There’s a certain fascination in our society with the rich. We elevate them as thought leaders, we aspire to become one of them, we want to live the lifestyle.
Nothing wrong with that.
I believe that anyone who has worked hard and achieved things most people only dream about can share a golden nugget of wisdom or two.
It’s no wonder, then, that the internet is bursting at the seams with articles like “9 Habits Of The Wealthy You Must Implement Right Now”, or something of the sort. Most of these are written by people who are not wealthy themselves – and haven’t even studied the wealthy all that closely.
Now, who am I to give you advice on this… or even, to judge other people, wealthy or not?
I’m a firm believer that success leaves clues. So I’ve studied a lot of autobiographies…paying close attention not only to what they say… but also what they don’t say.
Anyway, I digress.
Let’s talk about things the wealthy tell you to do… but you’ll seldom find a wealthy person following this advice. I’ve studied a lot of autobiographies and paid close attention to what’s between the lines.
GET OUT OF DEBT
If there’s one thing wealthy do… is they don’t trade their time for money. Instead, they let their money do their work for them. The rich find ways to get more and more money so that they can invest more and more into things they know about.
If that means they have to go into debt, it’s fine with most of them. It’s called leverage, and if you’re savvy, you can achieve huge financial goals really quickly… goals that would be impossible if you never borrowed money.
Now, this is the key nugget of what they don’t do…what the rich don’t do is go into debt to buy liabilities – things that go down in value and don’t make any money.
The bottom line, however, is that not all debt is bad.
Being completely debt-free will not make you rich. The right kind of debt might… and the wrong kind of debt will keep you poor.
GO TO SCHOOL
Now, this is going to be a little bit controversial, so let me preface this. There are certainly professions where you do need a formal degree.
My opinion is, though, that as long as you’re able to read, write, and know where to look for credible information (emphasis on CREDIBLE!)… you have all the education you really need to succeed – in business and in life… as evidenced by a lot of rich people who dropped out of colleges, yet still went on to build huge fortunes and legacies.
Probably the most important lesson here today is the rich _RARELY_ diversify. In fact, to paraphrase Warren Buffet, they put all their eggs in one basket and guard it with an armored tank.
This goes completely against common knowledge.
However, if you want to get results like the 1%… doesn’t it make sense that some of the things you do will defy the common knowledge?
How do you apply this today, as you build your business and your fortune?
Focus on one thing.
Pick something – like Amazon, or affiliate marketing, or social media marketing, or whatever, and focus on it like your life depends on it. Get really, really good at it. _Do NOT diversify, not until you’re ready. _
There’s a lot you can learn from the rich. However, you do need to pay very close attention… because it’s often what’s NOT being said that matters.