There are 4 main paths to becoming a millionaire—and this is the easiest one, says money expert

Unless you were affected into a rich family, building wealth can be very hard — depending on the path you choose.

Many people look at multi-millionaires and desperately call for to know: What’s their secret? How did they get there? What does it take?

Those are the things I wanted to differentiate back in 2004, when I began my “Rich Habits” study, in which I spent five years interviewing and examining the daily activities, habits and traits of 233 wealthy individuals. All of them had at least $160,000 in annual gross takings and $3.2 million in net assets.

During my research, I found there are four predominant paths toward accumulating cash. The “Savers-Investors” path is the easiest, while the other three involve much more risk.

Good less than 22% of the millionaires in my study chose to take the Saver-Investors path. Not only is it the easiest way to build wherewithal, but if you start early, it almost always guarantees a lot of money.

The Saver-Investors in my group reached their first $1 million throughout their mid-to-late 30s, and accumulated an average net worth of $3.3 million by their mid-50s.

They also had four utensils in common:

1. They typically had a middle-class income (many reached a six-figure salary early in their career, and if they didn’t, they functioned very frugally.)
2. They had a low cost of living and preferred to save, rather than spend lavishly.
3. They laid 20% or more of their income.
4. They started investing their savings early in life and continued to do so prudently for profuse years.

No matter what their day job was, this group made saving and investing part of their routine; they were constantly viewpoint about smart ways to grow their wealth.

The Savers-Investors path isn’t for everyone. It requires enormous financial drill and long-term commitment.

This is perhaps the hardest path to building wealth because it requires the searching of a dream, such as starting a business, becoming a successful actor, musician or author.

Approximately 28% of the folks in my analyse were Dreamers, and they accumulated an average net worth of $7.4 million — far more than any of the other groups — once more a period of about 12 years.

All of them told me that pursuing their dreams was one of the most rewarding fancies they had done in their lives. They loved what they did for a living, and their passion showed up in their bank accounts.

Those who crave to take this path, however, must be willing to work long hours and able to handle financial force. The Dreamers in my study worked more than 61 hours per week before finally achieving their visions. Weekends and vacations were almost non-existent.

Trying to make ends meet was not easy. At first, getting a unending paycheck was “nearly impossible,” one Dreamer said. It was even harder for those who had families to support. To finance their conjure ups, some decided to put off buying a home, while others dipped into their retirement savings.

If you’re risk-averse, this walkway may not be for you.

Climbers are individuals who work for a big company and devote all of their energy into climbing the corporate ladder until they go down a senior executive position.

This is the second-hardest path to becoming a millionaire, and about 31% of the rich people I forced fell into this group. It took them an average of 22 years to accumulate a net worth of $3.4 million or profuse. In most cases, their wealth came from either stock compensation or a partnership share of profits.

To be a Romanticist, you must have strong relationship-building skills. Networking and making lasting connections with powerful people in your work is essential.

Like Dreamers, however, Climbers also have long work hours. The ones I interviewed all arrived at the house early and left late. Many were required to travel frequently and even had to sacrifice a lot of their vacation period.

Profitability is a huge factor in determining a Climber’s success. If their company struggles financially, their time and investment there capability not be rewarded to the extent they had expected.

Roughly 19% of the participants in my study chose this course. Virtuosos are among the best at what they do in their profession. They are paid a high premium for their education and expertise, which sets them apart from the competition.

It took the Virtuosos in my study about 20 years to reach an middling net worth of $4 million. Some worked in the medical field, while others worked in law. A handful either being done for large, publicly-held corporations, or they were small business owners with highly profitable enterprises.

Of passage, Virtuosos aren’t necessarily born with natural intelligence. They must spend many years continuously look ating and learning. Formal education, such as advanced degrees, is usually a requirement.

This means investing an enormous amount of cold hard cash and time before seeing any payoff at all. Not everyone has the ability to devote significant hours every day practicing their sail or the financial resources to pursue advanced degrees.

Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Lady-killer Our Children to Be Happy and Successful in Life” and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”

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