In my five year study of the daily habits of the rich(Rich Habits Study – Background on Methodology http://richhabits.net/rich-habits-study-background-on-methodology/), I discovered five different paths that guarantee success, irrespective of your life’s circumstances. Let me share them with you:
- Pursuing One Big Goal, Major Purpose or Dream
- Through a Career Mentor
- Through the School of Hard Knocks
- Through Post-College Education
- Through Daily Self-Education
Pursuing One Big Goal, Major Purpose or Dream
64% of the wealthy in my study were obsessed with pursing one big goal, a major purpose or following a dream. Pursuing a big goal will create passion. Passion makes work fun. According to my data, this path creates long-term happiness and results in the greatest accumulation of wealth. Those who follow this path love what they do for a living and are the happiest successful people.
Through a Career Mentor
93% of the wealthy who found a career mentor, attribute their success and wealth to their mentor. This path is the surest path to prosperity, according to my data. Mentors smooth out the path to prosperity by sharing with their pupils the mistakes to avoid in life. Mentors also open doors that are otherwise closed, giving their pupils access to other wealthy, successful high achievers. This path removes many of the potholes and obstacles that, for most, make the pursuit of success so difficult and risky.
Through the School of Hard Knocks
For those not fortunate enough to have had a mentor in life, or a superior education, starting your own business seems to be the best option available. 51% of the wealthy in my study were business owners. Starting a business forced them to become their own mentor by making mistakes, failing and then learning from those mistakes and failures. This is the hardest path to prosperity because it often costs the most in time and money and creates the most stress while pursing success.
Through Post-College Education
Like finding a mentor, formal education smooths out the path to prosperity. 25% of the wealthy in my study went on to a post-college education. Some had Masters degrees, PhDs/Doctoral degrees. This advanced education helped them secure higher paying jobs, allowing them to make and save more money during their careers. Many of the wealthy in this category went on to become decision makers (i.e. CEO’s or other senior executives) in the companies they worked for. This path requires a significant upfront investment and is dominated by those fortunate few already born into some degree of affluence.
Through Daily Self-Education
This last path is dominated by those who became experts in their field or industry by making a daily habit of reading and learning as much as they could about their field or industry. Those who take this path, disproportionately seem to be engaged in writing and speaking. 38% write about their expertise for newspapers, magazines, and other media outlets. 3%, go on to write books. 23% engaged in speaking, giving talks to others who are interested in their expertise. Speaking also includes the subcategory of training. Many in this group were trainers, sharing with others their unique expertise.