Here’s a basic fact of life: Everyone is looking to build wealth fast so to increase the size of their bank accounts. We all want to see a big, fat figure sitting there when we open our bank statement. The more numbers, the better.
All those digits in your bank balance mean you finally have what so many spend their lives looking for. Things like freedom, security… and perhaps even power.
The trouble is most people do not have stacks of cash at the bank. They have stacks of debt. If you are in that boat, don’t feel bad. After all, your debt isn’t nearly as bad as most corporations or the National Debt.
Individuals, corporations, and even entire countries are working hard every day to no avail. It’s a vicious cycle that feels never-ending. This person could be you, your mother, your friend, a total stranger, or the place you go to fill up your gas tank. The stories are always the same.
They fall behind for one of a thousand reasons. A problem appears and puts them in debt. So they work very hard to catch up. Then something happens and they fall behind again. Each time it takes more effort to claw their way out. And then, one day, they don’t have the will to do it any longer.
Instead of the wealth they dreamed of, they find suffering.
Not understanding how to make money is painful and ruins your chance at happiness in life. It’s overwhelming—and totally unnecessary.
What if I told you there are ways to grow wealth that other people always overlook?
The Best Way To Grow Wealth: On Your Own Terms
If possible, you need to build something for yourself that nobody can take away from you. It doesn’t need to be complex: writing a simple Backlink Checker can net you anywhere from $10 to $100 every month from each and every happy client.
Another easy way to get started is by becoming an Amazon Influencer. It’s simple: create an Amazon storefront, create content about your passions, and direct your followers to the storefront. You get paid when they buy.
Do you have a more complex idea? No problem! Start putting it together and add members to your team when necessary.
Lots of people build wealth through technology. If you have an idea for the next killer app and have organizational expertise but only modest programming skills, it may make sense to find a tech cofounder and work as a team to reach your dreams.
Hidden Wealth at Work
For most people, a simple transaction governs their life: I trade my time and energy for money. The more of my time and energy I give, the more cash I receive in return. Simple, right?
It’s also one of the worst decisions you can make.
The person punching the clock is usually not building wealth for themselves. They are building wealth for their boss—the person who demands the best hours of every day in exchange for a few slips of paper.
An average 40 hour a week job may not be a great way to grow your bank account but if you are smart you can take advantage of your position. Here’s an easy way that most people miss: Stock options.
Lots of people never look into investment options beyond an employer-sponsored plan. That’s a shame. Many organizations, especially large ones, offer stock options.
If you have stock options your company gives you the option to buy shares of their stock at a certain price, but you need to wait for a while. All you need to do is keep working for your employer. It’s easy to exercise stock options. On the vesting day, the shares are transferred to a brokerage account in your name. You will almost always buy these shares at a significant discount to the current market price.
The best part is, you can usually negotiate stock options into your compensation package if you work for a publicly-traded company. The higher up you are, the easier it is to negotiate them (and the more shares you can buy).
It’s not uncommon for some leaders to make $20,000 – $100,000 or more off their stock options every year.
Get the Right Title
When I was studying at Harvard one of my professors told us a story. He was a consultant to a diamond company and was going over the organizational records to look for more efficient ways to do business. His friend owned the business and wanted to see what a Harvard professor could do.
My professor looked through all the records and came to an astonishing conclusion. More than 90% of the employees were Vice Presidents with compensation to match. He excitedly went to the business owner, stated that there were too many VPs, and then suggested the diamond business could run more efficiently with fewer people at that level.
His friend shook his head, “I can’t fire them. That’s my entire sales team.”
My professor was stunned, “Why on earth would you give all these people VP titles?”
His friend laughed at that question. “Would you buy a hundred thousand dollars’ worth of diamonds from someone who wasn’t a Vice President? The only title that really matters in this business is mine: Owner.”
Not all titles in business truly matter. For example, banks are notorious for giving an AVP, VP, or SVP most of their staff. So when you enter a new organization, make sure you have the right title. If you are a software engineer, try to get to CTO as quickly as possible. If you are an accountant, shoot for CAO.
Get a title that puts you above the majority and you will build wealth the majority will never see.
Most try to acquire wealth by doing the safe, easy thing every day for 40 to 50 years: show up to work and just get by. Then they are shocked at the end when they realize they have slaved their lives away and cannot enjoy the fruits of their labor.
Don’t be one of those people. Bet on yourself. It doesn’t matter if it is your main business, a side business, or shooting for a top tier job with a great title and stock options. Be better than the average person. You deserve it.