Posted by Rob Minton
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I have devoted a lot of time to studying wealthy people, so I pay attention to the Forbes magazine list of the 400 wealthiest Americans when it comes out.
This year, the 400 are a bit lighter in the wallet than they were a year ago. Last year it took a net worth of $1.3 billion to make the famous list. This year, it took "only" $950 million. The recession has affected the wealthy, too.
An interesting piece on Forbes.com that went with the list says that the best way to eventually make the list is to own your own business. Of the wealthiest 400 Americans, 274 were self-made entrepreneurial types. Of the top 10 on the list, six of them made their own fortune (as opposed to having family money). The lesson to me seems clear: Own your own business.
The Forbes online article also features answers to questions on 22 different topics by eight of the self-made billionaires on the list. The topics range from their take on national health care, the state of the stock market, where they'd invest in real estate right now, their biggest investment blunder and even how much vacation is the right amount each year. The answers are interesting.
I was particularly struck by R.J. Kirk's answer to the question "Describe your life in five words." Kirk, who made his way to billioaire in pharmaceuticals and investment management, answered:
"I decided to be happy."
Powerful stuff. I think a lot of people think about what we think will MAKE us happy -- winning the lottery, getting a better job, living an easier life. But a look inside the thinking of a self-made billionaire shows us his different mindset. "I decided to be happy."
Doesn't this seem like the first step toward financial freedom, taking control of the process? And couldn't all of us make this decision, regardless of what endeavor we're pursuing? It's something we should think about.
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