The Rich Are Lucky

Lifestyles of the rich and famous are often celebrated in movies and on TV. We are fascinated by wealth and its privileges. We are led to believe that the rich and powerful got that way by luck, or because they are talented or good looking. We are told that this is a state of being reserved for those who are already rich or have the right connections. Many are even convinced that to become rich you must be dishonest and/or ruthless. 

I hate to burst your bubble, but statistics on the affluent show a different story. It’s not very sexy. It’s actually kind of boring. 

Get Rich Quick

Overnight riches are advertised constantly in courses and books. Movies and TV shows are always telling a story about someone who made it big by overcoming impossible odds. This sounds alluring, but the reality is much different.

On average, it took most millionaires about 32 years to accumulate their first million. This is the average. Half took longer than that. This is 32 years from the time they started to earn money and invest it. Ouch. 

This information may not light the fire in your belly but this is the honest truth. However, I like the message that this information sends. It is not a “pie in the sky” fantasy to become rich, but a real world possibility if you work hard enough and are disciplined. If you truly want to be a millionaire, you can be. Just gather the right information, work your plan and have patience.

Internet Billionaires

Another “trend” we see is the internet billionaire syndrome. Society thinks that you need to be a young, cool trendsetter who comes up with the next “killer app” to become wealthy. We are bombarded with stories about young startup entrepreneurs making it big and buying huge mansions and wasting money on e-sports franchises. This is, yet again, very rare and not the real world. 

Fully 80% of millionaires didn’t become so until they were at least 50 years old. 

Now being over 50 myself I look at that as a positive. In my 50’s I still feel great and I have perspective on things. I could really enjoy a million dollars without wasting it on silly things that entertain 20-somethings. I don’t need a yacht and scantily clad girls. I can turn that million into passive income for life. The idea of providing for my family and making sure our family wealth continues to grow and take care of us is very compelling. In hindsight, a million dollars in my twenties may have been “poorly allocated”.

The Next Big Idea

Coming up with a brilliant idea and turning it into an empire is also featured in numerous stories of overnight sensations. As cool as that would be, most millionaires try many ideas before they become successful. The average millionaire goes bankrupt 3.5 times before they eventually succeed. Most people quit before they begin, and a large percentage of those who do begin, quit after one attempt. Millionaires usually try and try again. They adjust to the market, and listen carefully to the feedback they receive about their product or service and make changes that increase their appeal. They are focused on providing value to the world, not stroking their own ego. 

A second part of this is that 65% of millionaires have at least three streams of income. Having multiple streams of income protects you from any one stream failing or flaming out. It also is very hard to have one idea be so successful that it takes care of your every need. It is easier, and more likely, to have each stream of income be moderately successful and the combined output of each is where you enjoy larger returns. 

The reality is, millionaire status is fairly mundane in its architecture. It is not an earth shattering breakthrough or a global phenomenon, it is just plain good sense, hard work and the right information.

The media tends to focus on the spectacular and uncommon. This is on purpose as it makes for great entertainment. However, do not mistake this for reality. 

People tend to think that the way to riches is to be a celebrity or a professional athlete or a rapper. There is also the people who have won the lottery or those who inherited their money. All of these examples are a very small minority of affluent people. The vast majority of millionaires are self made, who earned their money over many years, by trying and failing, and by investing in themselves.

Financial Education

88% of self-made millionaires read at least 30 minutes every single day, mostly about things that will improve themselves. They are obsessed with learning about their field. They understand that the more they know, the more powerful they become. They realize that they are the bottleneck in the path to success and work very hard at becoming better versions of themselves everyday. 

Since 53% of self-made millionaires were obsessed with becoming rich before they were rich, it naturally makes sense that reading books that will educate you about wealth is something that you should start now. You need to being your journey to financial freedom by learning as much as you can about wealth and money. 

I have written some books to hep you on your way. These books have helped many people realize that wealth is available to normal, everyday people. The only thing they were needing is information.

I also recommend these 5 books on personal finance. I believe they are required reading for anyone who want to become financially free. 

My message is that becoming wealthy is not some magical secret that is reserved for the privileged few. It is a real, attainable state of being that is accessible to anyone who wants it badly enough. It is not a fairy tale, it is the result of taking the right information, actually using it, and staying disciplined in the execution of your plan. It takes time, and is usually not a straight line. But it is real. You just need to stop believing the “Get Rich Quick” myths and learn the boring, real-world methods that have worked for generations.