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Monday, 14 January 2008

Ways to Get Rich - Part 2 (Career & Small Business)

Work hard at your job. Getting a good education and a good job is a sure fire way of making money, but the million-dollar question is: will it make you a millionaire?

Well, the short answer is yes and no. Yes - if you are really ambitious and like to climb that corporate ladder aggressively. If you see yourself becoming a CEO and like to play hard office politics, then this strategy is definitely for you. A CEO’s salary typically include multi-million-dollar wage, with car, stock options, bonuses, etc, etc…

On the other hand, if you just want to stick to the technical stuff and become good at what you do, you can still earn a decent salary and live a decent life, but the sad news is that it probably won’t make you rich anytime soon.

If you learn to save part of your income and use it to invest wisely, then becoming a millionaire within 10 years is totally achieveable. More on investment in the next post...

-ooOOoo-

Own a small business. The statistics are well and truly against this strategy… I’m not sure how accurate this is but it’s widely believed that 95% of small businesses fail within the first 3 years.

Although there is the potential to earn a great deal of money, it requires many hours of pure hard work, planning, management and self-discipline before you could even start to make any reasonable profit from the business.

Owning a business is a lifestyle, not a job. You will live and breathe it 24/7. But it could turn out to be one of the most rewarding experiences if the business survive the baby years and start to grow.

For now I think I’ll pursue other paths to riches which revolve around my full-time engineering job and family commitments.


[Back to Part 1 | Go to Part 3]

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