The Eight Important Elements Of Economic Success

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

  1. 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.
  2. 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 wholesale jerseys 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!
  3. 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.
  4. Select a job that is not only unique and profitable; pick one you love. That oomph, that passion. I’m young. I can let myself find it and try Corporate new stuff that pique my interest. Don’t cage yourself.
  5. Be careful in selecting a spouse. [Economically productive people marry men or women who share the characteristics that are most compatible with success.] That and good-looking.
  6. Operate an economically productive household [Many millionaires prefer to repair or refinish rather than buy new.] Filipinos love the pride that comes from having bought firsthand. to I really want that house in Tagaytay. I guess the millionaire found a way to neutralize caveat emptor.
  7. Follow the lead of millionaires when selecting a home – study, search, and negotiate aggressively.
  8. Adopt a balanced lifestyle. Many millionaires are “cheap dates.” It does not take a lot of money to enjoy the company of your family and friends.

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