Million dollar mistake #1
Million dollars mistake #1
Public opinion means to you a lot. To whom it doesn’t? – You ask. Most of us live to impress the public, to show our superiority – this is the way human is built to be. We are made to compete. Somehow most of us understand impression and competition a bit mistakenly. The vast majority of us are wasting their hard earned money and precious time to prove that public opinion about them is incorrect. Instead of building their wealth people tend to use moneywasted “social weapons” such as expensive cars, large houses, furniture that is gold covered, gold plated silverware etc. Most millionaires don’t do that. Well, yes – they do… but the major difference is – millionaires don’t need to impress. They already have enough money and they can afford it.
If you don’t believe me, here is a quote from Forbes.com article “Billions in the Bank, Bargains on the Drive” by Nate Chapnick published 03/06/2007Remember Warren Buffet? Yes, one of the world’s riches people. Well, guess what he drives? Recently traded in a six-year-old Lincoln Town Car for a 2006 Cadillac DTC. Granted those are both luxury cars. But these traditional American sedans cost a fraction of the price of a Bentley or Rolls-Royce and are frumpy compared to exotic sports cars.
Billionaires tend to have a high level of confidence and self-assuredness, which can guide what vehicles they choose to own. Bill Bartmann, author of Billionaire Secrets to Success, says that once someone reaches billionaire/millionaire status “it’s not about showing off the car, the clothing or the house. More often, billionaires are trying to preserve their business, their family and their wealth.” Some more examples of self confidence and unimportance of public opinion.
Jim Walton, heir to the fortune his father Sam Walton created through Wal-Mart. He drives a 15-year-old Dodge Dakota pickup and is number 23 on this year’s billionaires list.
Ingvar Kamprad, Ikea founder, built his massive wealth from selling low-price Swedish furniture and home goods. He drives a Volvo that’s nearly 15 years old.
The owner of the largest supermarket network in Central Europe has recently bought a Ferrary and has never been seen driving it. “Have no where to go with it…” That is what he answered when asked why no one sees him in a new car.
To conclude – when you make it to the millions – public opinion does not matter any more, you become the public opinion.
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