What drives successful, affluent people to keep growing their wealth? Often, the assumption is greed—they want more simply because they want to own and control more assets and resources.
But in general, we find that the pursuit of greater and greater wealth is motivated by a handful of key goals that give people a life of meaning and significance—such as taking care of family and loved ones and supporting causes that are important to them. Example: Among successful business owners who want to be wealthier, 94% say it’s because that would enable them to make sure their loved ones were financially taken care of. And more than 70% of this group are tremendously charitably inclined. So they see more wealth as a way to do greater good on a small and large scale.*
But just how much wealth would make it likely you could achieve such goals? The fact is, there’s no one level or range of net worth that is the right answer for all affluent people. So much depends on how an individual defines terms like “loved ones” and “taken care of.” A wealthy couple with one heir likely has different numbers to hit than a couple with a huge family they want to support.
Whatever the number, the key is to determine how to get there—and that’s where the Money Rules come into play. This set of seven rules used by people who earned their significant wealth (as opposed to inheriting it) encapsulates the key mindsets, strategies and tactics that can potentially make you seriously wealthy. These were identified by Russ Alan Prince, a leading authority and consultant in the area of private wealth who has worked closely with ultra-wealthy families and individuals for more than three decades.
COMMIT TO EXTREME WEALTH.
- Engage in enlightened self-interest.
- Put yourself in the line of money.
- Pay everyone involved.
- Connect for profit and results.
- Use failure to improve and refocus.
- Stay highly centered.
Important: You don’t have to adopt these rules en masse. Although these rules can have the maximum impact if you implement them all, even following a few of them and implementing them in modest ways can potentially enable you to generate significantly more wealth than you currently possess. The fact is, not everyone wants to make the sacrifices that are required to become seriously wealthy. Taking only what works for you will still get you on the right path to much greater personal wealth!
* Source: Russ Alan Prince and John J. Bowen Jr., Becoming Seriously Wealthy: How to Harness the Strategies of the Super Rich and Ultra-Wealthy Business Owners, AES Nation, 2017.
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