From my observation, being extremely wealthy makes you more than a little disconnected from the priorities of other people. (I would say "rots your brain" but that would be both inaccurate and impolite.)
I worked for David Cheriton (#289 on the Forbes List) and Andy Bechtolsheim (#242) when they were already wealthy, but pre-Google-IPO so their net worth had not really taken off yet.
Many profiles of David focused on his supposed frugality: even his Forbes profile says "He still lives in the Palo Alto home he's owned for 30 years and cuts his own hair."
This is bullshit. Around the time Kealia got started, he bought the house next to his in order to demolish it and get a larger lot for "the home he's owned for 30 years." He bought a third house on the same street, in Palo Alto, to live in while this construction was going on. Houses on that street sold for $1m even back in 2001. David is perfectly willing to spend money; he just doesn't care about haircuts or fancy cars.
David and Andy self-funded Kealia. They also self-funded Arista, These were not cheap undertakings, requiring tens of millions of dollars. At a level of wealth that most people would consider "set for life", the two of them poured money into a startup because they thought they saw an opportunity to build cool technology. This is a hobby only the very wealthy can engage in.
David's spinoff Optumsoft is also funded on more or less the same missionary zeal, and rumors are that some of the companies he invests in as an "angel" are required to use that technology. Unfortunately Optumsoft and Arista were involved in a bitter lawsuit--- again not so much about money as about credit and control and shaping the future. It doesn't matter whether Optumsoft succeeds as a business, because David can now afford to run it indefinitely.
Kealia's first company party was at Andy's mansion in Woodside. This was a multi-million dollar estate with a children's wing and a children's theater. Andy does not have children; it was somebody else's dream house that went on the market and Andy thought it was a good deal. Andy was late to this party because he was picking up tables and chairs, himself, at the very last minute.
When you're a billionaire you can spent time on whatever you want to do. Even if it's silly, or trivial, or would be better done by somebody else. It's easy to see why somebody like Larry Ellison flouts San Jose airport curfews, or Vinod Khosla fights the state of California (all the way to the Supreme Court) about beach access.
The more recent rumor I hear is that Andy still owns that mansion, but does not live there. He stores various pieces of computer equipment, and I heard (third-hand at best) that he drove an Arista employee out there to pick up some piece of Cisco gear they wanted to test. It's literally not worth Andy's time to sell the place; what does he need with the cash? (And then he'd have to move his junk, too.)
I am not alone in having stories about billionaire tech entrepreneurs and the way they indulge themselves. A friend told a story about being flown on a private jet for a "job interview" that involved hanging out for an afternoon with a billionaire tech founder and his entourage (and declining offers of drugs.)
Billionaires are in serious danger of losing touch with reality.
I feel like this question is really for me. I really wanted to become wealthy not just for me but also for the people around me. And honestly, I love surrounding myself with wealthy people. But the thing is I don't cling to them physically. I read their books, watch their videos, and even stalk how their life was.
It has been a habit for me ever since. And guess what I discovered?
Wealthy people have strong power of minds. They aren't just the thinkers but are also the doers. They don't let petty excuses or failures get in their way in achieving success. They persevere and they work smart.
And If I were to summarize the things we can learn from wealthy people, here are those:
1. Wealthy people are wealthy not just because they know how to make money, but because they know how to preserve what they have and fold it a thousand times.
2. Wealthy people are the great doers. For every plan they make, they execute it a couple of times until the plan is being achieved. Failures and insults do not affect them that much.
3. Wealthy people sees opportunity for every problems they encounter.
1. Think long term
2. Never trade time for money
3. Surround themselves with like minded people
4. Willing to take calculated risks
5. Look for solutions to problems rather than complaining
6. Think 'who' can help them, rather than 'how' to do something (if it's outside their immediate skillset)
7. Have a bias for action. Act on ideas.
8. Givers - normally v generous with people who need help
9. Constantly seeking knowledge - reading, discussing. Open to change. Adaptable
10. Understand that the keys to their growth lies in asking themselves better questions
Well thank you for such awesome question, the truth is everyone desires to be wealthy at least comfortable. Being rich however brings out the real personality of someone so if you see wealthy people there's always a different way through which they do each and every of their activities which may actually look strange to you, but the truth is it's the wealth status that changes or elevates their personalities given them a particular gait of hubris which isn't actually voluntary because the urge to become proud comes with being wealthy no matter how hard you try not to.
So if one is exposed to rich people, they will learn a type of character that only comes when the money is there; believe me or not wealth changes character, one can learn to things like small talks, a different pattern of walking, even the way they laugh or smile in public which is very different, you can also learn eating pattern.
