The Many Faces of Wealth

My wife and I took a drive this past weekend to check out homes in the area that had put up lights and decorated their front yards in the holiday spirit. There were homes that had strung lights around their trees and lined their driveways with wooden candy canes. And homes that had giant inflatable Santa Claus’ rising atop a gilded sled. Some people clearly take holiday decorating more serious than others.

At one point our drive wound up and down the streets of a very posh neighborhood in Orlando. Homes in this neighborhood were massive in size. You’re probably making guesses in your own mind as to how big I mean. 5,000 square feet? No, more like 20,000 square feet. Yea I’m talking McMansions.

These are homes you look at and wonder what the owner does for a living.  You know traditionally lucrative professions like doctors and lawyers aren’t going to cut it in these kinds of neighborhoods. Truly wealthy people have built their wealth in one of five ways. These are those professions.

1.    The Real Estate Investor

We’ve all heard of Donald Trump and can probably name a few other lesser known highly successful real estate moguls. Before the housing crash of 2007 real estate was thought to be a very solid wealth building strategy. The problems with building wealth in this area are that generally you need to already have a significant amount of cash on hand to put down. That’s not always easy to have.

Investments can take years or decades to appreciate enough to get back your initial investment and realize gains. The thought of managing properties and finding tenants scare a lot of people off. Needless to say this wealth building strategy is not for everyone.  However, it can be extremely lucrative in today’s market with great deals out there.

2.    Market Investor

Everyone is somewhat of a stock market investor; we all choose products and funds for our 401(k) retirement accounts. At the same time I know most people have no idea what investment vehicles to choose when investing their money in stocks and markets. There is so much to choose from out there.

It’s hard to keep abreast of what’s currently happening and what trends are building; all of which is important to know when buying and trading stocks.  Along with always having to stay up on current events you have to know the history and past performances. In addition there is so much jargon in this profession that it can feel like you have to learn a new language! The learning curve is very high in this profession.

Stock market investing can also come off a little like gambling, always searching for the next stock poised to skyrocket up. Though it is a viable way to build wealth and should be incorporated into most wealth building plans.

3.    Business Owner

This wealth building strategy is often thought to be the best way to achieve The American Dream. It certainly has the ability to allow its founders and early investors great financial success. It can also be a direct route to bankruptcy if the venture does not work out. 50% of new businesses fail within the first five years of starting up.

Being a business owner typically requires long hours and rarely includes paid vacations or time off. The buck stops with you, and you must be prepared to make the final decision in every aspect of your business. While success is sporadic, the journey to becoming a successful business owner is listed as one of the greatest pleasures in life.

4.      Consultant

This wealth building strategy works well because you can use the skills you gained at your day job to parlay into a new profession. This has worked particularly well for those that were employed in any kind of flourishing industry like technology or internet start-up.

You get to be your own boss like you would if you were starting your own business but you also get the drawbacks of long hours and sometimes having to work harder than your previous job working for someone else. Generally it takes a long time to build up a significant client base and start achieving real wealth.

5.    Internet Business

This is actually a very favorable time for internet entrepreneurs. Every day more people get connected; thus continually increasing your chances to win customers. An online store can be a great addition to your traditional brick and mortar storefront or it can be a business on its own. Certainly with the forever increasing popularity of the internet, you open yourself up to a customer base that spans the world, rather than just the people who walk by your storefront.

Click here for more information on starting your own profitable internet business.

What’s also great is that online businesses can be started with very little money, just a few bucks to register a domain and pay for web hosting each month. It’s also great because your overhead costs remain low and you do not need to have an office, you can work out of your residence.

You can make money very fast with this wealth building strategy. Money can be pouring into your accounts while you sleep. It’s like having a 24/7 business without the drawback of always having to be there to manage it.

There are so many different areas you can start up an internet business in, you can sell information, financial products, spiritual, clothing, etc. Whatever your interests are, there is the opportunity to start an online business to make money with.

There are pluses and minuses to each profession, but some are clearly better than others. The biggest potential for attaining true wealth seems to involve the internet in some way. In the past critics have called the rise in popularity of internet businesses a trend, but its clear this is no bubble.

Good luck and happy holidays.

Ethan Warrick

Editor & CEO


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