Having been on Wall Street for over 30 years now, and having survived the 1987 crash, the Drexel Burnham bankruptcy, the 1990 credit crunch, the 2000 Internet crash, the real estate meltdown of 2006 and the 2008 Wall Street financial crisis, I think I have learned a thing or two about how to make money, how to survive crises and most importantly how to really thrive and become part of the exclusive Club of 1% when most went buckling.
So what specific characteristics do you need to have to be part of that Club?
Well… you really have three options:
Option 1: You need to love money. You want to say, everybody loves money. Wrong!!! “Everybody” loves spending money – house, cars, food, services, you name it. That can only get you out of the 1%. You need to be sincerely interested to the level of excitement in how money is made, how markets or real estate work, how money grows. You need to get your kick out of making money. Short of that, you won’t get there.
Option 2: You need to love power, and to like getting things done. You need to get your kick out of building your empire, out of organizing armies of people. Being psychopath can help, but only to a degree. A psychopath’s lust for human misery would eventually get on the way of effective execution.