Today we’ll cover the third element of the ABC’s approach: Creativity. It’s a fact that three quarters of all self-made millionaires own one or more businesses. Entrepreneurialism is the fast track to financial success, but it’s not for all people.
If you’re at all risk averse, you’re probably better off following the suggestions in the Behaviors section of the book. That is: if you live relatively frugally (remember to have some fun along the way) and regularly put aside money for investments, after a normal working life you can expect a comfortable retirement with something left over for your kids.
For the entrepreneur that’s just not enough. He or she wants the challenge and thrill of starting and running their own business. Their annual pay is virtually unlimited. But it comes with risks. Most entrepreneurs have failed at least once. But instead of retreating, have learned from their mistakes and applied the learning to their next venture.
You don’t have to invent the next generation of smartphones or cure cancer to make a million dollars. How about the 16 year-old necklace designer and her younger sister selling $800,000 worth of jewelry per year? Or the 13 year old that bakes chocolate farm animals, bringing in one million dollars a year in sales? Or the environmentally concerned 12 year old who started a grassroots organization lobbying big companies to act more responsibly toward the environment and built a successful line of eco-friendly products?
Not sure about your entrepreneurial abilities? Check out The ABCs Entrepreneurial Indicator in the free resources section of our website. Following your passions and using your Creativity could be your ticket to financial success.