rich 5 ways
5 Ways to Become
a Millionaire
Vocabulary
| affect | determine | accumulate |
| factor | majority | self-made |
| primary | fortune | worldwide |
| ground | achieve | real estate |
| alike | achieve | stock option |
| junior | scratch (2) | entrepreneurship |
| senior | executive | bottom line |
| ability | share (2) | profit sharing |
| field (2) | potential | tremendous |
| resolve | invention | commitment |
| inherit | authorship | make up (2) |
| consist | public (2) | pretty much |
| factor | achieve | under your control |
| ability | determine | accumulate |
Video
Transcript
Did you know that the way you think about money will determine how much of it you make and how much you accumulate more than any other factor? Your attitude towards money affects your ability to achieve financial freedom and become wealthy.
And your attitude is under your control.
If you’re really serious about achieving financial freedom, financial independence, you’ll want to know the FIVE main ways that fortunes are made in this country, or worldwide.
One: Self-Owned Businesses
Number one, on top of the list, is self-owned businesses.
The primary road towards wealth, throughout history, has been entrepreneurship of all kind, including in real estate.
Seventy-four percent of self-made millionaires in America — not only in this generation, but in this century and the last century as well — come from self-owned businesses.
Now the great majority of wealthy people, started businesses and built them from the ground up.
In the nineteenth century, fortunes were made by people like Andrew Carnegie, Commodore Vanderbilt, JP Morgan and others.
In the twentieth century, businesses and fortunes alike have been built by people like Bill Gates, Steve Case, Larry Ellison, Ross Perot and Sam Walton.
Each of these people started with NOTHING, but turned into wealthy people by building their business — from scratch.
Two: Senior Executives
The second major source of self made millionaires in America is senior executives. Ten percent of wealthy people and self-made millionaires in America are men and women who have joined large corporations and worked with those corporations for many years.
Sometimes they join a small corporation that was just starting, like Steve Ballmer joining Microsoft, and worked at it for years until the company became a big success.
Look at all the millionaires that were made when Facebook went public.
These executives rose to the positions of seniority. They were paid extremely well. They received stock options and profit sharing and bonuses, and as a result of HOLDING ON to the money, they became self-made millionaires and achieved financial freedom.
Sometimes you don’t have to start your own business; you just have to go to business that’s just starting, which has tremendous potential.
Three: The Top Professionals
The third source of self-made millionaires in America are men and women who became very, very good at what they do, and they rise to the top of their professions. The top five percent of every field, like doctors, lawyers, architects, engineers…earn five, ten, and twenty times as much as the average person in that field.
Remember the 80-20 Rule: the top 20% earn 80% of the money in every field. So if you’re in a professional field, your greatest commitment to yourself is to resolve to become VERY, VERY good at what you do.
Four: Sales
The fourth source of millionaires in America is sales people and sales consultants.
Fully five percent of self-made millionaires are men and women who are the top sales people in their fields. They never started their own businesses. They often never when to college or university to get professional degrees — they just became very good professional salespeople for their companies, for their products and services.
And as a result, they were paid very good money.
The secret was that they then invested the money carefully…and held onto it to achieve financial freedom.
And so can you.
Five: Everything Else
The final source of self-made millionaires — ONE percent — is made up of ALL the people, in ALL other areas.
This one percent consist of people who made their money by inventions, in show business, in sports, through authorship of books and songs; lottery winners and inheritances.
These wealthy people make up only ONE percent of the total.
Everyone else, pretty much had to make it from nothing.
The Bottom Line
The bottom line is that there are SO many ways for you to become a self-made millionaire, that’s it’s almost impossible for you not to achieve this goal, if you are really serious about it, and then find out how to do it.
Questions
1. The first source of self-made millionaires on the list is . . . . . . . What example does the writer give?
2. What is the number two way to become wealthy? The number two way to become a millionaire is to . . . . . Is there a lot of competition? Do you have to work very, very hard?
3. What is the third source of wealthy individuals? You have to have a university education to qualify for this. Yes or no?
4. What is the fourth source of self-made millionaires? What examples are given?
5. What is the fifth source? What percent of self-made millionaires do they make up? What are the examples?
6. Does this surprise you or most people? Why or why not?
7. The writer kept repeating that self-made millionaires “hold on to their money.” What does this mean? Is it important?
8. There are only a few ways to become rich. True or false? What is the main message of the talk?
A. Do you know any rich people? Do you know any self-made millionaires? How did they become rich?
B. How could you or your friend become wealthy?
C. Is the distribution of wealthy people among the various professions and trades (74%, 10%, 10%, 5%, 1%), the same in your country?
D. I know many business owners. Yes or no? Who are they? What kind of business do they have?
E. What sort of business could you start?
F. What will happen in the future of wealth?
