5 FRUGAL HABITS OF RICH PEOPLE

1404929867-how-recruit-salespeople-deliver-dramatic-returns1. They use coupons.

Surprisingly, households with average incomes of $100,000 or moreuse more coupons than those that bring in under $35,000. Celebrities including Carrie Underwood, Lady Gaga, Kristen Bell and Hilary Swank are just a few examples of wealthy individuals who are fans of coupons.

As a whole, it’s been found that an astounding “71 percent of the affluent use paper coupons every month, with 54 percent using online coupons every month.”

2. They live below their means.

The super rich are also known for living well below their means – even as far as cutting their own hair. One example of this is that they don’t see a vehicle as a status symbol. Instead, they realize that a car serves just one purpose; to get from Point A to Point B.

Sam Walton, the founder of Wal-Mart, famously drove around in a 1979 Ford F150 pickup truck. Walton’s son, Jim drove an older Dodge Dakota despite being worth over $16 billion. Mark Zuckerberg owns a modest $30,000 Acura TSX entry-level sedan, the 61st richest person in the world Azim Premji drove a Toyota Corolla, and Warren Buffett recently sold his 2006 Cadillac, which was noted for not being anything special, for a new model.

Many very rich people live in modest homes. Warren Buffett still resides in the house he bought bought for $31,500 in Omaha, Nebraska in 1958. Mark Zuckerberg, Tim Cook and Christy Walton all live in modest homes.

Ikea founder Ingvar Kamprad, Hobby Lobby founder David Green and former Microsoft CEO Steve Ballmer prefer to fly commercial, and even coach. Bill Gates was known to fly commercial for years. Azim Premji usually stays at company guest houses.

Finally, the wealthy don’t spend money on only luxury clothing. John Caudwell, an auto-shop owner who entered the cell phone business in 1987 and is now worth $2.6 billion, has stated “I don’t need Saville Row suits” and “I don’t need to spend money to bolster my own esteem.”

In fact, 74 percent of the super rich shop at Wal-Mart, while only 6 percent shop at Brooks Brothers.

3. They are charitable.

One of the more interesting habits that the rich have in common is their willingness to donate a vast majority of their wealth to a charitable cause. Zappos’ Tony Hsieh personally invested $350 million in theDowntown Project to improve downtown Las Vegas. Chuck Feeney, the co-founder of Duty Free Shops, has donated more than $4 billion to disadvantaged children and public health initiatives. Other wealthy individuals including Bill Gates, Warren Buffett, George Soros, Mark Zuckerberg, and Michael Bloomberg have donated huge chunks of their fortunes.

4. They value quality over quantity.

Wealthy individuals aren’t cheap, and certainly are not against enjoying themselves, but they put more thought into their purchases. For example, T. Boone Pickens has said,  “I don’t go cheap on anything, but I’m not a shopper. If I want something, I look at it, decide what it is, but it will usually be the best product. I’ve got a pair of loafers that I still wear that I got in 1957.”

5. They don’t carry wads of cash.

It’s been found that “86 percent of people who spend cash on luxuries like expensive cars, jewelry, and electronics are non-millionaires trying to act the part by purchasing luxury brands.”

Take the advice of oil mogul T. Boone Pickens and carry around only the cash that you need for what you intend to buy. According to Brad Klontz, a CFP professional and associate professor of personal financial planning at Kansas State University, the rich are often “money vigilant.” They avoid credit debt, and “are more anxious about making sure they have enough money and are managing it well.”

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5 WAYS YOU CAN CONNECT WITH PEOPLE YOU JUST MET

1393022514-make-genuine-connections-work-success-followHow we communicate largely determines what we experience in life. It influences how much money we make, every relationship we have and where we go in our career.

Our income can be limited if we are unable to pitch our product to a client, ask for a desired salary in an interview or request a raise from management. On the other hand, the depth of our relationships will be constrained if we don’t have the confidence to approach new people or have the ability to resolve conflict and express ourselves.

Yet how often do we actually practice this art? Most of the time we tend to just wing it and learn as we go. Unfortunately, throughout our lives, most of us pick up some devastating yet subtle habits that can ruin conversations. And the biggest problem is that we think some of the habits are good communication tactics.

[Read more…]

HOW TO GET THE BEST OUT OF A BUSINESS ASSOCIATION

20150826175045-woman-typing-laptop-working-home-office-soda-can-bloggingHow can I optimize my affiliation with a business association?

Get engaged. It’s not enough to just sign up and read the newsletters. “Really get involved,”  “Join a committee that has something to do with your discipline and your company.”

