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.”
