13 Secrets of the Filthy Rich
Ever wonder if being filthy rich is all it’s cracked up to be? We asked real-life millionaires to reveal what it’s really like to be rolling in it.
Money Makes You Popular (But Not Always in a Good Way)
What's it really like to be rich and famous? Consider what this millionaire revealed:
"Any time the newspaper lists my name among the 100 top-paid executives in the area, I get a tonne of requests from people asking for money. It happened so much that I had to come up with a strategy to deal with it. Now I say, 'I'm happy to give. I'll match however much you raise yourself.'" — A retired California tech executive and multimillionaire
Even Rich People Don't Burn Their Bridges
"A lot of life is really about who you know and making sure you hold on to those relationships. My big break was when I was hired to represent a company started by people I knew from high school." — A partner at a prestigious law firm
Even Rich People Clip Coupons
Another thing rich people won't tell you? They clip coupons!
"When you open up the paper and you see those coupons, it looks like dollar bills staring you in the face... It's how I grew up. Why not?" — Hilary Swank to talk show host Kelly Ripa, on clipping coupons
Rich People Set Budgets, Too
Budgets aren't just for the 99 per cent.
"I go to the ATM only once a week and pay for everything with cash. That way, I'm forced to stay on a budget without counting pennies and saving receipts. I can spend only what is in my wallet. I turn it into a game where each week, I reduce my ATM withdrawal amount by $20 to determine how low I can really go." — Alan Corey, author of A Million Bucks by 30
Rich People Are Often Thrifty
Want to know something many millionaires have in common? A thrifty streak.
"I get a tremendous amount of satisfaction from not wasting things. I still collect all the tiny pieces of soap and put them together into one bar. I still squeeze the toothpaste tube dry. And I grow a lot of my own vegetables." — August Turak, founder of two successful software companies and author of Business Secrets of the Trappist Monks
Rich People Pay Attention
Rich people actively seek out opportunities.
"Look around for investment ideas in your everyday life. After my wife got excited about the fact that Hanes sold its L'eggs pantyhose in grocery stores, I figured that the company was on to something. I bought Hanes' stock and watched it rise sixfold." — A manager of the Fidelity Magellan fund
Rich People Invest Wisely
Rich people make a habit of buying low, and selling high.
"During the spring of 2012, I read the Wall Street Journal and learned that (clothing retailer) Talbots was supposed to be acquired, but after the deal fell through, its stock fell nearly 50 per cent in one day. That's when I purchased $5,000 worth of Talbots stock. Its value increased by 50 per cent that day, and I made the decision to sell it right then." — A partner at a prestigious law firm
Rich People Know How to Negotiate
Rich people are skilled at the art of negotiation.
"When negotiating a new salary, always end the negotiations with a request for a nine-month review, instead of the usual 12-month review. It always gets approved, and it gives you a three-month head start on a potential salary raise or bonus." — Alan Corey
Rich People Prefer Their Own Toys
Rich people won't admit to this openly, but they like their stuff better than yours.
"When I go to other people's houses, I don't like watching TV on their smaller screens and listening through their wimpy stereo sound systems. It feels like you're watching TV while slightly blind and deaf." — Allen Wong
Rich People Re-Think Their Names
Rich people aren't averse to a name-change.
"Rich people like to use initials. You rarely meet a really rich person named Bobbie, Rickie or Danny, but you may meet Robert W. Smith, or, if he's really made it, R. W. Smith." — An investment professional who blogs at stuffrichpeoplelove.com
Rich People Take Risks
"If you want success, you have to accept risk. I was working at AOL in the 1990s when the company let go of 300 people. I was one of them. The movie Titanic was coming out, so I took my rent money and had 500 T-shirts printed that read, 'It sank. Get over it.' If I didn't sell those shirts, I was homeless. I sold 500 shirts in six hours and made five grand. Then I called USA Today and gave a reporter the story. I sold 10,000 shirts on the web over the next t wo months and ultimately racked up 100 grand. That was my very first company." — Peter Shankman
Rich People Cut Out the Middle-Man
"When you're buying something, it's good to ask, 'Where does the store get it?' We were paying for organic produce, and the prices were killing us. So I think, Where is this store getting its food from? We do the research, call the wholesaler, and find out the criteria for ordering. The minimum order was $250. So we started taking orders from friends and arranged to get pallets of food dropped off in our driveway." — Jerrod Sessler, founder and CEO of HomeTask, entrepreneur, and former NASCAR driver
Rich People Complain-And Get Results
Rich people aren't afraid of going all the way to the top to get what they want.
"I once went all the way to the head of customer support at Dell over a problematic computer that was out of warranty, and I was shipped a new one the next day. If you are willing to go up the chain, you will very likely reach someone who is willing to bend the rules to rectify a complaint and fix the problem." - August Turak