Thursday, April 17, 2008

Why Most of Us Won't Become Millionaires

There are over a billion ways to become a millionaire. No longer is the club reserved for those who have paid their corporate dues, or were in the right spot at the right time with the right seed capital.

In fact you would never know who is a millionaire or not because the look and style of a millionaire is so varied, so different, your neighbour next door with their modest house and car could easily be part of the club.

So why won't most of us become millionaires?

The traditional way calls for us to go to school (often now for long period of times) go work for someone else, be told what to do for XX years, and hopefully be in a spot of control where we can tell other people what to do while raking in the dough with maybe a few stock options in our back pocket.

The problem with that world view is that it's no longer realistic. The ladder has all but been replaced with a ramp. More people are moving laterally into positions than up. Why? As you move up there is fewer and fewer space but with more competition. After all your playing by their rules.

It's really hard to spread your ideas with all the noise and competition. Those who truly want to be millionaires have to break the rules. Start your own business, find your own niche, and become the ultimate expert of your field. Then and only then do you stand a chance of being remarkable.

But for most people the problems still persist
  • Being safe and secure in a mediocore paying job is less risky
  • Entrepreneurship involves moving outside your comfort zone and (gasp) outside a 9 to 5 work environment
  • Short term results are favoured over long term ones
  • Being told what to do is much easier than telling others what to do
  • If our parents could do well climbing the ladder, so can we
  • Shortcuts are preferable to going down the long road
  • People are comforted by what everyone else is doing
  • Going it alone seems too risky, too hard, too unrewarding for the generation that wants everything yesterday
Unless your willing to break the traditional rules, a mediocore life is sure to follow. But then again that is what most of us want, right?

You decide