Let’s first define what is rich before we explore the possible ways one can get rich, although these methods and techniques are legitimate and realistic, I have tried to examine the easiest possible ways one can achieve the status of being wealthy.
Having $1 million dollars is not rich. As nice as having that much is, it will not be enough to be used for the ultimate goal. What is the ultimate goal? To have a passive, massive income of course. All wealth builders work to create a nice big nest egg that can be put in a simple bank term deposit for incredible weekly income. A million at 7% will only give you roughly $1400 dollars a week, you can live on that but a $1400 dollar a week lifestyle is not exactly an affluent one. You need to build up at least 10 million, because $14,000 is definitely affluent. Let’s look at how you could make $10 million dollars fairly quickly starting from scratch.
* Time leverage
If you can devise a way to make a small income stream, of say a few dollars a day that is automated, then you can utilize time leverage to create multiple streams of income. Generate some ideas to work out a way to average just a few dollars a day, if the work required takes just 1 hour, then all you have to do is replicate your success and work hard for the next year working 5000 hours to make 5000 such daily small income streams. $30,000 dollars a day will make you $10 million in 18 months.
* People leverage
If you can find a business where you can generate an hourly income above the average wage, you can use people leverage. People leverage is a common way business makes it’s wealth. If you can develop circumstances where you can work 1 hour and make $100 dollars, you can then train 100 people and pay them $40 dollars an hour, which is still an incredible income which means you will attract quality people. 100 people working 10 hours a day will make you $60,000 a day which means you can earn 10 million in around 6 months to get there.
* Money leverage
If your business requires an investment to make money, you can establish the level of your returns. Let’s say you can on average make 40% every week on all the money you invest in your business whether it be materials or what have you. You can multiply that income by borrowing money from a bank at 7% while you make 40% You can make a profit on the difference and you can borrow as much as you need to get to the required income level to make your $10 million.