This just in: You don’t need to build your own company to get rich.
Make no mistake, people can get very, very rich by starting their own successful businesses. And, I have tremendous respect for entrepreneurs.
But, there is a segment of the population that believes we can’t get rich by working a regular 9 to 5 job. To get rich, you need to build your own successful, money-making enterprise. There’s just no other way.
If that were true, I wouldn’t be retired right now.
I don’t know about you, but I know quite a few people who make a great deal of money, easily enough money to achieve financial independence.
My dad did very well working for someone else and retired at 49. My father-in-law got quite wealthy by working a traditional job. It’s possible to acquire quite a bit of wealth just by working your typical job.
Here’s how to build wealth working a regular 9 to 5 job
- Take advantage of company-sponsored retirement accounts. I always signed up for 401(k) and Roth IRA plans when they were offered, and many of my employers matched 4% of my 401(k) contributions. That’s free money.
- I asked for raises and promotions. You may not always get a “yes”, but sometimes, you just need to ask. I asked four times for raises in my career and got the “yes” three out of the four times.
- I showed up every day. Work ethic has a way of improving your “luck”. Be a team player. Do what you say you’re going to do. The bar is set pretty low these days. Showing up is half the battle.
- I switched companies five times. Every time I moved to a different company, I got a 15 to 20% raise. Taking another position is a great opportunity to ask for more money. In fact, it’s a natural part of the process!
- I limited my debts. I never took out high interest loans. I never paid a single dime of interest on my credit cards. Debts will kill your chances at building wealth regardless of what you do for a living.
Want more detail? Check out the video I put together on this topic below.