The place of hard work in getting rich
It is work, hard work, that is the true source of perpetual wealth – so say the perpetually wealthy. True, many credit education as a key factor in their material success and certainly in the case of skilled professionals, that appears to be a sound and reasonable judgment. Many – 82 percent – also credit native intelligence as a key factor in securing their wealth (e.g., smarter investing). And a great number of the wealthy – 65 percent attribute it to luck or chance. And a few acknowledge that they were born with silver spoons in their mouths through some form of inheritance.
Of these contributors to wealth, just about all of them are in the hands of the individual investor. While luck is not something you can summon at will, there are those who say we make our own luck. Maybe we do so learning how to invest smartly, by taking calculated risks, and by getting all the education we can get. Certainly, working hard is something in our own hands, and virtually all the wealthy across all wealth segments and age differences (97 percent) agree that it is hard work that got them rich in the first place, is keeping them rich, and is the reason they have wealth to pass on to their heirs.
In fact, the hard work is typically on a 24/7 basis. There is a sense in which the work – at least the work of managing their wealth – occupies the wealthy on a full – time basis. Half work while vacationing, and half – perhaps the same half – put in more than 40 hours a week on their formal occupation. But it is the job of managing their wealth that seems to occupy the wealthy on any day at any time. If not wholly engaged every minute of the day in their work or in managing their wealth, the wealthy nevertheless see themselves as “on call” – that is, that they must be available on a moment’s notice to attend to the matters related to the accumulation and maintenance of their wealth.
Contributed by Catherine McBreen
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