow their wealth this means giving up many lifestyle
luxuries like owning expensive cars or being able to purchase all the latest
gadgets but luckily as I previously mentioned this doesn't have to be a
permanent way of life with the average safer investor hitting the millionaire
status somewhere in their mid to late 30s path number two Jasmine the dreamer
meet Jasmine Jasmine is a 31 year old actress living in Hollywood ever since
Jasmine was a little girl she dreamed of starring in popular movies and TV shows
and after moving to California at the age of 23 she has worked every single
day to make this dream become a reality in fact for the last eight years Jasmine
has been working more than 60 hours a week sacrificing her weekends and never
taking a vacation Jasmine adopted this dreamer mentality from her father who by
following his own dreams was able to build one of the biggest businesses in
her hometown Jasmine father always preached to her that pursuing your
dreams is the best way to reach your financial goals and will Jasmine
struggled for many years to make ends meet about a year ago her luck changed
for the better Jasmine was cast as a lead character for a new daytime soap
opera that would be paying her fifty thousand dollars an episode Jasmine
hoped that this breakthrough in her career would Mark the end of her
financial struggles and the start of her Quest towards living a seven-figure
lifestyle according to the rich habit study the hardest path to Building
Wealth is the dreamer path because it requires a pursuit of a dream such as
starting a business becoming a successful actor musician or author of
all the rich individuals quarterly interviewed approximately 28 of them had
leveraged their dreams to build their fortunes with the average person having
a net worth of 7.4 million dollars which was usually built over a period of about
12 years but besides the money those interviews stated that the most
gratifying part about going down the dreamer path was the satisfaction they
felt from having pursued the life they had all always dreamed of living rather
than trading in their precious time to an employer for a reliable paycheck
however like the safer investor path this road to riches has its flaws for
the dreamer this typically involves a lot of financial stress you see until
you achieve the dream you desire whether it is obtaining a record deal as a
singer or being cast on a show like Jasmine coming across money can be tough
this means working low-wage jobs that barely keep you afloat until you can get
your big break and start to see your levels of income dramatically rise
however this path also has a unique benefit of satisfying a dream versus
just filling up a bank account and that isn't something that should be
discounted when choosing your path to riches path number three John the
company climber meet John John is a 39 year old business executive working at a
management consulting firm in Boston since graduating from Harvard roughly 15
years ago John has invested countless hours into building up his personal
brand and accumulating experience that the company works for John has always
wanted to become a high-powered executive as he admires and respect that
top level management receive as well as all the perks that go along with holding
this type of role from flying for his class to having a company car John knows
that his path to wealth lies in climbing as high as possible up the corporate
ladder but John didn't always have this high of Ambitions until he took a
marketing course in college while going through the class his Professor could
see that John was quite the people person and was able to make connections
with his classmates with ease knowing that relationships were the key to
business success he recommended that John considered a career in Consulting
and said that if he was willing to put in the work he could climb up the ranks
and become a one percent income earner now the company climber path is arguably
the second hardest path to becoming a millionaire and about 31 percent of
people in the rich habit study fell into this group it took these individuals an
average of 22 years to accumulate a net worth of 3.4 million dollars or more in
most cases their wealth came from either stock compensation or a partnership
share of profits now if you ask me me the company climber model has the most
drawbacks of all four paths to riches first it takes the most amount of time
to become rich at 22 years second you are putting the outcome of your success
in the hands of others it is not uncommon for people working in large
firms to find their career growth stagnating if their boss dislikes them
or if the company falls upon hard times and when it comes to your future wealth
I think it's best to be in control as much as you possibly can finally the
biggest drawback is that you are exerting countless hours of effort to
make someone else Rich rather than being the primary beneficiary of all your hard
work you see when you work for an employer they will try to pay you as
little as they can in order to keep the profits to themselves and this greed is
a major factor in why this path to riches is longer than the others path
number four Haley the virtuoso meet Haley Haley is a 37 year old computer
programmer working at a tech company in Houston Texas Haley has always been the
odd woman out in her field not just because the field of programming is
dominantly pursued by males but because she is one of the top performers in her
industry in fact over the course of her career Haley has won numerous
programming Awards and has climbed the corporate ladder very fast as a result
besides holding a high level position at her company Haley supplements her income
being Consulting work and is a regular presenter at programming conferences
While most people associate Haley's success with natural intelligence she
knows that her level of progression in her field is the result of all the hard
work she's put in over the years from acquiring multiple degrees in her field
to putting in more work hours than most of her peers Haley has truly earned
everything she has received as per the rich habit study the virtuoso group
makes up the smallest percentage of the population which is 19 of the
participants having chosen this path virtuosos are among the best at what
they do in their profession they are paid a high premium for their knowledge
and expertise which sets them apart from the competition seti results show that
it takes about 20 years to reach an average net worth of 4 million dollars
for those super pursue this path to riches many virtuosas work in
high-paying Fields like medicine and law for large publicly held corporations or
they are small business owners with highly profitable Enterprises one main
contributor to a virtuous of success is your ability to delay gratification as
seen in the example of Haley she was willing to put in years of schooling in
order to obtain more expertise in her field than the average programmer which
is now led her to assuming an executive role in her company and allowed her to
earn a very lucrative income will the virtuosa paths worked out for Haley it
doesn't mean that this route to financial well-being is ideal the first
challenge with leveraging the virtuoso way is the upfront and ongoing cost
being a knowledge leader in any field requires a large Financial investment in
education I've seen in the example of Haley is required her to obtain multiple
degrees to gain a competitive advantage over her peers but the work doesn't just
stop there being a subject matter expert means staying up to date so if you
choose this path to riches then you must be committed to ongoing education
the second challenge with this path is the time frame the virtuoso path is the
second longest meaning that you will be well out of your youthful years when you
are finally rich finally like the dreamer and Company climber paths this
journey requires you to exert countless hours of effort in order to maintain
your skill set and build your brand which can be less efficient in growing
your wealth than leveraging the power of investing seen in the saver investor
model ultimately if you want to become rich you must follow one of these four
predefined paths so it's now time to answer the question which path will you
take to your own seven figure lifestyle hey it looks that YouTube thinks this
next video is the one that will change your financial life forever give it a
watch end let's see if they're right