Millionaires: They’re Not Geniuses But They Have A Strong Work Ethic

What most people don’t know is that GPA is a very poor predictor of success.

So what is the average college GPA of an American millionaire? 2.9 out of 4.0.

Full Post: 4 Things Millionaires Have In Common, Backed By Research

Some points on making “money”, and possibly not losing it.

This is a re post from a question that was asked on Quora…

1) You will lose all your friends, on the way up, and if you don’t stay there, on the way down.

2) If you feel like “risking it all” on a new venture with your own money, don’t. Risk taking is a pre-requisite for success. Once you got the cash, if you want risky, go sailing/ocean racing, jump off a mountain top with two sticks attached to your feet, buy a glider, or buy a race car and go to the track, that is do anything that takes care of the fix. Risk taking is an emotional condition. If you repress your emotions you pervert them. Find a “sane” outlet. Not good: gambling, fast women, fast cars on public roads; throwing alcohol into the mix makes for a great Molotov Cocktail. If you like open air fire making go camping in bear territory. Possibly in Alaska, if the bears don’t get you, the skeeters sure as brimstone will…

3) In order to make a million you got to earn three… two you burn getting there, and that leaves you with “one”. Then you calculate your effective tax rate at 62% because you took the “profit” instead of listening to your tax accountant. That leaves you with 380K. Then you run to the bank, and they offer you 2.8% on a 2 Year CD. That’s a whopping $10,640.00 in your pocket, every year. 

4) 10,000,000.00 with the aforementioned certificate of deposit: $280,000 annual income. Ya aint that rich buddy….

5) You buy a million dollar home. Now you are paying 2.25% effective tax rate on that asset (net of the ‘assessed value’), which is 22,500.00. In order to pay that you have to have a million in the bank, just to cover it: 1m x 0.028 = 28,000. Now the math nerds among you will say “I got $5500 disposable out of my $2m “tie up”. Yeah and how about property insurance? And do you really expect your “significant other” to clean the toilets? All assets are liabilities unless properly disposed of. And I almost forgot, you have to pay taxes on that 28K but I am assuming you hired a tax accountant by now.

6) So from the original 10m you got 8m “disposable”. You invest in a Bank CD (because you have decided to pervert your risk taking gene) at 2.8% which gives you $224,000. Barry says your a 1 per center, and Nancy agrees. You pay 62% effective tax rate, and your net disposable income is exactly $85,120.00

7) For you to take home eighty grand, you really need to earn one sixty. Your one sixty job is really worth ten million, because you take the interest deduction on your mortgage, and you offset your property taxes.

8) So next time somebody asks you how much you spent on your sailboat you can answer: It was worth a quarter million brand new, but I bought it at half that used from a guy entangled in a divorce proceeding because he got caught in the act of banging the nanny like a screen door in a hurricane and he had to pay his lawyer, and his wife’s lawyer, and the bills were starting to stack up. “Ya know, what I really wanted was a Maserati. And then I thought to myself, same amount of cash, buy a sailboat, it keeps its value better…”

9) Lead the exact same life you led before. Don’t tell ANYBODY, what you really got in the bank. The great unwashed masses will think you got money to burn, the wealthy will simply say “he did okay, smart guy,  all around good people…”

10) Buy a nice house, because its good to own the toilet seat you sit on every morning. Buy a nice toy, because you only live once. Buy organic food even though it cost 2X, because you only got one set of teeth and they got to last into retirement. Marry “good people” because you need to believe that good things happen to good people. Be humble. Work hard. If your not working, read, because that is how humans download new ideas. Be generous with your TIME with those on the way up, and always bill REAL MONEY to those already there because time is money, and what the wealthy know better than most, is that working hard gets you nowhere, but taking responsibility for the results does. 

I asked my lawn guy last month why he kept mowing the lawn considering it was half dead. He answered “because you pay me to mow it”. I asked him why my lawn was half dead. He answered “because you have a fungal infection”. I asked him why he thought I would know that. He answered “well obviously you don’t or you would have bought a ten dollar bottle of anti fungal treatment”. Hummmm, and I asked him, “WHY didn’t you charge me fifty bucks to spray that ten dollar bottle of anti fungal agent…?!”

Blank stares all around. 

Hard working dude.

Don’t be a dude.

Who Shaped Our Behavior? Peers or Parents?

A fierce controversy is raging these days over how much influence parents really have over their children.  Judy Rich Harris, author of  “The Nurture Assumption,” draws an unsettling conclusion from her analysis that parents have no lasting effect on the personality, intelligence or mental health of their offspring.  That’s quite a statement, huh?  According to the U.S.A. Today, Harris’ book has “launched the hottest debate over nature and nurture in years.”  Newsweek recently did a cover story on her work. 

According to Harris, children are most influenced by their peers.  They adopt many behaviors of their peers in social settings in order to be accepted by their peers.  She goes on to say that children’s interaction with their peers permanently modifies their inborn psychological characteristics.  Thus, what they learn outside the home remains steadfast with them thorough adulthood.  So, if there is a psychological characteristic or behavior that you don’t like about yourself, don’t blame your parents because you might have acquired it from your peers. 

