Thursday, October 1, 2009

Super Rich Lose US$300B

Wow! Apparently the super-rich in the U.S. have lost a combined US$300 billion of their networth over the past twelve months. This was according to Forbes annual rankings that were just released. Topping the list in terms of losses is Warren Buffet who lost a whopping US$10billion. (Now that could last me several lifetimes)

Compared to Singapore's 40 Top Richest who managed to increase their networth as a collective whole, I must say that perhaps the U.S. have been hit harder by this economic crisis than the rest of the world.

Out of the Forbes list of 400, only 28 of them managed to add to their overall networth.

But I guess we must still applaud the super rich for getting there in the first place. How do the super rich do it? I guess the best way we can find out is to read their books. Some pointers that we can all learn from their books are summarised here:

1. Always do what you love. When you are passionate about what you do, money will follow.

2. Follow sound financial advice. Try to resist the temptation to make a quick buck.

3. Consult experts when making financial decisions.

4. Buy assets not liabilities. Invest in real estate, stocks and shares.

5. Don't leave too much money sitting around in banks.

6. Have a positive mindset. .

7. Write books (or get others to write books for you if you are too busy) =)

Learn from the super rich here:
1. Donald Trump Lessons
2. Key Lessons From Rich Dad Poor Dad
3. David Bach Automatic Millionaire

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