While a seven figure net worth isn't what it used to be, and easily achievable with a steady income and some financial discipline, it still makes a good magazine headline or book title, e.g. The Millionaire Next Door, Milllionaire Habits In 21 Days, Millionaire By 28 (OK, so that one might be a little ambitious) but you get the idea.
According to CNBC's Kathleen Elkins, it's all a matter of putting in the hours - forget 9 to 5, and think nine-ty-five. Here's her article, of course with 'millionaire' in there:
Self-made millionaire: If you want to get rich, start working 95 hours a week
Grant Cardone didn't always have millions in the bank. At age 25, he was deep in debt and stuck in a sales job he hated.
The entrepreneur, who owns and operates four companies that do nearly $100 million in annual sales, reached seven-figure status by putting in more hours, he writes on Medium: "Most people work 9 to 5. I work 95 hours (per week). If you ever want to be a millionaire, you need to stop doing the 9 to 5 and start doing 95."
He's not the only self-made millionaire to say that the steady salary that comes with a 9-to-5 job is holding people back from getting rich.
Steve Siebold, who also spent 25 years studying wealthy individuals for his book "How Rich People Think," notes that there is a critical difference in how the wealthy and everyone else choose to get paid:
Average people choose wages based on time — an hourly rate, for example — while the rich are typically self-employed and get paid based on results.
"The masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay raises," Siebold writes.
They "wait on the sidelines, terrified to get in the game for fear they will lose the little money they have. Meanwhile, the world class is earning more in a year than the average person will make in a lifetime."
If you want massive success, you have to focus on earning and be prepared to grind, Cardone says. And once you do start seeing financial gains , don't change your mentality: "If you gave me $5 billion, I'd still be grinding tomorrow.
"My life is not in the stands. My life is not as a spectator. My life is being a player on the field."
Remember, "there's no shortage of money," Cardone writes. There's just "a shortage of people doing 95 hours each week."While most long-time readers of this blog will already have achieved millionaire status, or at least should have if they have followed my advice, for any newcomers wishing to speed up making their first million, it's simple.
1. Spend 55 hours a week trading - there are plenty of sites out there saying how easy it is to win all the time
2. Keep your day job, and invest at least 15% of everything you make in a long-term savings plan just in case some of those sites aren't quite correct
1 comment:
Another mug reporter caught out by survivorship bias. For every successful millionaire on the extreme right of the distribution of wealth there are many more scraping along and many doing worse. I see survivorship and confirmation bias everyday in sports and financial trading.
There has to be many losers to pay for the one big winner. If everyone was a winner then we would all be losers minus commission. The paradox of skill as Buchdahl calls it. The better we all become as traders, the harder it is to profit and luck takes precedence over skill. Take commission from that and you are left with a loss. If you can't see why then you need a new hobby.
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