10 things millionaires won't tell you article

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http://snowbank23.blogspot.com/

Nice.

I don't know if I agree with the "Like my Ferrari, It's a Rental" deal. I haven't heard of many people who rent such a car. As a wanna-be fastlaner, partial ownership seems a little silly to me. Especially of a "doodad". I can understand partial ownership of an investment, a business, etc. but owning half of a TV and saying "you can have it Mondays and Wednesdays, I'll take it Tuesdays and Thursdays" seems goofy!

thanks for the article

You know what they say: "If it float's, fly's, and f**ck's, its cheaper to rent".

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" to buy while blood is running in the streets."
Mayer Amschel Rothschild

Respectfully, I think that your mindset is backwards on this one. You want to own 100% of an investment or business that is generating income. You want to have fractional ownership of a doo-dad that's depreciating.

Fractional ownership and leasing also allow you to put your capital to better uses. Why plunk down $250k in cash for an LP640 when you can pump that money into your business and get a higher rate of return than the interest that you'd pay on the car loan or lease?

It's rather flexible doing a fractional ownership of doo-dads. Absolutly. Maybe you want a Lamborghini right now, but in 12 months you may want a Porsche of some kind. And 12 months after that you may want to test a luxurius yact or a private airplane.

It will be very costly to try to go after all of those things if you're going own them 100%. Fractional ownership allows you to test them all for less cost. Great idea, no matter how much money you have.

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"Make as much as you can for as long as you can. Whoever has the most when he dies is the winner." - Lawrence Garfield in the movie Other People's Money

5. "You don't get rich by being nice."

I'm starting to notice that this is a recurring theme amongst business owners; or at least highly successful ones. So, do you actually have to be an a$$ in order to be succesful in business? I agree with not being a push over, but being an a$$ just for the sake of it, isnt part of my character.

I agree with you/disagree with the quote.

I think it comes down the to the difference between being confident/respectable and being a cocky, arrogant prick. You don't want people to walk all over you, but in my experience (even just from the forums here), if you treat people well and there's mutual respect, you will be rewarded.

Who wants to deal with or help an arrogant prick? I can't stand them. The one thing I really despise is cockyness, but I know I have to deal with egotistical people like that sometimes. In those cases, you just gotta check YOUR ego at the door and deal with them.

Success in business is war. I'm an ass when I have to be, not for the sake of it. It's rarely an innate part of your character. You learn it. It's either that or you get stomped down. You have something people want and they're willing to hit you hard to get it. At the end of the day, life is tough no matter how civilized we become. It's always going to be cutthroat if you're really living. It's really the only main difference between rich people and poor people if you think about it...rich people are heavy weight champs. Everyone wants in the ring (or thinks they want in the ring), but some people have no business being there. The rich will beat you down. Yep. That's how you win. It's not my rule.

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"I'm not a business man. I'm a business, man." -Jigga
"The difference between genius and stupidity? Genius has limits." -Einstein

I respect your idealism. For all I know you are experienced in business, and I'm willing to concede that there are exceptions to the rule, but I stand by my last post. Success in business is war. You can coast by and make some bucks being a nice guy. I've done it. I've also had the reset button hit on my career three times when I folded instead of sticking up for myself. Every career has those defining "fight or flight" moments. And like I said, you only have to be an ass when you *need* to be. But the point is that you WILL need to lay the smack down on occasion if you don't want to lose it. And I mean lose *everything*. I actually just did it last night.

A woman I'm negotiating with has made a blatantly rude and unethical maneuver which benefits her substantially, and as a result I've taken a significant hit that will cost me tens of thousands of dollars if I allow her to get away with it. I sent a document over to her office late last night that calls her out, displays the facts and will most likely get her sued. Maybe worse. Should I have just bent over and took the abuse?

