Information from the wealthy

Hi,
I absoloutely adore reading interviews, biographies and autobiographies regarding succesful people. I just thought I would share with you a couple of resources I have come into contact with over the past couple of weeks and the impact they have had on me.

Richard Branson Interviewed at TED


I expected a much more insightful interview from TED however there were definitely some insights gained:
1) Emphasized yet again: You don't need formal education as much as you need the right psychology to succeed: his headmaster said he would either be a millionaire or go to jail and he did both.
Another way this came through was when he spoke about how as a result of his dyslexia he was unable to read balance sheets and was already knee deep in wealth before he was taught how to differentiate between net and gross profit using a diagram of a net.
He is one of the few prominent business people that I believe has a genuine heart and will do good for the world.


Today I also picked up a free copy of Wealth Creator Magazine from the Invester Expo and in it they interview Australians under 40 who have built 100 million dollar companies in less than 10 years. Here are tips from the entrepreneurs:
1)Offer something new to the customer if you wanna be in the game long term.
2)Never give up: Said to be the most important thing. If you have an idea stick with it and change your approach until you succed.
3)Don't be afraid to fail: Accept that not all your projects will work and keep changing approaches until you achieve your preset objective.
4) Manage your cash flow:In other words in your early days, be as cheap as you possibly can.
5)Hire good staff:Make sure your team makes things move quicker and more efficiently.
6)Find mentor:Offer value to people of outstanding value within your industry. Learn from all their mistakes and pick up key distinctions that make them the best.

I also picked up Australian Business Review Weekly's Young and Rich Edition. After going through the list of the 100 wealthiest people under 30 I came away with the impression that the greatest industries for acquisition of large amounts of wealth is:
1) Real estate including commercial real estate and hotels, restaurants and pubs: This one has come up again and again. Trump does it, Oprah does it, if you're serious about wealth make sure you get into real estate.
2) Hedge funds: If hedge fund managers are among the richest people under 30, imaging how much the investors in hedge funds are making.Someone told me that apparently you need $50 million to join, regardless of whether this is true either invest in one or become a manager.
3) Technology: If you have a tool that will make millions of lives easier then put it to market, persist and you nevr know, you may find the pot of gold.