DOES ANYONE EVER BECOME RICH & FAMOUS WORKING FOR SOMEONE ELSE?
Apr
30
2019
Peter Answers
You could substitute any trade or profession in the above question and get the same answer.
Do carpenters ever become rich or famous or do they end up working for entrepreneurs?
Here is comes: The TRUTH! It is not totally impossible to become rich ( high net worth — say around USA$25 Million) by working in a job for someone else. I know a few people who have climbed the corporate ladder …With bonuses and stock options. After 40 years or so, they have retired rich. But of 100,000 employees in a corporation, maybe only 5 will hit the HNW mark solely from their employment.
Bad odds. BUT . . .
If you take 100,000 highly motivated future entrepreneurs who correctly identify good business or trading opportunities and STICK WITH IT, the vast majority will become rich. It is true that 9 out of 10 new restaurants fail. Maybe 9 out of 10 new businesses fail. But there is always a good reason (that could have been avoided) for failure. The product was no good. The marketing was no good. The would-be entrepreneur was not persistent, not paying attention or not using common sense. He hired crooks, for instance. He was a terrible administrator. He did not correct obvious mistakes. He was too busy saving the world to look after his own personal interests—He lost everything in a divorce. Etc Etc Etc.
People who develop expertise and risk little of their own money to go into their own business, any business with great potential; THOSE WHO RUN THEIR OWN BUSINESS INTELLIGENTLY will eventually do a lot better than most employees. Very Good Odds. It may take a few failures to get the necessary experience, but I have never met anyone who was persistent and pragmatic who did not do very well financially in their own enterprises. In my articles I talk about big mistakes to avoid —like marriage! But in spite of my own many big mistakes, persistence and starting over ultimately lead me to FIRE. Financial Independence/ Retire Early. If I could do it, you can do it. I quit 30 years ago to enjoy my dough in a quiet way. I don ’t care much what other people think, and I am guided by my own internal compass and morality. I write a lot to keep busy and to keep sharp. At 80+ you can’t even remember what you had for lunch sometimes.
So the answer is (1) forget famous. Famous does not pay the rent. Famous may help if you are an entertainer or author, but for peddling most products and services, famous is irrelevant.
(2) Anyone can become rich if they produce and market a product or service efficiently.
If one is doing this work for someone else, they (the entrepreneur) will get rich, and you will remain an underpaid, overworked – mere employee . All it takes to become an entrepreneur is to make the move. Read my QUORA Answer “Your Lucky Day”—the day you got fired. Read books, biographies of successful people, work as a flunky (for free if necessary) for your role model or mentor. Then you will be on your way to wealth (HNW). Read my many articles and 1800+ free Quora answers for hints on how to do it.
Category: Peter Answers
By P.T.
April 30, 2019
Source : http://www.petertaradash.com/does-anyon ... eone-else/