I think One of the reason why people remain poor even while earning a decent amount of money from their businesses is the fact that they see money as a spending means and not investing....
When building a business, it requires some level sacrifice and discomfort, after there have been significant growth l, money can be spent for expanding the business. At this point, it is not referred to as spending but as investing, because the changes and expansion will bring in more profits.
However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business
Speaking of wealth and in the context of life nothing is impossible, and there are no definite answers or certainties in life. This means anything can happen in this world. Poor people can become rich, and rich people can become poor; nothing is impossible, whether through hard work or luck.
The important thing is to create a plan and be consistent with what you're doing now. You can also become rich without a business, as long as you have investments. Relying solely on your salary is impossible unless you have a very large income. Essentially, you must save money and invest to increase your income. Ultimately it all comes down to your mindset and decisions. Becoming rich isn't just about your income and the number of businesses you have, but it's also about your mindset and behavior in managing your finances.
Well said. Wealth is not just about having a high income or multiple businesses, it’s all about mindset, discipline, and the ability to manage resources. Like you actually mentioned, nothing in life is guaranteed the poor can rise, and the rich can fall. That’s why relying on one source of income, like salary alone, is risky.