Question from a Wealth Club member: Is self employment considered a “good” way to get wealthy?
Answer: This is somewhat of a controversial topic. Many people have thought for decades that the surefire path to wealth is through entrepreneurship, however….
The data doesn’t necessarily support that. 85% of those self-employed make less than $100k /year.
Also, if you ask any accountant that has a diverse blend of clients, they’ll tell you that most of their highest wealth clients were “highly compensated employees”.
Now don’t get me wrong, if you look at all the Forbes lists, you’ll see that a lot of those folks are in-fact entrepreneurs, but from a statistical standpoint; the probability isn’t ideal.
However, in terms of whether or not it’s considered a “good” way to become wealthy is totally up to the individual. There are many different important forms of wealth.
I for example have found that entrepreneurship and investment is a WONDERFUL way to become wealthy; but then again I’m an ENFP personality type – and corporate America hates people like me. So even though I had success in corporate America, my heart always was with a situation where I was responsible for my work and I got the rewards for my work.
Perhaps a better question is, what is a “good” way for you?
What inspires you?
What drives you?
What is something that you wake-up in the morning and say, “Man, I can’t believe I GET to do this” instead of “Man, I HAVE to do this!”?
If you’re pouring heart and soul into what you love as a business, the wealth usually follows.
Blessings,
J. Patrick Nichols