W. Randall Jones, founder of Worth magazine, in his new book entitled “The Richest Man in Town: The Twelve Commandments of Wealth”distills the characteristics of successful men and women.
He explores the age-old question of what makes these successful people, all self-made, different from you and me. Being rich and living a prosperous life seem to be a universal desire, but why is it that not everyone can achieve great success and everything it brings? How can you become the richest man in town?
In the course of his career interviewing successful people — from tech giants Bill Gates and Larry Page to writer Stephen King — Jones found commonalities among the successful individuals, which he calls RMIT (richest man in town). Here are Jones’ “twelve commandments of wealth:”
- Seek money for money’s sake and ye shall not find = the RMITs believe that you must first create substantial value — products or services that enhance people’s lives — before the money will flow from any commercial enterprise.
- Find your perfect pitch = the RMITs know who they are, what makes them tick, and have mastered the difficult task of deciphering their greatest talents and abilities
- Be your own boss = if you hire yourself, you control your own life’s directions
- Get addicted to ambition = while there is no denying that hard work, dedication and diligence play an important role in reaching the American dream, you need to have the desire and will to be the richest man or woman in town.
- Wake up early – be early = risk only increases with age, so RMITs concur that you’ve got less to risk when you start young, plus you have more time and essential energy to get it done.
- Don’t set goals – execute or be executed = goals are important and ideas are essential to success , but RMITs knows that wealth creation require a far more essential ingredient: execution. Success depends on the execution — on the ability to get things done.
- Fail to succeed = the only way to succeed is to have the courage to fail. The greatest commonality among RMITs is the willingness to face failure and the resilience to pick themselves up
- Location doesn’t matter = most RMITs make their fortunes in places they know best, proving that success can take place anywhere an everywhere.
- Moor yourself to morals = fortunes without a moral foundation are nothing more than mirages destined to disappear faster than they were created
- Say yes to sales = great wealth creation requires great selling skills. RMITs love to sell.
- Borrow from the best – and the worst = RMITs are eternal students, with an almost universal interest in reading biographies of other successful people. They strive to stay attuned to new ideas, new and better approaches to wealth creation.
- Never retire = RMITs believe that retirement is hazardous to their wealth , and even more important, hazardous to their health.