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6 secrets to a long and happy life

6 Secrets to a Long and Happy Life

6 secrets to a long and happy life

On a list of 6 things a famous billionaire says are the secrets to a long and happy life, only 1 of them has do with money.

We discussed these 6 secrets to a long and happy life on The BIGG Success Show. Here’s a summary of that discussion.

Charlie Munger is best known as Warren Buffett’s right hand man. He’s the vice chairman of Berkshire Hathaway. He’s very successful and at age 95, is worth $1.7 billion.

When asked recently by CNBC’s Becky Quick what he thinks are the secrets to a long and happy life, he provided the following:

“You don’t have a lot of envy.
“You don’t have a lot of resentment.
“You don’t overspend your income.
“You stay cheerful in spite of your troubles.
“You deal with reliable people.
“And you do what you’re supposed to do.

Here are some ways to put Munger’s secrets to work in your life.

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We the People are Taking Back Our Country

we_the_people We usually talk about money on Mondays. As we discussed possible topics for today’s post, we realized there was no bigger issue than what’s going on in Washington and Wall Street. Our apologies to our international listeners, but we’re going to be domestic today. But as we’ve seen, it obviously affects everyone worldwide.

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We usually don’t talk about politics. We won’t be partisan; there’s plenty of blame to go around. We know that we may upset everybody today; that’s not our intention.

We think it’s time to look at the facts so we can make the right decisions here in a few weeks … who are we going to hire?

Not just for President, but for government at all levels. It’s time that we, the people, take back our country, our states, and our cities.

We’re sick and tired of the blame game and passing the buck on personal responsibility. Leadership is about taking responsibility. The leaders of our biggest companies aren’t taking responsibility, but even more sad, our elected officials aren’t bearing it, or requiring it, either.

We, the taxpayers, invested $85 billion in AIG. What was AIG’s response? They threw a $440,000 “party”. Sure they called it a “planning meeting” or an “executive session”. But how can you justify spending that kind of money for a retreat when you’re using our money and you’ve been on the brink of financial collapse?

It was a complete slap in the face and our leaders should have seen it as such. But what did they do? Turn around and give AIG another $38 billion two weeks later!

How many of us could walk into a bank two weeks after we borrowed a bunch of money in desperation and get more?

How successful would we be at getting more money if we so grossly underestimated how much it would take the first time around?

“Oh, and by the way, Mr. Banker, we know you’ve heard that we wasted some of it on a spa getaway, but we need about half as much again as we borrowed the first time. Will you lend it to us?”

Can you imagine the response?

Fortunately, AIG scrapped plans for another “party” after news got out about the first one. Of course, we’ve also learned that they tinkered with the idea of spending some of our money running an advertising campaign to apologize for the first “party”.

Some insight into the mismanagement

Warren Buffett was interviewed by CNBC’s Becky Quick back in August. Part of the conversation turned to Fannie Mae and Freddie Mac. We’ll paraphrase …

Congress set up the Office of Federal Housing Enterprise Oversight (OFHEO) back in 1992. The sole job of this agency was to evaluate the soundness, accounting practices, and the like of Fannie Mae and Freddie Mac.

Two companies … that’s all OFHEO had to oversee. Buffet, of course, notes that he does more than that all by himself.

It took 200 OFHEO employees and a $65 million dollar a year budget to do that.

Year after year, OFHEO reported to Congress. They stated that the accounting was sound. The directors were great. Everything was just fine. There was nothing to worry about.

Well, we all know what happened – two of the greatest accounting misstatements in the history of the stock exchange caused by management misconduct. What was OFHEO’s response?

A report to Congress blaming the management, the directors, the audit committee. Everybody but themselves.

200 people with a budget of $65 million overseeing just two companies. Yet they assumed no responsibility for this huge blunder.

The problem we have is that everybody blames anybody else every time there is a problem. It needs to end now.

How to put an end to it

The solution may surprise you. It starts and ends with us. We need to take personal responsibility. We made mistakes too. We bought in.