Get educated. Take advantage of all the information associations provide — most of it’s online and free. “One of the things trade associations do is conduct research on various issues facing the industry,” “If you don’t take advantage of that, you’re wasting a lot of your membership dollars.”

Get familiar. Learn who’s who on the association staff. “When you spend money on your membership, you’ve got a team of people working for you and your industry,” “The ones who get the most out of our organization are the ones who know us and interact with us.”

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8 ECCENTRIC HABITS OF GENIUSES THAT WILL MAKE YOU SMARTER – 2

20150217173059-einstein5. A hunger strike.

Pythagoras, the ancient Greek philosopher and mathematician, would systematically starve himself for 40 day periods. His taught his disciples his strict water-only fast in the belief that it boosted mental perception and creativity.

Modern studies have shown that fasting increases your Brain-Derived Neurotrophic Factor (BDNF), which aids in memory functioning and can stimulate the growth of new brain cells. The acute stress caused by fasting also causes the brain to release endorphins, which leads to feelings of well-being and euphoria. [Read more…]

8 ECCENTRIC HABITS OF GENIUSES THAT WILL MAKE YOU SMARTER

20150217173059-einsteinThere’s a fascinating link between geniuses and eccentric behavior. Einstein picked cigarette butts off the street and used the tobacco for his pipe; Benjamin Franklin sat naked in front of a window every morning and let the air circulate over his body. He called it an “air bath”.

Their eccentricity isn’t completely without explanation; there are mental benefits behind some of their madness. Here are eight quirky habits from geniuses that will make you smarter: [Read more…]

7 THINGS YOU SHOULD DO AFTER INCORPORATING YOUR BUSINESS

20150428143624-business-structure-men-businessman-suitcase-meeting-talkingMuch has been written about incorporating a new business, including advice on how to incorporate and what business structure to pick. However, I have found that new business owners can have just as many questions after incorporating or forming a limited liability company (LLC).

As you can imagine, there are some essential differences between running a corporation and running a sole proprietorship, and it’s important to get all your legal ducks in a row as early as possible.

If you have recently incorporated or formed an LLC, here are seven items to check off your list.  [Read more…]

10 BEHAVIOURS OF GREAT LEADERS

Businessteam wrapping up a meeting with handshake

There’s usually a pecking order in the animal kingdom. There are queen bees, alpha gorillas, and male-female wolf pairs that dominate the pack. Humans are no different.

This may come as a shock, but organizational constructs like tribes, societies, and companies are not the result of high-level intelligence but of primitive survival impulses reinforced by neurotransmitters in the brain’s ancient limbic system.

To say that leadership and organizational behavior has been successful in the animal kingdom is a gross understatement. The planet is fully populated by millions of animal species that all exhibit the same sort of behavior. [Read more…]

9 WAYS TO DETECT A GOOD DECISION

20150105170729-chess1. Good decisions positively impact others.

This statement may seem obvious, but if it were, bad decisions wouldn’t exist. After all, anybody who is adversely affected by a decision immediately classifies that decision as bad. Of course, now you just need to find a common definition of “positive.”

2. Good decisions are replicable.

People want to mimic a bad decision like a case of herpes. Enough said (and feel free to tweet that). [Read more…]

GET THIS MINDSET AND NEVER BE LATE AGAIN

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My friend Claire is great, but she’s never on time.

Whenever we agree to meet and she gives me a time, I always figure she’ll be a half hour late. I’m rarely wrong. And there’s always an excuse. A meeting ran on too long. Traffic was terrible. Things got out of hand that morning. Claire is that last, harried-looking person who gets on the flight right before the doors close. She’s the person whispering apologies as she takes her seat in front of you 10 minutes after the movie started. She’s the one rushing into the meeting after everyone’s introduced themselves. You know her, right? [Read more…]

4 TIPS FOR AFFORDABLY MIXING PLEASURE INTO YOUR NEXT BUSINESS TRIP

20150714182846-tourist-nyc-new-york-travel

1. Venture away from your destination.

On numerous occasions, I have attended a conference or trade show only to stay in the hotel that was hosting the event. While this was more convenient at times, especially during a conference heavy in events, I never had a reason to leave and therefore rarely ventured out to explore the city.

If your business travel permits, consider a hotel a few blocks away from your primary destination. When it is time for meetings, just take a walk and explore the city on the way. Research popular places to visit and map routes ahead of time. While you’re at it, check into and consider extending your stay for local events, such as outdoor concerts and other cultural happenings. [Read more…]