10 things millionaires won't tell you article

[snowbank]

http://finance.yahoo.com/banking-budgeting/article/105626/10-Things-Millionaires-Won't-Tell-You

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kung Fu Steve]

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!

 

[ramy98]

thanks for the article

 

[hatterasguy]

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

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[8 SNAKE]

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!

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?

 

[fanocks2003]

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.

 

[PAshortie]

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.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Yankees338]

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.

 

[rxcknrxll]

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.

Success in business is war. I'm an a$$ 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.

 

[rxcknrxll]

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.

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 a$$ 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?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[fanocks2003]

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.

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

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 "a$$" against those who feeds you is the most stupid thing you can do. That is really to be an "a$$". Once again, learn to define when something is good and when something is bad.

 

[Yankees338]

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 a$$ 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?

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.

 

[Rawr]

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 a$$ 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?

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.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[rxcknrxll]

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.

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.

 

[rxcknrxll]

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.

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

 

[fanocks2003]

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.

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).

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[rxcknrxll]

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 ; )

 

[Kung Fu Steve]

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?

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. :groove:

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).

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! :fryingpan:

 

[fanocks2003]

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. :groove:



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! :fryingpan:

As far as I am concerned, no matter how old the other party is: If they treat me bad I will hunt them down and ridicule them. I am a good debator. I often find something to beat the other party at (with words).

For example, today I was in a heated argument with a UC representative (a manager of some sort). UC is the biggest and most respected credit rating agency in Sweden.

And this guy is like double my age and it clearly showed in his behaviour that he thought I was a little annoying bug benief his big shiny shoe. The argument? It was about the 3 year rule in Sweden that says you will have a credit mark 3 years after you have paid of your debt in full (a punishment more or less for being naughty).

I want that rule changed and I have, as mentioned before, got more and more widespread backing from people that also see a change of the 3 year rule as something that would benefit not only some individuals but the whole nation at large (economicly).

This guy really made me suffer, but I can tell you I made him suffer as hell too. And man, did I feel good about putting his nose in the mud. Somehow I like being in situations where I can beat authorities..hihihi. They need a beating from time to time so they do not grow stiff in their big Ego Arrogance. They always seem to forget that they are in service of the people and not the other way around.

Yes, by the way. Also talked to the Chief Editor of a swedish journal about this 3 year rule that I want to change and it seems like they will cover a story about it. The chief editor was actually the one wanting me to call him after my comment on one of the journals articles about mobile loans (I don't know if you have the same thing in the US or in any other country for that matter. Mobile loans is like small payday loans that does not go above $1000).

So I am pretty satisfied. But all in all, some people need to be put in place. Some harder than others. If someone hinders good progress they need to hear about it and either be removed or converted.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[PAshortie]

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.

My thoughts exactly. Good point about keeping your ego in check.

Success in business is war. I'm an a$$ when I have to be, not for the sake of 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 a$$ when you *need* to be.

To me, that's not being an a$$, it's not being a push-over. I guess I should define what I meant by being an a$$. I'm referring to the person that is unwilling to compromise, who disrespects just for the sake of disrespecting. I've read quite a few personal stories about someone meeting a highly successful business person, and they turn out to be a$$es for no reason.

Even Trump touts the Me, Me, Me concept. Which I really don't understand. But I do respect it b/c he's highly successful. I recently read a review on Trumps latest book. Now, this is a quote, but the writer said to keep a positive attitude. Then, in the next chapter, it says to take revenge when someone wrongs you? How can you keep a positive attitude with revenge on the mind lol? Revenge takes energy...I'd rather learn the lesson and focus that energy into something positive that will keep my momentum going.

As Yankees said, I believe in being confident and respectful. Add in integrity, and I think that makes for a successful, standup business person.

 

[yunghova35]

good read

 

[rxcknrxll]

My thoughts exactly. Good point about keeping your ego in check.



To me, that's not being an a$$, it's not being a push-over. I guess I should define what I meant by being an a$$. I'm referring to the person that is unwilling to compromise, who disrespects just for the sake of disrespecting. I've read quite a few personal stories about someone meeting a highly successful business person, and they turn out to be a$ for no reason.

Even Trump touts the Me, Me, Me concept. Which I really don't understand. But I do respect it b/c he's highly successful. I recently read a review on Trumps latest book. Now, this is a quote, but the writer said to keep a positive attitude. Then, in the next chapter, it says to take revenge when someone wrongs you? How can you keep a positive attitude with revenge on the mind lol? Revenge takes energy...I'd rather learn the lesson and focus that energy into something positive that will keep my momentum going.

