In my 20’s, I started watching the personal finance show hosted by money expert Suze Orman.
The show ended in 2015, but I learned a ton about managing money from her. Continuing on my $500k journey, I knew if I wanted to be rich, that I had better invest my money.
Suze was hilarious though in her approach of telling people what they could and could not afford. It was watching this segment of “Can you afford it,” that put me on the path to conserve versus consumption.
I rejected buying new cars and instead invested that money. I started reading every book I could on investing from the Automatic Millionaire to the Millionaire Next Door. I would go to the library and browse the personals finance sections on read the books while commuting to work and on weekends.
Like Ramit Sethi, I like to ask the “$30,000 questions.” Personally, I really like to ask myself $10,000 questions. Meaning what in my life can I get for $10,000 less. How can I spend $10,000 less?
I want low fixed expenses. I didn’t need a $70,000 Tesla to make me happy. No offense to your boy Josh there in the video. I would rather have $70,000 invested in the market than driving around in one simply to go to target and have a nice fancy car to drive around in while I pick up my toothpaste.
That’s right Colgate, feel this leather and enjoy this new car smell while I take you home in my $1,200 per month shiny new car. Screw that! Let me make this money work for me. I want to earn $70k in dividends and interest, not pay interest on $70k.
Don’t get me wrong, I prefer the finer things in life…when I can afford them.
As a teenager, I worked as a telephone operator and a waitress so I know the value of dollar. I really didn’t know a lot of people that were socking away huge amounts of money in savings or investments. I just knew I wanted to have money to be able to take care of myself and not have to spend so much time worrying about how to pay the bills. I took the advice of Robert Frost.
Two roads diverged in a wood, and I— I took the one less traveled by, And that has made all the difference.
Instead of buying $50,000 cars, luxury vacations, expensive clothes and $500,000 homes, I poured my money into stocks. I started with $5 dollars. Then slowly worked my way up to $100,000.
Those willing to do more than the bare minimum. We are talking captains or titans of industry and business mavericks, that buck the trend, throw caution to the wind, and are all in.
Steve Jobs, Bill Gates, LeBron James, Phil Knight, and Walt Disney, to name a few, embody the characteristics of what it takes to dominate in one’s field. They are outliers. If you dare to dream and be an outlier yourself, then you are in great company.
WHAT IS AN OUTLIER?
A person or thing that is atypical within a particular group, class, or category. – Merriam Webster Dictionary
Simply put, you are different than the rest. You stand out. An outlier is the proverbial diamond in the rough or needle in the haystack. The 1 out of a million.
We all know how it worked out for Aladdin in the end.
When everyone else goes right, you go left and turn down the street.
You have tunnel vision. All energy is focused on a single task until it is completed or you are an expert. The rejection of noise and naysayers are a must.
A great definition of focus is this: To follow, without halt, one aim: There’s the secret of success. – Anna Pavlova (Prima Ballerina)
WHO ARE OUTLIERS?
The more you like yourself, the less you are like anyone else, which makes you unique. – Walt Disney
We will take the examples above and expand on those individuals that have either been born great, achieved greatness, or had greatness thrust upon them. (To revise Humphrey Bogart’s famous words: Here’s looking at you, William. Shakespeare that is.)
So, who are these mavericks you say? Just keep reading.
Steve Jobs
Photo: Forbes.com
Steve Jobs was the CEO and co-founder of the most valuable brand in the world: Apple. The first ever trillion-dollar company in the entire world. He pioneered revolutionary technologies. Thanks to his genius and willingness to dare to be different, we now have a computer in our pockets.
He decided to buck the trend and paid no dividends for Apple shareholders (this changed in 2012), as he thought that money could be better spent to expand the company.
Forbes, in 2011, estimated Jobs’ net worth to be around $6 billion to $ 7 billion dollars prior to his passing.
Bill Gates
Photo: Forbes.com
Bill Gates is a business magnate who is the founder of Microsoft. He took the road less traveled by famously dropping out of one of the most elite and prestigious universities in the world: Harvard.
