Sunday evening Joanne and I stopped in to see a young friend of ours who is doing a great job of making a new life after prison. As we pulled into the housing area my car immediately drew a small group of kids. The first question I heard was, “Mister, are you rich?” 
So I asked these bright eyed kids what their dreams were – what they were going to do to be able to drive any kind of car they wanted. Without exception, it was to be in the NFL or the NBA.
Here’s what breaks my heart. The chances of that happening are very, very slim.
These kids aren’t the only ones who are mistaken about how people get to be millionaires in America.
Here is a list of how people accumulate wealth in America.
74% Self-Owned Business. This includes typical entrepreneurs, eaglepreneurs, real estate agents, landscapers, eBay and Amazon sellers, etc. You don’t have to reinvent the wheel or patent something to be very successful. You can be creative with sidewalk construction and build that into a business that makes you a millionaire. Ralph Lauren was paid $66.7 million last year from the little company he started selling clothing, shoes, and fragrances.
10% Senior Executive Positions. People like Jeffery Boyd, CEO of Priceline who was paid $50.2 million in 2015. 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, 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 Peyton Manning, Cam Newton, Taylor Swift, Justin Bieber, or Lady Gaga. These rare examples of success, all combined, comprise less than 1% of how people become wealthy.
Statistically, any of these kids I was talking with could go from the 1% category to the 74% category tomorrow afternoon by washing windows to save up $200, then buying a lawn mower, and starting a yard service. Their real chances of financial success would be vastly greater than trying in these rare areas of success like sports, music or movies.
Yeah I did explain to these kids what I do to earn money. But I don’t think writing books and talking to people sounded very glamorous to them. Maybe I planted just a seed for someone there that it’s possible to do well without being a sports star.
This week I’m doing a free webinar on how to create a side income. You can put yourself into that 74% category as well. Check out the details here – Side Income
I’ll tell you the three primary reasons people never act on their dreams to achieve the financial independence they desire? Join me and get ready to drive any kind of car you want!
“The best way to predict your future is to create it.”
Really nice article. Thank you for sharing this information.
https://www.dencilpumps.com/products/pumps/plunger-pumps.html
What a great perspective to see in writing – -%1 vs 74% – eye opening stats.
What a cool opportunity to share your knowledge with these kids, Dan. I’m sure you changed a few futures the other day.
Great advice Dan, looking forward to the webinar. Thank You!
Wow. Love this my friend. Can’t wait to share our interview with more on this topic. You crushed it. Releasing Monday.
Kary, Very cool. Our conversation for your podcast was awesome. You touched on some things near and dear to my heart.
Hopefully meeting you was the day everything changed for those young men.
You sparked a new level of hope in these precious kids for what is possible. Thank you for stopping and caring enough to share in the first place. So many people don’t. You are world class, Dan.
Ah thanks Jevonnah. I love to hear there questions and plant some new seeds of hope for their futures.
Dan, you’re incredible, and those stats are indeed eye opening. I’m sure you planted some valuable seeds in those children that they would not have received otherwise.
Rob – I hope so. Seeing an old short guy like me driving a nice car should give anyone hope.
Such a great post Dan! 74% – That is a HUGE number! Great way to share the Dream!
Christine,
Yes – I love the fact that anyone can so easily put themselves in that big opportunity group.
Dan, I am in awe of how you and Joanne continuously inspire others. You are definitely a Coach all of us aspire to be. You sowed a seed in those children and it will grow. Debby Field
Thanks Debby. I do hope I sowed a seed for thinking about new possibilities.
Love this, thanks for sharing Sir.
Thank you Dan. You reminded me of Thomas Stanley’s experience in “The millionaire next door” where he related his surprise that the millionaires he was interviewing chose beer over champagne and crackers over caviar when they paused for refreshments. Ordinary folks, doing ordinary things.
Colin,
Yep and wearing $40 watches. Our favorite Friday night date night is still a little restaurant where $8.95 gets you a great meal.
Love that picture of you with the kids, Dan. Seeing that and hearing this story reminds me of the vast difference between perception and reality when it comes to wealth.
By the way, I was just thinking about your challenge a while ago of reading something positive everyday and watching your income double. While I’ve been reading positive material daily for years now, I just realized that my income has doubled in the last 12 months. Pretty cool to see that. That’s the beauty of getting creative with your work.
Sandboxin’ can present thought alright! Nice Dan!
I am a Business Computer Science teacher and I can definitely say that most children are attracted to that 1% group but maybe 1 or 2 actually realize the odds and gravitate to the 74%. I wonder if it is not time to do a 48 days for teens???
Dan, I love all your wisdom! Thank you so much for all of your inspiration. The link to your side income webinar takes you to a page but I can’t seem to find it there. Help! I would love to generate extra income with a side hustle! Many thanks!