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In a world obsessed with overnight success stories, the reality of building wealth is far more methodical. Based on extensive research into the habits and paths of self-made millionaires, there are four primary routes that lead to financial independence. Tom Corley, author of “Rich Habits: The Daily Routines Millionaires Use To Build Their Wealth,” spent five years studying 233 wealthy individuals with at least $3.2 million in net assets. His findings, detailed on his Rich Habits website and in various CNBC articles, reveal that becoming rich isn’t about luck but about daily habits, deliberate choices and consistent, relentless effort.
These four paths are: Saver-Investor Path, Dreamer-Entrepreneur Path, Big Company Climber Path, and the Virtuoso Path. Every self-made millionaires in Corley’s Rich Habits Study followed at least one of these four paths in building their wealth. Each path is requires unique Rich Habits, specific personality traits, and certain demands.
The Saver-Investor Path is perhaps the most accessible and reliable way to amass wealth, representing just under 22% of the millionaires in Corley’s Rich Habits Study. This approach doesn’t rely on high-risk ventures, doesn’t require extensive education/degrees and doesn’t demand climbing the corporate ladder. Instead, it’s built on the simple yet powerful habit of consistent saving 20% of your net income and prudently investing investing those savings on a regular basis.
Individuals on this Saver-Investor Path typically come from middle-class backgrounds and earn moderate to high salaries, but they all share one common trait – they are frugal with spending money. They save at least 20% of their income, often more, and invest it wisely in brokerage accounts or retirement accounts. By starting early—ideally in their 20s or 30s—they are able to leverage the power of compound interest to grow their wealth steadily over time.
What makes this path the “easiest” of the four paths, is its low barrier to entry.
You don’t need exceptional talent or entrepreneurial flair; just financial discipline and a long-term mindset. The self-made millionaires following this path reached their first million in their late 30s/early 40’s and accumulated an average net worth of $3.3 million by their late 50s/early 60s. They managed their standard of living in a way that enabled them to save 20% or more of their net income. Corley’s research emphasizes that if begun early, this method almost always guarantees you will be wealthy in retirement.
Shifting to a more ambitious trajectory, the Dreamer-Entrepreneur Path appeals to those with entrepreneurial spirits, comprising about 28% of the self-made millionaires in Corley’s Rich Habits Study. Dreamers pursue bold visions, such as launching a business, writing a bestseller, or breaking into creative fields like music, sports, entertainment, software apps or acting.
The Dreamer-Entrepreneur Path offers the highest financial reward of any of the four paths, with an average net worth of $7.4 million accumulated in roughly 12 years—the shortest timeframe among the four paths.
However, it’s also the riskiest, most time demanding Path. In Corley’s Rich Habits Study, Dreamers often work grueling hours, averaging over 61 per week for many years before success hits. This leaves little time for family, friends, vacations, holidays or weekends. Financial instability is common early on; many delay major purchases like homes or even tap into retirement savings to fund their pursuits, especially if supporting families.
Success here hinges on unwavering commitment and the ability to endure stress, adversity, failures, mistakes, cash flow problems, accumulate debt and face many obstacles. Corley’s CNBC article insights highlight that while rewarding, this path isn’t for the faint-hearted—it’s suited for those who can weather uncertainty and are driven by a deep love for their dream.
Corley further underscore the need for “Rich Habits” like daily goal-setting to navigate the entrepreneurial grind.
For those who prefer structure, the Big Company Climber Path offers a corporate route to riches, which was the path chosen by around 31% of the self-made millionaires in his Rich Habits Study. Climbers dedicate themselves to ascending the hierarchy in large organizations, aiming for senior executive roles where compensation includes lucrative stock options, bonuses, and profit-sharing. This path yields an average net worth of $3.4 million or more, but it takes about 22 years of consistent effort.
Key to success as a Big Company Climber is strong networking skills and relationship-building. Climbers arrive early, stay late, and often sacrifice personal time due to extensive travel and demanding responsibilities. They forge connections with influential leaders within their company, which propel promotions and opportunities.
Corley notes in his work that the success of the company Climbers work for is crucial to building their individual wealth—if the organization thrives, so do the Climbers.
The Big Company Climber Path is the second-hardest path in building wealth.
Building “power relationships” is a recurring habit among the wealthy, but particularly critical for Big Company Climbers.
The fourth path is the Virtuoso Path, taken by roughly 19% of the self-made millionaires in Corley’s Rich Habits Study. This path financially rewards expertise and mastery in a specialized field. Virtuosos are top performers in professions like medicine, law, engineering, or even niche roles in corporations and small businesses. They command premium pay due to their unparalleled knowledge, achieving an average net worth of $4 million over about 20 years.
Becoming a virtuoso demands years of dedicated study and practice—often including advanced degrees—and significant investment in skill development. It’s not about innate genius but relentless improvement, with daily hours devoted to honing abilities. Corley’s research shows that Virtuosos spend time and money upfront for long-term payoffs down the road, emphasizing continuous learning as a core Rich Habit.
These four paths demonstrate that wealth-building is not one size fits all. And that’s good news. It’s good news because, depending on your personality, there is a path to wealth that is a right fit for you. If you pursue a path to wealth that fits your personality profile, and stick to that path, you will become wealthy.
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, “Effort-Less Wealth”, “Change Your Habits Change Your Life”, “Rich Habits Poor Habits”, “Rich Habits: The Routines Millionaires Use Daily to Build Wealth” and “Rich Habits Wealth Academy.”
