But it's always nice to have a little extra cash when living in a capitalist society where the government is unwilling to provide for your every need. Unfortunately, Obama hasn't turned out to be the socialist we were promised other than handing out a few phones. That reminds me I never got one of those either. Anyway, in order to better cope and have more dough to donate to liberal causes which will undermine capitalism and bring on the free-loader life where I no longer have to work I've found this article with tips from the "ultra-wealthy."
I've long tried to emulate Warren Buffett because he is a Democrat and has handled his wealth without becoming a total jackass like Donald Trump, the Coors family, the Walton family (not the one on TV) and the Koch's. How many rich people stay in Omaha, Nebraska and drink Coke instead of Dom Perignon? I did get some laughs out of the Hunt brothers when they went bust after trying to corner the silver market, though. I think they might be dead now and dead rich people are OK.
Onto the wisdom from the mouths of the rich:
1. An equity position is necessary to get wealthy.
Ninety percent of the super-successful say this is true, versus fewer than half of the masses. More importantly, 80 percent of "business brilliant" people say they already have an equity stake in their work.
Definitely important to have some "skin in the game" as they say.
2. I'm always looking to gain an advantage in my business dealings.
About 90 percent of "business brilliant" individuals say they are always trying to grab an edge, compared with just about 40 percent of the middle-class.
There's one to work on, I'm definitely too laid-back on this front.
3. Doing things well is more important than doing new things.
Getting wealthy usually means you've taken an ordinary idea and executed it exceptionally well.
I thought this one was very interesting. I had always assumed that some sort of innovation was needed. Good to know it's not because I'm not particularly creative.
4. I hire people who are smarter than I am.
No problem there.
5. It's essential I really understand my business associates' motivations.
Another one to work on.
6. I can easily walk away from a deal if it's not right.
This seems kind of obvious, but maybe sometimes hard to actually do. Psychologically I think we may get invested in the notion of a plan succeeding. Hopefully, the real estate I'm buying is a deal that is "right."
7. Setbacks and failures have taught me what I'm good at.
Those who are "business brilliant" have, on average, more failures than members of the middle-class. But they use those failures to help them succeed on the next attempt. Just 17 percent of the middle-class say they learn from their failures in this way, which is really a shame. Everything worth trying contains an element of risk, after all. If you fall on your face, you might as well learn from the experience to help you succeed on your next try.
I can certainly say this is true of my investing. During the 1990's I "invested" in tech stocks where I had no idea what the fuck the company did. I was buying high and selling low. Then began my love affair with Buffett and I began to invest in companies that actually produced something and it was something I understood. This was the 2000's. Then toward the end of that decade came the stock market crash and I was holding a portfolio that was about 100% in stocks. Another lesson learned. I did manage to wait for the equity market to come back some before shifting a large portion into bond holdings. Don't panic is another lesson that could be on that list. For good measure I got rid of all my individual stocks. My holdings are now in ETF's and indexes. An investment in Bank of America showed me the folly of individual stocks.
So, until we get a truly Marxist president and turn this country into a virtual paradise it's worth following the rules of life as it exists.
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