99% of Americans Don’t Understand This About Growing Wealthy

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Okay, here’s the secret how to get wealthy, how to get wealthy without being lucky. Listen, I know a person foremost, you make your own luck in life, but certain people get certain gifts and it is what it is. Yeah, I was always amazed that you hear some of these stories like Chevy Chase being discovered.

by Lorne Michaels, because he was cracking jokes in line waiting for a movie. Johnny Depp had no aspirations to be an actor, he just ended up becoming one. Where you take a look at great singers or guitar players and God has blessed them in a certain way. And listen, they may have gotten lucky with certain talents without a doubt, but you know what? They cultivated them. They worked at them. And that’s one thing everybody needs to understand. You don’t look down on people because they might be blessed.

with athletic ability or looks or whatever it may be, it’s just where the chips fall where they may. Take that and put that aside. Okay, because I don’t want to hear that. I know that person was just lucky. Listen, you can build wealth without being quote, end quote, lucky. All right, first and foremost, wealth is key. Don’t look to be rich. I want to be rich.

I want to have status. want to have Instagram followers.

Wealth is having stuff, stuff that does stuff for you, having assets that are working for you while you’re sleeping at night. Yeah. What’s money? I have a lot of money. Money is just a means of allowing us to conduct business with one another. It makes it much easier, okay? I’ve got money, okay, I can…

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buy something, that’s not wealth. There’s a big difference between the two. I don’t like having money. No, people say, what do you mean you like having money? I like having my money working. I don’t like having money sitting around. I know it’s the old school types out there. I don’t know, not many of them left. You know, let’s put…

put the money into a can and bury it in the backyard or our mattresses. Now again, I get it if you’re a gangster or something like that, you can’t put the money in a bank, but come on, you want to build wealth, your money has to be working for you. Stop playing a status game. I’ve talked about this going back to our financial independence top 20 and the fact that

Keeping up with the Joneses has been put on steroids. And it was one of the rules on our independence top 20 was you have more money than your neighbors and they don’t have a clue. Okay. Again, having equity. Owning a part of a business.

How does one, it’s easy for you to say. You have to find something to provide a good or a service. This is small business, a niche that needs to be filled. People want to do something. They want a service. They want a product. You provide that for them. And look at that.

You’ve got yourself a business. Listen, if you’re looking for things, there’s not a day that doesn’t go by where I don’t see, boy, there’s a void that needs to be filled. Boy, there’s a void that needs to be filled. If I could replicate myself, I’d have a million different businesses out there. It is what it is. I’ll say, boy, I need someone to do this. I need someone to do that. Listen, there’s a…

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Million different things if you’re willing to look and you’re willing to work Again, know, but you want businesses that are not you don’t want flash-in-the-pan type stuff, okay The influencer thing on the internet that that’s gonna go away kids. Just so you know Compounding interest This is something we talk about when it Albert Einstein called it man’s greatest invention

We talked about it with Ben Franklin and how he demonstrated it and put certain money away. Then it went to, I think it went to the University of Pennsylvania down the road. You compound interest with money and what you invest, but you also compound interest in the things you do in life, the people you meet, the relationships you have, the work you put in.

Charlie Munger talked about this, late great Charlie Munger from Berkshire Hathaway talked about building Berkshire Hathaway brick by brick over time. It works. Another thing, okay, you wanna be wealthy without being lucky, you know what? Arm yourself, prepare yourself, gain a certain knowledge in whatever it may be.

something that other people might not have cannot be trained for. Again, this is something that you can get just via curiosity. It’s amazing. Today you can differentiate yourself from most people just by, rather than reading your phone all the time, deciding to read books. And the type of skill and what you can gain from that. Another thing.

Accountability.

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Accountability, you have to embrace accountability. You have to own it. To own everything that you are doing. I talk about this when you wanna, you know you’re an adult when you just, anything that goes right, you know what, you look, when I do, when I think this will go right, I look to others that helped me to get to that point in time and you live a humble, you have a lot of humility and gratitude.

Okay, when things go wrong, it’s my fault.

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My fault. Just throwing this out here. It’s hard for human beings to do. When things go right, when things go right, business is doing well, everything is going well, you know what? Give others credit, be humble, express gratitude. When things go wrong, own it.

You own it, you take responsibility for it.

Capital, labor. When you’re building up your business, because this what you need to do, you want to build wealth, you want to have something of your own, don’t be too, I know it’s the thing, I’ve got to go spend a tiny bit, I’ve got to hire all these people. Be prudent with your dollars, having capital, having leverage can be a good thing, but use it wisely. Here’s some tips as well.

Okay, you can put down the business books, stupid business books, business classes, whatever it may be. It’s not necessary. It really isn’t. Listen, if you really wanted to go out, let’s just say you really wanted, whatever it be, you wanted to be.

Actor you wanted to be a basketball player You could read books on Those things and you might pick up a thing or two But isn’t it better to go out and just do it?

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If you want, I said your people, want sometimes people to get these crazy notions. They’ve never worked at a restaurant their entire life. They come to the point down there, tired. I always wanted to own a restaurant. Really? Do you, huh? Well, this is what I suggest you do. You want to own a restaurant, yeah, but put your checkbook away, okay? Go get a job. Go get a job at the diner down the street and start washing dishes. Start there.

You wash dishes. Then you know what you also, you know, ask if you could be a bar runner, learn how to work the bar, work behind the line a little bit, learn the front of the house. OK, you have to do a myriad of these things. You want to get involved with that? Again, you have to obtain the skills. And I’m sorry, the best way to obtain skills is by doing. That’s just the reality.

Another thing, your time. There’s a line in the movie Wall Street by Gordon Gekko, lunch, lunch is for wimps. You know, the line as well, know, rich enough not to waste time. I find it, I find it fascinating. I get all the time I get offers to go out for lunch. Dinner, trips.

come here, come there, and it’s by various different, you know, fund managers, private equity, looking to get my clients involved. And also these are, some of the times it’s people that I do business with. Clearing agents we do business with. Oh, we’d to take you out to dinner, we’d love to take you out to lunch. I appreciate it, but I don’t have time.

I don’t have time. If you have time for meetings and lunches and coffees, you’re not making money there.

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You know, you want to get to me. You want to get to me. You better be very much to the point in your phone call and your email. Tell me why. And you have to be…

You have to be understanding that my time is valuable. Don’t waste it. Okay, don’t do that when you’re building a business. It’s not a social activity. It’s work. Reality is there’s no such thing as getting rich quick. Everything in life that has meaning, value, and worth involves work, time, and effort. Figure out what your passions are. Figure out what your skills are. Apply them. Use them. God gave them to you. Do something with it. Watchdog on wallstreet.com.