Theory | wealthymatters

The Wealthy Personality

January 6, 2012 3 Comments

wealthymatters.com In the book ‘The Difference’,the author Joan Chatzky outlines the characreristics of the Wealthy Personality.

Wealthy people score high on 7 personality traits.Viz.

1.confidence

2.curiosity

3.intuition

4.drive

5.connectedness

6.resilience

7.optimism

Hence wealthy people tend to be more competitive, optimistic, happy, and confident. They also read the news on a regular basis, exercise at least twice a week, and socialize with their friends at least once a week.

The author believes that cultivating these habits helps a person do well financially.

Finally an interesting quote from the book: “Optimism is a wealth magnet”

Filed under Theory, Tool Kit Tagged with connectedness, curiosity, finance book, intuition, Jean Chatzky, optimism, personality traits, postaday, psychology of wealth, resilience, The Difference How Anyone Can Prosper In Even The Toughest Times, The Wealthy Personality

Rakesh Jhunjhunwala – A Wizard of Dalal Street

January 4, 2012 Leave a comment

Here is an excerpt from CNBCs the Wizards of Dalal Street:It’s pretty interesting hearing Rakesh narrate the story of his early years in the stock market and his progress since then.With the market in the doldrums maybe it’s now time for us too to seize the moment and do our personal versions of a Jhunjhunwala.So watch,learn and be encouraged:

Written Goals And Plans

January 1, 2012 Leave a comment

wealthymatters.com What better time to make new resolutions than the first day of the New Year?But be certain to write these resolutions down along with a plan of how to accomplish these goals.Since today is a Sunday its hard to plead a lack of time.And if it all seems so much extra work here is a little something to change your mind:

In the book What They Don’t Teach You in the Harvard Business School, the author,Mark McCormack tells of a study conducted on students in the 1979 Harvard MBA program. In that year, the students were asked, “Have you set clear, written goals for your future and made plans to accomplish them?” Only three percent of the graduates had written goals and plans; 13 percent had goals, but they were not in writing; and a whopping 84 percent had no specific goals at all.

Ten years later, the members of the class were interviewed again, and the findings, while somewhat predictable, were nonetheless astonishing. The 13 percent of the class who had goals were earning, on average, twice as much as the 84 percent who had no goals at all. And what about the three percent who had clear, written goals? They were earning, on average, ten times as much as the other 97 percent put together.

So why wait?Join me in penning down goals and plans for 2012

Filed under Theory Tagged with Mark H. McCormack, postaday, success secret, What They Don't Teach You At Harvard Business School, writing down goals, written goals

40 Tips For Budding Entrepreneurs

December 10, 2011 6 Comments

Here is a pretty nice article from today’s ET .The article is apparently an excerpt from the June ’11 issue of Southwest Airlines’ Spirit magazine.Enjoy!From Deccan Air in India to Ryan Air in UK, Sourthwest Airlines has been the role model for all low-cost airlines in the world. In being the lodestar, it also revolutionised air travel. On its 40th anniversary, the airline shares 40 funny yet insightful reasons that made it a success —each a valuable lesson to entrepreneurs
1| Keep Idea Simple Enough to Draw on Napkin
In 1966, Rollin W King sat with his lawyer, Herb Kelleher, in San Antonio’s St. Anthony Club and drew a triangle on a cocktail napkin. And lo, the napkin begat an airline. Rollin, owner of a money-losing commuter airline, wanted to start an intrastate carrier so the airline wouldn’t fall under the aegis of the Civil Aeronautics Board. Hence, the triangle. He labelled the corners “Dallas,” “Houston,” and “San Antonio”—The Golden Triangle of Texas. Read more of this post

Filed under Entrepreneurship, Theory Tagged with Entrepreneurship, Herb Kelleher, John Peace, postaday2011, RandomBlog2011, Rollin W King, Southwest Airlines

The Farmer And The Calf – An Investment Story

November 28, 2011 3 Comments

wealthymatters.com Hello People ! I’m sorry I was gone for so long.I was having a pretty stressful time and blogging just wasn’t an option.

Today’s post is a nice allegory I found here: http://value-picks.blogspot.com/2011/11/farmer-and-calf-investment-story.html

‘This story is about a farmer who received a calf from a rich man. Hopeful that the calf will be able to help him have a better life, the farmer did his best to take care of it. But as the calf grew, so did the farmer’s expenses.One day, he said to himself, “I don’t want to wait anymore for this calf to become an ox. I’ll just sell it and buy several sheep which are easier and much cheaper to take care of.”And so he did just that.After several months, he realized that breeding sheep were not as easy as he thought. And so he said to himself, “It takes too long for these sheep to give birth. I better just sell them and buy myself several hens which can lay eggs for me everyday.”And so he did just that.The plan worked very well, he was earning good from selling all the eggs. Life improved for the farmer. But after several months, the hens started to lay less and less eggs until one day, the hens couldn’t produce anymore.The farmer was devastated. In his anger, he cooked all the hens and had himself a feast.Later that week, he remembered the single calf that started it all and realized that after all his hard work, nothing had changed in his life.”

A good warning for those of us who won’t take the pains to sit down and work out our goals and think through what we need by way of time,effort ,money etc for achieving them. Read more of this post