How to stay rich

 How to stay rich

Drugs can be great, for a while. Anyone who tells you otherwise is either lying or ignorant. But they will very often kill you and wreck your life. That is the problem. And, while they do it, they stop you from getting rich. Better to forget about drugs and move on.

Keep giving it away.

The faster you give it away, the more money will flow back to you. Not because of 'karma' or 'universal cosmic forces', but became you then spend less time defending it and more time making more of it.

Investing in private companies you think can do well is another sensible ruse to staying rich, but giving it away on a continual basis is a surer route.

As soon as you've spent it, gifted it, loaned it or invested it, forget it.

It's gone, forget it. If any of it returns to you, fine. But that should not be your primary concern, unless you invested for safety's sake.

Do not waste time playing the 'blame game' over investments, loans or outright gifts, however large. The blame, if there is any, is yours,

Never loan it to friends.

If you loan money to a friend, you will lose your friend as well as your money. Give them whatever you feel like giving. Then forget it. Ditto with relatives.

Broadcast your policy loudly. This will spare you from many embarrassing demands that will otherwise vex you.

Get 'first flush' barminess out of your system as fast as possible.

The sooner you can work through this 'barmy' phase, the better your health will stand up, and the sooner you will get your second wind.

Your oldest friends are your only friends.

Only your old, trusted mates can tell you when to get off.

Get used to being 'cut off'.

If you do not begin to isolate yourself pronto when you get rich, then you will be driven mad pretty swiftly.

It isn't that you have changed so much, (although believe me, you have), it is simply that you are now a loaded galleon, a supertanker, and all the pirates have lookouts. There just isn't enough time in the world to deal with them all. Avoid them instead.

Avoid developing 'plate-glass vision'.

'Plate-glass vision' won't make you poor, but it will drive you crazy.

Develop a passion outside of making money.

Get your own private advisors.

There is no substitute for a first-class lawyer, tax advisor, accountant, auditor, estate manager and business advisor.

Watch out for fraud in the early days.

Do not try to be friends with your staff.

Being fair and friendly is always cool. Trying to be 'one of the boys' is pathetic.

Do not sleep with your staff.

It's dumb. It's unfair. And it sucks. Period.

Choose personal aides with enormous care.

If a personal aide is not working out, then fire him or her just as soon as you know. But be very generous when you do so. Tell them it's your fault - it probably is.

Close aides like these can become your friends, and usually do, over time. That's understandable. But try to keep a little distance 'just in case'. Ensure they are employed under a very different contract than employees of your company. They must work for you, not your company.

Don't abuse it.

Being rich doesn't give you the right to abuse anyone.

Be safe.

No need to get paranoid about it, but effective security for you and your family has to become a priority.

Never stop looking for talent and promoting talent.

As the owner, you have the right to seek out talent, both inside and outside of your company. You have the right to insist it is promoted or hired. Make use of that last right. If you get known for making use of it, the talent will start coming to you.

No deal is a 'must-do' deal.

More entrepreneurs get themselves in trouble by overreaching than exercising discipline.

No deal is a total make-or-break deal. Not one. If you cannot get the terms you know make sense, then walk away.

This is one occasion when you have the right to overrule senior management in your company, if you feel strongly enough. Listen hard. But if you are not convinced, insist they walk away.

Lead. Do not be lead.

If you sniff an opportunity, then get them to consider it. If they prevaricate, call a meeting and brainstorm.

Your employees and advisors are just that: employees and advisors. You are the owner. You must follow your instincts. You must lead.

Stay as healthy as you can.

Staying healthy long enough to enjoy your wealth must make some kind of sense.

If you're bored with a business, sell it.

You will not be able to disguise your lack of passion for a business if you fall out of love with it. Your lack of enthusiasm leaks out of you and infects those around you. They can sense it and they will find it hard to forgive and easy to emulate. Sell that particular business pronto. Then go and invest in something that doesn't bore you.

Try to sell before you have to.

You're an entrepreneur. Your companies are not your 'babies', they are tools for acquiring wealth. Try to sell them before they peak.

Retirement will kill you.

For most men and women who have made a lot of money, retirement is usually a living death sentence.

Remember you are only richer than them.

Not smarter than them.