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Old 02-11-2013, 10:02 PM
 
40,993 posts, read 22,664,917 times
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Quote:
Originally Posted by pie_row View Post
1 in 100 people are in the top 1%.

Ford created Real Wealth. He made something everyone could use. He made it cheap enough for everyone to buy. And he made a lot of them.

You can either do what Ford did or you can find someone doing what Ford did. Trading money doesn't create Real Wealth. It may help someone make Real Wealth but it doesn't make it by itself.
Ford created a product that served his customers well which in turn made him wealthy.
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Old 02-11-2013, 10:10 PM
 
40,993 posts, read 22,664,917 times
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Wealth to me is having enough assets to pay for my liabilities without having to work.


The poor: Spend every cent they get and spend it foolishly.

Middle Class: As the middle class becomes more successful they tend to buy more liabilities and end up in the rat race to pay for it.

The Rich: Buy assets that pay for liabilities.
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Old 02-12-2013, 08:29 AM
 
Location: Beavercreek, OH
2,194 posts, read 3,392,322 times
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Quote:
Originally Posted by mysticaltyger View Post
She said the same thing you did...rich people have different habits/traits. She broke it down to 20 different things. She found the rich usually had at least 12 out of 20. The financially comfortable usually only had about 10, The paycheck to paycheck and further in debtor crowds had far fewer than 10. The more broke or in debt you were, the fewer the number of traits you had
H mysticaltyger--

I checked out her list and out of the 20 traits I had 14 of them. I guess, despite my relative lack of net worth (still in school), that I'll eventually be rich if I do enough rich people things.
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Old 02-12-2013, 12:14 PM
 
28,973 posts, read 31,632,656 times
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Quote:
Originally Posted by hensleya1 View Post
H mysticaltyger--

I checked out her list and out of the 20 traits I had 14 of them. I guess, despite my relative lack of net worth (still in school), that I'll eventually be rich if I do enough rich people things.
There are no guarantees in life, but you're putting the odds in your favor.
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Old 02-12-2013, 08:45 PM
 
621 posts, read 598,294 times
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Quote:
Originally Posted by petch751 View Post
Ford created a product that served his customers well which in turn made him wealthy.
He didn't just create the the product he created the process to make it. Also he targeted a market that hadn't been utilized before.


Units of exchange are worthless, unless you can exchange them for something. People confuse units of exchange of wealth for actual wealth. Money isn't wealth. Most people forget this.




Unless trading paper translates into making something of use it doesn't create wealth. The generation of something of value to others creates wealth. With every job that moves from the US to China the US becomes poorer and China becomes richer. Making stuff makes wealth. Selling stuff multiplies wealth. It doesn't create wealth. Trading paper doesn't create wealth. It accumulates units of exchange. Units of exchange aren't wealth.


Making stuff makes wealth.




We have forgotten this at our peril.
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Old 02-12-2013, 09:02 PM
 
621 posts, read 598,294 times
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Quote:
Originally Posted by mysticaltyger View Post
This is very similar to what Jean Chatzky said in her book The Difference,
18 out of 20. on her list. I wont get a collage degree. I'm not married. I don't plan on retiring. I plan to work until I die. But I will be ready if I can't continue to work.

6 out of 7 on her wealthy traits.

4 out of four on her wealthy habits.
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