10 Ways the Wealthy Do It
Ken Fisher April 24, 2009
WHAT does rich mean to you? A million? 10 billion? What’s plenty to some, falls far short for others. You need to decide what’s rich for you. And then it’s just a matter of making one of the 10 roads that lead to big wealth work for you. There’s a right road here for everyone who desires riches, if you can navigate the common pitfalls.
1. Start a successful business. Have a compelling vision? Leadership skills? An understanding spouse? You just might be a visionary founder. Founding your own fi rm can create astounding wealth. Half of the 10 richest Americans did this, including Microsoft’s Bill Gates, Oracle CEO Larry Ellison and Google wunderkinds Sergey Brin and Larry Page. This road works with scant restriction by industry, education or pedigree—Ph.D.s and college dropouts are equally welcome. Be warned: This road is not for the fainthearted. It requires courage, discipline, strategic vision, a talented supporting cast and Tefl on skin.
2. Become a CEO of an existing firm and juice it—a very mechanical function. Responsibility and running things come easy? But you’re no visionary founder? Some of our finest CEOs didn’t found the fi rms they lead—like GE’s Jack Welch. Non-founder CEOs can take firms to unthought-of heights. Fully half of America’s largest-fi rm CEOs make in excess of $8.3 million. Warning: Heavy is the head wearing the CEO crown. CEOs must be tough—more now than ever. Failed CEOs don’t just lose their jobs— they frequently end up vi l i f ied by the media, even indicted.
3. Hitch to a successful visionary’s wagon and ride along—it’s high value added. Good at picking winning horses? Think being boss is tough? Your destiny could be to ride along. Ride-alongs rise high, play critical roles, are well-respected leaders and get rich, but never bear a CEO’s pressure. Some famous ride-alongs ride high on the Forbes 400—Buffet’s sidekick Charlie Munger, for one, with about $2 billion.
4. Turn celebrity into wealth or wealth into celebrity and then more wealth! Seeking fame and fortune? Don’t mind abdicating privacy? Try cruising the rich-and-famous road. This road has two forks: One is talent, like Cameron Diaz or Derek Jeter; and the other is mogul, like Ted Turner or Rupert Murdoch—who run and own media empires.
5. Marry well—really, really well. Seem ridiculous? Then this isn’t your road. See it like this: You wouldn’t marry someone physically repulsive to you, so why marry someone fi scally repulsive? If money moves you, shop among the rich. If you don’t like the notion, fi ne. Leave the rich to those who care.
6. Steal it, legally. No guns necessary. Ever wish you could just take the money? Would you like some to see you as a hero? And others fear you? You can legally steal and be a hero as a plaintiff ’s lawyer, today’s Robin Hood. Idolized by Hollywood, plaintiff’s attorneys posture themselves as crusaders for the helpless—fi ghting big bad business to save the little guy. My apologies to other lawyers and law students if this sounds harsh, but it’s true: Most plaintiff law is a perfectly legal twist of thievery and thuggery. With targets the media loves skewering—big business, pharma, tobacco—your odds improve.
7. Capitalize on other people’s money (OPM)—where most of the rich are. Like telling folks what to do? Have nerves of steel? This road is paved with fees from other people’s money—money management, private equity, brokerage, banking and insurance. Some OPMers end up heroes, some in prison—there’s ample room for conflict of interest. But a good OPM richie effi ciently and ethically makes his (or her) clients rich at the same time.
8. Invent an endless future revenue stream—even if you’re not an inventor. Have wild imagination or none at all? Here you make an annuity-like future cash fl ow from something you create, own or patent that just keeps spewing cash. A gadget, book, song, movie or even experience. The big money is in getting rights, licensed or patented, for future reuse and generating reuse.
9. Trump the land barons by monetizing unrealized real estate wealth! Dream of building skyscrapers? Collecting rent? Don’t let the recent residential hoopla dissuade you—there’s huge money in being a land baron. Like other roads, it’s not easy. Successful land barons don’t just have a knack for fi nding tasty, unappreciated land and willing investors. They have the strategic vision of successful firm founders. They borrow!
