Advice From Rich People

If you want to get in shape, turn to the fittest person you know. Do exactly as they do and you're on your way, right? Caution, I know some really fit people where pizza is half their diet. Following their footsteps will gain you nothing but pounds. We're all different (genetics and such). Them being in shape doesn't mean they know how to get you in shape. The same holds true for wealth.

The media loves to interview billionaires. Where are we in the cycle? Where are we going? What should we do with our money?

There are definitely smart folks in the bunch we can learn a lot from. Warren Buffet is particularly quotable. But being rich in and of itself doesn't mean you have all the answers.

Most folks become successful through a combination of skill and luck. The spectrum goes from hard work and smarts (skill) all the way to being born rich (luck). Skill is often overstated while luck is ignored. Luck can't be taught. This is why lottery winners don't give TED Talks.

Even if one's wealth comes largely through skill, things change. Successful tactics become outdated all the time.

We're also playing a different game. Billionaires focus on big macro trends and complicated market timing strategies. Most of us will be just fine buying and holding.

If you want to be successful, yes look to those who've already made it. But don't stop there. Go further. Find the lessons that are meaningful to you. Screen out the luck, the outdated and the irrelevant. Don't blindly accept advice. Be thoughtful so you don't equate pizza to fitness.

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