7 Things the World’s Richest People Never Do

I don’t ever want to be rich. I think rich people have to work too hard. However, I do appreciate whatever advice the richest people can give to help me keep and grow the money that I do have because the more money I have, the more traveling I can do. The goal for my life is not to amass a fortune and log into some account every day and count my zeros or buy fancy cars or build big houses. I do like my purses and shoes though. What I want is to live a comfortable life and earn enough money to travel – somewhere between budget friendly and luxuriously.

This article is interesting though but not really surprising. You don’t see many lotto lines in Beverly Hills when the jackpot is high. There are many people out there that would rather put there hope in lotto numbers or a craps table instead of putting the effort into the hard work and dedication that it takes to be an entrepreneur and run a successful business. And for the majority of the population that’s okay. But for that segment of us that doesn’t want to spend 40 years making someone else’s dream a reality entrepreneurship is the way to go. I may not want to be rich. But I surely don’t want to be poor. So if there’s a choice to be made I’m going to err on the side of the richest people. As they say, “when in Rome.”

7 Things the World’s Richest People Never Do by Jayson Demers

Our habits tend to define who we are. If you make it a point to drive recklessly every day, nobody will be surprised when you eventually get into a traffic accident. This seems obvious to us. Yet the financial equivalent of this principle, tolerating bad monetary habits on a regular basis until you’re driven into poverty, seems less obvious.

For the most part, the richest people in the world didn’t get to their position overnight. They didn’t stumble into money, and it wasn’t given to them as a gift. They accumulated it, and continue to maintain it, as a direct result of their daily habits and their underlying philosophies.

These are seven things you’ll never catch the world’s richest people doing:

  1. Playing the lottery.The lottery comes with a bold promise: a chance to win more money than you’d ever know what to do with. But the odds of winning are astronomically low, and logically, you have a far better chance of creating your own wealth than getting lucky and winning someone else’s. The world’s wealthiest people had no interest in taking chances; instead, they chose to forge their own paths, and as a result, they worked harder, and saw more tangible results. Plus, remember that instant wealth means nothing if you don’t know how to manage it–countless lottery winners found themselves bankrupt shortly after winning because they splurged or managed it poorly.
  2.  Hoping for better outcomes.There’s nothing inherently wrong with hope; it’s a positive emotion that leads us to more optimistic lives. But for the world’s richest people, hope isn’t nearly enough. Hope doesn’t solve problems. It doesn’t create opportunities. It doesn’t change anything. If you want to move past a certain chapter of your life, or achieve a certain outcome, you have to move beyond hoping and start taking action. Only through initiated, meaningful changes will you be able to make any difference. The next time you find yourself in a bad situation and hoping for something better, stop hoping and make a better situation for yourself.
  3.  Abandoning their goals.Goals are crucial for success; they keep you focused, they help you prioritize, and they lead you to bigger, better things. By some estimates,80 percent of the world’s richest people make and follow goals regularly. Compare that to only 12 percent of the poor. But it isn’t enough to merely create goals–it’s the process of sticking with them, no matter what, that separates the strong-willed from the weak-willed. If you set your goals sufficiently high, you won’t be able to hit all of them all the time. But instead of giving up when you fail to meet a goal, it’s better to transform or reimagine that goal. Keep making progress.
  4.  Forgoing self-improvement.Self-improvement is a crucial step in accumulating wealth. People tend to make money based on how valuable they are, and their monetary value stems from their experience, their skills, their expertise, and their familiarity with their respective industries. All these qualities can be meaningfully enhanced through simple, gradual exercises, such as reading the news every day or going out of your way to challenge yourself and build up your skillset. In the words of Richard Branson, “I see life almost like one long university education that I never had–every day I’m learning something new.”
  5.  Living above their means.When most people fall into debt or find themselves unable to pay the bills, it comes down to one critical mistake; living a lifestyle that requires a greater income than you’re actually receiving. Imagine for a moment you make $2,500 a month, and you pay $1,500 in rent and about $950 in other regular expenses. That only leaves you $50 leftover–if rent goes up or you have an emergency, you’ll immediately start accumulating debt, which becomes more and more difficult to pay off. The world’s richest people got to where they are and continue to stay there because they live below their means. If they made $2,500 a month, they’d make sure their expenses never went above, for instance, $1,800, leaving an ample $700 a month for unanticipated expenses, saving, and investment.
  6.  Settling for less.Rich people started out with their minds made up. At some point, they decided they were going to be rich someday. They convinced themselves that they deserved to be rich, and they started seeing their lives in different terms because of it. While not necessarily demanding, rich people never settle for less when they know they deserve more. They negotiate. They seek higher salaries. They look for better opportunities. They don’t just accept things and move on; they’re always looking for the best of all possible scenarios.
  7.  Letting their money sit idle.Last but not least, you’ll never catch one of the world’s wealthiest people keeping money in an idle bank account. You need to make your money work for you by investing it in something–it could be stocks, bonds, mutual funds, real estate, or anything with a proven track record of success. Investing lets your money earn you passive income, which if reinvested creates a powerful system of compounding interest. Otherwise, inflation will continue to rise and your money will actually lose value.

