Topic : Rich, becoming
Rules for Getting Rich
John D. Rockefeller’s three simple rules for anyone who wants to become rich:
1. Go to work early.
2. Stay at work late.
3. Find oil.
How Rich Is Rich?
According to a survey of people who ought to know, the answer is $1 million to $5 million in assets. Investment managers Neuberger & Bergman sponsored the survey of people who stand to give or receive inheritances (median household assets: $500,000). Paradoxically, 55% of those whose assets ranged from $1 million to $5 million don't consider themselves wealthy.
Easy Get-Rich Scheme
Albert J. Lowry set out to prove that it was easy to get rich quick in real estate with no money down-and he did just that. Not surprisingly, his 1980 book, How You Can Become Financially Independent by Investing in Real Estate, was a bestseller. In a May 1981 cover story, Money magazine estimated Lowry's net worth at $30 million and called him a 'real-estate wizard.?
But something went wrong, and in October 1985 the Success development Institute, which promoted Lowry's theories, collapsed with $2.5 million in debts. In June of 1987 it was reported that Lowry's assets were being liquidated in Los Angeles under Chapter 7 of the federal bankruptcy code.
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