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How the Rich Make Money

Written on April 27, 2009 by George Krueger & Mary-Lynn Foster in Money, Passive Income

The Federal Reserve recently published some new wealth data [PDF]. They looked at levels of net worth and the income associated with each. They defined net worth as total assets (including a primary residence) minus any money owed.

You need a net worth of over $8 million to make the top 1%, $2 million gets you in the top 5% and it takes about $900,000 to place yourself in the top 10%.

So those are your targets if life on your own terms means being in the top 10% or above.

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Making more doesn’t mean having more

This report also looked at share of total wealth. As it turns out, the richest of the rich – the top 1% – didn’t get richer. They still held approximately one-third of the country’s total wealth in 2007, the same as 1995.

However, their share of income was up significantly – from 17% in 1997 to 22% in 2007.

The wealthiest people in our country saw a bigg increase in share of income, but their share of net worth didn’t go up. Does that mean rich people got caught up in the “spend, spend, spend” economy? Possibly.

We often think, “If I could just make a little more money.” This study offers further proof that making more doesn’t necessarily translate into having more – even for the richest among us!

Make do, then make more

The crucial thing – the starting point – is to figure out how to make do with what we already have. Then when we make more, we’ll have more because we manage it all better.

We can enjoy some of it now and invest the rest for our future – for the life we dream of living.

How the rich make money

As might be expected, the average person gets most of their income from salaries and wages. As we move to the top 5%, we see that a larger share of income comes from business ownership and investment real estate.

It really kicks in for the top 1%. Plus they have built up enough assets to get a significant boost from selling those assets for a profit. It’s Economics 101 – buy low and sell high.

But it’s no panacea

We’ve recently seen people losing money in business and real estate. Like most things, it’s no panacea. It’s risky. But if you aren’t trying to get rich quick, you can greatly improve your odds.

The best advice

We also found it revealing that this study showed that the bottom 50% lost money holding assets and from the ownership of businesses and real estate.

The rich made a lot. The bottom half lost money. What do the rich know?

Before you jump into investing in a business or real estate, educate yourself. Get advice from someone who’s actually succeeded at it. If they’ll mentor you, that’s great. If they charge you for it, it will be worth every penny.

You’ll get where you want to be faster by learning from people who have done it rather than trying to learn it on your own.

So if life on your own terms means building wealth, get started creating multiple streams of income today – even if it’s just part-time!

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Please join us next time when we ask, “Are you talking to the right person?”

Thanks for reading our post today. Until next time, here’s to your bigg success!

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5 Comments

Make the Grass Greener on Your Side of the Fence

Written on April 22, 2009 by George Krueger & Mary-Lynn Foster in Personal Growth

It’s Earth Day which always makes us think that spring is close at hand. them.”

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marylynn Spring … I love it! Flowers are blooming, trees are budding. Warmer temperatures are coming!

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george When I think of spring, I think spring green, which got us thinking about the old saying, “The grass is greener on the other side of the fence.”

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Hear George & Mary-Lynn discuss today's topic on The Bigg Success Show! To listen while you read, click the purple player: Play Now | Play in Popup | Download

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You look across the fence at your neighbor’s yard – at that nice green grass – and you wonder how in the world your neighbor does it. You feel like you work just as hard at tending to your yard, but somehow your neighbor’s yard still looks better.

So today we want to talk about four fences between you and that greener grass. The first two involve our perceptions.

You and other people

One fence sits between you and other people. Some may be more successful than you. Just like a lush neighbor’s yard, success just seems to come easy for them.

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marylynn Bigg success is life on your own terms. One of the many things I love about that definition of bigg success is that it is so liberating. I don’t have to worry about what other people are doing. I focus on what I’m doing.

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george I think we have a tendency to view our success in light of others. But that’s counterproductive. We need to discover and live up to our potential and stop thinking about what other people are (or are not for that matter) doing.

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The reason it’s not good to compare ourselves to others is that we’re not truly walking a mile in their shoes. We don’t really know how hard they’ve worked. We don’t know about all the obstacles they’ve overcome.

We make assumptions because we see the output – the green grass – but we don’t think about all the sunshine, the rain, the fertilizer, and the manual labor that made it that green.

What you did and what you could have done

Another fence is between what you’ve actually done and what you think you could have done. We look over that fence and beat ourselves up. The grass would be greener if we had only taken a different path.

We romanticize the outcome that could have been. We assume that life would be better.

In fact, it may be worse. We’ll never know. All we see is greener grass. We need to realize that the decisions we made got us to this point and the experiences we’ve had make us a unique human being.

That’s an asset that we can use for our bigg success.

Now we want to look at the final two fences. These fences help us make the grass greener.

Yesterday and today

Another fence is between yesterday and today. It’s up to us to make the grass greener today than it was yesterday.

It’s about doing all that you can … day-by-day, step-by-step … to move closer to bigg success, to life on your own terms. If you’ve done everything you possibly can today to get closer, your grass is greener!

Where you are and where you want to be

The final fence is between where you are and where you want to be. You see the green grass that you want to have. You see a person or persons who were where you are and now are where you want to be.

This could be a role model, a mentor or a coach. Instead of looking over the fence and being jealous, you know that you can learn from them. They can teach you how to make your grass greener.

What are some of your secrets for getting your grass greener?

Share that with us by leaving a comment below, calling us at 888.455.BIGG or sending us an e-mail at bigginfo@biggsuccess.com. Maybe your comment will help make the grass greener for others.

Thanks so much for reading our post today.

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