Monday, May 28, 2012

First Step for Millionaires in the Making

There are roughly 9.5 million millionaires in the world, and it's more than likely 99.9 percent of them didn't get rich on their own.

According to the latest World Wealth Report released in June by Merrill Lynch & Co., the amount of worldwide millionaires jumped from 8.7 million due to a powerful global economy. The combined wealth of the world's richest is equal to .2 trillion, an 11 percent increase from 2005.

Expansion and emerging economies has played a tremendous role in the creation of wealth. The ranks are swelling in the United States and abroad, but the one truism about becoming a millionaire, whether it's in Europe, Asia or the U.S., is that you can't get their on your own.

My new book, How Come That Idiot's Rich and I'm Not, covers several topics, including how the rich attain their financial status through the help of others, which I call O.P. Power.

Some of the world's most successful individuals Donald Trump, Bill Gates and Andrew Carnegie didn't become a success on their own. They harnessed the power of other people, tapping into teamwork and surrounding themselves with those who had a common vision. If you attempt to do everything yourself, you will fail.

The study from Merrill Lynch predicts that by 2011, wealth among the world's rich is expected to eclipse trillion, rising at an average yearly rate of 6.8 percent. Nearly all of those who have and will become wealthy have assembled a dream team of individuals who represent both the power of the new entrepreneur and the seasoned professional.

After you've created the idea for getting rich, the first priority is to surround yourself with the people who can make that happen. Using their experience, their ideas, their time and their money is paramount to achieving success. You can have the vision on your own, but you're going to need to assemble a great team to realize that vision.

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