Experts that have a lot more money than I do have said that if you want to be rich, do what the rich people are doing. If you want to be poor, then do what poor people are doing. This doesn’t mean that you should be spending money that you don’t have to travel to exotic locations because some wealthy people choose to spend their money in that manner; however, it does mean that you should take a look at how they treat their money, and what career choices they make.
Richest Peoples Have Good Character
This may be surprising, considering the fact that there are some very famous cases where people with money cheat and steal (Bernie Madoff, for one), but many very wealthy people have a good character. If you think about it for a minute, it makes sense. Would you rather do business with someone that you trusted, or someone that cheated you? While cheating other people out of their money may work for a while, the cheaters will eventually get caught. This character trait even extends to marriage; less than 25% of the billionaires on the Forbes 400 list for 2010 have been married more than once, less than 5% were married three times or more, and only six were married four times.
Richest Peoples Work Hard and Take Risks
People that want to have a lot of money work hard. There are rare exceptions for people that inherit their money, but if they don’t have the work ethic to match the money, they usually end up spending what they have. Perhaps this is the reason why billionaires like Bill Gates continue to work, even though they could live comfortably for the rest of their life on the interest of the money that they already have. In addition to working hard, many that are wealthy know how to take risks. They start a business, invent a new product, or think outside of the box. Many times they don’t start out rich; they may initially put in long hours for very little pay. They don’t give up on their dreams, and it pays off. Not everybody that takes a risk will be paid as handsomely as the billionaires on the Forbes list, or even make millions, but most wealthy people are willing to take a risk.
Richest Peoples are Investing in Gold
It makes sense to take a look at what the rich people are investing their money in, if you want to eventually follow in their footsteps. Some of the things that they invest their money in, like hedge funds, are well out of the reach of the average investor. Right now, many wealthy people, like George Soros, are investing in gold. Gold is not always a good investment, as it can be very volatile. If rich people are investing in gold, then perhaps they don’t have a great deal of confidence in the world’s currencies. While the average investor probably cannot buy a lot of gold, many people can buy a little, and those that can’t, can buy silver. While not everyone should buy gold, it can be a good investment for some right now. Watch the rich people though. If they start dumping their gold, it would probably be time to get out.