From the days of Freud, the foundation of psychological work has been based on the theory that parents are a major influence on children and that they significantly contribute to the psychological characteristics that children acquire as adults.  Folk wisdom also supports the experts on this one.  
All of us, sometime or the other make such statements as, “As the father is, so is the son or, as the mother is, so is the daughter.”  
Thus, we have psychological theory and folk wisdom on one hand that emphasize the importance of nurturing, and Harris, on the other, who totally minimizes the importance of child raising methods and the family genes. This is confusing.  Who do we believe? 

We live in the world of sound bytes.   “Blame your peers and not your parents,” grabs everybody’s attention.  It induces people to make impassioned pleas for or against this position.  But, the truth often lies in the middle and often happens to be somewhat bland.  In this article, I will try to separate the hype from the facts.  Facts, I should warn, as they appear to me. 

We human beings are obviously social beings.  Babies are connected with their social world even before they are born.  Later, parents, relatives, teachers, and peers all influence a child’s behavior until he or she has a “mind of his (or her) own.”  When a person becomes independent minded he or she is capable of selecting and rejecting external influences.  Most people gain such independence and autonomy fairly early.  The fact is that we decide who we would let influence, inspire, or corrupt us.
It is true that children adopt or mimic certain behaviors in social settings in order to win acceptance of their peers.  How desperate children get for peer acceptance and approval depends on the sense of individuality (or lack of it) their families cultivate in them.  Children whose parents encourage them to think independently learn to question rather than to blindly follow.  Such children might be less influenced by their peers.
It can be argued that parents exercise significant influence on children’s choice of peers.  Children who are taught to be responsible are more likely to choose responsible peers.  In the negative instance, children join gangs because they don’t have a close knit family.  In a family in which siblings are close to each other, they may be more influenced by their siblings than by peers.

Parents influence at-home behavior and peers influence behavior outside the home, that is, the behavior in the social setting.  We learn how to make friends and influence others by first experimenting with our peers and then we transfer these skills to the adult world of coworkers and friends.  But, how we behave as partners and parents is more likely to be shaped by what we observe in our families as children.
Parents and other significant adults in our childhood may serve as negative or positive models in our adulthood.  For example, people spank their children because their parents spanked them and that “helped to straighten me out.”  An equal number of people say that they would not spank their children because they hated to be spanked during their childhood.  A similar family experience, but some people use it for positive modeling and some for negative modeling.
So, the truth that is bland and lies in the middle may be a little bit of this and a little bit of that.  Peers influence our behavior but parents play a part in which peers we choose to associate with.  Our behavior in public and at work is largely determined by our childhood peers but our family behavior is determined by the early lessons we received at home.
Someone said, “Whatever I need to know, I learned in kindergarten.”  When it comes to our role learning as parents and partners, we learn it even before we go to kindergarten.  As adults, we either decide to follow it exactly as we experienced it or modify it according to our preferences.        
By: Vijai P. Sharma, Ph.D 

Being rich is not about how much you have but about how much you can give

#WHATSAPP in Numbers

85% of YOUR Success & Happiness is Determined By The Quality of Relationships You Develop in Life

Fully 85% of your success and happiness in life is going to be determined by the quality of the relationships that you develop in your personal and your business activities. Similar to famous entrepreneurs, the more people you know and who know you in a positive way, the more successful you will be and the faster you will move ahead.

At virtually every turning point in your life, someone is standing there to either help you or hinder you. Famous entrepreneurs make a habit of building and maintaining a network of high-quality relationships throughout their lives, and as a result, they accomplish vastly more than the person who goes home and watches television each night.

More than 90% of your success will be determined by your “reference group.” Your reference group is defined as the people with whom you habitually identify and pass the time.

You are like a chameleon in that you take on the attitudes, behaviors, values, and beliefs of the people with whom you associate most of the time. If you want to be a successful person in business, if you want to become one of the famous entrepreneurs, associate with positive people.

Associate with people who are optimistic and happy and who have goals and who are moving forward in their lives. At the same time, get away from negative, critical, complaining people. If you want to fly with the eagles, you cannot scratch with the turkeys.

Whenever you meet new people, ask them to tell you about their businesses and, tell you what you would need to know to send clients or customers to them. Then, as soon as possible, see if you can send some business their way. Be a “go-giver” rather than a go-getter. Always look for ways to put in before you start thinking of ways to take out.

The very best way to network and build your relationships is to constantly look for ways to help other people achieve their own goals. This is the best secret for learning how to make money without expecting something in return.

Original Post By: Brian Tracy

Many innovations fail because consumers irrationally overvalue the old while companies irrationally overvalue the new.

Try not to become a man of success. Rather become a man of value.
Albert Einstein (via nebarron)

(via nebarron-deactivated20140619)

Doing the touristy thing with @ameetaks  (at The White House)

Doing the touristy thing with @ameetaks (at The White House)

Here at The White House for a Century of Achievement for The American Sikh Community it’s in honor to be mentioned along side @thatsmrsingh @hartejsingh and many others  (at The White House)

Here at The White House for a Century of Achievement for The American Sikh Community it’s in honor to be mentioned along side @thatsmrsingh @hartejsingh and many others (at The White House)