It's that time of year when so many of us sit through boring graduation ceremonies where academics give career advice to hung over listeners that care more about making a lot of money rather than compiling academic accolades. The following video is my advice to graduates on how to get rich. This applies to high school, college and even masters level graduates so feel free to pass this advice along to anyone you know who is graduating this year. I wish someone gave me this advice on my graduation day. It would have helped get to where I am today that much faster.
My advice to graduates on how to get rich in the video above centered around the idea that you have to own your business (or businesses) if you truly want to make some real money in life and that unfortunately, school doesn't teach you how to run a business. Instead, high school, college and graduate school teach people how to be great employees and how to be wonderful lemmings to make the owners of businesses wealthy. The best way to learn how to successfully own and operate a business is done through the tutelage of a mentor, but certainly the wisdom to be a productive business owner can be obtained through the school of hard knocks too. It's just faster to not have to learn all those valuable lessons yourself. A smart person learns from their own mistakes, a wise person learns from the mistakes of others.
Choose a Business You Will Enjoy
The best book ever written on how to get rich is The Millionaire Mind by Thomas J. Stanley. It's a prerequisite for anyone looking to become wealthy. It proves the fact that the majority of millionaires own their own businesses. Even doctors, attorneys and other highly educated professionals typically don't achieve high levels of wealth without owning and operating their own practices.
Choosing what business to operate is not easy. You want to choose something that you will enjoy (since you will be spending a lot of time doing it). But it also needs to be highly profitable. A business that you love that makes no money won't help you get rich. And if choosing the right business was so easy, everyone would be rich so don't expect the decision to be easy. In fact, you may have to fail a few times before you hit pay dirt.
And becoming rich has its sacrifices too. You may not be able to hang out with friends as much, you may not be able to attend as many parties and you may work long hours in the beginning. But the trade off is that in a relatively short period of time, you can have a tremendous amount of freedom that everyone you graduated with won't have. The costs of becoming a successful business owner are worth it.
Simple but powerful, that's my advice to graduates on how to get rich.