So who wants to get rich? Well if you do, then you are going to want to read this amazing book! Ken Fisher, a master of roads traveled, has written a gripping, completely honest and comical book. At 58 he’s a billionaire and a self-fulfilling CEO/business owner. Through his own self motivation, he spent a decade drifting before he met his passion. He worked odd jobs and spent time finding himself. When he discovered his element, he opened a business and started managing other people’s money. He successfully achieved the American dream. As his business grew, he discovered that his wealthy clients fit into at least one of the roads mentioned in the book.
Each chapter will include guides to get you started on your path. He will even include books for you to read at the end of the chapter! Fisher does this with all ten paths. He even goes deep into details throughout the book to help you find your road. If you think you can pave your way through two or three roads that is completely fine. I must warn you, each road looks easy, but it is tough.
1) The Richest Road: Start a Successful Business
Self explanatory, you make it big by doing something you love and getting paid for it. Those with the vision and leadership skills can take this path and achieve something extraordinary. The most important piece of information I received from this chapter was that most founders are quitters. It is completely okay to quit and fail multiple times until you get it right. To keep working on your dream you must be willing to go back reshape and rework your plan. School and society tell you otherwise, but it is crucial for your own self growth.
Who went down this road? Bill Gates, Michael Bloomberg, Nike’s Phil Night, Mark Zuckerberg,
2)Become a CEO of an Existing firm
Hey if you don’t want to do the hard work, then rise to the top of a strong and thriving company that is already stable. This is how GE’s Jack Welch became a millionaire. It’s tough, you have to listen to your stakeholders, cut costs, and reap the benefits. Bonuses reach the millions! But this is a hard road, CEO’s stay in their throne for a decade or less. One thing to keep in mind when you are going down this road, is to be amazing at interviews. Fisher states that many CEO’s do not have the skills, but have the charisma.
Ex: John Thain, Merrill Lynch $83.1 million compensation
Leslie Moonve, CBS Corp. $67.6 million compensation
3)Hitch a Ride on a Successful Visionary
What if you don’t have those leadership skills but you have ambition and loyalty? Well this is the road for you. Hang on to someone from your childhood or later in life. The person must be willing to trust you and should have a vision of where they want to be. Your job is to remain loyal through thick and thin. You must also be willing to help them every step of the way. It will pay off. Charlie Munger, Buffet’s sidekick, has $2 billion dollars! Who knew that sticking with a buddy could make you filthy rich! Ebay’s and Facebook’s first employees are now millionaires. They stayed loyal to their companies and business boomed. Maybe big companies aren’t for you? Then start small and help build it into a globalized firm.
4)Be a Celebrity
Be the next Oprah! Okay that is shooting it a little too high…but you never know. Either way, this road is for those who want to be seen by the public eye. This includes NBA stars, actors and actresses, more sport stars, and pop culture icons. This road is short-lived, there are too many actresses and actors trying to be the next Angelina Jolie. Only a very small percentage make it. As Michael Jordan said once “Being a pro is practicing when you don’t want to.” But if you know you can make it! Then by other means go for it.
5) Mary Rich!
“I ain’t saying she a gold digger..but she ain’t messing with no broke..”- Kanye West
Marrying for money is not just for women, Fisher explains that this is a road for men as well. This may insult some people, but it is a completely valid road to getting rich. He even gives tables of the “Best and Worst Places to Hunt for the Riches Americans.” If you are serious about this road, you need to know where they live. Track them down and get introduced. It works for many.
6)Steal It, Legally
This road is for those who have a little less conscience than most people. They exploit the law system in this country and use it to their advantage. This is solely because in America, you can sue for almost anything. And these Plaintiff lawyers sue for millions! They blackmail huge corporations and hit them with lawsuits. For example, someone drinks a hot coffee from McDonald’s. There is no label saying it is a hot beverage (although its common sense people!) so a customer sues for millions of dollars for a burnt tongue. If they go to trial McDonald’s image is tainted, if they don’t then McDonald’s pays them to go away. The latter is what most companies end up doing. Either way, the lawyer gets most of the money in fees and both are set for life. Corporations would rather pay for the lawyers to go away than to have a damaged brand image.
7)Handle Other People’s Money (OPM)
Handling other people’s money is a money-maker. You don’t need to know finance, you just need to learn how to sell! Be a sales professional, earn commissions and get paid through fees. Hedge funds, stocks, securities, these are all in your best interests. Find wealthy individuals and manage their money. They pay you 2% in fees a year. Therefore, if your wealthy individual has $20 million, you automatically receive a salary of $400,000. If you invest their money and win big, you can get millions to billions of dollars. Keep in mind your performance, customer service, and attitude are your best assets.
This has the multiple revenue streams many people need. If you have a talent, exploit it and use it to gain an income. Invent the next big thing. You know those post-its you always use? Someone invented those and they became billionaires.
9)Make a Real Estate Empire
As Fisher states “America is a land of real estate moguls homeownership is near 70 percent!” This road may be full of potentials, but only the best rise to the top. They are essentially founders who discover land and willingly invest in it. If you invested in houses after the 2008 crash in a couple more years you may be making millions. Just like the stock market, home prices fluctuate depending on the economic status of our country.Donald Trump went down this road, invested in real estate in the state of New York, and became a billionaire.
Key advice: Location is key if you want to go down this road.
10)The Road More Traveled:
Lastly, the road more traveled is mostly about saving. Get a decent job paying a good wage or salary. Have a goal in mind. Do you want to save a million for retirement or $400,000? Remember you must only take 4% a year from your savings when you do actually retire. Starting early is necessary to building your wealth. Most importantly be frugal. Don’t give into the consumption of America’s society, save yourself!
On this road you must also own stocks, it’s the surest way you will achieve your goal. They may be volatile and if you don’t feel comfortable with stocks trade them in for bonds. If you are in your 20’s and 30’s you have time. Shoot for growth. But if you’re older you might want to protect you wealth and therefore, stay out of volatile stocks.
All ten roads are laid out for you here. If you want to get into depth with a particular road I suggest you get the book. It’s motivational and well written.