Can’t Hang on to Your Billions, Eh? Do This…
1. | Remember, you are only richer than them. Not smarter than them. If you do not employ a great many people smarter than you in your company, then you are either Albert Einstein reincarnated, or a fool. |
2. | Never stop looking for and promoting talent. If you get known for making use of it, the talent will start coming to you. |
3. | Lead. Do not be led. You have hired a bunch of talented boys and girls who are smarter than you. Great. But you are their leader… Your employees and advisors are just that: employees and advisors. You are the owner. You must lead. |
4. | Do not try to be friends with your staff. They know it’s phony, you know it’s phony, and they know that you know it’s phony. |
5. | As soon as you’ve spent it, gifted it, loaned it, or invested it, forget it. More angst and worry comes into the world from concern over past investments, loans, or gifts than can be imagined. It’s gone. Forget it. |
6. | Get your “first-flush barminess” out of your system as fast as possible. You’re going to do it if you get rich. You are going to buy a sodding great big house, then more houses… etc., etc. But the sooner you can work through this “barmy” phase, the better… |
7. | If you’re bored with a business, sell it. Your lack of enthusiasm leaks out of you and infects those around you. |
8. | Try to sell before you have to. Your companies are not your “babies.” They are tools for acquiring wealth. Try to sell them before they peak. |
9. | Never loan your money to friends. If you loan money to a friend, you will lose your friend as well as your money. |
10. | Your oldest friends are your only friends. Only your old, trusted mates can tell you when you’re out of order. |
Source: http://www.stansberryresearch.com/dailywealth/3190/can-t-hang-on-to-your-billions-eh-do-this-
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