5/27/2023 0 Comments Millionaire fastlane forumThe risk, and success rate, are much higher as well. So, yes, compared to the “get rich slow” investing route, which is tried and tested, starting your own business can get you there quicker. Those who play the long game often make money quicker than they expect, but the overall success rate isn’t high. Many people who think that fast money comes in business end up crashing and burning: Yet the media often implies that being a business owner is all about having great ideas and creating the next Facebook. When I started my own business, my clients followed. Many of the successful firms in this area are just started by people who are building onto an existing successful model. The same is true with many service industries – law, finance, consulting, and many others. He already had the clients and candidates, after agreeing to a withdrawal agreement with his firm. His existing business was just building off the previous work. He started making 500k from year two in business BUT he wasn’t starting at zero. ![]() Then he got bored and started his own thing. He becomes one of the best performers so started to become self-employed with the same firm, rather than take a salary. ![]() He spent eight years working as a recruiter. Started their own business and started to make good money (usually 2 years+ at least)įor example, I have a recruiter friend.Seen the problems they want to solve (5 years+ and usually more). Yet when I look at businesses where the owner is making at least 500k a year, they have followed a similar path: Most successful businesses are more humble than that. In reality, most successful business people spend at least ten years making it, as this quote says: However, if it was so easy to find “the next YouTube” then why wouldn’t everybody find it? The same is true when it comes to TikTik and other big channels. A lot of the YouTubers making big money got in early. We have seen the same thing recently online. If you can get in before the party has fully started, sometimes you can make a lot of money. Likewise, I have seen more people make big money in some frontier, and developing markets, compared to developed countries. The internet and technology wasn’t a big thing until it was! One of the biggest reasons why Bill Gates was able to make so much money at a young age is that few older people had his skills. ![]() They do exist but they are more likely in a new, frontier, technology, or market. ![]() The media just likes to speak about those cases. Is the entrepreneurial path the only fast way to wealth? Is doing business actually a fast lane (like The Millionaire Fastlane book describes) or does it take time?įirstly, the vast majority of businesses are started by people with experience in their industry.įew are started by 18, 20, or 22-year-olds. If you want me to answer any questions on Quora or YouTube, or you are looking to invest, don’t hesitate to contact me, email use the WhatsApp function below. Some of the links and videos displayed on the original answers might not show up on here, and if so, you will need to refer to the original answers to view that. If everybody had the same knowledge as wealthier people, would we all naturally grow wealthy? I explain why that is unlikely, even though knowledge is power and very useful.How can you be a successful investor with zero knowledge? Is it even possible, or should everybody just outsource it to an expert in finance?.What is something useful I didn’t learn at school apart from financial planning?.Is the entrepreneurial path the only fast way to wealth? Is doing business actually a fast lane (like The Millionaire Fastlane book describes) or does it take time? In particular, is starting a business always a better approach than the “get-rich-slow” through investing route?.In the answers below I focused on the following topics and issues: I often write on, where I am the most viewed writer on financial matters, with over 299.3 million views in recent years.
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