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Dick Quinn’s guaranteed route to becoming “rich.”

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AUTHOR: R Quinn on 7/06/2024

What does it take to be “rich?”  Answering that question is nearly impossible. There are as many answers as Google sites, but after trying, I have settled on being in the top 10% of income and net worth at around $200,000 per year and $2,000,000. Most people think that’s rich.

Keep in mind you can meet the net worth goal even falling short on income. 

What got me thinking about this was reading various social media sites where individuals were complaining about their inability to be wealthy and displayed strong envy over those who were. You can’t be wealthy as an employee was a common theme. The deck is stacked against you popped up. It’s different these days, blah, blah, blah.

Time to use one of my favorite words, balderdash. 

Getting rich is nearly always possible as there are many routes to take.

Start a business, be an entrepreneur. That doesn’t mean you have to be a Bezos or Gates, you could be a plumber or even franchisee.

Invest. Plain and simple save and invest every day of your working life. Save unexpected income – a small lottery winning, a bonus. I save the pennies I find on the ground. Get to the point where money works for you. Over the last year my investments grew more than an amount equal to a years salary when I last worked in 2010 – and I didn’t lift a finger to earn it. 

Don’t be dumb with your money. Spend prudently and wisely. Live within your means. Failing in this may be the biggest obstacle to wealth for most people. 

Don’t be afraid to work two jobs at times to meet your goals. Work available overtime if necessary. Create income with a hobby. Hold a garage sale. When I was twelve I attempted to start a business raising tropical fish and selling them. It didn’t go well when the fish ate their young and my profits, but the idea was there. 

Make yourself more valuable on the job, enhance your income through job growth. Never use the words “that’s not my job.” You can be wealthy working for someone. It may take longer, but it works. As you do so, avoid lifestyle creep. 

Caution: I am not suggesting the accumulation of wealth should consume your life. There must be a balance – family first. 

Unless you hit the jackpot and your new company issues a IPO, you won’t be rich overnight. It likely will be a long journey. You may not be rich at 40, but at retirement it comes in handy. 

Make a plan, set goals, put them into action. All my life I had goals. The important ones had nothing to do with money, but I did set milestones for investments. I only achieved the latest one six months ago after 62 years of saving and investing only to see it fall short and then rise again – for now. 

As that well known Nike slogan says, “Just do it”

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