Saturday, 2 May 2015

Wanna be Rich?

Forbes 400 Richest list is a good place to start looking if you wanna be rich. To be rich requires a sacrifice of some kind or another. Most pursuit to be rich will hinge on one or all of these sacrifices beit time, money, family or relationship.

No matter how you intend to be rich, you will need:

  1. Time, anywhere from 15 to 20 years
  2. Money, at least a little to start
  3. Family, someone to go home to after a day's grind and
  4. Relationship, with a person, a group, a community, an industry or an idea.
Warren Buffett's ideas were; 
  1. "buy and hold", 
  2. "don't lose money",
  3. "don't pay a dividend"
  4. compound the return on the investible dollar
  5. find the economic moat in the business
  6. be patient
  7. limit the mistakes you make
  8. copy cat good practice
  9. avoid the union base business and
  10. only trust yourself

Focus InSight: Study the habits of the rich and copy the good practice that made them successful.

Like and share with ten of your friends.

Feel free to ask questions and make comments.