Many (especially young folks) engineers want to know how to become wealthy. They think that increasing TC is how to get rich - but that’s not the only formula. A plumber can actually end up with more wealth than an engineer.
In order to become rich, you need to do three things: Avoid debt, Get a high TC job, and Earn money while you sleep (passive income).
A plumber that makes $50k a year but saves $30k is more wealthy (long term) than an engineer making $100k but saving $10k.
I made this video for folks that are interested in this subject. Keep in mind that it’s a long video (~30 min) so be sure to grab your popcorn before watching it.
If you have it, you will become rich. All other behaviors will come from that single trait:
- Work hard
- Invest for long term
- Take risks