Wealth Accumulation

Think about the time of your life. Consider the reality that if you live to be a hundred years old (maybe) that is a total of 36,525 days or 876,600 hours. Of those 100 years approximately 50 (age 20 to 70) are productive years. If you assume you will work 40 hours a week for 50 weeks a year that computes to a lifetime of 100,000 hours of work hours.  At:

    • $10 per hour you will earn $1,000,000 in a lifetime.
    • $20 per hour you will earn $2,000,000 in a lifetime.
    • $30 per hour you will earn $3,000,000 in a lifetime.
    • $40 per hour you will earn $4,000,000 in a lifetime.
    • $50 per hour you will earn $5,000,000 in a lifetime.
    • $60 per hour you will earn $6,000,000 in a lifetime.
    • $70 per hour you will earn $7,000,000 in a lifetime.
    • $80 per hour you will earn $8,000,000 in a lifetime.
    • $90 per hour you will earn $9,000,000 in a lifetime.
    • $100 per hour you will earn $10,000,000 in a lifetime.

As you can see, you are a millionaire before you start. The key is to efficiently convert all of those hours into money and not spend all that you earn. To achieve financial security you will need to set aside some of those financial resources  to provide economic security when you no longer work 40 hours a week for 50 weeks a year.

There are several paths to accumulating financial resources and creating financial security. One choice would be to work very hard at a low wage for many more than 40 hours a week and live frugally to accumulate a lot of resources. If that is your choice, good luck, but I probably can’t help you.

As an alternative you could develop some unique talent or skill that will provide you with high compensation for the time you work. A superb education and great talent to become a highly compensated athlete or rock star would work, but the risk is high of not achieving success. Consider how few highly compensated professional athletes or entertainers there are among more than 300 million Americans.

A far more likely path to accumulating wealth and achieving financial security would be to become a leader in helping other people create wealth.  This is the path to wealth followed by many of the most successful individuals in our economy.

It doesn’t matter what you are called a manager, boss, salesman, peddler, account executive, application engineer or financial consultant there is always a need for true leaders and sales professionals. Don’t kid yourself about selling; selling is simply another form of leadership.

The reality is that leaders and other professionals must have skills of persuasion to be successful in their chosen profession. The surgeon who is unable to convince a patient on a high risk, but necessary, surgery will fail to maintain the patient’s life. The attorney who fails to convince the jury of their client’s innocence will see that same client hauled off to the hoosegow. The financial consultant who fails to sell the retirement plan with all those excellent investments will likely see their client spend their later lives trying to get by on their meager savings.

There are numerous essential strategies and skills commonly used to create wealth;  they are often viewed as the strategies or skills of management or leadership and both leadership and salesmanship are closely related if not interchangeable. I have identified what I believe are the eight strategies that are consistent for the successful practice of either salesmanship or leadership. They are: