Lessons to learn from the culture of world's richest men

Through the arts and other manifestations we understand one’s culture. After all, according to the Oxford dictionary culture is the ideas, customs, and social behaviour of a particular people or society. It also speaks to culture being the the attitudes and behaviour characteristic of a particular social group.

Through the arts and other manifestations we understand one’s culture. After all, according to the Oxford dictionary culture is the ideas, customs, and social behaviour of a particular people or society. It also speaks to culture being the the attitudes and behaviour characteristic of a particular social group.
The world’s richest men share particular culture birthed from their intellectual understanding of how money works. Yahoo finance in its Financially Fit section describes a few habits of the culture of the world’s richest men that could well assist others to advancing their own wealth.

In summary ‘the penny pincher’ Warren Buffet lives way below his means.Although worth US$45 billion, he in 1958 bought a house for US$31,500.
“Saving is key to preserving your wealth” says Ed Butowksy.

Wealth is a matter of saving more than a salary or an investment. Rich persons do not just spend because they have it.

Motivation by rejection pushes one a far way as is evidenced by the life of Michael Jordan, whose ‘airness’ was cut from his high school basket ball team. Steve Jobs, ousted at 30 from Apple is more than a billionaire – legendary.
Butowsky observes “”Bouncing back from defeat is something all great achievers have. They have this undying belief good things will happen and will continue to happen.”
A strong sense of self-worth is common to all wealthy persons. Hewlett-Packard’s Mark Hurd now titled the ‘Oracle’ used contacts and business skills to create his pathway. Skillfully negotiating his career path, he was hired approximately 30 days after being fired. Hmmmm!!

Being street smart makes a great asset. Aside from watching crafty persons such as conmen and swindlers wealthy persons have to be street smart against even family and friends who want to take advantage of the ‘one with the money’.

Butowsky advises persons to simly say “no” and at best have someone else do it for you. It gets easier to reduce your big heart and willingness to ‘help out’ after realising just who simply WANTS YOUR MONEY and do and say anything to GET it!

Get good bargains

Rich or poor, a discount is a discount.
Buying cheap is one sure way of containing your wealth. John Paulson, a billionaire hedge fund manager, bought his Hamptons “dream house at a bargain basement price,” according to Greg Zuckerman, author of the Paulson-based book, “The Greatest Trade Ever.”

SUMMARY:
Live below your means, be frugal
Stay positive and always strive
Self promote
Be street smart
Buy cheap

EDITOR’s NOTE: Ed Butowsky is managing partner of Chapwood Capital Investment Management, a firm that manages money for wealthy individuals.
SEE FULL ARTICLE by Yahoo Finance.

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