10. Go down the road more traveled—save hard, invest well—forever. Like boring, predictable paths? The least sensational, but the most reliable, road to riches is saving linked to good investment returns. The road is wide enough for anyone with a paycheck. This road is not sexy. Frugal isn’t known for sexy.
Excerpts from The Ten Roads to Riches: The Ways the Wealthy Got There (and How You Can Too!), by Ken Fisher ( John Wiley & Sons Inc., 2008).
I am in the process of reviving my blog, which has been dormant for quite some time now. I still have my virtual assistant business alongside my full-time job, as well as a couple of direct marketing business with Tastefully Simple and Magnabilities. My blog moving forward will consist of my work and businesses and just what happens in life. There is so much to talk about, put down in writing, journal. I think I will start by updating my blog journal and see where this takes me.
Tuesday, April 28, 2009
Wednesday, March 25, 2009
Email Etiquette Tip
When it comes to the Subject field of your e-mail,
Always be brief and concise. For example if you
sell widgets, for a first time contact or Web site
request you could use: "Widget.com Information
You Requested."
The person on the other side should be awaiting your
information and recognize that Subject field as being
your response.
Typos, all caps or all small case can give the
impression you are a spammer - or worse yet,
someone who isn't literate enough to want to do
business with.
If the conversation is ongoing back and forth and
the focus changes direction, make a point of changing
the SUBJECT: field to reflect the conversation's new
direction.
This E-mail Etiquette Tip is provided as a
courtesy by: http://www.NetManners.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Always be brief and concise. For example if you
sell widgets, for a first time contact or Web site
request you could use: "Widget.com Information
You Requested."
The person on the other side should be awaiting your
information and recognize that Subject field as being
your response.
Typos, all caps or all small case can give the
impression you are a spammer - or worse yet,
someone who isn't literate enough to want to do
business with.
If the conversation is ongoing back and forth and
the focus changes direction, make a point of changing
the SUBJECT: field to reflect the conversation's new
direction.
This E-mail Etiquette Tip is provided as a
courtesy by: http://www.NetManners.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Success In A Pot
From Dr. Anthony Fernando's Dare To Dream, Practical Inspiration For Achieving Your Life's Goals.
Success In A Pot
I've shared this before, but it's worth sharing again.
Don't Quit!
Success In A Pot
I've shared this before, but it's worth sharing again.
Don't Quit!
Monday, March 23, 2009
Put Yourself On The Right Side Of Compound Interest
A great article for those who need to get their finances in order. Let me help you put a plan together. I can provide you with a complimentary financial needs analysis!
For many years, we have been a society of "buy now, pay later," often spending more than we made. People burned through any savings they may have accumulated, retirement planning was neglected, and credit cards were charged to the hilt. When property values were rising fast, many used their home like an ATM, taking out equity for cars, boats, motorcycles and other toys. [Read more . . .]
For many years, we have been a society of "buy now, pay later," often spending more than we made. People burned through any savings they may have accumulated, retirement planning was neglected, and credit cards were charged to the hilt. When property values were rising fast, many used their home like an ATM, taking out equity for cars, boats, motorcycles and other toys. [Read more . . .]
Monday, March 16, 2009
The Formula for Failure and Success
Failure is not a single, cataclysmic event. We do not fail overnight. Failure is the inevitable result of an accumulation of poor thinking and poor choices. To put it more simply, failure is nothing more than a few errors in judgment repeated every day.
Now why would someone make an error in judgment and then be so foolish as to repeat it every day? The answer is because he or she does not think that it matters.
On their own, our daily acts do not seem that important. A minor oversight, a poor decision, or a wasted hour generally doesn't result in an instant and measurable impact. More often than not, we escape from any immediate consequences of our deeds.
If we have not bothered to read a single book in the past ninety days, this lack of discipline does not seem to have any immediate impact on our lives. And since nothing drastic happened to us after the first ninety days, we repeat this error in judgment for another ninety days, and on and on it goes. Why? Because it doesn't seem to matter. And herein lies the great danger. Far worse than not reading the books is not even realizing that it matters!
