The Rules of Wealth, 4th Edition

RULE 36

Real wealth comes from deals not fees

I’m not saying that it’s impossible to become wealthy working for someone else, because it can happen (see the next Rule). And of course you have to define wealth, as we saw in Rule 2. It may be that you have no ambition to rival Bill Gates in the wealth stakes, but would be happy with a mortgage-free house, a couple of luxury holidays a year, and a good lump sum set aside for emergencies or to pass on to the kids. In that case selling your time, which is what you’re effectively doing as an employee or a freelancer, may make you wealthy if you’re sought after enough.

Look at the professional classes – they’re a good example of what I mean. Lawyers and top doctors and successful financial advisers ...