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When

Nov 23, 2008 7:00 pm (Sunday)

Where

Postal code l1h 4k4, Canada (map)

Oshawa, ON l1h 4k4
Canada
What
(This is after discounting things you can't control like a lottery win or a big inheritance.) Start a successful business. This is the richest road. Prime examples are Bill Gates, ...
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(This is after discounting things you can't control like a lottery win or a big inheritance.) Start a successful business. This is the richest road. Prime examples are Bill Gates, Charles Schwab, Sam Walton, Larry Ellison and Michael Bloomberg. Of course, you're unlikely to do nearly as well as any of these men. But that isn't necessary. With enough time and effort, you can get plenty rich filling a need for a local product or service in your hometown. (That includes starting a plumbing business or putting braces on kids.) Become CEO of an existing firm and juice it. This was the method for Jack Welch, Steve Balmer and others. This requires a lot of years of experience - and generally a lot of loyalty to one company. But if you have the drive and ambition, the salary and option compensation can make it well worth your while. Hitch your wagon to a star. This method involves tying your fortunes to a successful business visionary. Charlie Munger did with Warren Buffett, Jeffrey Skoll with Jerry Yang, and Peter Chernin with Rupert Murdoch. This is a tough one though. You have to recognize a visionary early, offer him something of value and stick with him. Not easily done. Turn celebrity into wealth. We all know that celebrities are loaded. But unless you're a world-class athlete, a terrific singer/songwriter or have Lana Turner's profile, you should probably give this one a pass. Marry well - really, really well. This seems shallow, I know, but a 2007 Wall Street Journal poll found that two-thirds of women said they'd be "very" or "extremely willing" to marry. Use other people's money. This is the most common road for the ultra-wealthy. Invent an endless future revenue stream. In this scenario, you create something - a book, a movie, a Broadway play - and find a way for it to create long-term royalties. Monetize unrealized real estate wealth. Millions have gotten rich in real estate---concentrate on good properties in desirable areas with predictable cash flows.
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Postal code l1h 4k4, Canada
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