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May 14th, 2007, 06:47 PM #1Reaching 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!
May 14th, 2007, 07:08 PM #2Originally Posted by MichaelColeyBe the change you want to see in the world ~ Gandhi
May 14th, 2007, 07:11 PM #3
Nice shot of Vitamin "a" for attitude :-) thanks
May 14th, 2007, 07:22 PM #4
- Join Date
- January 18th, 2005
Nice read. Thanks Michael.
May 14th, 2007, 08:15 PM #5
Great stuff Michael. These are my favorites:
Originally Posted by MichaelColey
- ScottHatred stirs up strife, But love covers all transgressions.
May 14th, 2007, 08:56 PM #6
- Join Date
- May 13th, 2007
One might think that good fortune would play a role, but even luck is largely a matter of one's own making.
May 17th, 2007, 09:35 AM #7
May 17th, 2007, 10:30 AM #8
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
May 17th, 2007, 11:15 AM #9
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
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?
May 17th, 2007, 11:34 AM #10
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"
May 17th, 2007, 11:49 AM #11
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