Eliminate these bad habits and reckless decisions from your daily life, and eventually, you’ll find yourself in a much better financial position. Again, there are no shortcuts, so understanding these concepts won’t help you get rich overnight, but they will help you set a long-term course for a much brighter future.


7 Reasons People Who Travel Are More Likely To Be Successful

DSCN1056 Every day I read something that gives me a little more insight into how my mind operates.  Before I quit my job I would have conversations with one of my co-workers about my plans for my future business.  She used to say to me, “You have a good job. You make a good salary. Why can’t you just be happy?” And my response was always the same, “because I’m not.”  Then I would tell her about a trip I was planning and she would say, “You are always going somewhere. Why can’t you just sit still?” And my response was always the same, “because I can’t.” It never really occurred to me until recently that these two parts of me, my independent business nature and my insatiable wanderlust, are two halves of the same coin – both driven by that part of me that ignores the fear, steps off the cliff and then checks to see if my bungee cord is attached. Maybe it isn’t prudent or exactly smart. But I choose not to live my life ruled by fear. Of course I get scared. And I may proceed cautiously and hesitantly but I proceed!

 I love to travel. I love to go places and explore. When I was little and we were driving around I would ask my mother if we could get lost. I know she often wondered if they switched babies on her at the hospital. I am saddened by people who are afraid to fly or who claim to have no desire to see new things. Or when I hear of people who are adults and have never left their city or state. But even if you are afraid to fly (which is a valid fear today) there are so many things to see right here in the US. Or take an international cruise or train trip. You can drive to Alaska dontcha know?  In 2007 my brother and I did a road trip from Atlanta to LA. Talk about family bonding! We got in the car and just followed the I-10 til we got home. It was a wonderful experience and I wouldn’t trade it for anything.

 I believe I bring that same sense of adventure to my business ventures. It is hard to make taxes seem fun and sexy. But I approach each case with the same sense of wonder and excitement and take on the challenges without fear of failure. Some cases are more complex than others. But so it getting lost in Prague without a map and finding yourself outside of the tourist area where no one speaks a word of English. Bring it on IRS!


7 Reasons People Who Travel Are More Likely To Be Successful by Aly Walansky

 We all want to be successful, and some of us will be, while others won’t. There’s a lot of debate about what creates the road to success.

It’s perseverance, working hard, and being focused and motivated, no doubt. But can success come from knowing when to walk away and take a vacation? There’s a lot of evidence that people who travel frequently tend to be rather successful. Here’s how:

 1. Fear of the unknown drives your ambition. Traveling helps you acquire skills naturally while building your character. “Frequent traveling gets you outside of your comfort zone, opening up new worlds and experiences. Faced with new scenarios and encounters, you learn effective coping strategies that help you survive and manage your fear of the unknown,” says Dr. Ben Michaelis, a clinical psychologist and mental health expert.

When you travel, you learn to take action and accept challenges. You also learn creative ways to adapt to change and use your resources wisely. All of these behaviors lie at very core of achieving success in business, and inspire innovation and creativity.

 2. Trying something new can expand your horizons. So many of us go to the same desk in the same office and work at the same computer each day. It’s comfortable. But sometimes we can learn a lot and think more when we leave the familiar and see new things.

We may leave with some new ideas. Embracing change can help us in all areas of our lives.

 3. You’ll always see the big picture. When we don’t take time away from work, it’s easy to get caught up in the immediate pressures of the day to day. A little time away, even if it’s just a long weekend, can create the psychological distance to make it easy to see what really matters.

“When we get some distance, it’s easier to see the big picture, to focus on what we want versus just what’s right in front of us, and to be more open to taking risks to get to what we want. While it’s nice to turn off fully on a vacation, I suggest setting aside just 15 minutes at some point to think about what really matters in your work, because you’re much better equipped to see it with psychological distance,” says neurocoach Josh Davis, Ph.D.

Reconnecting with what really matters in your work will make you better at prioritizing.

 4. Vacations improve your overall health. “Stress accumulation increases our risk for almost every disease. Disease and poor health affect the ability to consistently maintain personal and professional goals.Vacations can decrease anxiety levels and boost metabolism. Not only do vacations impact our health, but they also promote creativity, allow time to recharge, and boost positivity, increasing productivity in the long run,” says Jessie Gill, a holistic nurse. There’s a beautiful world out there waiting to be explored.

