Transcripts

Robert Shemin:
They just did one of the first scientific studies of multi-millionaires in America and they found two distinctive features: One was that they work a little more, in other words they'll put sixty, seventy hours a week in at a time - most people won't work more than forty hours a week.

Robert Shemin, author of the book How Come that Idiot's Rich & I'm Not?…

The second thing is that most multi-millionaires have failed twice. Now a lot of really smart people never will take a risk of any sort to get where they want to go and you've got to understand that there will be challenges and failure.

People typically don't get rich working 9 -5 for someone else.

And the other thing is that we're not taught that the only way to get rich is to own assets. And of course you are your own best asset. And the other assets to own are: a) systematic stock in bond investing over time; b) real estate or; c) your own business. And people need to do at least one of them. I like to do all three.

And wealthy people tend to surround themselves with wealthy people.

You know if I hung around with beer drinkers all day, I'd probably drink more beer. If I hung around with poor people or poor money managers, I'm probably going to be a poor money manager. So, what we teach people is that you've got to go out and find some people, some wealthy people, successful people - take them to lunch, talk to them and get around them because they're going to give you new ideas.