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HOW TO BECOME RICH?.

So we see this question asked often in forums world wide.

Pretty much on a daily basis.

So how do you get rich, without inheriting the money.

So there are a few ways you can go about this , but the reality is that almost everybody you see that are rich today, they where in the right place at the right time without taking away anything from the person that is rich today.

But all people who are smart knows that they got lucky, that they where in the right place at the right time.

Because no matter how smart you are, you also need luck.

There are a tremendous amount of smart and hard working people who never made it past a some what normal paying job.

Even if they had great ideas and worked really hard, and maybe invested in something really smart along the way.

But they where a few years to early to the show.

Or they where never able to find funding for their project or company.

There is a rule of thumb in the angel investment community that for every 100 pitches you get you invest in 1! , yes in one project.

So often 99 projects or starts up out of 100 never get the necessary funding to be able to get things off the ground.

Mark a client of ours, got really lucky and he knows it!.

In the year 2009 he started working for a smaller mining equipment company the year after the financial crisis in 2008, as an engineer he had worked in another field for 10 years and he wanted a change in his work-life.

So after he had worked for the company for 1 year, the owner of the company wanted to close it down because it was losing money, and the large cooperation that owned it was willing to let it all go for 1 million dollars for the lock stock and barrel.

So 10 people in the company bought a 10% stake in the business for 100.000 dollars each.

Then in 2013 one of the companies clients where bought up by a huge cooperation many billions of dollars in revenue annually.

And after a year in 2014 they received and offer for a whopping 100 millions dollars, the owners did not want to sell and a year later after the initial offer they got a 170 million dollar offer from the same company a raised bid so to speak and they accepted the offer.

So in a few year period Mark had made 170 times his initial investment of the 100.000 dollars.

So this is by no means and unusual story, very often a company takes off by share luck, and a bigger company comes and says we want to buy your business.

And this is often how people become rich.

Then once they have made their first million, it is easier to make the next one, and so on.

Mark knows that he got lucky and that his family has now generational wealth, by him investing 100.000 dollars that he borrowed from the bank putting up his house as collateral.

A house that he had paid 200.000 dollars for over a 15 year period, so by paying of on his house he had the opportunity to borrow money and make this investment.

So you also need to have some money to make money, this is a real fact of life.

The second way people can get rich is by a fluke like buying for instance bitcoins at a very early stage.

So these kind of fluke investments are often common in stocks or digital currency.

To be fair 99% of the people trying these kinds of fluke investments fail and they lose most , if not all of their investment in the process.

The third way people get rich is by working hard and living a very frugal life for many years and then investing long-term in property and stocks often actually in blue chip stocks.

So there is not just one way to go about getting rich in life.

But it is very unlike that you can get rich on a normal paycheck unless you ar willing to work hard , and save most of your money for 30 years time.

So best way is to go into a start up, and work hard and hope that inside a 5-10 years period some larger company will come in and buy the company you invested in as an employee.

There is also another way and that is that you invest you savings in several starts ups and you hope that 1 or 2 will be very successful in the future.

But every investments has its risks and pretty much it is safe to say that any investment is a risk that you have to be able to take to ever get ahead in life.

And there are almost never any risk free investments out there in the world.

But here is a few concept you can think of when trying to get rich in the future.

But please remember specially now in COVID-19 times that your health and your families health and safety is much more important than getting rich.

We know a lot of rich people who are miserable in life and we know a lot of people only pulling a medium size paycheck who are blessed with family bliss and good health and are over the moon in happiness.

So dont get fooled by money, it is nice to have but it is far from everything is life.

Thank you for reading.

Mrlifeadvise.

Life and Business coaching
Life and business coaching at its best!
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