Those who eat too many of the wrong foods are contributing to a future health problem, but the joy of the moment overshadows the consequence of the future. It does not seem to matter. Those who smoke too much or drink too much go on making these poor choices year after year after year... because it doesn't seem to matter. But the pain and regret of these errors in judgment have only been delayed for a future time. Consequences are seldom instant; instead, they accumulate until the inevitable day of reckoning finally arrives and the price must be paid for our poor choices - choices that didn't seem to matter.
Failure's most dangerous attribute is its subtlety. In the short term those little errors don't seem to make any difference. We do not seem to be failing. In fact, sometimes these accumulated errors in judgment occur throughout a period of great joy and prosperity in our lives. Since nothing terrible happens to us, since there are no instant consequences to capture our attention, we simply drift from one day to the next, repeating the errors, thinking the wrong thoughts, listening to the wrong voices and making the wrong choices. The sky did not fall in on us yesterday; therefore the act was probably harmless. Since it seemed to have no measurable consequence, it is probably safe to repeat.
But we must become better educated than that!
If at the end of the day when we made our first error in judgment the sky had fallen in on us, we undoubtedly would have taken immediate steps to ensure that the act would never be repeated again. Like the child who places his hand on a hot burner despite his parents' warnings, we would have had an instantaneous experience accompanying our error in judgment.
Unfortunately, failure does not shout out its warnings as our parents once did. This is why it is imperative to refine our philosophy in order to be able to make better choices. With a powerful, personal philosophy guiding our every step, we become more aware of our errors in judgment and more aware that each error really does matter.
Now here is the great news. Just like the formula for failure, the formula for success is easy to follow: It's a few simple disciplines practiced every day.
Now here is an interesting question worth pondering: How can we change the errors in the formula for failure into the disciplines required in the formula for success? The answer is by making the future an important part of our current philosophy.
Both success and failure involve future consequences, namely the inevitable rewards or unavoidable regrets resulting from past activities. If this is true, why don't more people take time to ponder the future? The answer is simple: They are so caught up in the current moment that it doesn't seem to matter. The problems and the rewards of today are so absorbing to some human beings that they never pause long enough to think about tomorrow.
But what if we did develop a new discipline to take just a few minutes every day to look a little further down the road? We would then be able to foresee the impending consequences of our current conduct. Armed with that valuable information, we would be able to take the necessary action to change our errors into new success-oriented disciplines. In other words, by disciplining ourselves to see the future in advance, we would be able to change our thinking, amend our errors and develop new habits to replace the old.
One of the exciting things about the formula for success - a few simple disciplines practiced every day - is that the results are almost immediate. As we voluntarily change daily errors into daily disciplines, we experience positive results in a very short period of time. When we change our diet, our health improves noticeably in just a few weeks. When we start exercising, we feel a new vitality almost immediately. When we begin reading, we experience a growing awareness and a new level of self-confidence. Whatever new discipline we begin to practice daily will produce exciting results that will drive us to become even better at developing new disciplines.
The real magic of new disciplines is that they will cause us to amend our thinking. If we were to start today to read the books, keep a journal, attend the classes, listen more and observe more, then today would be the first day of a new life leading to a better future. If we were to start today to try harder, and in every way make a conscious and consistent effort to change subtle and deadly errors into constructive and rewarding disciplines, we would never again settle for a life of existence – not once we have tasted the fruits of a life of substance!
"Only human beings can reorder their lives any day they choose by refining their philosophy." Jim Rohn
Reproduced with permission from Jim Rohn's Weekly E-zine. To subscribe, go to www.JimRohn.com All contents Copyright © JimRohn.com except where indicated otherwise. All rights reserved worldwide.
Now why would someone make an error in judgment and then be so foolish as to repeat it every day? The answer is because he or she does not think that it matters.
On their own, our daily acts do not seem that important. A minor oversight, a poor decision, or a wasted hour generally doesn't result in an instant and measurable impact. More often than not, we escape from any immediate consequences of our deeds.
If we have not bothered to read a single book in the past ninety days, this lack of discipline does not seem to have any immediate impact on our lives. And since nothing drastic happened to us after the first ninety days, we repeat this error in judgment for another ninety days, and on and on it goes. Why? Because it doesn't seem to matter. And herein lies the great danger. Far worse than not reading the books is not even realizing that it matters!
