Ken Fisher, the founder, chairman, and CEO of Fisher Investments, a money management firm, says there are ten roads to great wealth. But, what are these ten roads? And, what will work for you?
1. Start a successful business
The richest road! Sure you can become a Bill Gates or a Azim Premji. And, even if you do not become so successful you may still be able to make a couple of crores. This route has one catch, though. You might have to consider giving up your full-time job.
2. Become the CEO of an existing firm, juice it
A very mechanical function: There are many who have turned a company around. For instance: Jack Welch did it! CEO and MD of L&T, AM Naik. You could do the same.
3. Reap from the benefits of a visionary
Partner a great idea. An entrepreneur needs support, operations, HR, etc and all the support at the start up stage, you could provide that. You don't have to be a visionary, you just need to ride along.
4. Turn celebrity into wealth
(Or wealth into celebrity and then more wealth!) You need to get parents who push you hard enough to become a celebrity and you should have enough motivation to become a celebrity. A few household names would be Sachin Tendulkar, Viswanathan Anand.
5. Marry well; really, really well
For those of you who are not married, this is a good option. Though, of course, with divorce available, re-consider your options. This is an option available to both men and women but it may be easier for very beautiful women than for ordinary looking men.
6. Steal it, legally; no guns necessary!
One qualification that helps to steal legally is the law degree in the United States of America. However, we all know of another professional who tried doing it, unsuccessfully. He died before he could use the money!
(Next page: Is your surname lucky?)
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7. Capitalise on Other People’s Money (OPM), where most of the mega-rich are.
There are more money managers in the Forbes list than the people whose money they manage. The kind of money people throw at fund managers chasing a rainbow of 'index beating' returns is not funny.
8. Invent an endless future revenue stream
Well Bill Gates did it, maybe you can do it.
9. Trump the land barons by monetising unrealised real estate wealth!
A very good idea if your surname is Hiranandani, Raheja, Parekh, etc. However, if your surname is Patil, Athalye, Subramaniam, Ramakrishnan, do not try this. It may not work.
10. Go down the road more traveled: save hard, invest well, forever!
To me this seems to be the only option available to you and me. Just go through the grind. Work hard, invest well – choose a large (say 100+ scrips) index and do a Systematic Investment Plan – assuming the Asset Management Company charges are 0.5 per cent per annum. Over a 20-year period treat it like a savings bank account. When you have money, you should invest. When you need money you should sell, simple.
To me only step 10 seems to be sensible. God bless you if you can do any of the others. If you do not do step 10, even the earlier steps may not help!!
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