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Being rich and staying rich Being rich and staying rich
by Joseph Gatt
2021-11-30 10:21:35
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Most articles will tend to give you paternalistic advice about money, being rich and staying rich. What I'll do here is I'll mostly tell you what the rich people who stay rich do.

-First off, don't let money define you. Most rich people who lose it all let money define them. They drive BMWs, all they talk about is money, they live in expensive houses, the only purchase luxury stuff, and when they meet family and friends all they ever talk about is money. Then they do stupid things with money and lose it all.

ris0001_400-So, instead of letting money define you, let something else define you. Examples: let your exercising routine define you, let your passion for history or culture define you, let your travels define you, let your taste for literature define you, let your taste for good food define you, let your passion for science define you, let your passion for sports define you, let your good hobbies or collections define you.

-To stay safe, you want to catch up with current events. A lot of the rich people who lost it all that I know of did not watch the news and read the papers (however “junk” they may be) and so could not discuss politics or society with their friends. And, very often, due to that ignorance about current events, they started discussing money and wealth, and started getting involved in complicated business schemes where they lost all their money. When in doubt with friends, discuss the government, politics, sports, international events, wars, elections, business news, growth rates, debt rates, political debates like abortion or stem cell research, you name it. Read your papers in the morning. That way, if your “friend” hints that he wants your money, change the topic to politics.

-By the way, idiots do the opposite: when their friends start discussing politics, they switch the topic to their BMW. And that's often because they're idiots.

-So what do rich people do? Below is a small (non-exhaustive) list.

-They don't drive expensive cars or luxury cars. They drive cheap cars with excellent engines, pipes and wheels, the kind that can drive for miles without ever needing repair. And if repair is needed, they can fix their cheap cars at any garage. Most regular garages do not know how to fix luxury cars. Being rich means you're busy, means you don't have time to run around garages fixing cars.

-They don't buy castles in the middle of nowhere. They tend to purchase apartments or houses in clean, safe and crowded neighborhoods. Usually houses or apartments near their workplace.

-What they usually do is, for example, they'll put 5 million dollars in a savings account, block the 5 million, and only live off the 10,000 dollars a month interest they get from their savings account. They wait until they make another 5 million before they start even touching the first 5 million.

-They don't purchase luxury stuff that they don't have time for, like luxury TVs or work-out equipment that they put in their homes. They know that it's always better to work out at an expensive health club, the kind with elite members, where they pay subscription fees and have access to luxury equipment they can work out with. And they usually buy normal TVs, normal but comfortable furniture and the like.

-They usually keep a low profile. They don't use social media. They don't share pictures related to luxury.

-They buy reasonable but comfortable clothes, usually from a tailor who knows how to work with rich people who keep a low profile. They get their clothes custom-made, and their tailor is usually friendlier than a doctor, in that he knows how to get you to lose weight without offending you or scaring you. So they purchase clothes that fit, that are very comfortable, and that are chic but discreet, the kind no one would really notice. Not luxury brands everyone will notice.

-They are passionate and professional about work. Show up early in the morning. Pay attention to every detail. They work as hard as they can and love their job.

-They don't try to impress their colleagues. They try to impress their clients!

-Usually, dumb people scare away their clients and scare away their employees. Smart people impress their employees and impress their clients.

-Of course rich people who stay rich listen carefully. And they absorb every detail of what they heard.

-Dumb people who happen to be rich do all the talking. Or try to get people to notice their subtle luxuries.

-And, finally, rich people who stay rich usually have some cause that they live for and keeps them going. Maybe they are trying to make their clients very happy. Maybe they are trying to build something superb. Maybe they are trying to change people's habits, one habit at a time. Maybe their lifelong calling is to make life easier for people.

-Rich people who lose it all usually want to be famous for being rich, and for little else. They want to be famous for their luxury items and possessions. And rich people who lose it all hate the idea that they should “help” people. To those dumbos, it's poor people who should help THEM.

-Final important note: how do I get my friends and family not to keep asking me for money? If you're smart, you want to help your family and friends by helping them find good jobs. Don't give them money; help them find a job that's a good fit for them.

Now if there's some kind of medical emergency or something, sure, you can help family and friends by paying those bills, God forbid. But if it's something else, you want to help them find the best possible job. And get them to learn how to work hard for their money.

Because here's the thing: if you give friends and family money, you're going to end up in a “trap” of sorts. Example: you purchase you brother a condo. Now that condo needs to be equipped, cleaned, maintained, he's gonna need a car to drive around to the nearest city, he's gonna need to pay expensive electricity and gas bills, he's gonna need to pay for expensive repair and maintenance, especially if it rains and snows, etc. Where does your brother get the money to pay for all that stuff?  

So, take my advice, help your brother get a good job, don't buy him that house or car or just give him cash straight. And if your brother wants to start a business, tell him to work for a few years, save, and use that cash to start his business. You get the idea.


   
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