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The widely held view regarding the most reliable way to acquire wealth includes: good grades, working hard, salary rises, getting promotions, fixed deposits, and making investments with 10% of your capital. Based on this belief, people work hard all year long with the intention of saving by the end of it. Unfortunately, our plans can never keep pace with life’s changes. Events like unexpected bankruptcy, supporting a family, and crazy shopping, can all potentially use up your income.
Many people work for years but can barely afford a single room in large cities. Many people sweat for a better life, but rarely receive a promotion. Many people carefully design investment portfolios, but the generated yields are even lower than the inflation rate. Many of us are just like poor rats, ceaselessly striving for money, but continuing to struggle in the mire of poverty and mediocrity.
Early in the 19th century, Italian economist Vilfredo Pareto, through extensive analysis of concrete examples, observed that 80% of the social wealth is owned by 20% of the population. This observation is known as the Pareto principle, or the 80/20 rule. Based on this theory, you may start to wonder how the richest 20% work towards wealth accumulation. Do they follow a path similar to the rest of us? Do they have a secret wealth-building strategy instead? The Millionaire Fastlane will share those inside stories with you.
