If you find value in these articles, please share them with your inner circle and encourage them to Sign Up for my Rich Habits Daily Tips/Articles. No one succeeds on their own. Thank You!
[email protected]
Only 17% born into poverty rise to become middle-class and only 4% become rich.
The “System” is rigged against the poor and middle-class. How do you beat the “System”? What should you do, right now, if you’re poor?
From my Rich Habits Study, I accumulated data on exactly how the poor escaped poverty and became rich. Here’s what they did:
- Formal Education – They got a college degree in something that was highly marketable: Accounting, Engineering, Teaching, Computer Systems, Computer Programing (IT), Software Development, Nursing, Finance/Business Management, Sales/Marketing, Human Resources.
- Entrepreneurship – They pursued some dream and started a company. Most had no idea what they were doing but, through the school of hard knocks, they eventually figured out what worked and what didn’t work.
- Informal Education – They self-educated themselves with respect to what they did or wanted to do for a living. The Internet is the new public library. You can learn anything you want to learn by watching YouTube videos or scouring the Internet.
- Acquired Marketable Skills – They developed some very marketable trade skills and practiced relentlessly until their skills elevated them to Virtuoso status – among the best in their field. Then, they self-educated themselves in business so that they could start their own company and make a profit.
- Found a Mentor – They found a mentor, worked for that mentor and learned what to do and what not to do from that mentor. Eventually, they became expert at what they did for a living. You can find mentors in local, community-based non-profits or in trade groups.
In a nutshell, you must grow your way out of poverty. You have to grow in skill and knowledge.
If you have a dead-end job, the only way to grow is to devote 1-2 hours a day developing some marketable skill or become knowledgeable about some field you find interesting. Once you’ve become competent in your skills or knowledge, find a part-time job, in that field, and further develop your skills or knowledge. Eventually, probably 2-3 years, you will be able to quit your dead-end job and part-time job and devote yourself full-time to your new and improved career/profession.
Alternatively, after 2-3 years working part-time, you could start a side gig using your new skills or knowledge. After about 5 years side-gigging it, you should be able to quit your dead-end job and devote yourself, full-time, to your new career/profession.
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 and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
