I was recently reading a Forbes article about young people who have made over $1 million dollars before they graduated from college. These young people were adept at identifying problems and then creating companies to solve those problems. They were ambitious, and they shared many common traits. The article takes about “their common thread: singular focus, preternatural financial savvy and the optimism and confidence to wrest financing from seasoned investors.”
Listed below are the 3 best ways to build long term wealth:
Starting your own business not only provides you with a great sense of accomplishment, it also allows you to take control of your financial future. You control how much money you make depending on the time, energy, and effort that you put into your business. Becoming an entrepreneur is hard work, but the rewards are excellent. The world’s largest companies (Walmart, Nike, McDonald’s) were built by individuals with an entrepreneurial spirit. Who says that wealth is only for the Sam Walton’s and Phil Knight’s of the world? Jamie Wells started Glasses Direct after having trouble finding affordable eye glasses. Glasses Direct generated over 2 million dollars in revenue in its 1st year. Ashley Qualls started WhateverLife.com which offers pictures and graphics for online websites. WhateverLife.com is now worth well over 1.5 million dollars. If you want to be an entrepreneur, just find a business idea that you are passionate about and get started!
Innovators are the inventors and re-inventors. You don’t have to invent the wheel to be an innovator, just find a way to improve upon the existing one. Innovators like Steve Jobs and Pierre M. Omidyar built their fortunes by developing new uses for technology. Jobs has become a household name by integrating digital technology into everyday life with the iMac, iPod, and iPhone. You may be wondering, who is Pierre M. Omidyar? Omidyar created a small online auction website from his home known as Auction Web. He changed the name from Auction Web to eBay in 1995. Today, eBay is valued at over 30 billion dollars. You too can be an innovator. Do you have a new concept, idea or invention? Do you have an idea that will improve upon an old way of doing things? You can become wealthy coming up with ideas that help to make peoples lives easier.
Becoming a successful investor involves being disciplined, committed and having strict patience. Investing involves using your best resources (money, energy, effort) to create a profit. Investing relies heavily on the power of compounding. That’s why the earlier that you start, the greater your potential return will be. Warren Buffett, the world’s greatest stock investor, started investing at a very early age. He invested in his first stock at the age of 11 and bought a 40 acre Nebraska farm at the age of 14. Famed real estate investor, Donald Trump, invested in his first real estate project with his father while he was still in college.
So, what are you waiting for? Get started today! You may be the next great entrepreneur, innovator or investor. If you are already past your college years, don’t be discouraged. It’s never too late to start building your fortune.
Do you have any good entrepreneurial stories? Any qualities that you think are important in addition to the 3 mentioned in this post?
(photo editor: Search Engine People Blog)