How To Build Wealth

 


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You are in a dead end job, you are bored, in debt and chafing at the bit. What can you do?

You've already done the first thing necessary to changing your life to one of satisfaction and wealth building. You've recognized that you need to do something about it. No one else but you will fix the problem. So roll up your sleeves and let's get to work. What is the rat race exactly?

Each day you get up and prepare yourself for work. You shower, breakfast, change. Then travel by bus or train or drive your car to work. Work from nine to five, reverse the procedure to get home to your family and have dinner. Then you watch television or read the paper and in due course go to bed and sleep eight hours. Next day, same thing all over again. You probably have two or three weeks vacation a year, you have some sick leave allowance, you have health and other benefits. You get paid every payday and if you don't like your job, you might look for another job and go to work for another boss who hopefully will pay you more to do the same thing all over again. In short, it's a dull, boring existence. Don't you feel you are cut out for something a whole lot better?

I suspect that you find this type of life confining and ultimately soul destroying. Your time for a full life with a wide array of activities that you enjoy is very limited. There is a solution and that is to exit this kind of existence and venture into a new field - on your own!

As an employee your ability to deepen your knowledge potential is strictly limited and quite possibly is only possible in a narrow field of endeavor which may or may not be one in which you will feel fulfilled. By definition, your role as an employee will circumscribe your income growth over the term of your employment. Because of the retirement arrangements at the place of your work your income in your later years will be defined by your final income level amongst some other specific factors. If you are an average employee earning an average salary, it is unlikely that you will be able to save enough over the term of your employment to allow you to retire with a lot of options as to where you will live and what type of lifestyle you will be able to afford. In the modern world you can add fear of layoff, merger and acquisition as additional factors that may have negative repercussions for you as an employee. If you get through a normal working life to reach retirement you will probably have a level of debt that will further impinge on your ability to live in a way you would feel is free and meets all your dreams.

Unfortunately, many people who live these lives of quiet desperation never make the necessary changes to make things come out any differently. In order to get out of the rat race, you need to change your way of thinking - from working as an employee to taking control of your own time and money. This certainly does not mean you should chuck up your job tomorrow morning. But it does mean you should get started on your personal plan to learn about moneymaking activities while still continuing to work as an employee. Your first step is to determine your changed direction and to select a field of endeavor in which you can use your entrepreneurial talent to build wealth. Without the knowledge to operate in the field chosen is like diving in to a pool of dark water without knowing the depth. You can crack your head open badly if you don't perform your due diligence.

To create wealth in the shortest possible time, does not mean you can take it easy and glide in to your Shangri-LA. The decisions you will make at the beginning of this venture are critical. You will spend a lot of your limited free time in acquiring the knowledge you need and in fashioning the business you will build. The hours will be punishing at first but finally you can start to work for yourself and not for others. In due course, you will enjoy the fruits of your own labor and you will begin to build the wealth that will ultimately allow you to live the kind of life to which you aspire.

I have been on both sides of the fence, both as an employee and as an entrepreneur. The rewards of the latter far outweigh the time spent in research and development and have given me a great amount of satisfaction and substantial tangible rewards. Don't delay - start working for yourself right now!

Jim Ferris is a financial advisor who specializes in helping people developing business plans and in structuring emerging businesses for budding entrepreneurs. Jim can be reached at Jim@secretsofthesuccessful.com where you can register for the free newsletter “Secrets of the Successful"

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