Get Rich (or Die Trying): the Field Guide | Step 1: What does 'Getting Rich' Mean to You?

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In this blog series, I use my experience working with thousands SME clients as Managing Director of Apex Accountancy and Business Clan to guide you through getting rich: what it means, why it’s not rocket science, and exactly how to do it – step-by-step.

The journey to financial success is as unique as the individuals embarking on it. Wealth extends beyond mere numbers in a bank account, and if you don’t have a solid grasp of what you’re after, you may end up adopting notions of what family, friends or society perceive to be wealth. If those notions do not align with your own, you may end up feeling lost and unfulfilled, even if the numbers are adding up.

There’s no accounting for taste (pun intended)

Rich to you might be never having to think about bills, or it might be a number like ￡100 million. Or it might be rich in experiences and the ability to be more free. If you’re after life-enriching experiences, money will still be important to ensure you have access to those experiences, but there is much room for other priorities in life. Conversely, a single-minded focus on growing that bank balance might be appropriate if you’re after the comfort of a mortgage-free home, or if you have a specific number in mind - ￡1 million, ￡10 million, ￡100 million or even billions! The sky’s the limit, but be prepared to be realistic in estimating the personal sacrifices proportionate to the size of your goal.

Entrepreneurship vs employment: a personal choice

Once you've defined what 'getting rich' means, it’s time to chart the course. With great risk can come great reward, and the potential for the greatest riches can often lie beyond the initially intimidating gates of entrepreneurship. However, not everyone is cut out to be an entrepreneur, nor does everyone aspire to be one. Salaried positions can be incredibly lucrative and fulfilling, offering stability and the opportunity to excel within a structured environment.

Key factors to consider might include:

·????? What’s your risk appetite?

·????? What’s your financial cushion looking like (i.e. for how long will your savings tide you over until you start generating profit as an entrepreneur)?

·????? What are your skills and industry experience?

·????? Are you more of a specialist with deep technical skill but little business acumen, or are your interests and skillset broad enough to manage a business, including finances, strategy and operations (if not, accountants and/or growth partners such as Business Clan )?

·????? Do you prefer autonomy or structure?

·????? What work environments do you thrive in?

·????? Are you comfortable not having employee benefits? What about defined career progression?

Choose wisely, but don’t feel pigeon-holed by your choice. Some of the best entrepreneurs gain invaluable skills and experience through previous employment, and vice-versa. It is also possible to be a contractor, which may offer flexibility alongside a certain level of financial stability.

The Reality of Entrepreneurship: Glitz and Glamour?

Entrepreneurship doesn't always mean coming up with the next tech unicorn or engaging in capital-intensive ventures. Some of the most successful entrepreneurs we work with at Apex Accountancy are individuals in skilled trades or those who run what some may perceive as 'unglamorous' lines of work. They are handymen, electricians, plumbers, and more – people who have identified a need in the market and have set out to fill it with their skills and hard work. These entrepreneurs remind us that successful business ideas do not have to be flashy; they need to be necessary, viable, and executed with dedication and skill.

In a nutshell

‘Getting rich’ is not one-size-fits-all. Whether you're an entrepreneur, a salaried professional, or somewhere in between, explore exactly how much the numbers factor in your unique path to wealth. So, if you haven’t already, now is as good a time as any to embark on a personal journey, beginning with a simple question: what does 'getting rich' mean to you?

This series is produced to mark the launch of Rohit the Accountant on TikTok, Instagram & Youtube: @rohittheaccountant. Follow for more where this came from!