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  1. #1
    Moderator MichaelColey's Avatar
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    Reaching the $5 Million Club
    The cover story in the June issue of Smart Money is about the "$5 Million Club". That's the top 1% of net worth individuals in the US. Some of the stuff in there applies to affiliate marketing, so I thought it might be good to post some excerpts here (with bold emphasis mine).

    "70% of the nation's big family fortunes are less than 13 years old ... And the people who amassed them are, first and foremost, entrepreneurs — risk takers for whom wealth is a byproduct of pursuing their passion."

    "only 10% of their money came through passive investments. And only 10% of pentamillionaires inherited their wealth"

    "One might think that good fortune would play a role, but even luck is largely a matter of one's own making. Psychologist Richard Wiseman has found that people who describe themselves as lucky share common habits that account for their success: They're friendly and fond of new experiences, traits that put them on a collision course with new opportunities. In addition, 'lucky' folks simply have higher expectations of success — they're too pigheadedly optimistic to heed the long odds and call it quits."

    "The vast majority — 80% — either started their own business or worked for a small company that saw explosive growth. And almost all of them made their fortune in a big lump sum after many years of effort."

    "Surprisingly, today's very rich say that money itself wasn't much of a motivator. ... Rather, rich folks often make their fortunes after they make up their minds to solve a problem or do something better than it's been done before."

    Some great nuggets of truth in there!
    Michael Coley
    Amazing-Bargains.com
     Affiliate Tips | Merchant Best Practices | Affiliate Friendly? | Couponing | CPA Networks? | ABW Tips | Activating Affiliates
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  2. #2
    Ride It Like You Stole It CowgirlUp's Avatar
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    Quote Originally Posted by MichaelColey
    . ... Rather, rich folks often make their fortunes after they make up their minds to solve a problem or do something better than it's been done before."
    That is awesome and very true! Thanks for posting this, very motivating
    Be the change you want to see in the world ~ Gandhi

  3. #3
    general fuq mrbshouse's Avatar
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    Nice shot of Vitamin "a" for attitude :-) thanks

  4. #4
    Internet Cowboy
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    Nice read. Thanks Michael.


  5. #5
    ABW Ambassador Snib's Avatar
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    Great stuff Michael. These are my favorites:

    Quote Originally Posted by MichaelColey
    And almost all of them made their fortune in a big lump sum after many years of effort.

    "Surprisingly, today's very rich say that money itself wasn't much of a motivator. ... Rather, rich folks often make their fortunes after they make up their minds to solve a problem or do something better than it's been done before."
    Definitely the case for the $400m/each YouTube founders.

    - Scott
    Hatred stirs up strife, But love covers all transgressions.

  6. #6
    Newbie
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    Inspiring post!

    One might think that good fortune would play a role, but even luck is largely a matter of one's own making.
    I totally agree with this! Or perhaps luck is entirely of one's own making...? I'd like to think so, at least

  7. #7
    Newbie dougadam's Avatar
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    Great thread.

    Thanks

  8. #8
    ABW Ambassador Ron Bechdolt's Avatar
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    If not included in the article, I think a good point for new entrepreneurs to remember is that many folks who make it big did so after several attempts. The difference between them and those that gave up is they looked at all their previous attempts not as failures but a learning experience.

    I've followed that philosophy all my life. Sure, there are some things I look back on and say I probably should have not done, but I sure learned a lot from those experiences and now know lots of things I should not ever do again.
    Ron Bechdolt | Affiliate Program Management Consultant
    7 Days A Week Marketing

  9. #9
    Lite On The Do, Heavy On The Nuts Donuts's Avatar
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    if you're interested in deep insights into america's wealthy class, i recommend this book:

    The Millionaire Next Door: The Surprising Secrets of America's Wealthy
    http://en.wikipedia.org/wiki/The_Millionaire_Next_Door

    it's has similarity to Coley's quoted article, but it goes to great depths describing how they got there. there are a lot of surprises in this book for many people - it makes a sharp distinction between high net worth folks -and- high-income, high-spending folks... where the former are the actual rich and the latter just look so.

    the guys who wrote it were hired by financial companies to find out where america's wealthy are and how they got there and how to sell to them. that marketing research turned into a published book. analytics and insights, good stuff.

    here's a paragraph i grabbed from another site about the book:
    ~~~~~~~~~~~~~
    The Millionaire Next Door: The Surprising Secrets of America's Wealthy, is a research-based book about wealth in America. It identifies seven common denominators that appear again and again among those who have accumulated wealth. For instance, many millionaires shop for bargain cars, pay only a tiny fraction of their wealth in income tax, raise children who are often unaware of their family's wealth until they are adults and reject big-spending lifestyles.
    ~~~~~~~~~~~~~

    judge a book by its cover and you'll be missing out on things they don't teach you in school. what looks rich, often isn't. and vice versa.

    for the vast majority of medium to high earners, it comes down to a very simple decision - would you rather be rich or look rich (very few people can achieve both). which would you rather be?

  10. #10
    Outsourced Program Manager Jorge - SHOPiMAR's Avatar
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    Michael thanks for great positive find.

    Specially like and agree with:

    "I'm interested in doing whatever I want, whenever I want,
    "The road to riches often means acting as if you already have that freedom"

  11. #11
    Outsourced Program Manager Chris -  AMWSO's Avatar
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    Nice article. I wonder how many affiliates are in that $5 Mil Club!
    Affiliate Marketing by AMWSO. Skype - chrissanderson ::: TEL 1-720-336-1784 ::: www.amwso.net
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