Dr. Nicholas E. Michels: How Do Entrepreneurs Build Lasting Wealth?

Dr. Nicholas E. Michels, author of Rich by Choice: Take Back Control, Master Your Money, and Design the Life You Deserve, turned a childhood shattered by his parents' divorce into a lifelong passion for financial empowerment. As a financial advisor managing billions in assets through Michels Family Financial, Dr. Michels shares his journey from adversity to entrepreneurial success. Whether you're a young professional dipping into startups, a mid-career switcher seeking stability, or a first-generation entrepreneur building from scratch, his insights reveal that true wealth extends beyond money—it's about creating security, joy, and legacy for yourself and your loved ones.

The Turning Point: Lessons from Childhood Adversity

Dr. Michels' story begins in the summer of 1996, when his parents' divorce upended his world. "Your dad and I are getting divorced," his mother told him, words that transformed a carefree childhood into one marked by financial struggle. His family shifted from abundance to scraping by, with his mother working three jobs to support four boys. This experience taught him early on how money can profoundly influence life—for better or worse.

For aspiring entrepreneurs from diverse backgrounds, this resonates deeply. If you're a first-generation business owner navigating economic challenges, reflect: Have you faced a moment that redefined your relationship with money? Dr. Michels turned his pain into purpose, vowing to protect others from similar hardships. His drive led him to devour knowledge on finance, ultimately helping his mother rebuild her life. Today, he looks her in the eyes and says, "You never have to worry again." This personal motivation underscores his core message: Building wealth as an entrepreneur isn't just about accumulation; it's about fostering peace and confidence in your family's future.

Mentorship and Key Activities: Foundations for Success

Entering the financial industry fresh out of college, Dr. Michels quickly realized how much he had to learn. He pursued certifications like Certified Financial Planner and Series 7, while absorbing wisdom from three mentors. Their guidance emphasized humility and action: "The first thing I did learn is how much I didn't know."

A key takeaway for entrepreneurs? Identify and replicate success. Dr. Michels advises finding mentors who've achieved what you aspire to and "copycat everything they did—how they dressed, how they talked, what their processes were." He focused on four daily key activities, primarily centered on connecting with people: "How many people can I get in front of every single day, whether face to face or a phone call saying, 'Hey, I'm Nick Michels, I'm a financial advisor and I want to help you.'"

This approach eliminated stress for him, even in a competitive field where building a business was "tougher than getting into Harvard," according to industry stats he encountered. For mid-career switchers, challenge yourself: What are your daily key activities that drive growth? Implementing them consistently can propel you toward financial freedom, much like compound interest— a principle Dr. Michels learned from a high school boss, Rex, who showed him how small savings grow exponentially over time. Studies from sources like Investopedia confirm that starting early with compound interest can turn modest investments into substantial wealth.

Personal Breakthroughs: Aligning Money with Life Goals

Dr. Michels' path wasn't without pitfalls. Despite early success as one of the youngest partners in a prestigious firm, his personal life suffered. A memorable car ride home with his wife, Chelsea, highlighted the issue: Amid another money disagreement, she said, "Nick, I just want to know that we're in this together." This prompted a shift—he realized handling finances solo was a mistake.

They created a "vision statement," outlining shared goals: "What is the exact life you want? What kind of lives do we want to build for our kids? What experiences do we want to have together?" As detailed in his book, this tool helps couples and entrepreneurs align on purpose beyond mere dollars. For global entrepreneurs balancing cultural expectations, this inclusivity fosters unity. Dr. Michels emphasizes, "We became one, that we were in this together."

What Are Unique Abilities and How Can They 10x Your Business?

As businesses scale, Dr. Michels recommends focusing on "unique abilities"—tasks you love and excel at, yielding a 10x return. Delegate the rest: Things you're good at but dislike offer only a 5x return, while disliked and unskilled tasks drag you down.

He warns against skipping stages: "One of the biggest mistakes I see... is they try to go from level one to level six overnight." Start small, like testing an ice cream recipe at events before opening a store. For underrepresented entrepreneurs, this phased approach conserves capital and builds momentum.

Faith and Finance: Timeless Wisdom for Modern Entrepreneurs

Dr. Michels' book draws parallels between biblical principles and modern finance, inspired by reading the Bible cover-to-cover in his 30s alongside business texts. "You can translate and find all great money advice, business advice, success advice in life to the Bible," he notes, citing figures like Henry Ford whose strategies echo ancient wisdom.

Without pushing beliefs, he highlights fundamentals like stewardship and diligence that stand the test of time. Research from Harvard Business Review supports how ethical, long-term thinking boosts entrepreneurial success.

Giving Back: Empowering Future Generations

Today, Dr. Michels and his wife run a nonprofit teaching financial literacy in high schools, funded by book proceeds. They engage teens with stories, pizza, and practical tips: "Money is going to influence your life. So it's something you have a choice. You can master it... or you cannot."

For readers, consider volunteering or mentoring in your community—it's a way to build legacy while reinforcing your own knowledge.

Key Takeaways and Your Next Steps

Dr. Michels' journey shows that entrepreneurs build lasting wealth through mentorship, daily discipline, alignment with loved ones, and timeless principles. True riches lie in joy, security, and impact.

Ready to apply this? Craft your vision statement today, identify your unique abilities, and start small. Grab Rich by Choice for deeper guidance—available on Amazon. Share your biggest takeaway. What one action will you take to build your wealth?