Getting Rich

Gary North

The definition of "rich" is simple: enough wealth so that if you lost your job tomorrow, you would never have to get another one, no matter which way the economy goes. Your household budget would never have to be revised. You would have enough capital to hedge against both inflation and deflation and still not have to work.

Not many people are ever this wealthy. Those who are form a separate social group.

Then there are the super-rich: a tiny group.

What I find interesting is that all of them keep working. They have made their billions, yet they still work -- not to keep their billions but because they prefer to work.

Oprah Winfrey does not have to go on TV for financial reasons.

Donald Trump did not need the money from "The Apprentice."

The super-rich go to work because they like their work. How about you? Is that why you go to work?

It is foolish to have as your goal becoming super- rich. The odds are against you. But it is the essence of wisdom to have as your goal a job that you would not stop doing if you became super-rich.

If you get paid to do what you like to do -- just as they get paid -- then the size of your portfolio is of marginal significance. It's mostly a form of unemployment insurance. Your capital could not support you indefinitely in your present lifestyle, but it would give you time to find a new job if you lost your present one.

Instead of a huge portfolio, which you probably will never amass, develop a fall-back career. That's why I recommend that you have a weekend home business. That's better than a portfolio to support you in leisure.

//www.garynorth.com/public/department36.cfm

Imitate the super-rich. Have a career that is worth pursuing even if you didn't need the money. If you do this, then the fact that you really do need the money is irrelevant. Satisfying work is the correct goal, not the money you need for not working.

To be sure you receive my free Tip of the Week every Saturday morning, use the subscription box here: www.garynorth.com