Mr. Gates devoted every minute of his time to computer technology. He would read trade magazines and stay informed on the latest in tech. Becoming an expert in the field and later launching Windows in 1985. It became the top operating system for PC’s.
Forbes lists Gates’ net worth at $96B.
LeBron James
Photo: Forbes.com
LeBron James started playing basketball at a very young age. He loved the game so much that he played and practiced non-stop. By the time LeBron was 14, he had ESPN covering his high school basketball games because he was just that good.
He was drafted in 2003, to play professional basketball with the NBA. It is estimated that he spends $1.5 million dollars a year just on his health care and personal training to keep his body in the best athletic shape possible. He would go on to win the first ever championship for Cleveland. Ever. He recently built a school and is offering college scholarships to those students.
Forbes estimates James’ net worth at $440 million. That’s a lot of M’s just for going hard in the paint. It pays well to be the best.
Phil Knight
Photo: Forbes.com
Phil Knight is a business magnate and the co-founder of Nike. He ran track for the University of Oregon under the infamous track coach Bill Bowerman, with whom he co-founded Nike. Bowerman is famous for coaching 31 Olympic athletes including the legendary Steve Prefontaine.
After attending Stanford Graduate School of Business, Knight decided to become an entrepreneur. His business plan paper became the catalyst for his company. He traveled to Japan to see about good running shoes, which would go on to become Nike.
Forbes estimates Knight’s net worth at $31B.
Walt Disney
Photo: Forbes.com
Walt Disney was a pioneer in the American animation industry. He always loved to draw. He had a paper route with a grueling and exhausting schedule as a kid, which contributed to his poor grades at school.
None the less, he continued to draw. He had $40 dollars in his pocket when he moved to CA to start his career. After, getting fired from a job in animation at one company, he decided to start his own.
People laughed at him for wanting to draw a talking mouse. An old legend states he was rejected 302 times to get financing to start Disney World. He ended getting the last laugh as Disney is the biggest and most diversified mass media and entertainment conglomerate in the world.
At the time of his death in 1966, he was estimated to have a net worth equal to $1 billion in today’s dollars (adjusting for inflation).
HOW CAN BEING AN OUTLIER MAKE YOU RICH?
Go confidently in the direction of your dreams. Live the life you have imagined. – Henry David Thoreau
People are willing to pay for unique. Something that is one of a kind. The rarer the better.
Do something so good that people can’t wait to see you.
“Make sure it’s mean so them fiends keep on coming back” – Who Dat (Song by J. Cole)
Keep them wanting for more.
They say the riches are in niches.
Mae West wrote on taboo subjects in the 1920’s. She made a mint in real estate and oil. This is what she thought of all that hoopla she made way back when.
I believe in censorship. I made a fortune out of it. – Mae West
Figure out what you are good at and make it happen.
When you start out you have to take what you can get, but when you blow up, you can name your price.
Remember that song Back Then by Mike Jones. Yeah, it can be something like that.
GO AHEAD AND TAKE THE ROAD LESS TRAVELED
Two roads diverged in a wood, and I — I took the one less traveled by, and that has made all the difference. – Robert Frost
Many people have made a fortune off being different.
Success depends in a very large measure upon individual initiative and exertion, and cannot be achieved except by a dint of hard work. – Anna Pavlova
Let’s see some numbers for clarity and perspective.
Only the best can become NFL players. Here is what the best can make.
Rookie Salaries in the NFL
Source: FootballNextLevel.com
Highest Paid Players in NFL
Source: Spotrac.com
These are just salaries for one profession. There are many others.
CEOs are making bank. In addition, so can authors, producers, actors, musicians, professors, doctors, and more can as you can garner success in many other fields.
How hard are you willing to work to make success happen?
Dwayne “The Rock” Johnson says success takes no less than everything you’ve got. You don’t need directions on the road to success, just point to the top and go! Here are a few more of his words of wisdom for motivation.
I'm always asked "What's the secret to success?". The secret is, there is no secret. Be humble, hungry and the hardest worker in the room.
