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I take a long view on my wealth。 I do not subscribe to the 〃Get rich quick〃 mentality most lottery players or casino gamblers have。 I may go in and out of stocks； but I am long on education。 If you want to fly an airplane； I advise taking lessons first。 I am always shocked at people who buy stocks or real estate； but never invest in their greatest asset； their mind。 Just because you bought a house or two does not make you an expert at real estate。
3。 CHOOSE FRIENDS CAREFULLY： The power of association。 First of all； I do not choose my friends by their financial statements。 I have friends who have actually taken the vow of poverty as well as friends who earn millions every year。 The point is I learn from all of them； and I consciously make the effort to learn from them。
Now I will admit that there are people I have actually sought out because they had money。 But I was not after their money； I was seeking their knowledge。 In some cases； these people who had money have bee dear friends； but not all。
But there is one distinction that I would like to point out。 I've noticed that my friends with money talk about money。 And I do not mean brag。 They're interested in the subject。 So I learn from them； and they learn from me。 My friends； whom I know are in dire straits financially； do not like talking about money； business or investing。 They often think it rude or unintellectual。 So I also learn from my friends who struggle financially。 I find out what not to do。
I have several friends who have generated over a billion dollars in their short lifetimes。 The three of them report the same phenomenon： Their friends who have no money have never e to them to ask them how they did it。 But they do e asking for one of two things； or both： 1。 a loan； or 2。 a job。
A WARNING： Don't listen to poor or frightened people。 I have such friends； and I love them dearly； but they are the 〃Chicken Littles〃 of life。 When it es to money； especially investments； 〃The sky is always falling。〃 They can always tell you why something won't work。 The problem is； people listen to them； but people who blindly accept doom…and…gloom information are also 〃Chicken Littles。〃 As that old saying goes； 〃Chickens of a feather agree together。〃
If you watch CNBC； which is a goldmine of investment information； they often have a panel of so…called 〃experts。〃 One expert will say the market is going to crash； and the other will say it's going to boom。 If you're smart； you listen to both。 Keep your mind open because both have valid points。 Unfortunately； most poor people listen to 〃Chicken Little。〃
I have had more close friends try to talk me out of a deal or an investment。 A few years ago； a friend told me he was excited because he found a 6 percent certificate of deposit。 I told him I earn 16 percent from the state government。 The next day he sent me an article about why my investment was dangerous。 I have received 16 percent for years now； and he still receives 6 percent。
I would say that one of the hardest things about wealth building is to be true to yourself and be willing to not go along with the crowd。 For in the market； it is usually the crowd that shows up late and is slaughtered。 If a great deal is on the front page； it's too late in most instances。 Look for a new deal。 As we used to say as surfers： 〃There is always another wave。〃 People who hurry and catch a wave late usually are the ones who wipe out。
Smart investors don't time markets。 If they miss a wave； they search
for the next one and get themselves in position。 Why this is hard for most investors is because buying what is not popular is frightening to them。 Timid investors are like sheep going along with the crowd。 Or their greed gets them in when wise investors have already taken their profits and moved on。 Wise investors buy an investment when it's not popular。 They know their profits are made when they buy； not when they sell。 They wait patiently。 As I said； they do not time the market。 Just like a surfer； they get in position for the next big swell。
It's all 〃insider trading。〃 There are forms of insider trading that are illegal； and there are forms of insider trading that are legal。 But either way； it's insider trading。 The only distinction is how far away from the inside are you？ The reason you want to have rich friends who are close to the inside is because that is where the money is made。 It's made on information。 You want to hear about the next boom； get in and get out before the next bust。 I'm not saying do it illegally； but the sooner you know； the better your chances are for profits with minimal risk。 That is what friends are for。 And that is financial intelligence。
4。 MASTER A FORMULA AND THEN LEARN A NEW ONE： The poake bread； every baker follows a recipe； even if it's only held in their head。 The same is true for making money。 That's why money is often called 〃dough。〃
Most of us have heard the saying 〃You are what you eat。〃 I have a different slant on the same saying。 I say； 〃You bee what you study。〃 In other words； be careful what you study and learn； because your mind is so powerful that you bee what you put in your head。 For example； if you study cooking； you then tend to cook。 You bee a cook。 If you don't want to be a cook anymore； then you need to study something else。 Let's say； a schoolteacher。 After studying teaching； you often bee a teacher。 And so on。 Choose what you study carefully。
When it es to money； the masses generally have one basic formula they learned in school。 And that is； work for money。 The formula I see that is predominant in the world is that every day millions of people get up and go to work； earn money； pay bills； balance checkbooks； buy some mutual funds and go back to work。 That is the basic formula； or recipe。
If you're tired of what you're doing； or you're not making enough； it's simply a case of changing the formula via which you make money。
Years ago； when I was 26；1 took a weekend class called 〃How to Buy Real Estate Foreclosures。〃 I learned a formula。 The next trick was to have the discipline to actually put into action what I had learned。 That is where most people stop。 For three years； while working for Xerox； I spent my spare time learnin