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9 Telltale Signs It's Time to Quit Your Job

My office on my last day
My office on my last day

There were several signs that told me it was time for me to quit my job. The most glaring of which was every morning the first thing out of my mouth was “f*@k!”  I never wanted to go to work. NEVER.  Even on the days that I worked from home I didn’t want to get out of bed. I got a promotion which should have been a good thing but it was over 50 miles away from my house and in LA traffic that often equaled up to 2 hours of traffic.  There is nothing worse than spending 2 hours trying to get to a job you don’t want to go to.

The second thing was I worked for the IRS. You would think that would be a pretty secure job. But between the Tea Party and a Republican controlled Congress, the constant threat of defunding, budget cuts and promotion and hiring freezes killed employee morale. I was also way too educated for my job. I’m not saying that I was smarter than everyone else. Just over educated. I began to get annoyed by the fact that I had a BA, an MA and an MBA and many of the people in my chain of command couldn’t say the same. I’d come from the private sector where your education was your ticket in.  But in this branch of the government, education is completely disregarded.  I felt that my efforts and talents would be better served in private practice. I also really got irritated every time I wanted to take a trip and I had to “request” the time off! See how it all comes back around to the travel?

Most people can’t just quit. Thankfully I have a great support system. No kids and I live at home with my dad. The bills I have are my own fault. So once I figured out how to set aside a few months worth of bill money. I walked. But I did it the right way. At least I think I did. I gave my boss plenty of warning. I didn’t leave with any hard feelings or regret. I wasn’t bitter. I was just ready to go. I still see and talk to my former co-workers often. I didn’t hate my job or the IRS. I just wanted a different life for myself. And here I am!

9 Telltale Signs It’s Time to Quit Your Job by Travis Bradberry

If you’re like most people, you spend more of your valuable waking hours at work than you do anywhere else. It’s critical that you spend your time at the right company, pursuing the right opportunity.

Choosing to leave a job can be a gut-wrenching decision. You need to know that you’re making the right choice.

Here are the telltale signs that it might be time to move on.

 1. You dread going to work. We all get a case of the Mondays from time to time, but if even thinking about your job fills you with dread, it’s probably time to leave. Don’t keep telling yourself you’re having a bad week if what you really have is a job that’s a bad fit.

 2. You know more than your boss. It’s frustrating to work for someone you believe to be less skilled or knowledgeable than you are, but the real issue is deeper than that. If you can’t trust your company’s leadership to make good decisions and steer the ship in the right direction, you’ll be living in a constant state of anxiety. And, if you’re right that your bosses don’t know what they’re doing, you could find yourself out of a job when the company goes under.

 3. The company is circling the drain. A recent study showed that 71 percent of small businesses close their doors by their 10th year of operation. If you’re worried about your company’s health, there’s a good chance you’re right. Watch for clues, like suddenly needing management approval for even minor expenses, an increase in closed-door meetings, or an increased number of upper-management departures. If you suspect that the business is in trouble, it may be time to leave. If you wait until the company closes, you’ll be in the job market competing against your former co-workers.

 4. You’re out of the loop. Does it seem like you’re always the last one to hear about what’s going on at work? If you’re left out of meetings, rarely get face time with upper management, and have never even heard of the big project everyone else is so excited about, that could mean that your bosses just see you as a body filling a desk, rather than as a valuable contributor. That’s bad news for your career and may mean it’s time to leave.

 5. You’ve lost your passion. Even if you love the company, your boss, and your co-workers, it’s not worth the effort if you hate the work. Passion is a necessary ingredient for success. If you’re unenthusiastic or even indifferent about the work you do, it’s time to reassess your career.

 6. You have a bad boss who isn’t going anywhere. Bosses come and go, which is why conventional wisdom says that it’s best to just wait a bad boss out. But that’s not always the right move. If you have a bad boss who’s well-liked by upper management, it may be time to leave. In addition to making you miserable every day, a two-faced manager who’s loved by the higher ups can wreak havoc on your career by taking credit for your work, bad-mouthing you to others, and blaming you for things that go wrong.

 7. There’s no room for advancement. It’s easy to get stuck in a job and, if you love what you’re doing, getting stuck can be comfortable. However, it’s important to remember that every job should enhance your skills, and add to your value as an employee. If you’re not learning anything new, and are just puttering around doing the same old thing while people around you get promotions and plum assignments, it’s time to look elsewhere.

 8. Your health is suffering. No paycheck is worth sacrificing your health. Job stress can lead to depression, insomnia, headaches, frequent illness, and worse. Don’t let this happen to you.

 9. Your personal life is suffering. Whether you work too many hours or you’re stressed and miserable when you come home, it’s time to leave when your job starts affecting your personal life.

 Bringing it all together. Staying in a bad job for too long can be very harmful to your career. If you’ve tried everything you can think of to make things better and haven’t seen any big changes, it may be time to move on.

