Here are the 8 Rules of Success I discovered to be commonalities to each Rich Man that I spent a significant amount of time with.
1. You Need to Be Able to Sell Like a Boss
One of the biggest things that stood out to me whenever I was around wealthy people is that they all are salesmen. At all times they are trying to sell a variety of things
- Sell the vision
- Sell that your company is a great place to work
- Sell people on yourself
- Sell your products
- Sell your ideas
These people never stop selling! It's just who they are. They are passionate about the things they are doing, and they want to get you on board.
They can make money because they can pick up the phone, write copy, or having meetings that get people to open up their wallets and support them.
It's effortless to overlook how vital the rich man rules are. You may convince yourself that you will hire a salesperson to do this all for you. It does not work that way, though. You need to be able to sell your vision even to get the salesperson.
2. Networking is a Must
The rich man plays a lot of golf and spends time doing stuff that does not seem like work at all. They are working though, they have just mastered working and building relationships in relaxing environments.
The time spent networking with other wealthy individuals always pays off. Networking gives them the right person to call on for every situation that they may be facing. They don't need to know everything. Instead, they rely on being able to call on the right person.
Rich people don't rely on their intelligence for everything. They don't approach life with a DIY mindset. Instead, they focus on what they are good at and hire people to do the rest.
3. Work Hard Play Hard
Rich people work harder than the average person, but they also know how to enjoy life. Work-life balance is present in their lives. They will work their butts off for a few weeks and then go on a vacation with their family.
Most people think of the rich man as this overzealous workaholic that can't even take one step back from their work to spend some time with their family. The book the Millionaire Mind, which extensively covers millionaire statistics, shows that wealthy people value play.
They love to spend time with their kids and grandkids and watch family members play sports. There is no sign of them being all work and no play. It shows that the time they spend working is sufficient and they always work on their most important work first.
4. Invest In Yourself
The Rich man looks to invest in himself in two significant ways. The first is through education, and the second is through entrepreneurship.
You have to spend money to make money, and one way wealthy people do this is by spending money to improve themselves. This includes spending money on the following:
- Books
- Courses
- Classes
- Certificates
- Mentors
- Coaches
The Rich Man is never settled or ok with how good he was yesterday. He keeps learning to make sure that he always keeps up with the latest methods. He sees it is brain-like software that continually needs to be updated through learning.
The second investment comes through entrepreneurship. The Rich Man bets on himself by not making someone else rich his whole life. He sees a job as an opportunity to learn and build capital for his venture.
The Rich Man knows that entrepreneurship is the way because it provides him with control and uncapped earning potential.
5. Focus On Your Bread and Butter
The Rich Man knows what he is good at, and he focuses on that area. He also picks an industry that he understands well, and he stays within that industry as well.
Think about how Warren Buffett is not a huge internet company investor. He does not understand it well, so he stays away from it. His bread and butter are staples that he thinks will be around for 100 years.
What you don't see is the wealthy jumping around from idea to idea and industry to industry. You need to pick it and stick it out if you want to build up wealth. When you do this, you build a lot of cumulative knowledge that others can only duplicate with time.
6. Watch The Expenses
When I spend time with the wealthy elites, one of the biggest surprises is that they watch their expenses closer than many would think. Many of them became wealthy by watching their costs and not spending money like an idiot. Once they have wealthy, it's hard to break that habit.
It's not that wealthy never splurge; they keep it all in perspective. They don't go and buy a new sports car and a mega-mansion at the first chance they get. They have discipline, and they always make sure that they can genuinely afford anything they are spending money on.
Rich people also see money as an investment, so they understand the opportunity cost of their expenses. A new car could also be invested in a new business venture or into some more real estate.
7. There is No Need to Look Rich
It's almost like once you have real wealth; you want to do everything you can not seem like you have wealth. Sort of like how Amazon, Google, Facebook, and Apple do everything to seem like startups with no control. They want to prove they are way smaller than they are.
Rich people don't use the money to flaunt wealth and standout. They would instead you think they are poor. They approach each day as if they have not built up any money at all, and it keeps them hungry.
The image associated with many wealthy men is a power suit, a fancy car, a beautiful woman, and a luxurious house. The reality is that some don't wear suits at all, they drive average cars, and they live in a lovely house, but it's often not as lavish as you would expect.
8. Master The Fundamentals
The Rich Man looks to master the basics that never change. When it comes to money, he makes sure he has all of the needed insurances. He focuses on his future with smart investments. He learns how to save and give away money systematically.
The idea of mastering the fundamentals pours into everything that they do. Every day, if they play basketball, it is about doing bounce passes and layups vs. trying to do a windmill dunk. They get joy from working to master their craft.
Read - Jeff Bezos Net Worth and Key Habits
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