My 5-year study of millionaires revealed there are 2 primary ways to get rich, and one is much faster than the other
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Study any self-made millionaire and you’ll find that they fall into one of two categories:
- They were fanatical savers
- They sold something
In my Rich Habits Study, which I conducted over the course of five years, 135 millionaires out of the 233 in my study indicated that a major portion of their responsibilities at work involved selling something.
The average net worth of these 135 millionaires was $5.7 million. Seventy-one percent accumulated their wealth before the age of 56, or on average, in less than 22 years.
The millionaires who were fanatical savers had an average net worth of just over $3.2 million, accumulated over an average of 36 years.
In other words, those millionaires in my study who sold something had a net worth that was $2.5 million higher than the savers in my study, and it took the sellers 14 fewer years to accumulate that wealth. Clearly, if you want to accumulate a lot of wealth in the shortest period of time, you need to sell something.
It may be a product, like a car, electrical gadget, fried chicken, or donuts. Or, it may be a service, like designs, legal advice, financial planning, or a new way of doing something. Consider a few famous examples:
- Warren Buffet sells his financial expertise.
- Elon Musk sells his Tesla cars or the use of his Space X rockets.
- Mark Zuckerberg sells Facebook advertising and marketing services.
- Dr. Ben Carson sold his expertise as a neurosurgeon.
- LeBron James sells his basketball skills.
- Tony Robbins sells his motivational and training seminars.
- J.K. Rowling sells her Harry Potter books.
- Taylor Swift sells her love songs.
The wealthiest of the wealthy sell something.
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