Can I become rich while doing a job? Or I need to start my own business to become rich? I recently received this tricky question in my mailbox. My first thought on this question was one cannot become rich while working for someone else.
However, starting a business is not everyone’s cup of tea. Many people still prefer steady paycheck as they are happy and comfortable working for the boss, who pays their monthly bills. So, what is the solution? Well, if you are happy with your job security and still want to become rich this post is for you. In this post, I will share 5 different ways to become rich while working for others.
How to become rich while doing a job?
Join LLP or Earn Partner status
The first way to become rich while doing a job is to join LLP. LLP is Limited Liability Partnership Company. LLP companies shares company’s profit to their partner cum employees. You can join good LLP Company and enjoy profit share in the company.
If you are unable to join LLP, don’t get disappointed work hard and show your expertise and capability to your boss. Take your boss into confidence that you are the right person to join him as a business partner.
Opt for Stock Option
The second way to become rich while doing a job is to opt for employee stock option. A stock option is generally negotiated during the job interview process. Find a good company offering a stock option. Opt for the stock option that can make you rich. However, you need to be cautious as ESOP option may come with binding to work for several years.
Make Wise Investment
The third sure shot way to becoming rich while doing a job is to make a wise investment. You can select asset class such as equity, real estate, mutual funds or fixed deposit based on your risk appetite. If you are clueless on the selection of investment option, put serious efforts into finding a financial expert who can help you in deciding best investment options for investment. Make sure to invest via SIP route and diversify your investment in order to reduce risk.
Start a side business
The next way to become rich while doing a job is starting a side business. However, this requires a lot of energy and dedication. Your work starts once your day job ends. You need to make sure that your side business idea isn’t conflict of interest for the company you work with or competitor.
Take over the business
Another way to become rich is to take over someone’s business. This can be done via two ways. First is by making capital investment and secondly is on the retirement of the business owner. If your business owner is not nearby retirement age, look for the possibility that someday he will set business aside to work on another venture.
At last, it can be concluded that one can also become rich while doing a job.
What is your way of becoming rich while doing a job?