Don't Criticize the 1%; Emulate ThemPosted on May 22nd, 2012
In a recent Fortune editorial, Nina Easton writes ". . . don't blame the rich: a defense of the 1%." Instead of constantly criticizing the 1 percenters most people could learn a lot about accumulating wealth through understanding the habits of these wealthy people. She states succinctly: It's entertaining to wail about the fat cats and the greedy rich. But if we're serious about addressing widening inequality, we should figure out what the 1% is doing right-- and apply some of those ideas to closing the gap. Again, the original title of The Millionaire Next Door was "That's Why They're Wealthy." One of...
Bargain Shopping for a HomePosted on May 8th, 2012
Ron is a member of the Balance Sheet Affluent club. He recently asked: "Is it a good time now to buy a home. . . a foreclosure?" Memo to Ron: I guess it all depends on how you define a "good time." Some millionaires whom I have interviewed constantly have their eyes open for opportunities in the residential housing market. And not just in the down market like we are experiencing today. What is particularly interesting is that there is a highly significant correlation between one's net worth and the propensity to search for a "bargain home." As I stated in The Millionaire Mind, It...
Report Card: Low LSAT, High Net Worth $1B+Posted on March 27th, 2012
This case study may brighten your day. Sara Blakely is the youngest selfmade woman to join this year's billionaire's club-turning $5,000 in savings into a new retail category: shapewear, according to Forbes, March 26, 2012. Ms. Blakely once had her heart set on going to law school, but according to the Forbes article, she performed poorly on the LSAT exam for law school admission. So what if she lacked high analytic intellect? Only 9% of decamillionaires, both men and women, indicated that their choice of career was based upon aptitude test results [The Millionaire Mind]. Like most people who are destined to succeed, she...
Encourage Leadership; Reap SuccessPosted on February 16th, 2012
Ron Chernow's book, Washington: A Life, has been well received by most critics. In an interview published in The Wall Street Journal, Mr. Chernow said of President Washington: You don't have to be the brightest or the most original mind on the block . . . but what Washington's life shows is the clarity of vision, the tenacity of purpose and character, and how much can be accomplished in life if you keep your sights on your ultimate goals. In The Millionaire Mind, I cite the work of two scholars in the field of intelligence and human performance. Fred Fiedler and Thomas Link concluded: Cognitive...
Discipline: A Nutrient of SuccessPosted on February 14th, 2012
Nearly all [95%] of the top 1% of wealth holders in America reported that "being well disciplined was very important/important" in explaining their socioeconomic success. As I stated in The Millionaire Mind, A disciplined person sets his or her sights on a lofty target, then figures out productive ways to reach the target. Disciplined people are not easily sidetracked. . . . They could live in a French bakery and not gain weight or they could encounter hundreds of economic opportunities and then select one or two that are best suited to their strengths and the market's needs. Brian Grazer, a "powerhouse"...
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