Many people look at multi-millionaires and desperately want to know: What's their secret? How did they get there? What does it take? Those are the things I wanted to know back in , when I began my "Rich Habits" study, in which I spent five years interviewing and researching the daily activities, habits and traits of wealthy individuals.
During my research, I found there are four predominant paths toward accumulating wealth. The "Savers-Investors" path is the easiest, while the other three involve much more risk. Not only is it the easiest way to build wealth, but if you start early , it almost always guarantees a lot of money. No matter what their day job was, this group made saving and investing part of their routine; they were constantly thinking about smart ways to grow their wealth.
The Savers-Investors path isn't for everyone. It requires enormous financial discipline and long-term commitment. This is perhaps the hardest path to building wealth because it requires the pursuit of a dream, such as starting a business, becoming a successful actor, musician or author.
All of them told me that pursuing their dreams was one of the most rewarding things they had done in their lives. They loved what they did for a living, and their passion showed up in their bank accounts.
Those who want to take this path, however, must be willing to work long hours and able to handle financial stress. The Dreamers in my study worked more than 61 hours per week before finally achieving their dreams. Invest in higher-risk, higher-payoff stock opportunities. Consider quitting your job to start your own business. Jump on new ventures and new opportunities. If things go south, you'll have plenty of time to make up for it. Most wealthy individuals will tell you one of their greatest keys to success has been taking calculated risks.
The majority of the population sticks with the safe route, so if you want to break away from the pack, you have to try something new, possibly something uncomfortable. Even though risk-taking is a generally rewarding strategy in your 20s and 30s, it's also a good idea to diversify your efforts. Don't build up just one skill set, or one set of professional connections. Don't rely on one type of investment, and don't gamble all your savings on one venture.
Instead, try to set up multiple income streams, generate several backup plans for your goals and businesses, and hedge your bets by looking for new opportunities everywhere. This will protect you from catastrophic losses, and increase your chances of striking it big in one of your ventures. By applying these seven secrets in full swing, you'll be able to start accumulating wealth no matter where you are in life. Yes, the first steps are hard--paying down your debt, establishing your credentials, building an investment portfolio, etc.
Top Stories. Top Videos. According to Grant Cardone, anyone can get rich. Though there are no guarantees you'll start earning as much as Cardone, here are the steps he says worked for him:. Getting rich starts with your mindset — with the belief that you really can accumulate wealth. Next, crunch the numbers to see what it actually takes to reach seven-figures , or whatever your personal goal is.
How many different ways can you collect one million dollars? Of course, these examples are highly simplified, but the point still stands: "Do the math to create possibility, then create strategy," says Cardone. After all, self-made millionaires tend to have at least three sources of income. Whether you have a service, a product, or an idea, the question to ask yourself is always: 'Who's got my money? There's no shortage of money, he says. The key is to get in front of those who have it — investors or potential buyers — and provide them with value.
No matter how much you increase your income, "stay broke," writes Cardone.
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