Investing without Wall Street: The Five Essentials of Financial Freedom

CHAPTER 19

Increasing Your Workplace Income

This book is about making money, so there is no need to restrict it to the most common types of investing. I've already discussed collectibles, which have made fortunes for a knowledgeable (or lucky) few. Now I want to discuss a few of the ways that both employers and workers can enhance their incomes.

To get truly rich. . . .

Own Your Own Business

The best way to become wealthy is to be an entrepreneur and own your own business. You will recall that earlier I noted that in an article in Kiplinger's, 9 of the 11 millionaires profiled had made it by starting their own businesses.

Conversely, employees, excepting some CEOs, and key presidents of the largest corporations, seldom get really rich. And once you get beyond Warren Buffett, how many people can you name who made billions investing passively in other people's businesses? I can't name any offhand. And even Buffett's investing is only partially passive.

Entrepreneurship Is Not for Everybody

It's risky. According to some business experts, over 80 percent of all new enterprises fail.

You have to work very hard. In the beginning you will find yourself doing menial jobs that in a large corporation would be handed off to lower level employees. As Eitan Wertheimer, the CEO of Iscar, an Israeli high-tech company, put it, “If you sleep on the floor, you never have to worry about falling out of bed.”

Forget about diversification. You need to put all your eggs in one basket—yours.

You can't ...