There are four paths to building wealth:
- Saver-Investor Path
- Big Company Climber Path
- Virtuoso Path and
- Dreamer-Entrepreneur Path
According to the enormous amount of data I’ve gathered since 2004, the fastest way to accumulate the greatest amount of wealth, is, hands down, the Dreamer-Entrepreneur Path.
In my Rich Habits Study, the Dreamer-Entrepreneurs accumulated an average of $7.4 million over an average of just twelve years.
Compared to all of the other three paths, that was more than twice the amount of wealth in a much shorter amount of time.
While it may be the fastest and most financial rewarding path to accumulating wealth, it also happens to be the hardest, riskiest, and most stressful path to wealth.
There are many costs to being a Dreamer-Entrepreneur:
- Long Work Hours – The Dreamer/Entrepreneurs in my study worked an average of 61 hours a week, for twelve years. Weekend and vacations were almost non-existent. Those long work hours impacted everyone in the Dreamer’s immediate orbit. Family and friends are hit the hardest by their absence. Often one spouse must take up the slack and raise their children, almost as if they were a single parent. Close friendships whither on the vine, due to those long work hours.
- Financial Stress – Until the Dream begins to pay off, making ends meet can cause almost intolerable stress. Only the strong can survive that stress and that includes the spouses. In the early going, getting a steady paycheck is near impossible. Weak marriages will almost certainly fall apart, due to this stress.
- High Risk – Dreamers have to put everything they own on the line. Their homes, retirement plans, and savings become the assets that breathes life into their Dream. When a Dreamer runs out of assets, they have no choice but to turn to debt in order to continue to finance their Dream. The lucky ones are eventually able to secure Lines of Credit to keep them afloat. The unlucky ones are forced to rely on credit cards or loans from family and friends to survive until they thrive. If they thrive. Pursuing a Dream is a gamble. There’s absolutely no guarantee that the Dream will every pay off. Many fail. In fact, 27% in my Rich Habits Study failed at least once. Failure can mean bankruptcy. Sometimes that bankruptcy is followed by divorce.
But, if you have what it takes, the Entrepreneur Path will generate the most wealth in the shortest period of time.
So, is The Entrepreneur Path right for you?
Everyone is different and because everyone is different, their path to accumulating wealth must be in alignment with their particular personality.
For example, shy, risk averse, low stress-tolerant individuals would find the life of a Dreamer-Entrepreneur ill-suited for their specific personality.
Outgoing individuals who love high-risk challenges and seem immune to stress, however, are perfectly suited for the Dreamer/Entrepreneur Path. If that’s you, then the Entrepreneur Path is the right path for you.
My mission is to share my unique Rich Habits research in order to add value to your life and help you realize increased wealth, superior health, abundant success, fulfillment & happiness. If you find value in these articles, please share them with your inner circle and encourage them to Sign Up for my Rich Habits Daily Tips/Articles. No one succeeds on their own. Thank You!
Tom Corley is an accountant, financial planner, public speaker, and author of the books “Effort-Less Wealth: Smart Money Habits At Every Stage of Your Life” and “RichKids: How to Raise Our Children to Be Happy and Successful in Life“. Corley’s work has appeared on CNN, USA Today, The Huffington Post, SUCCESS Magazine, and many other media outlets and podcasts in the U.S. and 27 other countries. Tom is a frequent contributor to Business Insider and CNBC.
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