Psychology behind super wealth

Marty Fridson is a well respected Wall Street Investor, with significant experience specifically in bond markets. An author of many respected books and publications, he is a Harvard Graduate and is the youngest ever inductee into the fixed income analysts hall of fame; basically, he is brilliant and from the brief dialogue between us I can tell that he is a real Gentleman.

One of his books is called “How to be a Billionaire.” This book offers a fantastic look into the psyche of several billionaires, each examined for possessing key traits he felt were key attributes in the accumulation of super wealth. I highly recommend it, even if you’re not interested in becoming a billionaire (ha!) it is still a fascinating read.

For everyone’s benefit I have summarized the key points and principles of Marty’s research. Some of them may seem obvious, but consider how many you apply to your career.

Key Points

● Take monumental risks

● Consolidate an industry

● Do business in a new way

● Dominate your market

● Buy low

● Thrive on deals

● Out manage the competition

● Invest in political influence

● Resist the unions

Key principles

● Pursue the money in ideas

● Rules are breakable

● Copying pays better than innovating

● Maintain Growth

● Hold on to equity

● Hard work is essential

● Use financial leverage

● Keep the back door open

● Make mistakes, then learn from them

● Frugality pays

● Enjoy the pursuit

● Develop a thick skin

And the most important point;

● Make up your mind to be super rich

That may sound totally obvious, but consider it. Everyone wants to be rich; lazy people buy lottery tickets even if they’re not prepared to work for it. But to achieve mega wealth requires a complete devotion to your task.

Genuinely resolving to become a billionaire means committing yourself whole heartedly to the goal.

● Making sacrifices

● Intense focus

● Live every aspect of your life in a totally committed way

Consider that last point - EVERY aspect. You can’t have a half assed life in one area and be totally committed to another, it doesn’t work that way.

● Continuously reinforce motivation

● Work tirelessly

There are millions of people out there working hard, trying to get rich. To be different, you must work harder, be innovative, try new things, and take bigger risks.

You need to begin the journey NOW. The time is today, tomorrow will NOT be more opportune.

Get started!

PS – I got in touch with Marty because I liked his book, and he passed on this key advice from renowned Wall Street strategist Byron Wien –

“Be shameless about walking up to important people in business and introducing yourself. Befriend those people. You don't know how or when, but they will be helpful to you.”

Something to consider!

DS