A lot of young adults ask me “How to get Rich?” – like I have always said under their breath they utter “quickly”.Like one of the persons said ‘Sir when I say rich or wealthy...
I see myself roaming the world in J class and skiing in the Alps, not sipping coffee in Switzerland when I am 70 years of age” — What use is money at an old age…
I want it NOW. Sadly, I do not have such ‘get rich quick’ schemes – and I do not know of anybody who has such schemes. Here is what Ken Fisher has to say are the 10 steps..see what works for you...Ken Fisher says there are Just Ten Roads to great wealth. So, What are the Ten Roads? More importantly, what will work for you?
- Start a successful business—the richest road! Sure you can become Bill Gates or Azim Premji. However, even if you do not become so successful you may still be able to make a couple of crores – not bad. This route is not for all – there are many people who do not consider giving up their jobs will not find this appealing.
- Become the CEO of an existing firm and juice it—a very mechanical function. Jack Welch did it. There are many others who are in this boat, see whether you are academically inclined to do this is what you have to see.
- Hitch to a successful visionary’s wagon and ride along—it’s high value-added. If you partner a great idea – the entrepreneur needs support, operations, HR, etc. and all the support at the start up stage. You need not be the visionary, you need to ride along.
- Turn celebrity into wealth—or wealth into celebrity and then more wealth! Again you need to get parents who push you hard enough to become a celebrity and you should have enough motivation to become a celebrity. However, it is not really easy.
- Marry well—really, really well. Well, for those of you who are not married this is a good option.
- Steal it, legally—no guns necessary! One qualification that helps in this is the law degree in the USA. However, we all know of another professional who tried doing it, unsuccessfully. He died before he could use the money! Not getting into names and professions, but most of us know about it, do we not?
- Capitalize on other people’s money (O P M) —where most of the mega-rich are. There are more money managers in the Forbes list than the people whose money they manage. The kind of money people throw at fund managers chasing a rainbow of “index beating” returns is not funny.
- Invent an endless future revenue stream—even if you’re not an inventor! Well Bill Gates did it, maybe you can do it. Many wealth managers have done it.
- Trump the land barons by monetizing unrealized real estate wealth! A very good idea if your surname is Hiranandani, Raheja, Parekh, etc. however if your surname is Athalye, Subramaniam, Ramakrishnan, do not try this. It may not work.
- Go down the Road More Traveled—save hard, invest well—forever! To me this seems to be the only option available to you and me. Just go through the grind. Work hard, invest well – choose a large (say 100+ scrips) index and do a SIP – assuming the amc charges are 0.5% p.a. Over a 20 year period treat it like a savings bank account. When you have money, you should invest. When you need money you should sell, simple.To me only step 10 seems to be sensible…God bless you if you can do any of the others. If you do not do step 10, even the earlier steps may not help!!
writes at www.subramoney.com and has authored the best seller ‘Retire Rich - Invest C 40 a day’
(Views expressed are personal)