When I coached my son in baseball, we toured over 20 colleges and met with baseball coaches. My favorite quote was from Buddy Gouldsmith, then head coach at UNLV and now at the University of New Mexico. He told us a story about having the professional scouts come watch a practice and scrimmage and how hard his kids played that day. His comment was that every day should be scout day.
Below is an article that discusses how rich people say they got rich. No surprise is that the highest number, at almost 90%, said hard work. That is my experience. I have been successful because I am willing to work hard every day, not just when people are watching.
There are other ways to get rich but this is one attribute you need to make it a reality. See below for more (education-78%, and taking risks- 63%). Surprising, only 30% inherited their wealth.
Make every day scout day.
Rule #8 from my book The Fantastic Life: The 2% Rule
Whether you’re an athlete, artist, or even a business person, you always try to do your best on the days when people watch you. Every day of practice leads up to the big game or the big presentation where you shine for everyone who came to watch. But what if you put even a fraction of that effort you give for others, into your practices every day when it’s just yourself. That’s the 2% rule.
How the Rich Say They Got Rich
By: Jeff Haden
May 21, 2015
Even though everyone defines success differently, for most building wealth is an important factor.
In How the Rich Get Rich I shared information gleaned from the 400 individual tax returns reporting the largest adjusted gross incomes, which shows how the top 400 earned their money in 2009.
(To you and me, 2009 was a long time ago but to the government it’s pretty up to date.)
Of course information found on tax returns can be just one version of reality. A report compiled by the Spectrem Group on the 132,000 people in the U.S. with a net worth of over $25 million details how the wealthy say they made their money.
So to what do they attribute their success?
- Hard work: 87%
- Education: 78%
- Smart investing: 72%
- Taking risk: 63%
- Frugality: 59%
- Being in the right place at the right time: 56%
- Luck: 53%
- Running a business: 46%
- Guidance offered by an adviser: 35%
- Inheritance: 30%
Obvious conclusions:
- Hard work means everything. Nearly every wealthy person credits hard work for his or her success. (Bad news for the “live on the beach while you generate passive income” crowd?)
- Education is also incredibly important. The study doesn’t differentiate between formal and informal education, but clearly people who succeed place a high priority on constantly improving their knowledge, skills, and experience.
- Risk is the mother of reward. Over half of respondents say taking risk contributed to their success. Of course there’s a huge difference between blind risk and intelligent risk–which is where education and experience play a key role.
- But so is holding onto what you earn. Over half also cite frugality. (While the last two might seem contradictory, risking capital on a startup could generate a significant return; splashing some cash on a Lamborghini will not.)
- Luck matters. Good fortune and being “in the right place at the right time” were both credited by over half of respondents. Even so, it’s possible to make your own luck–you can’t be in the right place at the right time unless you’re actively seeking opportunities. (The “right place” is never on your couch waiting for something lucky to happen to you.)
- Inheritance matters a lot less. Fewer than one-third of people with over $25 million in assets credit inheritance for their success. That means two-thirds went out and created their own success.
Let’s see: hard work, education, taking risks, prudent spending, being in the right place at the right time, and working hard to create your own success.
Sound like a plan?
Sure does.