20 Things the Rich Do Every Day

[SilentBull]

I don't think the point of this list is to tell people that they'll become rich if they do these things. The point, I think, is to compare the different mindsets.

 

[helmuth_hubener]

I don't think the point of this list is to tell people that they'll become rich if they do these things.

That is absolutely the point. Go read the guy's blog, listen to his interview on Dave Ramsey (I did) and read the advertising blurbs for his book. He is peddling a solution: do these things, and get rich!, not just academic data (of which he has none).

The point, I think, is to compare the different mindsets.

It is to say: here is a bad mindset. Here are the things you need to do if you want to be poor. On the other hand, here is a good mindset. Here are the things you need to do to get rich.

The problems, though, with his advice are massive and many. His research is junk. Starting to read lots of books and wish people happy birthday is not going to make you rich. It just won't.

 

[PaulConventionWV]

Kind of a bullshit list without revealing the definitions for some of their terms. I am sure the gambling in #1 includes the lottery, for instance, but does it include the stock market?

How many of the rich are able to compile lists? The first item appears to have two separate items included in it, making this a list of at least 21 things "the rich" (not defined) do every day.

Oh, for Pete's sake. The stock market isn't gambling. If that were gambling, then every financial transaction would be gambling. Even if you want to call it gambling, it's clearly a different thing from playing the lottery. With the lottery, you have very, very slim odds of winning. With the stock market, most people invested in big companies make steady gains, on average. Despite what you've heard, the stock market really isn't that dangerous if you're a long-term investor. The more time you stay in, the better your chances of making a profit and beating inflation. The more time you play the lottery and otherwise gamble, the more money you lose, and at a much faster rate.

 

[helmuth_hubener]

The classic book "Think and Grow Rich" is very good. It can be found for free online.

Positive thinking alone will not make you rich. It just won't. There is a power to positive thinking. It is an element of a successful and satisfying life. But it is not a total solution. And it will not produce the results that the positive thinking gurus claim.

Did Steve Jobs ever read Think and Grow Rich? Probably not. Bill Gates? Probably not. Warren Buffet, Michael Jordan, Barack Obama, Tom Cruise, Sam Walton? Probably no for one and all. So who has read it? Lots of failed salesmen and half-raters.

 

[helmuth_hubener]

Oh, for Pete's sake. The stock market isn't gambling. If that were gambling, then every financial transaction would be gambling. Even if you want to call it gambling, it's clearly a different thing from playing the lottery. With the lottery, you have very, very slim odds of winning. With the stock market, most people invested in big companies make steady gains, on average. Despite what you've heard, the stock market really isn't that dangerous if you're a long-term investor. The more time you stay in, the better your chances of making a profit and beating inflation. The more time you play the lottery and otherwise gamble, the more money you lose, and at a much faster rate.

So the odds determine whether an activity is gambling or not? What is the cut-off? Worse than 100-to-1 odds of failure is gambling? 1000-to-1? Million-to-one? If I made a purchase on the stock market with a million-to-one odds of positive returns, would that be gambling? Have you heard of penny stocks? Using margin?

I agree with you that the stock market is not gambling. But I do not agree with your reasoning as to why.

 

[SilentBull]

That is absolutely the point. Go read the guy's blog, listen to his interview on Dave Ramsey (I did) and read the advertising blurbs for his book. He is peddling a solution: do these things, and get rich!, not just academic data (of which he has none).

It is to say: here is a bad mindset. Here are the things you need to do if you want to be poor. On the other hand, here is a good mindset. Here are the things you need to do to get rich.

The problems, though, with his advice are massive and many. His research is junk. Starting to read lots of books and wish people happy birthday is not going to make you rich. It just won't.

Well then I don't agree with his conclusion. But there are many things you can use to compare the different mindsets. For example, those who look at the wealthy with hate and envy are probably not the kind of people that will become wealthy themselves. But those who look at the wealthy with admiration, have a much better chance of emulating what the wealthy do in order to join them.

 

[SilentBull]

Positive thinking alone will not make you rich. It just won't. There is a power to positive thinking. It is an element of a successful and satisfying life. But it is not a total solution. And it will not produce the results that the positive thinking gurus claim.

