There are four paths to build wealth:
- Saver-Investor Path
- Large corporate climbing path
- Virtuoso path and
- Dreamer-entrepreneur path
According to the huge amount of data I have collected since 2004, the fastest way to accumulate the greatest amount of wealth is, the hands down, dream-entrepreneurial path.
In my Rich Habits survey, dreams accumulated an average of $ 7.4 million above an average of twelve years.
Compared to all the other three paths, it was more than twice as much as wealth amounts in much shorter time.
While it is perhaps the fastest and most economically rewarding path to accumulating wealth, it also happens to be the hardest, risky and most stressful path to wealth.
There are many costs to be a dreamer entrepreneur:
- Long working hours – The dreamer/entrepreneurs in my study worked an average of 61 hours a week for twelve years. Weekends and holidays were almost non-existent. These long working hours all affected the immediate course of the dreamer. Family and friends are hardest affected by their absence. Often, a spouse has to take up the slapper and raise their children, almost as if they were a single parent. Close friendships, where on the vine because of the long working hours.
- Financial stress – until the dream starts to pay off, it can meet with meeting almost intolerable stress. Only the strong can survive that stress and it includes the spouses. In the early go, it is almost impossible to get a stable paycheck. Weak marriages almost certainly fall apart because of this stress.
- High risk – Dreamers have to put everything they own on the line. Their home, retirement plans and savings become the assets that breathe life in their dream. When a dreamer runs out of assets, they have no choice but to turn to debt to continue to finance their dream. The lucky ones are eventually able to secure credit lines to keep them fluid. The unlucky ones are forced to rely on credit cards or loans from family and friends to survive until they thrive. If they thrive. Pursuing a dream is a gamble. There is absolutely no guarantee that the dream will each pay off. Many people fail. In fact, 27% failed in my rich habit survey at least once. Error could mean bankruptcy. Sometimes bankruptcy is followed by divorce.
But if you have what it takes, the entrepreneurial path generates the most wealth of the shortest period.
So is the entrepreneurial path the right one for you?
Everyone is different and because everyone is different, their way to gather wealth must be in line with their particular personality.
For example, shy, risk-averse, low stress-tolerant individuals would find the lives of a dreamer entrepreneur who is poorly suitable for their specific personality.
Outgoing people who love high risk challenges and seem immune to stress, however, are perfectly suitable for the dreamer/entrepreneurial path. If it’s you, the entrepreneurial path is the right way for you.
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