7 Most Important Factors For Getting Rich

Some people believe that being rich is a matter of luck. I do not agree. Whether or not opportunities provide you with good opportunities is a key question, but rather:

  • Do you see the opportunities ahead of you? Or do you not value them for what they are? As the Swiss writer Max Frisch once said: “Opportunity shows me what I’m after.”
  • And when you realize your luck, will you use it? Are you acting? Or are you someone who says, “Maybe this isn’t the time? Maybe something to think about one day …”

The chances of someone going to be lucky or unlucky in their life are very slim. In most cases, luck and bad luck have had to balance each other over the years and decades.

Setting big goals is more important than technical knowledge.

Jack Ma fails his university entrance exams, is not good at math and doesn’t know much about technology. But from the start, he thought big and set very ambitious goals. Shortly after founding Alibaba, he told a journalist, “We don’t want to be number one in China. We want to be number one in the world. ” He was so confident of his future success that in February 1999 he had one of Alibaba’s earliest filmed encounters – to ensure this pivotal moment was documented to mark the start of his success.

Sales talent is very important.

Two-thirds of those surveyed in my book The Elite of Wealth said they owed a large part of their success to their ability to sell. For them, selling isn’t just about marketing a product or service. They define sales even further. For them, selling means being able to convince others, whether it’s getting approval from government officials, persuading an ideal candidate to take a job, attracting employees, or asking a banker to make a solid financial commitment. “It’s all about selling,” said one super-rich respondent of mine.

Nonconformism – accepting the joy of swimming against the current.

Investor Jim Rodgers studied history and philosophy at Yale and Oxford before moving to Wall Street in 1968. During difficult times for the US stock market, he managed to lay the foundations for his prosperity and success. Rodgers met George Soros at a large investment bank. Together they founded the Quantum Fund. They tear up investment banking rules by buying stocks, commodities, currencies, and bonds from around the world. You are also among the first to use innovative strategies such as short selling.

Unlike most other investors, Rodgers bought shares in troubled companies. In the mid-1970s, for example, he invested heavily in Lockheed. Rodgers once told a story of a delightful dinner with bankers and investors. One of the other guests had heard that Rodgers had bought a stake in Lockheed. At that time, Lockheed was hit by various scandals and received bad news almost every day. The company’s share price fell.

“Who wants to invest in a company like this?” Asked one of the guests, loud enough for everyone to hear at dinner. The other guests laughed with them. Rodgers was insulted – after all, he was the root of their joke.

But “He who laughs last will laugh the longest.” Rodgers has done his homework and is correct in his positive analysis of the company. The stock price went up and the funds made a big profit. At the same time that the S&P 500 was up only 47%, the Quantum Fund managed by Rodgers and Soros earned a staggering 4,200%. 

Dealing with mistakes.

Most of the super-rich have faced serious failures and crises. Your attitude is great when things go wrong. They never blame external forces or other people, they always look for faults within themselves. They do not complain that they are victims of circumstances or the evil deeds of their opponents but take personal responsibility for their wrongs. They also do not condone negative market developments. When markets crash, they are accused of misjudging. This distinguishes what is successful from what is not.

The ability to focus is very important.

In early July 1991, Bill Gates Jr. invited several guests to dinner, including his son Bill Gates Jr., founder of Microsoft, and investor Warren Buffett. These are the two most successful people in the world who have been on the Forbes World list of billionaires over the years. The host asked his guest at dinner: “What do you think is the most important factor in getting to where you come from in life?” Buffett replied immediately; Focus. Bill Gates Jr. agrees.

Warren Buffett has also been focused on a single goal for decades. According to his biographer Alice Schroeder, his dream as a child was to become rich. One of his favorite books is Thousands of Ways To Make $ 1,000. When he was 11 years old, Buffett announced that he would become a millionaire at the age of 35. At the age of 16, he had already saved $ 5,000. Today it costs around $ 60,000 – not bad for a 16-year-old! The prognosis wasn’t ruled out until five years later. He made his first million when he was 30 years old.

You will never be rich if you cannot win the trust of other people.

John D. Rockefeller, the richest man in history, is a testament to the importance of trust in business. For the young Rockefeller, the key to his future success was the realization that “my parents immediately trusted me.” During his outstanding career, he said his biggest problem had always been “getting enough capital to do all the business I wanted and could do, given the amount of money it took.”

His ability to win the trust of banks and investors is one of his most valuable assets, as Rockefeller well knows: “I owe my success in life primarily to my trust in people and my ability to instill trust in them.” the best way to get others to trust you? By acting and, more importantly, thinking in a way that creates trust. Warren Buffett applies the following test to every decision and action: Is there something your wife, family, friends, and neighbors would want if they read about the next day in their local paper?

The formula for success is persistence and a willingness to experiment.

Many books emphasize the importance of persistence, and it is true. However, being in power alone is not a guarantee of success. It must be combined with another very important property: A willingness to experiment. Experiments are more important than the right business plan: Michael Bloomberg, No. 9 on the Forbes list of the world’s richest people with a net worth of $ 55 billion, describes his early days in business. One of the most important realizations of this is that rigorous planning can do more harm than good: “You are bound to have a different problem than you expected. Sometimes you need “bricks” when the picture says “general.” You don’t want a detailed, inflexible plan to get in your way when you need to act immediately. If you want to understand the success of many Silicon Valley startups, you need to understand the idea of ​​spinning. This includes being ready to radically change your business model at some point. The goal is not to stick to the original concept and prove how good it is. It aims to build a strong market position. If that means giving up on plans and giving the company a whole new and different direction, then it’s time to turn around.

About the author

Dr Rainer Zitelmann is a historian and sociologist. He is also a world-renowned author, successful businessman, and real estate investor. His most recent books The Rich in Public Opinion: What We Think When We Think About Wealth (https://therichinpublicopinion.com), The Wealth Elite (http://the-wealth-elite.com/), The Power of Capitalism (http://the-power-of-capitalism.com/), and Dare to be Different and Grow Rich: Secrets of Self-Made People Who Became Rich and Successful(http://daretobedifferentandgrowrich.com/)

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