1: Building Wealth and Achieving Financial Freedom

“Who Wants to Be a Millionaire?” was a popular American television game show based on the same-titled British program. Not surprisingly, few contestants walked away with the top prize. Winning $1,000,000 is difficult! Of course, nearly everyone would like to be a millionaire but how can this be accomplished besides winning a game show or lottery? Fortunately, several paths are available to becoming rich.

A recent study of wealthy individuals identified three common ways they built their fortunes. Saver-investors focus on having no debt, living well below their means, and saving and investing for many years. Virtuosos are those who are the “best of the best” in their career, industry, or profession. They work for large, publicly held companies that have stock options or own their own highly profitable businesses. Dreamers pursue a big dream and make it a reality, which lead to some massive gain or income. If you want to be rich, you need to select a path that’s right for you and stick with it for many years. With a few exceptions, each path requires considerable time to accumulate wealth.