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Wednesday, January 17, 2007
Site Category: Things I Thought Of
How The Rich Get Rich And Stay That Way
Some work hard, some are lucky, some are smart, most are like this...
I’ve known some very rich people. Rich as in worth tens of millions of dollars, some even more. I worked for each in one capacity or another. With few exceptions, there are certain work traits those millionaires have in common. It’s how the rich get rich and stay that way. Generally speaking, those I’ve know who are rich got that way through business ownership. Start a business, build a business, sell the business, make big money. First, let me define ‘rich’ people. Those who are worth more than, say, about $10-million. Of course, the $10-millionaires might not think they’re really rich compared to the $100-millionaires, but since I’m much lower than a single millionaire and it’s my definition anyway, the definition stays. Most of us further down on the economic food chair look to the rich through different eyes. Some of us have been fortunate enough to work with the ‘rich’ up close and on a daily basis. From my perspective, there are certain traits that these rich people have in common. From that exposure, there are a few traits we could use to improve our own socio-economic position in the food chain. Some you may want to avoid. Second, hard work isn’t on the list, though rich people, from what I can tell, work hard. They’re just better at getting other people to work hard. That’s an important distinction. Wasn’t it George C. Scott, when playing George Patton in the movie, who said, ‘I don’t want you to die for your country. I want you to make the other son-of-##### to die for his country.’ So it is with hard work. Rich people are good at getting other people to work harder. Sometimes that ‘motivation’ toward others is by brute force of personality, sometimes by the position of simply being a boss, owner, executive. Hard work is part of the equation. So is patience, though some millionaires I’ve worked for did not often display patience with others, situations, or circumstances. Intellect does not seem to play much of a part toward getting rich in the monetary sense, though all those I’ve worked for were intelligent; not average. The single overriding trait among those millionaires for whom I’ve toiled? Greed. Greed. The desire to obtain more, own more, control more, show more, get more. More what? More power. More prestige. More opportunity. With few exceptions, greed shows up as a strong trait in every case (with the exception of Stan Brannan of Wichita, KS; who may have been the most level-headed executive and millionaire I’ve worked for). How? How does the greed display itself? As an example, I worked for the owner of a company that ran a number of call centers; average people who toiled on the telphones all day taking orders. His company did not provide sick days. Sick days are usually not required by law. In this case it was not. His reason for not providing sick days? ‘They’ll just use the time to go to the beach or sleep late. Why pay people for not working?’ There’s a logic in there, though it’s simplistic. Most companies provide employees with five or 10 sick days a year. Get sick, stay at home for a day or two so you don’t spread you ‘sick’ to others. That’s logical, too, but rewards only the sick. Smarter employees now provide PTO—paid time off. It combines vacation days and sick days in one package. The healthy are rewarded with more days off. The sick still get time off and get paid, but are not really taking advantage of the system. A call center may have hundreds of employees. They’re average, hand-to-mouth folks, waiting for the next paycheck. Some get sick. If they’re going to lose a day of pay staying at home, the neediest will go to work anyway. They infect other employees, that affects productivity, and reduces sales and profits. Only when that company owner began hiring experienced managers did the company begin growing dramatically and having even more success, hence an eventual sell out, and millionaire status. Oh, the ‘no sick days’ policy changed. That’s one example. There are others. I’m sure you’ve known some wealthy people who were kind, pleasant, and enjoyable human beings. Perhaps they inherited their money. How do the rich get rich and stay that way? They’re better at getting other people to do what they want than you or me. How do they stay that way? They learn to make their money work for them, instead of them working for their money. That’s what you and I do. We work for our money. We work for someone else. Getting rich requires us to get others to work for us and getting our money to work for us. Greed helps, too. Additional musings and nonsense can be read on the McElfresh.org site (with photos, stories, a photo gallery, and an audio podcast). Should you require non-licorice tasting musings, try RonMcElfresh.com. No photos, no podcasts-- no holds barred musings for the thoughtful generation. Either way, it's the same price.
Posted by Ron McElfresh on Wed Jan 17 2007 at 10:00 AM
Site Category: Things I Thought Of • 2 Comments • Permalink • Email It
Comments Posted:
So you are saying this reprehensible acquisitiveness, the insatiable desire for wealth would be the single overriding trait of the millionaires? I think I have to agree, although I have seen that sin also with some of my poor and average clients/friends. Any ideas about “How the poor stay poor?” and what the opposite of “greed” will be? Cheers! — Posted by .(JavaScript must be enabled to view this email address) on Tue Jan 30 2007 at 01:42 pm
Comments Posted:
Great little article. And the part most books leave out. — Posted by .(JavaScript must be enabled to view this email address) on Mon Feb 19 2007 at 05:38 pm
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