Friday, October 26, 2007

Paths to "self-made" wealth

From the WSJ Wealth Report:
In “The Millionaire Next Door,” authors Thomas Stanley and William Danko herald the thrifty rich who save every penny, drive old cars and invest cautiously. Getting rich, they say, is all about being conservative.

Today, Barclays Wealth released a report along with the Economist Intelligence Unit that found 60% of individuals with investible assets of $1 million or more said “a high appetite for risk has been an important influence in their wealth creation.” That compares with 36% of those surveyed with assets under $1 million.

The richer people get, the more comfortable they are with investments others might consider risky. For instance, 77% of respondents worth $3 million or more have invested in individual stocks over the past three years, compared with 55% of those worth less than $1 million.

But there's still the bigger perspective, as I read somewhere a long time ago:
... use worldly wealth to gain friends for yourselves, so that when it is gone, you will be welcomed into eternal dwellings.

"Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much. So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches? And if you have not been trustworthy with someone else's property, who will give you property of your own?

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