Monday, August 16, 2010

You too can become rich


You too can become rich

You too can become rich. You would not find many who would not like to become wealthy. There is nothing wrong if you wish to live in a plush house and travel in swanky cars. While many people dream of becoming rich, most never achieve this dream. Of course, rich is a relative term with regard to financial wealth, as the average poor or middle class person today enjoys luxuries unknown to the wealthy people of ages past. Compared to the wealth of Bill Gates and Mukesh Ambani, the average American and Indian is poor. However, if we compare the creature comforts enjoyed by the same average American of today to those enjoyed by George Washington, the richest man ever to hold the office of President of the US, it Washington who comes up short.

1 Inherit a fortune – for the most part this is a matter of luck in that you either have to be born into a family with a rich relative who will leave you their fortune or you have to encounter and befriend a wealthy person who is childless and decides to leave you their fortune. Both of these are long shots.

2 Win the Lottery – this is every sucker`s dream, but frankly, the odds of meeting and befriending a childless stranger are probably greater than winning any lotteries. As for the lottery run by my state (Arizona, and probably every other lottery in the world), I had a mathematician demonstrate to me once that your chances of winning the lottery by purchasing a ticket are statistically only slightly (very slightly) greater than your chances of finding a winning ticket on the ground that someone else brought and lost.

3 Be born with a talent in great demand – This one also depends upon luck but you do have more control and greater chances with this than with numbers 1 and 2 above. Inventory your talents to see what you have and what the market wants – athletes, singers, entertainers are currently hot commodities. Then work very hard at developing your talent and you just might make that fortune. While it may look easy, when you take time to study the background of the beautiful millionaire model or the the athlete making millions throwing a football, you will find that an incredible amount of time and effort went into reaching their present position and the stress of their present fame is usually more than most of us want to have to endure.

4 Grab an Opportunity and Run With it – Get a good education in a hot area, such as IT, web design, nano technology, etc. Work hard to become a leader in the field and keep watching over your shoulder for the next opportunity in the field. Then, when the opportunity presents itself, throw all of your time, energy, and every cent you can get your hands to to start a company to produce the product or service. If you guessed correctly and the product or service is just what the public wants NOW you can either go public and make a fortune on the sale of some of your stock or sell it for billions to a company like Google (a la You Tube) or Yahoo. Of course your plan could bomb and you could find yourself with nothing but a pile of bills or, worse, fail because you were too early and have to endure the pain of seeing someone else make a fortune with the same ideas a few years later whenthe market is right.


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