If you do decide to leave, be smart about it. Don’t burn bridges by venting about all of the reasons you’re leaving. That accomplishes nothing, and could even haunt you later. Instead, simply explain that you’re leaving to pursue another opportunity, and then do so graciously.


The 4 Easy Ways to Get Access to Anyone, Even Warren Buffett

A few weeks ago I was on a plane to Kansas City working on a proposal for a client who owns a medical marijuana dispensary. I was on Spirit Airlines so it was tight. (Sidebar – don’t fly Spirit Airlines) For most of the flight I had to hold the laptop up at eye level to see what the presentation looked like because the reclined seat in front of me kept me from opening my screen all the way. When we landed and were waiting to exit the plane a man behind me leans over and starts asking me a lot of questions about the cannabis company; if they are a franchise, if they plan to open any locations in Missouri if/when medical or recreational marijuana becomes legal and where the dispensary is located, yada yada yada.  After answering his questions we talked more as we exited the plane and said our goodbyes.  It was an eye opening experience. I’d spent 3 hours on a plane not realizing that the man behind me was reading the PowerPoint presentation the whole time.  In this instance, he was no Warren Buffett.  But it is true. You never know who is watching you.

The 4 Easy Ways to Get Access to Anyone, Even Warren Buffett by Betty Liu

Put the six degrees of separation theory to work and use the tips below to reach almost anyone you want. by Betty Liu

Most people in business dream about getting a call from Warren Buffett. It happened to my friend–or rather, an associate at my friend’s investment firm, Third Avenue Management. A decade ago, this associate was concerned about a proposed deal made by a company that the firm was invested in. He asked a series of pointed questions on a conference call with the management team. Other analysts and investors were on the call. And unbeknownst to everyone, so was Buffett.

After the call ended, Buffett rang up the associate and left a voicemail. At first, he thought it was a prank call. He later verified it was indeed the billionaire founder of Berkshire Hathaway who had called to commend him for some careful work on the company. Lesson learned: You never know who’s listening or watching what you do.

I wasn’t so lucky. I had to spend years trying to get Buffett to speak to me. That was the mandate when I first joined Bloomberg Television–nab the first interview with him for the network. And in my quest to do so, I learned a few things about what it takes to get anyone–even the world’s third richest person–to speak to you.

  1. Have a credible background.

Let’s just call a spade a spade. I was able to call Buffett’s office because I already had the backing of a global media organization. I was legit. The same for you when you cold-call someone’s office–be prepared to explain your status. Are you with a large firm? A recent grad? Do you own your own business? Anything you can use to underscore why you’re important and why anyone should spend a minute talking with you is critical.

  1. Don’t expect calls returned.

Many people feel dejected if they don’t hear from someone after several attempts. I’ve faced this many times and for the first year, Buffett would always decline any requests for an interview or not answer at all. People call back only if they want something too and if you aren’t providing that for them, then they most likely won’t answer. It’s OK. Just remember that more times than not, they’ve seen your requests–they just don’t have any reason to reply. I’ve sat down with many CEOs who tell me about people who’ve reached out to them for this or that or show me emails from various strangers asking about one thing or another. They do see much of the communication, even if they don’t reply. You don’t want to make yourself a pest, but look at this way: If they really don’t want to talk with you, then at some point, they’ll make that known.

  1. Be a net giver.

One of the things that helped is my sending Buffett articles that could inform his everyday life. I knew he was a voracious reader and consumer of information. So anytime I saw something that could strike his fancy–be it a piece of news about his favorite sports team or a report on the Chinese economy–I sent it along. Whenever the network did any pieces on him, I sent those pieces, too. And I knew I was starting to get somewhere when his assistant would call or email asking me for more information.

  1. Watch/consume as much information on the person as you can.

Do your homework. Read up on the person you want to pitch to and stay on top of his or her comings/goings in the press. It’s amazing to me how many people approach what might be their most important meeting ever without any preparation. They just wing it and it shows. I made sure to set my Bloomberg terminal on to notify me of any news alerts associated with Buffett and his companies. It helped me understand his world better and how I could tailor my approach. I “read in” every day. That helped set the stage for a much better conversation should the day finally arrive when I would sit across from him.

After years of pursuing, Buffett finally agreed to an interview. I knew it would happen after he sent me a note by mail that he appreciated one of the stories I sent him. Here is one of our interviews from Sun Valley. We’ve done half a dozen or more interviews over the years at his Berkshire Hathaway annual meeting, his office in Omaha, and here in our New York studios. It’s been the beginning of a fruitful relationship with him, his CEOs, and even his children, including his eldest son, Howard.

So whenever you think you’re never going to exercise those six degrees of Kevin Bacon and get to the top dog, just remember the tips above and, who knows, you might find yourself getting a call from Warren Buffett.