We saw government borrowing and living beyond its means, so many of us borrowed and lived beyond ours. From this day forward, that ends. We won’t forget this lesson. We will bailout ourselves. We will get back on our feet. We will prosper.

We also delegated too much. We voted, but we didn’t pay close enough attention to what our elected officials were doing. Well, Mr. or Ms. Politician, you have our attention now. And we’re going to keep paying attention.

What we can’t control

Here’s what paying closer attention has shown us – we see a complete vacuum of leadership. You’re not a leader if you don’t take responsibility for your mistakes. You’re not a leader if you don’t solve problems; you only assign blame to others. You’re not a leader if you can’t tell us where we’re at, why we got here, and what we’re going to do about it to make tomorrow better than today.

We can’t personally do much to change the leadership on Wall Street. We can’t do much to change who reports our news, because the media missed the boat on this one as well. We can’t choose the bureaucrats, like the ones at OFHEO, who oversee key agencies and put policy into action.

What we can control

We do get to choose who we hire to represent us. We have important decisions to make in a few weeks. Not just for President. Not just for the Senate or the House in Washington, D.C. We get to choose who will represent us at all levels of government.

So here’s how we put an end to it now. Quit thinking like a Democrat or a Republican. That’s another trap they’ve led us into and we bought in.

No, we will hire the best person for the job. We need to do our homework: What’s their record? What have they accomplished? How have they handled their fiduciary duties in the past?

The past is the best predictor we have of the future when it comes to human behavior. That’s how we would hire anybody else. Why would we hire our elected officials any differently?

We have access to the records of our current elected officials. We can know what they’ve done. We need to start paying closer attention.

Resources

Current legislation before Congress

Votes Database by The Washington Post

Records of the U.S. House of Representatives

Official site of the U.S. House of Representatives

Official site of the U.S. Senate

List of government agencies – federal, state and local

Find the official sites of state, county, and city governments

We the people

We’re looking for public servants, not party servants or power servants. We the people are taking our country back.

Go ahead, Mr. or Ms. Politician … take that special interest money. But you better be clear about who you serve. We the people.

Mr. or Ms. Elected Official, go ahead and listen to your party leaders. Just know that, on Election Day, we won’t vote for the person who serves the powers that be. We will vote for the person who serves us. We the people. 

Combined, we’re more powerful than Washington can ever be when we are educated and informed. We will take personal responsibility to learn who best serves our interest, and the interests of our children and grandchildren.

We the people are taking back our country.

What do you think? 

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Teacher Turns $3,000 into a $700 Million Business

By Bigg Success Staff
05-06-08

Success Stories

Doris Christopher is the quintessential successful career mom. This former home economics teacher started The Pampered Chef in 1980 with $3,000 borrowed from a life insurance policy. At the time, she was a 34-year old wife and mother of two who had no business experience.

Her goals were simple:
 – to help families struggling to make meals at home special
 – to spend as much as possible with her children, while working
 – to make enough money to put her kids through college

Her plan worked – bigg time!

Starting from the basement of her home, she decided that the best way to display her wares was through in-home parties. However, on the way to her first party, she got so nervous that she almost gave up before she started! She talked herself into pressing on.

As friends, and friends of friends, hosted parties, Doris received requests from people wanting to join her in the business. That wasn’t necessarily part of her plan, but she figured out how to make it work. Today, the Pampered Chef has over 60,000 in-home consultants, mostly women who work from their homes.

That growth hasn’t always been easy. At one time, The Pampered Chef had grown so fast that Doris decided to stop taking on new consultants so she could make sure the company could fully support them. That commitment to quality is one thing that attracted the attention of a famous investor.

The Pampered Chef became part of Warren Buffet’s Berkshire Hathaway in 2002. His endorsement is considered to be the ultimate stamp of approval in the business world.

By then, Doris Christopher’s little business was doing over $700 million in sales. She started in her basement and built the largest branded kitchenware company and largest direct seller of housewares in the world!

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Hear today's lesson and laugh on The Bigg Success Show. 

Sources 

The Pampered Chef: The Story of One of America’s Most Beloved Companies, by Doris Christopher  

The Pampered Chef web site 

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