Question from a Wealth Club member: What does it take to be financially wealthy?
Answer: Even though many are irritated to hear this, there are actually several paths to wealth – and we do live in abundant world.
You can find someone (or several) in nearly every profession that is “wealthy”. Not long ago I heard about a guy who just made $1m in one year by teaching people how to do hand stands.
Sadly, many people get in heated debates over this stuff, but in general, there are three broad paths to wealth – and they are not necessarily exclusive of one another.
(1) Steady plodding.
(2) Speculation.
(3) Inheritance.
Again, these are not necessarily exclusive. You can inherit some money, work hard in corporate America, and play call options throughout your life and be firing on all three cylinders.
But regardless of profession, from a high-level perspective there’s only one way to become financially wealthy: asset accumulation.
Even someone with an astronomic salary can be “poor”, because they spend everything they have.
It’s all about assets.In terms of what it takes to become wealthy, other than inheritance, there is ONE characteristic that most self-made wealthy people have: tenacity.
You can find wealthy people that are not the smartest, nor the prettiest, nor the most charismatic; but through their tenacity, they reached their goals.
Tenacity is key…
Blessings,
J. Patrick Nichols