As Yankees said, I believe in being confident and respectful. Add in integrity, and I think that makes for a successful, standup business person.

spelling "a$$" with dollar signs...apt. i agree with what you said though. semantics always enters into a discussion like this but at the end of the day, if you're not willing to piss some people off, you're not going to be able to go very far. It just comes with the territory. That's all.

I also do not understand Trump's attitude on revenge. Although I honestly think he may be doing that shtick facetiously. He's an entertainer these days...involved with the media just as often as he is real estate. RE is his bread and butter, but he's having fun being on TV and making millions there also. It adds value to his franchise if you think about it. Kudos. I think it's an act. Although, I do agree with his "be paranoid" angle. If you haven't read Art of the Comeback, it's worth reading. 75% of it anyway is a good read. The rest of it is pure self-indulgence...would you expect anything else from The Donald?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[PAshortie]

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

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 "a$$" against those who feeds you is the most stupid thing you can do. That is really to be an "a$$". Once again, learn to define when something is good and when something is bad.

You brought up some very good points. Good read.

 

[PAshortie]

"a$$" with dollar signs...apt.

Some people tend to get offended when others spell the words, so I just substitute with symbols that represent the letters...kind of like when you used shtick :smx2:

i agree with what you said though. semantics always enters into a discussion like this but at the end of the day, if you're not willing to piss some people off, you're not going to be able to go very far. It just comes with the territory. That's all.

I also do not understand Trump's attitude on revenge. Although I honestly think he may be doing that shtick facetiously. He's an entertainer these days...involved with the media just as often as he is real estate. RE is his bread and butter, but he's having fun being on TV and making millions there also. It adds value to his franchise if you think about it. Kudos. I think it's an act. Although, I do agree with his "be paranoid" angle. If you haven't read Art of the Comeback, it's worth reading. 75% of it anyway is a good read. The rest of it is pure self-indulgence...would you expect anything else from The Donald?

I get what your saying. I havent had to deal with real business issues yet, so maybe my thoughts will change later. I doubt it though. I have rental property but I havent had any confrontations or ill will. Tenants stray outside of the lease and I tax them. They play the "oh I didnt know" game, and I tax them. I've let them slide on one issue so far and we agreed there wouldnt be a repeat offense. If it wasnt for their stellar track record, I would've taxed them lol. I havent had to be an a-hole as of yet. Just a straight-up dude.

Thanks for the reco. I've read the Art of the Deal and thought it was very good. I'll order the Comeback next.

 

[GHVan]

As they say "FAKE IT UNTIL YOU MAKE IT"

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[rxcknrxll]

Some people tend to get offended when others spell the words, so I just substitute with symbols that represent the letters...kind of like when you used shtick :smx2:


I get what your saying. I havent had to deal with real business issues yet, so maybe my thoughts will change later. I doubt it though. I have rental property but I havent had any confrontations or ill will. Tenants stray outside of the lease and I tax them. They play the "oh I didnt know" game, and I tax them. I've let them slide on one issue so far and we agreed there wouldnt be a repeat offense. If it wasnt for their stellar track record, I would've taxed them lol. I havent had to be an a-hole as of yet. Just a straight-up dude.

Thanks for the reco. I've read the Art of the Deal and thought it was very good. I'll order the Comeback next.

i got mine on amazon for $3. good deal

 

[hatterasguy]

As for being an "a$$" in business here is a real world example.

Would you steal a deal out from under someone?

 

[PAshortie]

As for being an "a$$" in business here is a real world example.

Would you steal a deal out from under someone?

Depends on the situation. If I'm involved in it, I doubt it will be underhanded.

If it's something like cutting out a partner after he set the deal in place. No. Things just arent that serious to me.

BTW, I like that forum. I have alot to learn though.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[randallg99]

As for being an "a$$" in business here is a real world example.

Would you steal a deal out from under someone?

lol, you mean someone buying a car that's worth more than what your paying for it???

a deal is only as good as the people making it. No such thing as "stealing" a deal if two people agree to price and terms regardless of who else is involved in negotiations.

this thread is borderlining too much emphasis on morals and ethics.... it's unethical if you take advantage of people who are incapable of negotiating (ie handicapped)... but otherwise, who gives a shit how a deal comes together if you get what you are looking for.

 

[PAshortie]

this thread is borderlining too much emphasis on morals and ethics....

Not really. Maybe the last post but the majority of the thread has been about being an a-hole when doing business lol. I liked hearing about how others handle themselves when doing business transactions.