Five Myths About Getting Rich
March 6th, 2008 Posted in MoneyThere are many schools of thought when it comes to getting rich. And our cracked staff of researchers at The Daily Idea flunked out of four of them. But they’re still qualified to survey the landscape of trust fund babies, over-paid celebs and lotto winners … and call B.S.
So here are the Daily Idea’s five myths of getting rich, inspired by Money Magazine and writer Josh Hyatt. You don’t think we actually write our own crap, do you?
FULL TRANSCRIPT
Hi, I’m Nikki Key and you’re watching The Daily Idea.
If you surveyed everyone in The Daily Idea’s viewing audience, 100 percent of you would say you wanna be rich. And if you don’t want to be rich, you have our permission to watch a different Web TV show.
There are many schools of thought when it comes to getting rich. And our cracked staff of researchers at The Daily Idea flunked out of four of them. But they’re still qualified to survey the landscape of trust fund babies, over-paid celebs and lotto winners … and call B.S. (or say bullshit and we’ll bleep it.)
So here are the Daily Idea’s five myths of getting rich, inspired by Money Magazine and writer Josh Hyatt. You don’t think we actually write our own crap, do you?
First – You don’t have to have incredible charisma.
Wealth isn’t defined by one’s personality. I mean we can think of a couple examples of really wealthy folks who have the personality of a rice cake. The good news is that personality is only good for making people like you. That means you’ve still got a shot.
Next – You don’t have to be able to see the future.
Visionaries are few and far between and when they do pop up, they’re normally inventing things, not necessarily getting rich. Henry Ford is a good example of someone who didn’t really have an eye on the future. He didn’t actually invent the car.
He just figured out a way to make more of them faster.
Now, we don’t want to name names, but some wealthy people we know not only can’t see the future, but have a hard time knowing what’s going on in the present.
Myth Number Three — You have to stick to your guns, no matter what.
Having an iron will may very well prove valuable to some people who find themselves in positions of great greenbacks. But the best corporate minds out there know when to see a mistake and rethink the course … White Sox fans everywhere are thankful.
Number Four – You have to be willing to take risks
Some of the world’s most successful people are the most conservative. Peter Lynch of Merrill Lynch tells people to invest in what they know. Warren Buffett heeds that advice. He only buys businesses he claims he can understand. What happens when you get out of the “do one thing and do it well” sweet spot? New Coke, Trump Airlines, Jack Daniels Beer and Keanu Reeves trying to actually act.
Finally, you don’t need a burning desire to get rich.
Frankly, we think this myth is a bunch of crap. If you didn’t have a burning desire to get rich then you probably wouldn’t wind up getting rich, now would you? Money magazine’s article is great and all, but they only list one example of someone extraordinarily rich who claims it’s not about the money. Easy to say when you’re sitting on a couple hundred million dolla-dolla billz, yo.
You can find out more about the myths of getting rich by reading Josh Hyatt’s article at Money.com or by finding the link on our website at DailyIdea.TV.
And that’s another Daily Idea.
