In my study, I discovered three types of self-made millionaires:
- Savers
- Entrepreneurs and
- Executives
This topic will focus on the Executives.
Executives are ordinary individuals who decide to spend their lives working for big, publicly-held companies. These companies offer additional compensation in the form of stock: qualified stock options, non-qulified stock options, discounted stock purchase arrangements, stock grants and restricted stock.
Employed, self-made millionaires use specific strategies that make them un-fireable:
- They become in-house experts within their company.
- They become industry experts within their industry.
- They develop a niche within their company or their industry.
- They forge power relationships with other influencers within their company.
- They forge power relationships with other influencers within their industry.
- They use four core relationship-building strategies: Hello Calls, Happy Birthday Calls, Life Event Calls and Networking/Volunteering.
There are many ways to become rich. Climbing the corporate ladder in a large publicly-held company is one of the less risky paths to accumulating wealth.
Isn’t this route crowded? It should be, because it’s an easier route to becoming rich.