How to be rich?
May 24th, 2007
My Paper interviews the co-creator of the “Chicken Soup for the Soul” self-help books.
Mark Victor Hansen made his first million at age 35. He’s now an accomplished wealth guru coaching people and giving seminars around the world (obviously making more money).
Like other self-help gurus, Mark has advice for people who aspire to be wealthy. Let me gloss over the standard stuff and highlight what I think is important.
Standard stuff (mostly vague):
- Have a vision
- Be a team player, work with people
- Have a system of generating wealth quickly (but how?)
- Have “tools”
- Save 10% of what you earn, donate 10%, and invest 10%
Here’s what I think is useful: find a mentor. Yes, get someone who’s been there and done that to coach you. (But I don’t think this is the same as attending get-rich seminars, so please save your money.)
If you’re lucky to find such a mentor – maybe a close relative or a good friend – ask him these questions politely:
- How did you make your first million?
- How long did you take?
- If you were to do it again in today’s context, how much time do you need? Would you do it differently and how?
- If I want to be rich, what’s your advice for me?
- What is the most important lesson you picked up in the process of getting rich?
- What do you think is the most important habit that helped you?
- Any missed opportunities? Can I make use of these opportunities?
I want to add one more question: Do you think luck plays a part?
The reason for asking this question is that luck is a very much underrated “quality” for getting rich. Too many people are saying it’s just hard work, having a “system”, perseverance, networking, etc. But you actually need to be lucky to have a good brain, to meet the right people, to be at the right place, to invest at the right time, and so on.
So, it helps if your mentor can give you an understanding of how luck plays a part in getting rich.
. reasons are obvious if you scroll down this forum –...
How to be rich (part 2) | Salary.sg - Your Salary in Singapore Says:
October 24th, 2007 at 8:24 pm
[...] 5 months ago, I suggested that a mentor is the way to riches and that luck may play a [...]
fynyx Says:
February 26th, 2008 at 4:12 am
This Web age gives us a peculiar advantage to have many great mentors:
Learn from all the successes that can be found online.
However, this rich and convenient method demands one important quality:
Be a self-driven, diligent student at:
a) seeking out all that information
b) reflecting on the lessons
c) acting to improve.
Jasmine Says:
April 20th, 2008 at 9:55 pm
The problem is most people does not have a great mentor
Tequila Says:
April 27th, 2008 at 12:20 am
Money Tips:
1) Have or adopt rich parents
2) Stay lucky
3) Start ur own business – have a scaleable business!!!!!!!!
jake Says:
June 1st, 2008 at 4:47 pm
What business to start?
Renter Says:
July 7th, 2009 at 2:00 pm
When I was a younger guy, I too thought that I could make it in the world just based on my talents alone, but the older I get, the more I realize the huge part that luck plays. This is not to say however that you should just stay home and wait for money to drop from the sky. Somebody once mentioned that a large part of his success is just showing up i.e. you’ll still have to do the work but leave the luck part to higher powers.
Made it Says:
July 10th, 2009 at 1:10 pm
Agree with Renter.
Looking back it seems like this has always been the case.
As an old wise Chinese saying goes you need “tian shi, di li, ren he”.
So don’t think too highly of people who are on top and don’t look down on people down on their luck.
Millionaire Forummer Shares Experience and Gives Valuable Advice | Salary.sg - Your Salary in Singapore Says:
August 13th, 2009 at 11:20 am
[...] Frank sharing and valuable insights from a guest in our Salary.sg Forums, in response to a list of questions I posed in an old article on how to get rich: [...]
JS Says:
August 26th, 2011 at 4:21 pm
i support idea of rich parents