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7:18 pm - Friday December 9, 2016

Coming To Terms with Never Getting Rich – A Look at the Pre-Requirements

| Budgeting, Investing | Rating: 4.5
by Numan

What If I just don’t have what it takes to get rich?

I simply don’t have it. It being the elusive trait self made rich people have. Whether it is simply daring, risk ignorance, animalistic instincts or just a plain good old entrepreneurial spirit I simply don’t have it and I’m starting to think I never will.

I’m not talking about simply being successful which it no small feat in itself. I’m talking about getting truly rich, several millions of dollars worth kind of rich. It seems like some people are just born with the right set of traits combined with a bit of luck and make it big.

It shouldn’t be that hard. Many rich people aren’t as smart as me and aren’t as talented. Why can’t I make a small fortune then? What is it that I lack?

I’ve given quite some thought to the matter and come up with several key traits and circumstances which one needs in order to get rich. I believe the following are essential to getting truly rich and they carry a price, as anything in life does.

#1 Hunger

Many self made rich people describe their childhood as less than ideal. Many tell stories of poverty and lack of means. Many rich people developed a sort of hunger that grew from a lack of means or a need to prove something. Paradoxically enough, the better the childhood you had, and the lack of “traumas” you had to face the less you have to prove as an adult and as a result chances are you are pretty comfortable in your upper/middle class social standing. I haven’t developed any real hunger for anything other than for money that will serve for a comfortable retirement at 40.
This hunger serves as a driver for going and getting. Without something to prove, why bother with all the hard work?

#2 Entrepreneurial Spirit

Some people are born entrepreneurs. We all know a friend of a friend who owns one coffee shop here, two apartments there and a small start-up company elsewhere. These people can’t really live any other sort of life without great frustration. Entrepreneurs usually keep on going forever, long after they’ve already ripped great financial success. It’s their nature.
Serial entrepreneurs are very common in the High-Tech industries, in real-estate and everywhere really. They always initiate, think of new ideas and somehow have a god given talent of starting anew.

#3 People skills
There’s no success without people. They buy, sell, manage, work and we’re totally dependent on them. Humans are social animals and without good people skills not much can be achieved. The current networking trend or plain old connections serve as success multipliers. Sometimes a good word or a friendly introduction can open doors to huge opportunities. In the end, it’s all about people.

#4 Risk “Ignorance”

For the lack of a better term risk ignorance is what I name the ability to take risks without being intimidated by them. It may even be more extreme. They may ignore risks at all. Thinking about risks limits our actions. Any rational person considers his actions before taking them usually weighing the risks and benefits.

If you’re like me you’re very risk averse and will probably never mortgage your house to finance any business endeavor, for example. Risk and return are tightly bound, as we know, and therefore chances of getting really rich are slim to none since a sacrifice is required.

#5 Luck
The other necessary side to risk ignorance is a healthy dose of good luck. Rich people stories are naturally success biased. We almost never hear of people trying and failing since it doesn’t sound as glorious.

We are fed success stories and naturally value our chances at success much higher than they really are. Risk, by definition carries a certain chance of success and a certain chance of failing. The stories that do get to us are of the people who already proved to be lucky in one or more business adventures.

It’s Better to Try and Fail Than to Have Never Tried At All …

I hold quite a deterministic point of view. Philosophically wise it makes sense to me. Still, there is no better way to get to know oneself than actually trying. It doesn’t have to be a big bang try which will end up with heavy personal cost. Any small initiative might succeed (like this tiny little blog of mine which in my standards is doing quite well).

From my personal experience there are only a few experiences quite as empowering as making $100 dollars on your own, without the grace of an employer.

I’m coming to terms with never getting really rich. Becoming more successful is something I aspire to and work hard for but still, I almost know I’ll never be able to look at my balance and see a 7 figure, not to mention 8 figure number shining brightly back at me.

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