Saturday, February 03, 2007

Blown by the Winds

FOR THIS WEEK

INSPIRATION FOR TODAY:
"One ship sails East,
And another West,
By the self-same winds that blow,
Tis the set of the sails
And not the gales,
That tells the way we go."
~ Ella Wheeler Wilcox,
"One Ship Sails East" (1916)

FILL YOUR SAILS!

So... is one of your resolutions for 2007 to build wealth? First you'd better resolve to determine how it can be done. It then follows to map out your plan. As long as you're not counting on luck, an inheritance, or a winning lottery ticket, you can learn a lot from those who have gone before you.

In this country, 99% of all self-made millionaires fall into one of four categories: those who own their own business (74%), those in high executive positions (10%), those with professional degrees (10%), and finally, those with successful sales careers (5%). Which sounds good to you?

In all of these cases, determination, patience, and reinvestment are critical. You can start with a small company and stay with it as it grows, taking advantage of profit sharing, stock options, and promotions. But... you've got to hold on to that money if you expect it to grow.

Professionals make more money because they've already invested untold time and resources into their education, providing a higher level of service to their clients. But again, it takes patience to acquire that degree and a commitment to saving and investing in order to become a millionaire in this category.

Success in sales is a real challenge. These determined millionaires did not start their own businesses, and many did not earn a professional degree. They simply developed their skill to an extreme level, and managed their money with a skill equal to their sales abilities.

The largest percentage of millionaires, those who own their business, is probably the hardest category in which to succeed, but it's where most millionaires make their money. Yet all we hear or read about in the news is all the rich folks who made their money by winning the lottery, becoming an American Idol, or writing a book featured on Oprah's reading list. These get-rich-quick success stories are completely atypical, but they still hold an undeniable allure because they're easy.

Becoming "rich" doesn't necessarily mean becoming a millionaire, because the happiness you derive from a job that you love is priceless. You can choose to dream or you can choose to act, and that choice will determine your level of success in 2007 and beyond.

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posted by The Office Grapevine at 11:47 PM  

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