Incase you didn’t get the memo, you will never be exceedingly wealthy working for someone else. Unfortunately, such words are often spoken by many MLM scammers right before they bore you with a 30 minute confusing sales pitch that you aren’t sure what they are selling. Regardless, the truth is if you work for someone else you will have a difficult time accumulating wealth. Many have found success in real estate and investing; however, the probability of the average person to hit it big is slim.
If cash flow is limited for investing within the average household, how is it possible to jump several tax brackets?
The middle class in the western world is currently at a crossroad, many would like to have the same luxuries their parents’ and grandparents’ generation enjoyed. Yet they face the harsh realities of limited job opportunities, tuition skyrocketing, and minimal affordable housing options. The introduction of convenient consumer credit, for everyday purchases, near the end of the 20th Century has created a generation of buy now (on credit), pay it off later (or just pay the minimum payments). Some of us act like we will live forever, and quickly forget that death will come for us all.
So what does one do to get ahead? A wise piece of advice is not to follow the rest of the crowd. As we continue to make major breakthroughs with technology and modern infrastructure, we have to cope with the reality that we need to be constantly adapting to change. Those who are getting ahead are the ones who know where change is happening and they get there before everyone else. When YouTube first launched there were a few that realized how large it was going to be and they decided to start submitting videos. As years passed, YouTube became a lucrative medium that produced many millionaires; however, it is almost impossible now for someone to start a subscription channel today and reach the top 10,000 viewed subscription channels.
The same idea could be applied to starting a podcast or creating any other social media platform that compensates users that brings in traffic. If you aren’t first, you are almost always last. With TV Shows like Shark Tank, start ups are becoming a lucrative, enticing avenue to produce wealth; unfortunately, many Angel Investors are becoming more cautious with their investments. As nice as it would be to have an investor, it may feel like you are going from employee, to business owner, back to employee again.
The new 1% will consist of individuals that create solutions that will improve the quality of life within a world of finite resources. Whether it is discovering fuel alternatives for gasoline when all the oil wells dry up, purifying our air and water supply as we collectively make the world less habitable, or it could be individuals that creates tools and/or processes as we begin mining resources in outer space. There are college campuses that are currently researching and creating course material for outer space mining that will eventually be used in training tradespeople and other professionals.
Perhaps you aren’t an astrophysicist or an engineer; there are still numerous opportunities to amass wealth. Although podcasts are still very popular, it might be safe to assume that individuals creating content on newer apps like Periscope could find themselves with a large network that could lead to eventual ad revenues and/or other opportunities. On a smaller scale, new ideas are created from solving everyday problems, where original ideas can be the next greatest invention.
Once you have an idea, those who become successful understand the key principal of making money. Find a product/service that will make money immediately and sell it at a price that exceeds your expenses with a profit margin added within your break-even pricing analysis (a minimal profit target should be a fixed expense). If you are able to make something scalable, you may be laughing all the way to the bank. Finally, find something that will be your legacy until the end of time, don’t create something with a exit strategy planned before the world sees your product.
Quit daydreaming, start your new venture today. You don’t need a lot of money to start; however, you may need rearrange your time.