J. PAUL GETTY'S WEALTH SECRETS
The late J. Paul Getty's rules for accumulating wealth are
simple and to the point. In fact, it is so simple that most
people who read them either dismiss them as sweeping
generalities or falsely believe they have known and used them
most of their lives... but these people are probably not rich.
So while these guidelines may lack romance or an obvious
direction, be assured that they are the genuine article. Apply
them as soon and as often as you can, and apply them with
intelligence and creativity.
Rule No. 1: To acquire wealth today, you must be in your own
You may think that the corporate executive with a $100,000
salary is better off than small shop owner, but the executive
will be hard-pressed to double his income and taxes will eat up
most of any increase. The simplest peanut vendor has unlimited
opportunity to expand his business and his income, and even
salesmen, who in most cases are able to write their own
paychecks, can control his sale increases himself.
Rule No. 2. You must have a working knowledge of the business
when you start and continue to increase your knowledge of it as
you go along.
If you don't know what you're doing when you start, your
mistakes will be costly and often unnecessary, and you won't be
able to keep up with the technological explosions in any field.
Start smart and stay that way.
Rule No. 3. You must save money in your personal life and in
your business venture as well.
Discipline is the key to saving money. You must develop the
will power to deny yourself immediate gratification or the
temptation to gamble on the quick buck. Resources will be needed
for expansion and should be guarded carefully.
Rule No. 4. You must take risks, both with your own money or
with borrowed money. Risk-taking is essential to business
growth. Nelson Bunker Hunt is admired for his guts in trying to
corner the silver market, not scorned for losing money on this
deal. Some of the richest men have staked their entire fortunes
and lost, several times over, before the risk-taking paid off.
Back those risks with good judgment, experience, commitment, and
the right support. Seek advice on risks from the wealthy who
still take risks, not friends who dare nothing more than a
Rule No. 5. You must not only learn to live with tension, you
must seek it out.
Thrive on stress! If it means getting physically fit, having a
psychiatric overall or losing 50 pounds before you can handle
it, do it. Once you can learn to thrive on stress, you will not
only enjoy it, you will seek it out willingly and
enthusiastically and wonder how you could live any other way.
Men of means look at making money as a game which they love to
play. Consider it serious business and you will suffer far more
stress than you need or want. Keep your perspective or your
stress level will rocket beyond your control.
Rule No. 6. Build wealth as a by-product of your business
If wealth is your only object in business, you will probably
fail. Wealth is only a benefit of the game. If you win, the
money will be there. If you lose, and you will from time to time
if you play long and hard enough, it must have been fun or it
was not worth it.
Rule No. 7. Patience.
This is the greatest business asset. Wait for the right time to
make your moves. Let your business grow naturally, not by
pressing your luck.
Rules No. 8. Diversify at the top.
Once you've made it, you'll understand that any business is
limited in the challenges it offers. You'll want and need other
games to play, so you'll look for other ventures to hold your
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