Scanning the landscape of your financial future?

There are about six major ways to become wealthy:

• Be Born into a Wealthy Family

  • It goes without saying that
    • if you are the child, relative, or heir of
      • Warren Buffet, Bill Gates, Sam Walton, or
      • Africa’s Aliko Dangote, or Mexico’s Carlos Slim, or
      • any of the royal families in Kuwait, Oman, or Dubai, etc.
        • you WILL also be wealthy.
  • But this path to wealth is not available to over 99% of the planet!

• Marry into a Wealthy Family

  • Kate Middleton, and Meghan Markle
    • married into British Royalty and into Wealth!
  • The wives of Rupert Murdoch, Mark Zuckerberg, and Elon Musk
    • all married into wealth.
  • However, this road is reserved
    • for only a tiny sliver of humanity. 
    • It also appears that
      • the wealthy generally marry
        • people of similar economic status.

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• Win a Lottery Jackpot with a Big Cash Prize

  • The odds of winning the mega million jackpot in the US
    • for example, is over 1 in 300 million
    • that means it is ‘possible’ to lose over 300 million times
      • before you win once!
    • It also means that you may never win
      • if you play the lottery every day
        • of a 100-year life span
        • (that is about 36,600 days!)
        • and never win!
    • As a means to wealth,
      • winning the Jackpot is therefore a ‘false hope’
      • for the majority of us.
    • Note:  Forget about the publicity
      • around those who win;
      • the prize money
      • (less the portion
        • that goes to the organizers)
        • is coming from all those who did not win,
          • (that is a lot of people!)

• Steal Money From Plenty of People or From a Wealthy Person

  • The problem with this approach is that
    • it is illegal and you may get caught, 
    • it is anti-biblical, unethical, and immoral; moreover
    • people/the wealthy will work to protect their money, and
    • therefore the success rate of achieving lifetime wealth
      • through thievery is also very low.
  • Therefore, this is not a viable approach to wealth
    • for average person
    • (some still try to make a living
      • by scamming people out of their money).

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• Become a Successful Professional in a Well-paying Industry 

  • Note: “successful”
  • Also Note: “well paying industry” of the economy, meaning
    • star athletes, champion sportsmen, movie stars, etc.
      • at the top of their profession
      • (Usain Bolt
        • the 100 meter Jamaican world record holder
        • is reportedly worth over $30 million
          • in 2019!);
    • professions requiring high qualification, and
      • that are in high demand
      • but with low supply of workers, for example,
        • brain surgeons, computer whiz, fund managers, etc.
  • Also Note: Working for income in an excellent but regular job
    • • is not usually a means to wealth!!
  • The possibilities here in my judgment are greater
    • than the previous listings
    • but still for most people
    • it is not a feasible way to build lifetime wealth.

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• Start and Run Your Own Successful Business 

  • Note again “successful”
  • Starting and running a business requires
    • special skills
      • which many people do not appear to have;
    • willingness to take risks,
    • willingness to bear full responsibility
      • for your own welfare.
    • But with risks comes financial reward
      • that can grow without limit
        • into lifetime wealth,
        • as long as the business continues to grow
          • and is successful.
  • The proportion of people who can take this is also greater 
    • than than the previous options!

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• Get A regular career and invest wisely

  • in other Successful Businesses
    • over a long period of time!
  • Note: you do not have to be successful at
    • starting and running a business; but
      • you must be good at picking successful businesses
        • over a long period of time!
  • This means using modest regular income, and
    • saving all you can, while
    • investing in businesses that are successful,
    • over a long period of time,
      • will generally compound into wealth!
  • This is the most available route for most people!
    • More next time.

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On a final note:

• Becoming ‘wealthy’ need not be your goal, rather
• Make it your goal to become Financially Free:
  • Have enough to tithe and give to the work of the Lord.
  • Have enough to cover your budgeted expense
    • including miscellaneous, as well as
    • unplanned and unexpected expenses.
  • Have enough to cover for emergencies.
  • Save enough to guarantee a desired standard of living in retirement.
  • Have enough to leave a legacy for the next generation!
  • Have enough to be generous and make a difference in the lives of others.
• This we can all do
  • If we start early,
  • with much planning, prayer, and discipline!!

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