Did Steve Jobs ever read Think and Grow Rich? Probably not. Bill Gates? Probably not. Warren Buffet, Michael Jordan, Barack Obama, Tom Cruise, Sam Walton? Probably no for one and all. So who has read it? Lots of failed salesmen and half-raters.

Have you read the book? The title says "Think and Grow Rich" but it actually goes through much more than that. It covers how you must have a specific goal and a specific plan in place to reach the goal. But changing your mindset is also very important. You judged the book without knowing anything about it.

 

[helmuth_hubener]

Have you read the book?

I don't remember. I've listened to "The Strangest Secret," and even have a set of additional tapes in the same vein from the same author, also called The Strangest Secret, which I've also listened to (at least many/most of them). And I've read or listened to other material of the same vein.

The title says "Think and Grow Rich" but it actually goes through much more than that. It covers how you must have a specific goal and a specific plan in place to reach the goal. But changing your mindset is also very important. You judged the book without knowing anything about it.

False. I know some about it.

Yes, perhaps "positive thinking" isn't the right umbrella term for it, since goal-setting and other attributes/strategies (such as determination, hard work, and others) are also included. But anyway, I appreciate it and have enjoyed such material greatly. Self-help books are great fun. But after listening to Mastery, by Robert Greene, I feel like I have a fuller picture. The Napolean Hill/Zig Zigler/Earl Nightingale stuff is only a small part of being successful.

 

[MelissaWV]

Oh, for Pete's sake. The stock market isn't gambling. If that were gambling, then every financial transaction would be gambling. Even if you want to call it gambling, it's clearly a different thing from playing the lottery. With the lottery, you have very, very slim odds of winning. With the stock market, most people invested in big companies make steady gains, on average. Despite what you've heard, the stock market really isn't that dangerous if you're a long-term investor. The more time you stay in, the better your chances of making a profit and beating inflation. The more time you play the lottery and otherwise gamble, the more money you lose, and at a much faster rate.

Yes, and it likely asks if someone ever gambles. Playing a $1 lottery ticket once a year versus day trading (an old pastime, I know, but it's an example). The implication is that the poor are so godawful with their money they're just likely to gamble it away. I'm sure no rich person is likely to make risky trades, buy property that goes to shit, or to take the ultimate gamble on a trophy wife/husband.

All I did was ask for definitions, but you couldn't help rolling your eyes.

 

[IDefendThePlatform]

I don't remember. I've listened to "The Strangest Secret," and even have a set of additional tapes in the same vein from the same author, also called The Strangest Secret, which I've also listened to (at least many/most of them). And I've read or listened to other material of the same vein.

But after listening to Mastery, by Robert Greene, I feel like I have a fuller picture. The Napolean Hill/Zig Zigler/Earl Nightingale stuff is only a small part of being successful.

Im about 3/4 of the way through "Mastery" right now, and it's outstanding. Highly recommended.

 

[mad cow]

The rich have their butlers put their pants on one leg at a time,same as us.

 

[SilentBull]

I don't remember. I've listened to "The Strangest Secret," and even have a set of additional tapes in the same vein from the same author, also called The Strangest Secret, which I've also listened to (at least many/most of them). And I've read or listened to other material of the same vein.

False. I know some about it.

Yes, perhaps "positive thinking" isn't the right umbrella term for it, since goal-setting and other attributes/strategies (such as determination, hard work, and others) are also included. But anyway, I appreciate it and have enjoyed such material greatly. Self-help books are great fun. But after listening to Mastery, by Robert Greene, I feel like I have a fuller picture. The Napolean Hill/Zig Zigler/Earl Nightingale stuff is only a small part of being successful.

I'll have to check out "Mastery." I do agree with you on the whole "Secret" crap that was trending a few years ago. I feel like they got that stuff from Napoleon's book and over-simplified it to the point that they started telling people they didn't have to do anything to be successful. Just "feel it." I certainly don't agree with any of that. Napoleon's book isn't like that though.

 

[Matt Collins]

The implication is that the poor are so godawful with their money they're just likely to gamble it away.

This is by and large true.

Obviously there are a great many exceptions, but if every person in the US had all of their money taken, and redistributed equally to everyone, within 10 years the vast majority of wealthy people would end up with close to what they had before, wheras the vast majority of broke people would still be broke.

