10 Ways the Wealthy Do It
Ken Fisher April 24, 2009
WHAT does rich mean to you? A million? 10 billion? What’s plenty to some, falls far short for others. You need to decide what’s rich for you. And then it’s just a matter of making one of the 10 roads that lead to big wealth work for you. There’s a right road here for everyone who desires riches, if you can navigate the common pitfalls.
1. Start a successful business. Have a compelling vision? Leadership skills? An understanding spouse? You just might be a visionary founder. Founding your own fi rm can create astounding wealth. Half of the 10 richest Americans did this, including Microsoft’s Bill Gates, Oracle CEO Larry Ellison and Google wunderkinds Sergey Brin and Larry Page. This road works with scant restriction by industry, education or pedigree—Ph.D.s and college dropouts are equally welcome. Be warned: This road is not for the fainthearted. It requires courage, discipline, strategic vision, a talented supporting cast and Tefl on skin.
2. Become a CEO of an existing firm and juice it—a very mechanical function. Responsibility and running things come easy? But you’re no visionary founder? Some of our finest CEOs didn’t found the fi rms they lead—like GE’s Jack Welch. Non-founder CEOs can take firms to unthought-of heights. Fully half of America’s largest-fi rm CEOs make in excess of $8.3 million. Warning: Heavy is the head wearing the CEO crown. CEOs must be tough—more now than ever. Failed CEOs don’t just lose their jobs— they frequently end up vi l i f ied by the media, even indicted.
3. Hitch to a successful visionary’s wagon and ride along—it’s high value added. Good at picking winning horses? Think being boss is tough? Your destiny could be to ride along. Ride-alongs rise high, play critical roles, are well-respected leaders and get rich, but never bear a CEO’s pressure. Some famous ride-alongs ride high on the Forbes 400—Buffet’s sidekick Charlie Munger, for one, with about $2 billion.
4. Turn celebrity into wealth or wealth into celebrity and then more wealth! Seeking fame and fortune? Don’t mind abdicating privacy? Try cruising the rich-and-famous road. This road has two forks: One is talent, like Cameron Diaz or Derek Jeter; and the other is mogul, like Ted Turner or Rupert Murdoch—who run and own media empires.
5. Marry well—really, really well. Seem ridiculous? Then this isn’t your road. See it like this: You wouldn’t marry someone physically repulsive to you, so why marry someone fi scally repulsive? If money moves you, shop among the rich. If you don’t like the notion, fi ne. Leave the rich to those who care.
6. Steal it, legally. No guns necessary. Ever wish you could just take the money? Would you like some to see you as a hero? And others fear you? You can legally steal and be a hero as a plaintiff ’s lawyer, today’s Robin Hood. Idolized by Hollywood, plaintiff’s attorneys posture themselves as crusaders for the helpless—fi ghting big bad business to save the little guy. My apologies to other lawyers and law students if this sounds harsh, but it’s true: Most plaintiff law is a perfectly legal twist of thievery and thuggery. With targets the media loves skewering—big business, pharma, tobacco—your odds improve.
7. Capitalize on other people’s money (OPM)—where most of the rich are. Like telling folks what to do? Have nerves of steel? This road is paved with fees from other people’s money—money management, private equity, brokerage, banking and insurance. Some OPMers end up heroes, some in prison—there’s ample room for conflict of interest. But a good OPM richie effi ciently and ethically makes his (or her) clients rich at the same time.
8. Invent an endless future revenue stream—even if you’re not an inventor. Have wild imagination or none at all? Here you make an annuity-like future cash fl ow from something you create, own or patent that just keeps spewing cash. A gadget, book, song, movie or even experience. The big money is in getting rights, licensed or patented, for future reuse and generating reuse.
9. Trump the land barons by monetizing unrealized real estate wealth! Dream of building skyscrapers? Collecting rent? Don’t let the recent residential hoopla dissuade you—there’s huge money in being a land baron. Like other roads, it’s not easy. Successful land barons don’t just have a knack for fi nding tasty, unappreciated land and willing investors. They have the strategic vision of successful firm founders. They borrow!
10. Go down the road more traveled—save hard, invest well—forever. Like boring, predictable paths? The least sensational, but the most reliable, road to riches is saving linked to good investment returns. The road is wide enough for anyone with a paycheck. This road is not sexy. Frugal isn’t known for sexy.
Excerpts from The Ten Roads to Riches: The Ways the Wealthy Got There (and How You Can Too!), by Ken Fisher ( John Wiley & Sons Inc., 2008).
This Economy Presents Opportunities, Too
A great article from the University of Phoenix Alumni group at LinkedIn.com:
this-economy-presents-opportunities-to
Of course, professional development as well as the local community college play a very important part of these opportunities.
this-economy-presents-opportunities-to
Of course, professional development as well as the local community college play a very important part of these opportunities.
The History of SBVC Professional Development
This information was developed for our Open House on April 6, 2009:
History of SBVC Professional Development
| | Past – 1980-1990 | Present – 2000-2008 | Future – 2009- |
| Campus | Great Teachers’ Seminar | Strength of Academic Senate supported professional development through elimination of PD funds | eLumen videostreaming ERIS Blackboard course management Jing |
| Professional Development | Mind-mapping in research development; not existing as Professional Development; flex activity | | ‘START’ by the nurse – is it an emergency? Jing |
| Community | 4CSD/NCSPOD assist in establishing program; AB1725, established training budget | | Offer workshops to the community |
| Technology/ Skills | | TTIP provided large amounts of $$ for technology training – LA-208 established as | |
The Artist Way at Work
Did you know that there is a group of ladies who are involved in a 12-week workshop to help us tap into our untapped creativity?
