Quick Wealth Growth Philosophy

This is a follow up to my Wealth Philosophy writing. I would recommend reading that as well.

Lets see, the foundation to the quick wealth growth philosophy is entrepreneurship. A lot of people are afraid of this or unwilling to do this. In that case you should read the slow wealth growth philosophy. Basically the goal is to create a large principle that can be investing and throw off a nice 10% return every year.

Lets say we want this 10% return to be $1,000,000 (this is not as farfetched as you may think when it comes to entrepreneurship). That means we need $10,000,000 in principle (with taxes and inflation that number is actually around $14,300,000, but we will stick with $10,000,000 just because it's a nice number).

This goal is in nature the same as the slow wealth growth philosophy just different principle numbers. The other difference is the method of getting that principle. The only way to raise that amount of money in say under 7 years is through some form of entrepreneurship. I say some form because it could be through something like writing a book or selling a really really good piece of art, both of which use specific and cultivated skills. For this discussion we will stick with building a business.

There are two different ways through building a business that one can recieve a large payout in a short amount of time. One you can build a business that eventually has a liquidation event such as an IPO or acquisition or you can build a buisness that continually throws off large amounts of profits that you can save up over a short period of time. Either way at the end you have accumulated a large amount of wealth relatively quickly that you can now invest for a return.

The hard part in all of this is the building of the business of course. This is why quick wealth growth recquires a greater knowledge of entrepreneurship, startups, and business law. There are so many details I could go into about starting a business but that is not the purpose of this essay.

Things are easier when the skills and instinct you have been developing become the groundwork for your business. If you have been working in a certain industry for a while developing an instinct of that industry and you have been developing the ability to code in the programming language Ruby as a skill, you can effectively find a flaw or inefficiency in the industry that could be helped through a better stand alone program or web application. By developing your programming skills you can "see" the framework of the code while you are evolving the idea and taking on such a large project starts to become much less scary. You also save a bunch of money with not having to hire programmers.

This is by no means the only way to start a business I myself am an exception. My instincts and many of my skills don't help me directly with my offline business. So don't give up hope thinking because you can't code you can't start a business, though like I said before in my Wealth Philosophy essay things become monumentally easier when you do have a real skill of some type.

Once you have effectively achieved your principle from your business and you are ready to invest, you probably won't need to do any fancy investing techniques. I would suggest hiring a great team of experts such as a financial planner, tax lawyer, and whatever else you need and just give them control of the money with rules on what you want and be done.

I hope this has been of some use, like I said there is so much when it comes to building business's but this is just the philosophy around it. The other two philosophies are slow growth wealth and sustainable wealth growth.

My personal site is: Michael Plater II