The Eight Important Elements Of Economic Success

Comments from investment advisor Dr. Sjuggerud [in brackets] and my responses (in italics)about the 8 important elements of economic success derived from Dr. Thomas Stanley’s study of more than 1,300 millionaires :

Understand that there are key success factors that our economy rewards; they include: being honest with all people, hard work, integrity, and focus. [I was amazed to learn that the top of the list was “being honest with all people” - even above hard work!] Note that the list doesn’t include being born to the “right” family. It has to be clear that hard work is rewarded more substantially by the economy when magnified by a system and not just by the 30% premium on the labor rate for overtime.
Never allow a lackluster academic record to stand in the way of becoming economically productive. [Can you believe that the average millionaire graduated college with a 2.9 GPA - and that’s if he even graduated!] I have always gotten good grades. I study hard and work hard because I like doing my best. Don’t let your good grades sucker you into a non-millionaire life!
Have the courage to take some financial risk. And learn how to overcome defeat. [Handling defeat is a big key in investing - the most important - and toughest - thing to do is to Cut Your Losers.] Funny Dr. Sjuggerud! Cut your losers! This is something I have to confront because I happen to really like doing well. I cried once when I got a failing exam score - which rarely ever happens. The very bright side is that the deviation or any possible low point has a point on the positive side of the spectrum! Calculate your risks.