The Artist Way
The Artist Way at Work
"I personally have never heard of this book, but in taking this workshop, I have found that the morning pages have allowed me to sleep better than I have in a long time. Many a night, I would find myself up, and my mind is just thinking, thinking, thinking. There must be something to the morning pages, as well as the artist date."--Dena Peters
The Artist Way
The Artist Way at Work
"I personally have never heard of this book, but in taking this workshop, I have found that the morning pages have allowed me to sleep better than I have in a long time. Many a night, I would find myself up, and my mind is just thinking, thinking, thinking. There must be something to the morning pages, as well as the artist date."--Dena Peters
Daily Inspiration
Only passions, great passions, can elevate the soul to great things.
-- Denis Diderot
-- Denis Diderot
Britains Got Talent 2009 Susan Boyle 47 Year Old Singer
Oh, how inspiring . . . we can all achieve the things we want in life . . . never give up!
If you haven't seen this yet, please watch.
http://www.youtube.com/watch?v=d-KiGva9dV4
If you haven't seen this yet, please watch.
http://www.youtube.com/watch?v=d-KiGva9dV4
Did You Know?
A spin-off from Friday's Leadership Institute. Please share this video with your colleagues.
What Resources Do You Prefer?
The Professional Development Committee is interested in learning what types of resources you wish to have for our Resource Area. For those who attended our Open House on April 8th, you saw our Resource Area. There are already several resources available, and to add to that are the following audiotapes:
Learning to Listen
The Success Principles
Managing Multiple Projects, Objectives & Deadlines
Please post your comments to this blog. Thanks in advance for your input.
Learning to Listen
The Success Principles
Managing Multiple Projects, Objectives & Deadlines
Please post your comments to this blog. Thanks in advance for your input.
Your Great Professional Development Moment
We would like you to share your greatest professional development moments.
Please add your comments.
Please add your comments.
Attention Career Technical Adjunct Instructors
$$$Economic Stimulus$$$ for Professional Development (available thru SB70 CTE Funds)
4 hours of non-instructional rate of pay for one of the following activities:
Getting Results - 6 online modules designed to overview instructional strategies, studen learning, community assessment, involvement content and accountability.
(Available now thru Blackboard)
Join Delta Teaching & Learning Academy - Six week academy designed to include practical application of educational theory and research and opportunities to save teaching strategies.
(Available Fall 2009)
Here's what to do:
1. Obtain contract for Professional Development.
2. Obtain Dean's approval.
3. Send copy to callbaugh@sbccd.cc.ca.us with faculty ID#.
4. Complete activity.
5. Return activity requirements by May 12, 2009, or December 1, 2009, to callbaugh@sbccd.cc.ca.us to receive four (4) hours non-instructional pay.
This is open to both CHC and SBVC faculty.
4 hours of non-instructional rate of pay for one of the following activities:
Getting Results - 6 online modules designed to overview instructional strategies, studen learning, community assessment, involvement content and accountability.
(Available now thru Blackboard)
Join Delta Teaching & Learning Academy - Six week academy designed to include practical application of educational theory and research and opportunities to save teaching strategies.
(Available Fall 2009)
Here's what to do:
1. Obtain contract for Professional Development.
2. Obtain Dean's approval.
3. Send copy to callbaugh@sbccd.cc.ca.us with faculty ID#.
4. Complete activity.
5. Return activity requirements by May 12, 2009, or December 1, 2009, to callbaugh@sbccd.cc.ca.us to receive four (4) hours non-instructional pay.
This is open to both CHC and SBVC faculty.
SBVC Professional Development Website
Please visit our site:
SBVC Professional Development Website
If you would like to follow this "vlog" please sign up on the "Follow" prompt!
SBVC Professional Development Website
If you would like to follow this "vlog" please sign up on the "Follow" prompt!
Daily Inspiration
When you let the love of a child transform your heart, you are renewed.
-- Judy Ford
-- Judy Ford
Calendar of Activities
Want to see what training sessions are being offered? Be sure to check out the Professional Development Calendar of Activities. The calendar is updated on a monthly basis. Just click on topic of interest and click on the link to register.
Professional Development Open House
The San Bernardino Valley College Professional Development Department is hosting its first open house on Tuesday, April 7, 2009. Sponsored by members of the Professional Development Committee, we are hosting mini-training sessions for faculty, staff and administrators to give them a taste of the different types of training available to them right on the campus.
As part of the open house highlights, we have established a blog or "Vlog" especially for our visitors to post comments and or questions on what they thought of our open house and what other types of in-house training you are interesting in exploring for your personal and professional development.
Thank you for attending our open house today, and we look forward to you taking advantage of the resources available to you in the Professional Development Department.
As part of the open house highlights, we have established a blog or "Vlog" especially for our visitors to post comments and or questions on what they thought of our open house and what other types of in-house training you are interesting in exploring for your personal and professional development.
Thank you for attending our open house today, and we look forward to you taking advantage of the resources available to you in the Professional Development Department.
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