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In my five-year study on the Habits, Thinking & Actions of 233 Rich People and 128 Poor People, I made many discoveries. One of the most interesting things I discovered was that there were 4 Paths to Self-Made Wealth that the self-made millionaires in my Rich Habits Study pursued:
- Saver-Investor Path – Save 20% or more & prudently invest those savings
- Big Company Climber Path – C Suite or Senior Executive Path
- Virtuoso Path – Becoming an expert or virtuoso in whatever it is you do for a living
- Dreamer-Entrepreneur Path – Pursing a dream or starting your own business
The Dreamer-Entrepreneur Path was by far the hardest path, requiring the most time, stress, risk and isolation from family and friends. It also happened to be both the most lucrative and shortest path to building wealth – Average of $7.4 million over an average of 12 years.
But being an Entrepreneur is not for everyone. It requires a very unique type of personality. In fact, only 11% of the self-made millionaires in my Rich Habits Study had the Dreamer-Entrepreneur Personality traits, which are, for the most part, inborn/innate/genetic traits:
- High Risk Tolerance – Entrepreneurs are willing to take risks most would run away from. They develop this fearlessness by taking calculated risks, which are well thought-out risks. They also develop this risk-fearlessness due to successfully surviving previous risks, which gave them valuable knowledge, insight and wisdom as to what works and what doesn’t work.
- Highly Competitive – Entrepreneurs thrive in competitive environments. They have a winner-takes-all mindset.
- High Stress Tolerance – Entrepreneurs have either an innate or highly developed ability to shoulder great stress.
- Strong Work Ethic – Entrepreneurs are willing to work oppressive work hours in an effort to succeed in realizing their dreams. They are willing to travel often on company business, which takes them away from family and friends. They prioritize work over family and friends. Work comes first for Entrepreneurs.
- Good Multi-Taskers – They have either an innate or highly developed ability to juggle many things at one time. They are very good at switching from one task to another, almost seamlessly.
- Creative – Entrepreneurs are highly creative. This creativity allows them to solve numerous problems and overcome many obstacles.
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.”
