Wanna get rich? Stupid rich?
It can still be done, but it take a lot of work. A great way to get moving in the right direction is to see what others have done, and mimic their successful attributes. No need to bust your hump when someone has busted theirs before you!
For most folks that are rich, they didn’t just inherit their money. They earned it.
Contrary to what the main stream media likes to bleat, very little wealth in America has been inherited by idle rich folks. Most of them saw an itch, and scratched it.
CNNMoney.com did a series of interviews with the advisers of some of America’s richest folks to find out what they had in common. It seems there were 7 traits most of them shared –
Entrepreneurial: Going into business is a common path among the wealthy. While there are plenty of doctors, lawyers and corporate executives in the $5 million-plus group surveyed by Spectrem, those who go on to become business owners tend to build an even higher net worth.
Very few persons with lots of money earned it by working at “a job.” They went out, and found their own path.
Being a business owner has other benefits as well. You can control how much you make. Or don’t make. Your efforts are directly tied to your financial results.
The freedom of setting your own hours is a wonderful thing, but “the buck” stops with you – no work, no pay!
Always on the clock: The 40-hour work week is like a part-time schedule for many, especially those who have built businesses. A 60- to 80-hour work week is more the norm, as are working vacations, according to certified financial planner Doug Flynn of Flynn Zito Capital Management.
While I’m no where near being considered rich, owning a number of businesses keeps me busy! 12-hour days are the norm, but it’s not like being stuck behind a desk counting widgets. You get an extra mental boost when you know your investment of time will directly translate into money in your pocket.
High energy: Many high-net-worth individuals have a lot of energy, don’t need much sleep, and enjoy generally upbeat attitudes, according to psychologist James Gottfurcht, who runs Los Angeles-based Psychology of Money Consultants.
The handful of truly rich people I know all sleep about 5 hours a day. Work 10-12 hours with the remaining 7 hours or so spent with friends and family, or on hobbies and personal interests. Every one of them spends part of that time – at least an hour or so – doing some sort of health or fitness routine.
It’s all about time management. Knowing you’ve only got a limited number of hours each day, and using them to the fullest.
Extremely confident: Gottfurcht said most of his clients who made their wealth possess what he calls an “expansive, healthy grandiosity.” By that he means a sense of “I can do anything.”
I think this goes hand-in-hand with being a business owner. If you think you can make a better mouse trap, do it! And they do. Little clouds their vision and to-the-bone belief that they will be successful.
Discerning: For all their confidence, Armstrong’s clients know they’re not the smartest person in the room on every given issue. But they know to surround themselves with people who are — which will help them realize their vision.
While this may seem counter intuitive considering the previous Extremely Confident entry, it’s not. They will use whatever tool is available to get the job done.
Almost always tied to this is a, “right-hand man” or “girl Friday” – someone they implicitly trust. Someone who knows the business as well as – if not better – than the owner.
Modest: Despite glamorous Hollywood portrayals of the rich life, many multi-millionaires live more modestly. Most of Flynn’s richest clients have chosen not to bump up their lifestyles in lockstep with their growing wealth.
Now, this isn’t to imply that they live in broken-down ghettos, but most live well within their means. I think a big part of this is because they know how hard it was to earn every dollar they’ve got.
Risk tolerant, but not impulsive: Anyone who runs a business is by nature a risk taker, Flynn noted. But there are no investing swashbucklers among his clients.
What I’ve seen is that they look at opportunities and determine if they meet their business objectives. A man or woman who runs a fashion-themed empire is not likely to jump at an opportunity at crude oil exploration. It’s out of their comfort zone and area of expertise.
Sure, there are exceptions, but few of them.
Also notice how the idea of investing in other business was not one of the common traits. They invested in themselves. Most have built businesses that have value even without them at the helm. This is so terribly important.
For instance, Bill Gates built Microsoft, got ugly wealthy for it, and now has no direct control over the day to day operations. It survives without him.
On the other hand, what will happen to a business like motivational speaker Anthony Robbins? When he’s gone, what’s left so sell? His heirs will surely be able to keep selling his tapes and books, but the business will no longer grow because he’s not coming up with new motivational gigs.
Keep this in mind when building a business. Design it from Day One to be sold and to be successful without your presence. THAT’S how you get rich!