Truth and Lies about Creating Wealth
Wealthy people are stingy for a reason. The secret to becoming wealthy is to scrimp and save. Grandpa’s Note : It all depends on your point of view. I personally feel I am simply not profligate with my money – unlike many of my newly rich friends. They blow it on cars, boats, mistresses, expensive cruises & vacation, gambling or drugs. They often call me a « stingy tightwad. » But most of them have ended up bankrupt or broke. Especially my show-biz acquaintances. Unlike me. I am now in my 70’s, stress free and quite comfortable. I don’t feel I ever denied myself anything necessary for happiness. I even support a few favorite «causes» .
The stock market is the most efficient way to invest. You can’t become wealthy unless you understand and master the stock market. Grandpa’s Note : Depending on trading the stock/metals/commodity/securities market is about as dependable as going to a casino with a few hunded Euros to gamble every night and expecting to earn a good living from those visits. It won’t work unless you are a very good poker player or card-counter at « 21. »
Geopolitics determines investment outcomes. You can’t become wealthy unless you understand politics and economics. Grandpa’s Note : Most rich people have become rich because of a product or service they sell to a local market. What goes on abroad is of no concern whatsoever. A very few individuals will find that a certain geographic area lacks a product or service provided somewhere else. They get rich by bringing something to an area where it can be marketed profitably. I did this once when I discovered in the 1960’s that Warsaw had not a single coin-operated laundry while similar sized cities had dozens. Someone I knew brought Dairy Queens to Mexico, and made out like a bandit. Another friend started the first «Gloom & Doom» newsletter which attracted loyal subscribers for 50 years– even though his annually predicted « end of the world as we knew it» never materialized.
The general public is always wrong about economic and financial trends. The fastest way to acquire wealth is to invest as a contrarian (i.e. against market sentiment).
Grandpa’s Note : The key word is « always. » I would substitute « usually. » But like a styopped clock, it is right twice a day !
I don’t read all the popular books on wealth-building, because I feel comfortable with the system I’ve developed myself, through my own experience. I don’t follow the advice of others, except when it dovetails with my own experience.But that’s not to say that my system is the only system that works. Nor do I want to argue that it is the right system for you. All I can do is to report my own experiences to you as honestly as I possibly can. Grandpa’s Note: A very good and honest statement! Most get rich books are fiction. They don’t work, and the author’s make money only from the sale of their lousy advice.You are my surrogate siblings. I want you to succeed. The only way I can help you is to tell you what I know to be true. And this is what I know – from my own experience – to be true about creating wealth:Truth No. 1You’ll never get rich unless you understand some fundamentals about saving, spending, and investing.
Even Warren Buffett, the world’s most successful investor, knows this. His wealth has come not from being an individual investor but from being the principal of Berkshire Hathaway. Keep that thought in mind every time you hear his name quoted.
Grandpa’s Note : Exactly ! All the great
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