Those who eat too many of the wrong foods are contributing to a future health problem, but the joy of the moment overshadows the consequence of the future. It does not seem to matter. Those who smoke too much or drink too much go on making these poor choices year after year after year... because it doesn't seem to matter. But the pain and regret of these errors in judgment have only been delayed for a future time. Consequences are seldom instant; instead, they accumulate until the inevitable day of reckoning finally arrives and the price must be paid for our poor choices - choices that didn't seem to matter.
Failure's most dangerous attribute is its subtlety. In the short term those little errors don't seem to make any difference. We do not seem to be failing. In fact, sometimes these accumulated errors in judgment occur throughout a period of great joy and prosperity in our lives. Since nothing terrible happens to us, since there are no instant consequences to capture our attention, we simply drift from one day to the next, repeating the errors, thinking the wrong thoughts, listening to the wrong voices and making the wrong choices. The sky did not fall in on us yesterday; therefore the act was probably harmless. Since it seemed to have no measurable consequence, it is probably safe to repeat.
But we must become better educated than that!
If at the end of the day when we made our first error in judgment the sky had fallen in on us, we undoubtedly would have taken immediate steps to ensure that the act would never be repeated again. Like the child who places his hand on a hot burner despite his parents' warnings, we would have had an instantaneous experience accompanying our error in judgment.
Unfortunately, failure does not shout out its warnings as our parents once did. This is why it is imperative to refine our philosophy in order to be able to make better choices. With a powerful, personal philosophy guiding our every step, we become more aware of our errors in judgment and more aware that each error really does matter.
Now here is the great news. Just like the formula for failure, the formula for success is easy to follow: It's a few simple disciplines practiced every day.
Now here is an interesting question worth pondering: How can we change the errors in the formula for failure into the disciplines required in the formula for success? The answer is by making the future an important part of our current philosophy.
Both success and failure involve future consequences, namely the inevitable rewards or unavoidable regrets resulting from past activities. If this is true, why don't more people take time to ponder the future? The answer is simple: They are so caught up in the current moment that it doesn't seem to matter. The problems and the rewards of today are so absorbing to some human beings that they never pause long enough to think about tomorrow.
But what if we did develop a new discipline to take just a few minutes every day to look a little further down the road? We would then be able to foresee the impending consequences of our current conduct. Armed with that valuable information, we would be able to take the necessary action to change our errors into new success-oriented disciplines. In other words, by disciplining ourselves to see the future in advance, we would be able to change our thinking, amend our errors and develop new habits to replace the old.
One of the exciting things about the formula for success - a few simple disciplines practiced every day - is that the results are almost immediate. As we voluntarily change daily errors into daily disciplines, we experience positive results in a very short period of time. When we change our diet, our health improves noticeably in just a few weeks. When we start exercising, we feel a new vitality almost immediately. When we begin reading, we experience a growing awareness and a new level of self-confidence. Whatever new discipline we begin to practice daily will produce exciting results that will drive us to become even better at developing new disciplines.
The real magic of new disciplines is that they will cause us to amend our thinking. If we were to start today to read the books, keep a journal, attend the classes, listen more and observe more, then today would be the first day of a new life leading to a better future. If we were to start today to try harder, and in every way make a conscious and consistent effort to change subtle and deadly errors into constructive and rewarding disciplines, we would never again settle for a life of existence – not once we have tasted the fruits of a life of substance!
"Only human beings can reorder their lives any day they choose by refining their philosophy." Jim Rohn
Reproduced with permission from Jim Rohn's Weekly E-zine. To subscribe, go to www.JimRohn.com All contents Copyright © JimRohn.com except where indicated otherwise. All rights reserved worldwide.
Thursday, March 12, 2009
Cookie Monster
What's wrong with this picture? I don't see why the Girl Scouts organization is banning this young lady from selling Girl Scout cookies online, considering that sales are down this year, and I believe the intent of this organization was to teach young ladies that they can achieve anything they are willing to tackle in life.
Cookie Monster
You go, girl!
Cookie Monster
You go, girl!
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