. Annoying Truths About Becoming Wealthy |

Mar 08 2012

Five Annoying Truths About Becoming Wealthy

Published by at 7:20 am under Editorial

As I sit here and try to become a millionaire from starting with one site and zero income I realize with every passing year how hard it actually is to earn one million dollars in a single year.   To me, that’s officially being a millionaire.  Regardless of your opinion on what constitutes being a millionaire, the road to becoming one on your own and without much help is extremely difficult.

And fortunately or not there are some inevitable truths whether you like them or not about becoming wealthy that you need to know going into your attempt at financial dominance.

Here are five I’ve learned along the way…..

Just being born will play a bigger part in your wealth than you’d like


Something that is 100% out of our control is whose tummy we come out of.  And that alone can predetermine nearly your whole life.   It’s messed up to think about but it’s clearly a fact.   I’m sure Paris Hilton wasn’t that excited as a baby but you can be sure when she was old enough to realize the family she was born into, she knew she was set.   It’s a matter of what you do with your family name and how hard you work to become independent (or carry on a legacy) that can determine who you are.  But the wealth part of it is a given.   Also, it’s not just being born into a rich family.  Demographics, race, health, etc etc all play huge roles in the odds of your success later in life.    Sucks to know that your life is practically determined the day you are born but a very large part of that statement is truth.

More times than not, outworking the other guy will win out over intelligence


This is one of those statements that’s actually completely fair yet for the people who are really smart out there,  I’m sure it annoys them.  You could be the smartest person in the world full of great ideas but if you don’t put in the time, it’s gonna mean nothing.   A great example would be in sales.   Two salespeople that are just starting off.  The guy who makes 100 calls a day vs. the guy who makes 10 a day?  First guy will always win no matter how stupid he is.  Kind of sucks don’t it?  Then again, there are no free rides.

Who you Know usually wins out


This one is kind of close to the first one.   Being born into a certain family or circumstance has it’s automatic benefits as does your network of contacts.    Especially in today’s job world where employers are very skittish about hiring, referrals are huge.   If you’re a niece, nephew, best friend or in any other way acquainted with highly successful people you’d be a fool not to use that to your advantage.   “He only got his job because he knew the bosses daughter.”  Yeah?  Well I’d do the same thing.

Not being in Debt is relatively easy yet rarely practiced


If you’re going to try to become wealthy then one of the simplest, most obvious rules comes into play: minimize or completely eliminate your debt.  And yet so much of America is in debt.   And I’ll go on to say that 9 times out of 10 it’s our faults.   We buys things not even knowing if we can pay them off fully and surely enough it snowballs.   It’s one thing to have a mortgage.   It’s another to keep buying stupid stuff over and over and putting off paying your bills in full.    Not that it’ll ever happen but if no credit cards existed we’d be in much better financial shape.  At least then we’d be forced to spend what we have and nothing more.  If only people would adopt this strategy all the time.

Luck Does Play a Part in Becoming Wealthy


I happen to believe you create your own luck but even if you create your own luck, at some point “luck” itself does become a factor in your success.  It may come in the form of timing, or some giant shift in your business.  Whatever it is, luck does come into play.

 





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