Comments on: What The Rich Know About Money That Most People Don’t http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/ For People Pursuing Freedom Wed, 17 Mar 2010 13:25:50 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: Mike R. http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/comment-page-1/#comment-4748 Mike R. Wed, 08 Jul 2009 18:48:51 +0000 http://www.steve-olson.com/?p=310#comment-4748 Jeremy, In your opinion, how does one create wealth when you can't get the nessasary capital to grow a business? The bank's ain't given it and everyone else just make claims. Stuck. Jeremy,

In your opinion, how does one create wealth when you can’t get the nessasary capital to grow a business? The bank’s ain’t given it and everyone else just make claims. Stuck.

]]> By: Eric C http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/comment-page-1/#comment-4740 Eric C Mon, 09 Mar 2009 22:25:01 +0000 http://www.steve-olson.com/?p=310#comment-4740 Time to buy!!! Sorry, that is qualified with a time horizon of at least 3-4 years. And only if you have your short term financial situation in hand; ie. manageable debt levels, and a SECURE job or the ability to generate income when needed. Generally speaking...doing anything "against the grain" is a good idea. I'm willing to bet that if "you guys" resonate with postings on this site, being a "normal" citizen is not what you're about. Mediocrity is the arch enemy of the successful person. Listen to the media/news, see what everybody around you is doing/saying/thinking...and do the opposite. But then again...C stands for 'Cynic'. Time to buy!!!
Sorry, that is qualified with a time horizon of at least 3-4 years.
And only if you have your short term financial situation in hand; ie. manageable debt levels, and a SECURE job or the ability to generate income when needed.

Generally speaking…doing anything “against the grain” is a good idea. I’m willing to bet that if “you guys” resonate with postings on this site, being a “normal” citizen is not what you’re about. Mediocrity is the arch enemy of the successful person. Listen to the media/news, see what everybody around you is doing/saying/thinking…and do the opposite.
But then again…C stands for ‘Cynic’.

]]> By: Charley http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/comment-page-1/#comment-4741 Charley Mon, 09 Mar 2009 01:00:52 +0000 http://www.steve-olson.com/?p=310#comment-4741 So, in a phrase: the rich know how to take advantage of other's misfortune... I guess that's the American Way... So, in a phrase: the rich know how to take advantage of other’s misfortune…

I guess that’s the American Way…

]]> By: Nate @ Money Young http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/comment-page-1/#comment-4747 Nate @ Money Young Fri, 06 Feb 2009 00:20:12 +0000 http://www.steve-olson.com/?p=310#comment-4747 Good post Steve. Nice reminder that now is a good time to be buying. I don't agree with selling your home to make more money. Life isn't entirely about money. I don't think I could disrupt my family just to make a buck. Not worth it. Maybe some people could. I simply don't think I could. -Nate Good post Steve.

Nice reminder that now is a good time to be buying.

I don’t agree with selling your home to make more money. Life isn’t entirely about money. I don’t think I could disrupt my family just to make a buck. Not worth it. Maybe some people could. I simply don’t think I could.

-Nate

]]> By: Steve http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/comment-page-1/#comment-4746 Steve Thu, 05 Feb 2009 20:11:44 +0000 http://www.steve-olson.com/?p=310#comment-4746 @Roman, Good tip. I know entrepreneurs who do exactly that. They look for buys under current market value. We do the same with our book business <a href= "http://www.christinesbooks.com" rel="nofollow">Christine's Books</a>. We want to buy only stuff we know we can resell for a profit. We can't wait for it to appreciate. We provide value at the same time we look to maximize profit margins. @Elizabeth, I appreciate having you as a reader and that you are sharing this content on Google reader. Many blessings to you too! @Roman,

Good tip. I know entrepreneurs who do exactly that. They look for buys under current market value. We do the same with our book business Christine’s Books. We want to buy only stuff we know we can resell for a profit. We can’t wait for it to appreciate. We provide value at the same time we look to maximize profit margins.

@Elizabeth,

I appreciate having you as a reader and that you are sharing this content on Google reader. Many blessings to you too!