For example I do not know how to use a knife and a fork to eat or which hands you hold the cutlery respectively, but the truth is I learnt it by visiting my friends that had wealthy fathers as a result of this I also cultivate this habit when I get home.
You can learn their way of thinking; most people who are rich think differently, they sacrifice a whole lot sometimes in order to secure maybe a huge business contract that will happen in the long run, but a person who isn't wealthy may not have the gut to take this risk, if you however walk with rich men, you will learn a certain strategy to business, how business risks are managed and even how to strike deals and proposal
Life is all about learning and experiences, its a continuous process. Being rich or poor has its advantages and disadvantages. So the best things that one can learn from being rich are as follows:-
- Giving back to the society - all that matters is the society. You gotta give it back to society. You would have seen that many rich people support various projects and NGOs that are working relentlessly for a cause to help the society and the needy ones. Hence the best thing you learn here from being wealthy is to help and support the society so that the unfortunate ones get the same opportunity as others to grow.
- Energetic & Dynamic - great Businessman or Businesswomen are very energetic and dynamic they adapt to the situations quickly and are able to take the best possible decision no matter how critical the situations are. The point here I'm trying to make is that the experiences that the rich people have - enable them to take the best possible decision no matter how critical the situation may be.
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- Polite, Humble and Kind - This is something important that I've learned in my life from the rich people. No doubt there would be some out there who are rude BUT everyone is not like them. The people whom I've interacted with were very kind and polite. They listen to you and guide you in the right direction. I've seen many rich people who have become role models for many youngsters and have motivated them to become successful entrepreneurs.
- Ability to take the risk which no one is willing to take- we all know the risk is dangerous and most of us are not willing to take it. But whereas the wealthy people don't fear it and the immediate question that would be coming into your mind will be why would they fear when they have so much. Then, my dear friend, it's not about having too much - you would see people who have too much also will not take the risk. But whereas a successful entrepreneur will be willing to take that risk as the famous proverb says it all - higher the risk higher are the profits. Altogether you need to take that risk and try out different things and thinking out of the BOX.
Will like to conclude on the lines that there a lot of things that you can learn from the wealthiest person of this world. We have great examples like Steve Jobs, Mark Zuckerberg, Warren Buffett and many others who are a great inspiration to most of the people in this world.
Rich is a fitting word..so is taught, adjusted, composed and so on and so forth and so on
from my own experience you may see the distinctions on a cluster of sliding scales..
much like the sliding counters in first grade math class..
Avarice, hunger, ← | → Patience, restraint.
The "well off" individuals that I've met have all been significantly more over to the correct side of the above than the left side..(these ones for the most part stay rich and bounty are independent tycoons)
Just as of late I burned through a half year working for an exceptionally well off representative. Close to the finish of the experience, I asked him to take multi day and consider what is my most noteworthy shortcoming/region needing change..
He did quickly educate me that me most prominent ends of the week is time administration.
I did completely concur at the time however following seven days of reasoning about it, it seemed well and good. He was totally right 100%. Lingering was/is at the foundation of my absence of expanded forward advancement.
Since time administration is a CENTRAL/vital part of "achievement"/balance throughout everyday life..
It is THE distinction - how they invest their energy in an everyday schedule.
Additionally bounty have shown more elevated amounts or adjusted levels of:
- Sef discipline
- time administration :D
- generally equitably conveyed expertise set(s)
- great marketing prudence
- ability to read a compass throughout everyday life
- feeling of character
- decent lot of self-esteem
- modesty concidering riches
- less swear words than other individuals
- no staring at the TV
- spends somewhat more to purchase quality things, for example, iPhone, Land Rover(second hand, money) and caterpillar boots. In any case, that is a result of efficiency and dependable quality. This really works out cheaper..now I do it too(but The thing that matters is → I have to set aside lol)
- answer WhatsApp's in mass each 20– 30min. Rather than everytime a message lands(part of time administration aptitudes :D )
- additionally have a tendency to be more intelligent than socialites, yet they rapidly learn social aptitudes as they develop with the end goal to be more powerful.
- less low quality nourishment, without a doubt. Exceptionally adjusted eating routine
- all in all an extremely healthy lifestyle indeed.
This is the reason they don't observe much TV.. too brief period for that once time has been spent on the majority of the abovementioned.. lol and TV is exhausting as hellfire. I for one haven't stared at the TV frequently for around 13 years.. however, I do truly appreciate the odd online narrative video.. possibly some CSI on TV :D
- day by day run and upkeep of wellness level and by and large wellbeing
- organizing with the end goal to meet new partners
- talk with a specific trace of power
- not substantial consumers, relatively few smokers..
They appear to all know their identity, appear to approve of their identity and work on personal growth since it's the best activity and presents to them a feeling of achievement, instead of to accomplish some higher position.