Do you aspire to be rich? I don’t mean millionaire next door rich, I mean owning sports teams rich, 6 mansions, a fleet of ferraris, and no debt rich…even a miniature giraffe rich? No, not the 1%…try the .25%.
If you do then I have a few recommendations for you: stop saving for retirement, stop saving for your kids education, stop saving for your vacation. The fact is that no one ever became super rich by following the common savings rules that the rest of us live by. No one ever got filthy rich by maxing out their 401(k)s, investing in mutual funds, diversifying, or doing any financial planning. People who do that may retire comfortable, but they aren’t rich.
Stocks, bonds, mutual funds, 401(k)s, IRA’s, insert generic financial vehicle acronym here…the super rich view these as your way of stating that you trust someone else with your future more than you trust yourself. And, because of this, they view you as a way to access more capital because your utilization of those financial vehicles is in some crazy way investing in their companies and trusting them with your money.
Outside of inheritance, these individuals certainly didn’t make their money by trusting someone else with it. They made their money because they trust in themselves. They follow their gut, they bet the farm, and they take risks. They didn’t diversify on their way to being rich, they went all in on what they believed; a product, a service, a passion. They didn’t have a backup plan or an exit strategy; retirement for these people was an afterthought, never a goal. They worked when no one else was; weekends, holidays, all day and all night, and they certainly didn’t take any vacations on the way up.
Even now that they have the money, they are crazy enough to bet it all again because as one of my favorite professors once told me: once you make it to the top, it doesn’t matter how far you fall, you know what it takes to get back…and you will get back.
So you want to join the ranks of the super rich? Stop saving and go do it.
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