How to Become a Rich Man
In his book “How to Get Rich”, Donald Trump defines a rich person as someone who is well-endowed in terms of financial wellness. However, the journey to becoming rich is not smooth and cozy as it takes lots of sacrifice and exceptional calculations in life. Trump expounds more by saying that financial wellness is not a subject taught in school or institutions of higher learning. However, in order to become rich, “people must first change their psychological approach to success, money and happiness” (25). This essay discusses and provides compelling examples on how to become rich.
The top three world’s richest men are Carlos Slim, Bill Gates, and Warren Buffet. Although the world’s richest men used different means to create wealth, all of them are in agreement that the primary rule of becoming a rich man is to invest in financial education. Before investing in any business, Trump advises that financial education on money matters is the key to richness (56). Becoming a rich man does not entirely depend on having huge sums of money to start up a business and expect huge returns. However, it entails understanding the basics of financial wellness through reading books written by financial experts such as Robert Kiyosaki, Donald Trump, and Harv Eker. Besides, it is recommended that people who yearn to become rich should make it a priority to attend workshops, conferences, and seminars held by top financial gurus on money management habits. What is more, Trump (60) contends that education curriculums should be reviewed to integrate “financial education” as a core subject since money is a component of both the rich and the poor.
Another significant way of becoming rich is developing positive money management habits. This means that income generated from any activity should be consolidated and allocated to the right places. For instance, 50% of all income should be channeled to necessities, while 10% should be given to charity or put into a consolidated account (Trump 125). People must develop the habit of differentiating between assets and liabilities as this will be essential in handling financial statements. Furthermore, Trump expounds that assets are things that generate money, while liabilities are things that use up the money generated from assets (198). For example, houses that generate rent on a monthly basis can be classified as assets, while a house on a mortgage is a liability. Similarly, a vehicle used for business purposes is an asset, while a vehicle used for leisure is a liability. Therefore, it is essential to get a financial mentor who will be of help in terms of personal and business finance. In the words of Trump, to become rich and financially successful is not “Greek” but just simple math (243).
Have you ever wondered why 90% of all small businesses collapse within the first five years of existence? All over the world, small businesses are constrained in terms of income generation due to the lack of “power of business leverage”. In order to become a rich man, it is vital to develop the art of using leverage in business. Trump describes leverage in business as simply integrating the OPR (Other People Resources) in business (65). This entails generating and tapping talent, skills, time, and money in speeding the growth of business and life, thus becoming a rich man. To become a rich and successful man in life, it is required to master the art of letting a business work as opposed to working for the business. The greatest example of how to become a rich man by incorporating others is that of Mark Zuckerberg, the “Facebook guru”. At one time, Mark Zuckerberg earned $150 million annually from advertisements on Facebook, thus earning him the title of the world’s richest man by Forbes Magazine. In the case of Mark Zuckerberg, he used the business leverage of reaching out to billions of people on Facebook and incorporated them into his system. Can you imagine that Mark Zuckerberg can decide to go for vacation for five years and still come back to find his business up and running? The lesson we can learn here is that it is essential to develop the art and science of working with others, thus augmenting the business leverage and generating maximum returns.
In order to become a rich man, it is vital to develop the culture and spirit of sharing. A few decades ago, nobody knew that China, Korea, and Japan would become rival wealthy countries such as America, Russia, and Germany in terms of wealth creation. Today, the Chinese form the clique of the world’s richest people because of the “abundance mentality” of sharing information on business innovation and creativity. It is said that, in the Chinese culture, accomplished businessmen have the responsibility of pushing up potential investors, thereby protecting their own business and making the economy stronger. The key to becoming rich is sharing of business knowledge, opportunities, ideas, information, and resources. According to Trump, rich people are those whose mindset is “financially free” and who have detached themselves from material wealth and money (153). Further, Trump asserts that becoming a rich man does not entirely depend on the current material wealth possessed by an individual, but on the readiness to manage future wealth.
Finally, becoming a rich man is a gradual process, which requires people to accept the fact that failures are essential components of growth and success. Trump is of the view that 90% of people are poor, because they are afraid of taking risks that could lead them to financial wellness. For example, most people are comfortable working for the government and paying huge taxes, because they are assured of job security. As a result of the uncertainties and unpredictability of investing in business, most people lose their chances of becoming rich by simply accepting a mediocre life. However, if you read the stories of the world’s richest men, it is evident that they did not have a perfect journey to richness. Therefore, to become a rich man, it is imperative to have long-term goals that can assure you of financial wellness.
In conclusion, I would like to borrow one of Trump’s business quotes: “It is better to sacrifice your life in the first few years and enjoy wealth for the rest of your life THAN simply enjoying a mediocre life without enjoying the fruits of your hard work”. Therefore, becoming a rich man requires dedication, sacrifice, tolerance, and financial knowledge. Above all, richness does not come from material wealth, but from the mindset to achieve greater things in life.
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