Posted by BR on December 02, 1998 at 15:40:26:
THANKS for sharing Mark!!
J. Paul Getty’s Wealth Secrets - Posted by Mark R in KCMO
Posted by Mark R in KCMO on December 02, 1998 at 15:24:15:
Hey Gang, I ran across this info on J Paul Getty, and I thought I would share it with the Group
J. PAUL GETTY’S WEALTH SECRETS
The late J. Paul Getty’s rules for accumulating wealth are simple and to the point. In fact, it is so simple that most people who read them either dismiss them as sweeping generalities or falsely believe they have known and used them most of their lives… but these people are probably not rich. So while these guidelines may lack romance or an obvious direction, be assured that they are the genuine article. Apply them as soon and as often as you can, and apply them with intelligence and creativity.
Rule No. 1: To acquire wealth today, you must be in your own business. You may think that the corporate executive with a $100,000 salary is better off than small shop owner, but the executive will be hard-pressed to double his income and taxes will eat up most of any increase. The simplest peanut vendor has unlimited opportunity to expand his business and his income, and even salesmen, who in most cases are able to write their own paychecks, can control his sale increases himself.
Rule No. 2. You must have a working knowledge of the business when you start and continue to increase your knowledge of it as you go along. If you don’t know what you’re doing when you start, your mistakes will be costly and often unnecessary, and you won’t be able to keep up with the technological explosions in any field. Start smart and stay that way.
Rule No. 3. You must save money in your personal life and in your business venture as well. Discipline is the key to saving money. You must develop the will power to deny yourself immediate gratification or the temptation to gamble on the quick buck. Resources will be needed for expansion and should be guarded carefully.
Rule No. 4. You must take risks, both with your own money or with borrowed money. Risk-taking is essential to business growth. Nelson Bunker Hunt is admired for his guts in trying to corner the silver market, not scorned for losing money on this deal. Some of the richest men have staked their entire fortunes and lost, several times over, before the risk-taking paid off. Back those risks with good judgment, experience, commitment, and the right support. Seek advice on risks from the wealthy who still take risks, not friends who dare nothing more than a football bet.
Rule No. 5. You must not only learn to live with tension, you must seek it out.
Thrive on stress! If it means getting physically fit, having a psychiatric overall or losing 50 pounds before you can handle it, do it. Once you can learn to thrive on stress, you will not only enjoy it, you will seek it out willingly and enthusiastically and wonder how you could live any other way. Men of means look at making money as a game which they love to play. Consider it serious business and you will suffer far more stress than you need or want. Keep your perspective or your stress level will rocket beyond your control.
Rule No. 6. Build wealth as a by-product of your business success.
If wealth is your only object in business, you will probably fail. Wealth is only a benefit of the game. If you win, the money will be there. If you lose, and you will from time to time if you play long and hard enough, it must have been fun or it was not worth it.
Rule No. 7. Patience.
This is the greatest business asset. Wait for the right time to make your moves. Let your business grow naturally, not by pressing your luck.
Rules No. 8. Diversify at the top.
Once you’ve made it, you’ll understand that any business is limited in the challenges it offers. You’ll want and need other games to play, so you’ll look for other ventures to hold your interest.
Re: J. Paul Getty’s Wealth Secrets - Posted by Rob FL
Posted by Rob FL on December 02, 1998 at 21:30:15:
Great info. Thanks.
Re: J. Paul Getty’s Wealth Secrets - Posted by jj
Posted by jj on December 02, 1998 at 20:41:40:
Thanks for taking the time to recap for us! Read the book last summer, however, the reminders are refreshing. Get so bogged down in “mundane” tend to forget to enjoy and thrive on the game.
JPG’S WS - Posted by karp
Posted by karp on December 02, 1998 at 19:44:58:
I have the book How to Be Rich by J. Paul Getty and it is so down to earth I really recommend it. Nothing abstract or complicated- just really good food for thought.
Thanks,
karp
aka Karl Hartley
Thanks - Posted by Stacy (AZ)
Posted by Stacy (AZ) on December 02, 1998 at 15:41:06:
Nice post, thanks. I find it interesting that so many successful businessmen give such similar advice.
“Wealth is only a benefit of the game.” This helps put it in perspective.
Stacy