This is from last weeks guest, Ken Fisher, on Jim Puplava’s Financial Sense. Ken wrote the book “The Ten Roads to Riches.” Here they are if you don’t want to read the book or listen to the interview, but he seems quite bright and I enjoyed the interview. He offers some different paths unlike what you normally find in these types of books like be frugal, invest well, avoid debt, etc.
- Start your own company – Are you building an empire (legacy) or are you building a business to sell (Paypal).Do you bootstrap (more control) or raise finance (less control, use this if you plan to sell). Decide public/private.
- Strategize your way into a CEO position – Find a little company that’s in trouble near you, and make a sales pitch as to how you can help them. While you’re running this company, start looking for another job with a company that’s a little bit bigger and keep moving up this ladder.
- Be 2nd in command to a CEO – ride coattails – Steve Ballmer. Pick the right horse, meaning pick somebody who is elite in some way. Become indispensable. Don’t give up because most people aren’t a success their first time around. Persistence is the key.
- Use fame to generate more money – Celebrity products/services – George Foreman
- Marrying well/wealth
- Plaintiff’s Lawyers – use force of law to take money from other people. Not very ethical, but happens all the time. (Erin Brockovich)
- Other People’s Money – 20% of Forbes richest 100. Make money off of other people’s fortune, ie. bankers, money management, insurance
- Inventing income – inventor of ideas, like Harry Potter. Books –>Movies–>Toys–>anything you can think of that translates into royalties.
- Process of being a Real Estate Barron – Using leverage
- Road most traveled – be frugal, invest well, avoid debt, etc