]]> By: Roman @ FinancialJesus.com http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/comment-page-1/#comment-4744 Roman @ FinancialJesus.com Thu, 05 Feb 2009 19:57:47 +0000 http://www.steve-olson.com/?p=310#comment-4744 Beside buying when everyone is selling and selling when everyone is buying - there is another "secret" that help rich people get richer. You make a profit when you buy not when you sell. It might seem counter intuitive, but it means that you shouldn't try to make a profit by buying something and then hoping that the value will go up - instead, you should buy something only when you know that you can sell it for a profit immediately after selling. A bit more difficult to do - but possible if you keep your eyes open! Beside buying when everyone is selling and selling when everyone is buying – there is another “secret” that help rich people get richer.
You make a profit when you buy not when you sell. It might seem counter intuitive, but it means that you shouldn’t try to make a profit by buying something and then hoping that the value will go up – instead, you should buy something only when you know that you can sell it for a profit immediately after selling.
A bit more difficult to do – but possible if you keep your eyes open!

]]> By: Elizabeth http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/comment-page-1/#comment-4743 Elizabeth Thu, 05 Feb 2009 17:13:07 +0000 http://www.steve-olson.com/?p=310#comment-4743 Thank you for this post, Steve. I've been reading you for a while and frequently share your posts on my Google reader. I appreciate your outlook on life, as well as your upbeat, optimistic problem solving methods and helpful tips so that we can all succeed at becoming who we want to be. Keep up the excellent writing and many blessings to you and your family! Thank you for this post, Steve. I’ve been reading you for a while and frequently share your posts on my Google reader.

I appreciate your outlook on life, as well as your upbeat, optimistic problem solving methods and helpful tips so that we can all succeed at becoming who we want to be.

Keep up the excellent writing and many blessings to you and your family!

]]> By: Steve http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/comment-page-1/#comment-4745 Steve Thu, 05 Feb 2009 16:19:02 +0000 http://www.steve-olson.com/?p=310#comment-4745 Jeremy, Thanks for the comment. Your opinions mean a lot to me. This strategy is tough on people socially. You also have to get over the fear that you're going to miss out on the greatest opportunity ever. None of us wants to look stupid. And when you go against the grain you may look like a fool to some people. Jeremy,

Thanks for the comment. Your opinions mean a lot to me.

This strategy is tough on people socially. You also have to get over the fear that you’re going to miss out on the greatest opportunity ever. None of us wants to look stupid. And when you go against the grain you may look like a fool to some people.

]]> By: Jeremy http://steve-olson.com/what-the-rich-know-about-money-that-most-people-dont/comment-page-1/#comment-4742 Jeremy Thu, 05 Feb 2009 15:12:30 +0000 http://www.steve-olson.com/?p=310#comment-4742 This is a great post, and so true. Some of the most successful people I know do exactly this. They are the ones who weren't throwing money around in the late 90s and in 2005-2007. They were doing just the opposite of everyone else, and people would think they were being miserly or fools for not partaking in the perceived good economy. Well, these are the same successful people today who still have jobs, have built even more wealth while everyone else is losing wealth, and aren't trying to make ends meet because they bought into the hype and are now stuck with outrageous monthly payments. And at the same time, a lot of people who were living it up in the "good times" are the ones hurting the worst now. While every economic cycle is a little different, the same rules generally apply. If you follow the herd, you'll just end up in the same situation as everyone else. If you go against the grain, you'll probably be in a position to take advantage of the situation instead of becoming a victim. This is a great post, and so true. Some of the most successful people I know do exactly this. They are the ones who weren’t throwing money around in the late 90s and in 2005-2007. They were doing just the opposite of everyone else, and people would think they were being miserly or fools for not partaking in the perceived good economy.

Well, these are the same successful people today who still have jobs, have built even more wealth while everyone else is losing wealth, and aren’t trying to make ends meet because they bought into the hype and are now stuck with outrageous monthly payments. And at the same time, a lot of people who were living it up in the “good times” are the ones hurting the worst now.

While every economic cycle is a little different, the same rules generally apply. If you follow the herd, you’ll just end up in the same situation as everyone else. If you go against the grain, you’ll probably be in a position to take advantage of the situation instead of becoming a victim.

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