Tuesday, October 03, 2006

Quick Wealth: 7 Figures in 7 Years (Pt. 1).

Is it possible to find a quick track for retirement savings? That's the premise behind Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire by Michael Masterson.

All this week, I will feature one of the 7 strategies from the book. On the agenda today: How to Get Rich while Punching the Time Clock

Bottom-line summary: It's possible to earn a fat salary by becoming an integral part of the sales or marketing team of a growing company. Push for an equity stake or profit-based bonuses that will translate into a lucrative pay-off for you.

Here's the text from the news release:

Tip #1

"You can get wealthy as an employee.

Most people who achieve fast-track millionaire status do so by starting their own company or investing cold hard cash. However, as Masterson's book makes clear, you don't have to go that route.

Four-step plan:

1. Get a marketing, sales, or other key job with a company that has growth potential. Opt for a smaller, faster-growing company over a larger, staid one. Look for a job that gives you complete control over the selling process, from inventing the product to closing the sale and going back to the customer for more sales.

2. Make yourself invaluable to that company by helping it grow. In fact, make your new motto, "Grow, grow, grow." In order to reach your goal of financial success, you will want your importance within the company to grow, and you will want to ensure that the company itself is growing.

3. Make yourself known as a dependable, trustworthy moneymaker. Show your boss or bosses that you are good at making money, and publicize your progress.

4. Convince the stockholders that the company will be more profitable if they give you profit-based incentives. Don't waste your time listing your responsibilities, summarizing your track record, and recounting all the projects you've completed.

To earn equity in the company, you will need to do one of two things: 1. Find out what the company's biggest financial problem is and solve it, or 2. Discover a new way to increase sales and put it into action."

Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire (Wiley, October 2006), by Michael Masterson, who also wrote Automatic Wealth: The Six Steps to Financial Independence, Power and Persuasion

1 comment:

prlinkbiz said...

The only problem would be taxes on the moneyearned as employee if there is no business entity set up to run the money through. For any large gains investing, set up the appropriate business structure (can be done inexpensively and easily) in order to protect your earnings and keep from havign them taxed away.