CHANCE OF FINANCIAL SUCCESS

There are really good podcasts out there lately, and today I thought Dan Miller's comments about who makes up today's millionaires were interesting.

• 74% Self-Owned Business. This includes typical entrepreneurs, eaglepreneurs, real estate agents, etc. You don’t have to reinvent the wheel or patent something to be very successful. Three of the most common millionaire producing businesses in the United States are dry cleaning, vending and printing. 

• 10% Senior Executive Positions. People like Bob Iger, CEO of Walt Disney who was paid $53.3 million in 2011. In today’s work environment, longevity and seniority are not necessarily going to be rewarded. Results are what get noticed, so these senior executive positions may be filled with a newcomer. CEOs, CFOs, and other senior positions may be attained quickly if one can prove his/her ability to get the job done, however, there is little traditional “security” in any of these positions.

• 10% Doctors, Lawyers, and other Professionals. Some of these people end up wealthy, but not all. Many who feel the necessity of presenting a certain standard of living, live high consumptive lifestyles, and never accumulate any real wealth. Even high income for services will never make one wealthy. It is only those who live on much less than they make and put some money to work for them who go on to become wealthy. 

• 5% Sales People and Consultants. This can be any industry, service or product. There is little connection with educational degrees, licensure, or certification; they are simply people who are very good at selling. 

• <1% Stock Market, Inventors, Show Business, Authors, Songwriters, Athletes, Lottery Winners. This is a strange realization. The less than 1% category is what gets noticed and talked about; every little kid wants to be the next Tim Tebow, Taylor Swift, Justin Bieber, or Lady Gaga. These rare examples of success, combined with all the other areas listed in #5, comprise less than 1% of how people become wealthy.

Statistically you can go from the 1% category to the 74% category this afternoon by going out, buying a $200 lawn mower, and starting a yard service today. Your real chances of financial success are vastly greater than trying in the rare areas of success. (like being a singer or movie star)

**********

Dan Miller's podcast can be found at "48 Days to the Work You Love".