Also remember there is a distinction between "broke" and "poor".

 

[SilentBull]

This is by and large true.

Obviously there are a great many exceptions, but if every person in the US had all of their money taken, and redistributed equally to everyone, within 10 years the vast majority of wealthy people would end up with close to what they had before, wheras the vast majority of broke people would still be broke.

Also remember there is a distinction between "broke" and "poor".

I completely agree and this can be proved. Just look at the number of lottery winners that lose it all within a few years. I believe that number is over 50%. This is why we will never get rid of poverty. Some people have a mindset problem, not a money problem.

 

[helmuth_hubener]

The rich have their butlers put their pants on one leg at a time,same as us.

Ha, ha, ha, ha, ha! Best post of the thread. Has anybody read the Jeeves and Bertie Wooster books? They're fantastic.

 

[MelissaWV]

This is by and large true.

Obviously there are a great many exceptions, but if every person in the US had all of their money taken, and redistributed equally to everyone, within 10 years the vast majority of wealthy people would end up with close to what they had before, wheras the vast majority of broke people would still be broke.

Also remember there is a distinction between "broke" and "poor".

Of course. There are many that appear rich, but are flat broke. They are just more clever at hiding it.

 

[CaptLouAlbano]

Obviously there are a great many exceptions, but if every person in the US had all of their money taken, and redistributed equally to everyone, within 10 years the vast majority of wealthy people would end up with close to what they had before, wheras the vast majority of broke people would still be broke.

Very true. The difference is in the mindset, and understanding of money. I saw that a couple of self-help books were mentioned in the thread, and while some do have value, the fundamental principle that separates the wealthy from the non-wealthy is this: the wealthy buy assets, the non-wealthy by possessions.

If you want to acquire wealth, the best thing you can do is live far below your means, work harder than you ever have before, and use your excess money to purchase income producing assets. Then you use a portion of the profits that those assets bring to buy more assets. It's a snowball effect, and if you do it right you'll have more money than you could ever spend.

To illustrate, using Matt's scenario above, Person A would go out and buy themselves a brand new car. Person B would buy himself a car dealership.

 

[Demigod]

Oh, for Pete's sake. The stock market isn't gambling. If that were gambling, then every financial transaction would be gambling. Even if you want to call it gambling, it's clearly a different thing from playing the lottery. With the lottery, you have very, very slim odds of winning. With the stock market, most people invested in big companies make steady gains, on average. Despite what you've heard, the stock market really isn't that dangerous if you're a long-term investor. The more time you stay in, the better your chances of making a profit and beating inflation. The more time you play the lottery and otherwise gamble, the more money you lose, and at a much faster rate.

Then sport betting is investing ? The more you watch the games and the teams the bigger the chances are of making a profit.

 

[helmuth_hubener]

I'll have to check out "Mastery." I do agree with you on the whole "Secret" crap that was trending a few years ago. I feel like they got that stuff from Napoleon's book and over-simplified it to the point that they started telling people they didn't have to do anything to be successful. Just "feel it."

I think this is a different "Secret" from what you're thinking of, one much closer (basically identical ideas, different illustrative stories) to Think and Grow Rich and one you'd probably approve of and like if you like the other. The Strangest Secret is from the 1950s. It was the first spoken word album to go golden (or something). It kind of started out the whole audiobook industry, as well as kicking the self-help genre into mainstream.

 

[helmuth_hubener]

Very true. The difference is in the mindset, and understanding of money. I saw that a couple of self-help books were mentioned in the thread, and while some do have value, the fundamental principle that separates the wealthy from the non-wealthy is this: the wealthy buy assets, the non-wealthy by possessions.

Let's go even deeper: why does one do one, while the other does the other?

I believe the poor who stay poor, along with criminals and children, have a very, very high time preference. They really want satisfaction, and they want it now. Those who become rich have a lower time preference. It causes them far less agony to put off enjoyment than it causes their fellows. Thus we can see, patience truly is a virtue, one with very definite and tangible rewards.

This time preference level seems inate, though like most of our innate characteristics in life we can choose to change it by force of will. There was an experiment with children and marshmallows... are you familiar with it, Capt?