Musings

Everyone dreams of accumulating great wealth. There are entire industries that are dedicated to selling you the secret(s) of becoming a millionaire. Today, I am going to tell you the facts I have learned over a lifetime, absolutely free of charge.

The first requirement on the path to riches is to develop self-discipline. This means creating a long term plan and sticking with it. It means trusting no one to do your thinking for you. It means taking the time and effort to deeply understand what you are doing and why you are doing it.

Secondly, you have to realize that everyone wants a piece of your pie. What little wealth you possess will constantly be under attack. You must be diligent in conserving and making the best use of your capital. And by capital, I mean both your money AND your time. At various times in your life, one will be worth more than the other. The trick is to distinguish their relative value from moment to moment.

Third, you must be prepared to work hard. Nothing good and lasting ever comes easily. To succeed in life and in your business pursuits you must trade value for value. To cheat someone ultimately results in your moral breakdown and unhappiness. You will never truly enjoy ill-gotten gains. No one respects the avaricious or the treacherous, and if you engage in these behaviors they will surely come back to haunt you.

Fourth, learn to separate fact from fantasy. It is O.K. to dream the large dreams, but you have to be realistic about your ability to achieve them. If you don’t have the necessary skills, take the time to develop them, and apply them to best effect. The yellow brick road is full of big chuckholes. The wizard of Oz may be a pervert or a bandit in disguise. Be alert to negative indicators and be prepared to slam on the brakes or change direction quickly. The only route to progress is dealing with reality.

Fifth, always look for the risk/reward ratio in everything you attempt, from marriage to taking that tempting job to become CEO of a failing company. Don’t let your ego get in the road of wise decision-making. In the final analysis, no one gives a rat’s ass how handsome, powerful, or rich you are. All they care about is where THEY are in relation to these things. Don’t delude yourself if you can help it. Always ask yourself, “What’s in it for me?” and, “What will it cost me?”

Sixth, realize that except for sales made under duress, everything sells for more than it is worth. Something that appears cheap at the outset may be very expensive in the long run, be it high interest rates or meantime between failures. In any exchange, someone comes out the winner. Make sure it is you most of the time, and don’t expect to win them all. Costly mistakes need not happen if you are vigilant.

Seventh, try, try, and try, to keep emotions out of your decision-making process. When making hard choices, fear or greed and love or desire can fatally cloud your judgments.

Eighth, don’t count your chickens before they hatch. Don’t declare an activity a success until the fat lady sings and the money is in the bank.

Lastly, remember that the true measure of wealth is found in how much you wisely give to others less fortunate than you. Choose to share yourself and your treasure with those who are important in your life. Live large, but also love large.

You can make the improbable happen---Just do it!