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"I'm not a business man. I'm a business, man." -Jigga
"The difference between genius and stupidity? Genius has limits." -Einstein

With my own 7 years in business I have learnt, the hard way unfortunately, that sometimes you need to be an "ass" in order to survive. You need to to be "picky" and you need to learn the difference between "curious customers", "curious partners" etc from "the real deal people". It takes some time to notice the difference. When you get that innate sense for what kind of people you are actually dealing with you can easily break the communication in order to avoid waisting time. That can, unfortunately, be considered as being an "ass".

Though I would call it self-respect. We only live here a couple of decades (if we are lucky to live that long), then waisting time on jokers are not one of the most rewarding of things.

But let me say this: Being an "ass" against those who feeds you is the most stupid thing you can do. That is really to be an "ass". Once again, learn to define when something is good and when something is bad.

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"Make as much as you can for as long as you can. Whoever has the most when he dies is the winner." - Lawrence Garfield in the movie Other People's Money

Thanks for the response.

And as you may remember from our PMs a little while back, I'm actually an unemployed 17 year-old!

I definitely understand what you're saying, though. I'm not saying you should just give in to every little demand, but there's no need to be arrogant or condescending. Definitely stand up for yourself when you need to, but I'm just saying I don't think it's necessary to try to dominate everybody ALL of the time.

Nothing personal, just business.

People's feelings get hurt when money is involved, that's why I am always very careful involving any money with my friends and family. A random person owing/not living up I can call out, a family member - more difficult.

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It's not doing a 9-5, eating at Applebees w/the wife and kids after work, and going home to watch TV until bedtime.-Russ H

right on. I totally remember you. I remember 17, not unemployed And I agree. Being a all round jerk is not what the article means though. Trump is a swell guy, but if you mess with him he'll put you down.

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"I'm not a business man. I'm a business, man." -Jigga
"The difference between genius and stupidity? Genius has limits." -Einstein

Yep, business with family is tough. No doubt about it.

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"I'm not a business man. I'm a business, man." -Jigga
"The difference between genius and stupidity? Genius has limits." -Einstein

The dominating trait comes naturally after a while. Unless you fold and give up on being a businessman that is.

When I do business I am very much a dominate guy. I know what I want. I propose stuff and always expect to get responses and good proposals back. If I don't get any I will cut the cord. Why waste time with people that can't even get things moving forward?The same actually goes with people in my private life. If I discuss with people that can't talk back I get bored easily and most usualy cut the cord. Even if the other party might be the nicest person in the world. If I don't get anything from the relation then that is a big problem. I like giving, but I like getting also.

Personally I can seize up a guy or woman in a day. Richard Branson says he can do it in 3 seconds ( I wonder though..hehe).

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"Make as much as you can for as long as you can. Whoever has the most when he dies is the winner." - Lawrence Garfield in the movie Other People's Money

I had a mentor tell me once that if I was going to be successful in business that I was going to have to significantly change the way I dealt with people. It doesn't matter how much you know, how smart you are or how good your ideas are if you let people walk all over you. The more you know and the better your ideas are, the more people WANT to walk all over you if you let them. I can't help but feel like if I had taken this to heart 10 years ago, I'd be a billionaire by now ; )

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"I'm not a business man. I'm a business, man." -Jigga
"The difference between genius and stupidity? Genius has limits." -Einstein

Thank you for this insight. I never thought of it that way. Why of course I want to own 100% of my businesses and investments, but I never saw the point of owning "part" of a Lambourghini... When you call it a depreciating doo-dad, that makes much more sense.

I think I want to be like Bruce Wayne some time and have 100s of cars in a garage. Or at least a different car for each day of the week.

I've been learning this one the hard way too. I'm normally too nice of a guy. It gets me a lot of things. Tony Robbins reminds me that "You shouldn't treat everyone like they are sharks! Most people aren't out to get you! ... but... that rule only applies if they really aren't sharks!"

Being YOUNG and successful, people still look at me as below them, I look like fish food!

I have had some sharks in my life lately that I have been too nice to, they have backstabbed me several times lately. I kept thinking "well, they didn't really mean that..." oooooh yes they did. I put one in his place last night and I'm about to deal with another one in about 30 minutes. I'm gonna squash him like a bug!