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Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline.
They live well below their means. They allocate their time, energy, and money efficiently, in ways conducive to building wealth. They believe that financial independence is more important than displaying high social status. Their parents did not provide economic outpatient care. Their adult children are economically self-sufficient. They are proficient in targeting market opportunities. They chose the right occupation.
Most millionaires who are PAWs are self-employed. Being self-employed gives one much more control over one’s economic future than does working for others.
Networking is alive and well among the affluent in America.
Whatever your income, always live below your means.
Taking financial risk is evidence of courage.
Courage can be developed. But it cannot be nurtured in an environment that eliminates all risks, all difficulty, all dangers.
How many cold calls has Ms. BPF made in her life? Zero.
It’s amazing what you can do when you set your mind to it. You’ll be surprised how many sales calls you can make when you have no alternative except to succeed.
(One of the proven ways that domineering parents control their adult children is by living close to them.)
Often the adult child in this category has close emotional as well as economic ties to his parent. He is significantly more likely to live in close proximity to his parents—down the street, perhaps, or even in the same home.
Be tough… life is. In other words, there is no promise of a rose garden.
Never say “poor me”… [or] feel sorry for yourself.
Let them run their own lives; ask permission even to give advice.
And, in reality, most of the children of the affluent never do become business owners. Money is second or third on their list of goals and achievements.
Teach your children to achieve, not just to consume.
Always strive to be the best in your field…. Don’t chase money. If you are the best in your field, money will find you.
You can’t hide from adversity. You can’t hide your children from life’s ups and downs.
These gifts will be in various forms, including cash, collectibles, homes, cars, commercial real estate, public securities, and mortgage payments.
Each parent can give each child and grandchild up to $10,000 annually.
Also note that gifts of tuition and medical expenses are typically not included in computations of gift tax liability.
There is always a demand for high-grade attorneys.
The first area we recommended was estate law.
The more successful ones also act as mentors and family advisors to the affluent and their heirs.
We believe that in the next twenty years, the affluent will have to use every option within the law to remain affluent.
Thus, the second area of law we recommended to the father for his son was tax law.
The third area of law we recommended was immigration law.
They encourage their children to become self-employed professionals, such as physicians, attorneys, engineers, architects, accountants, and dentists.
Yes, Larry, courageous people, entrepreneurs, recognize the fear in what they are doing. But they deal with it. They overcome their fears. That’s why they are successful.
