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J. Paul Getty Secrets to Creating Wealth

Do you seek to know the secrets to wealth? What if you were shown the exact steps to acquiring or creating wealth? Will you implement them? If answer to the above questions is yes, then read on.

On this business blog, I have shared with you the exact business success secrets of Aliko Dangote; the richest black man in the world. Today, I will be sharing with you the exact secrets to acquiring, attracting and creating wealth; as revealed by the late J. Paul Getty.

Wealth like happiness is never attained when sought after directly. It comes as a product of providing useful service.” – Henry Ford

J. Paul Getty was a shrewd billionaire Oil Baron; he founded and controlled Getty Oil Company and two hundred other related companies. Before his death, he revealed his secrets to wealth; the exact secrets he used in acquiring and creating wealth. The same secret that helped him become a billionaire.

The late J. Paul Getty’s secrets to accumulating wealth is simple and to the point. In fact, it is so simple that most people who read them either dismiss them as sweeping generalities but in reality; the same secrets to wealth that people despise is directly responsible for the wealth of the ultra rich such as Bill Gates, Orji Uzor Kalu, Larry Ellison, Mark Zuckerberg, Henry Ford, John D. Rockefeller, Oprah Winfrey, Mo Ibrahim, Warren Buffett, Mike Adenuga, etc.

So if you are ready to learn these same secrets to wealth; then sit back as I share with you, J. Paul Getty’s eight Secrets to acquiring or creating wealth.

 Jean Paul Getty Secrets to Creating Wealth

  • Rule 1:    To acquire wealth today, you must be in your own business.

The first rule to creating wealth is to start your own business. In fact, it’s the most important among all the secrets to wealth. You may think that the corporate executive with a $100,000 salary is better off than small shop owner, but the executive will be hard-pressed to double his income and taxes will eat up most of any increase.

Building a business is probably the best investment opportunity with the highest returns on investment. The simplest peanut vendor has unlimited opportunity to expand his business and his income and even salesmen; who in most cases are able to write their own paychecks, can control their sale increases.

  • Rule 2:    You must have adequate knowledge of the business

Risk comes from not knowing what you are doing.” – Warren Buffett

You must have a working knowledge of the business when you start and continue to increase your knowledge of it as you go along. If you don’t know what you’re doing when you start; your mistakes will be costly and often unnecessary, and you won’t be able to keep up with the technological explosions in any field. Start smart and stay that way.

One of the most stupid things to do is to pretend you are smart. When you pretend to be smart, you are at the height of stupidity. – Rich Dad

Rule 3:    You must learn to save money

You must save money in your personal life and in your business venture as well. Discipline is the key to saving money. You must develop the will power to deny yourself immediate gratification or the temptation to gamble on the quick buck. Resources will be needed for expansion and should be guarded carefully.

Rule 4:    You must take risk

To win big, you sometimes have to take big risks.” – Bill Gates

This is another hard core secret to wealth. In fact, it’s the singular difference between the rich and poor. You must take risks, both with your own money or with borrowed money. Risk-taking is essential to business growth. Nelson Bunker Hunt is admired for his guts in trying to corner the silver market; not scorned for losing money on this deal. Some of the richest men have staked their entire fortunes and lost, several times over, before the risk-taking paid off.

In today’s rapidly changing world, the people who are not taking risk are the risk takers.” – Robert Kiyosaki

When taking risk, back it with good judgment, experience, commitment, and the right support. Always seek advice on risks from the wealthy who still take risks, not friends who dare nothing more than a Football bet.

Before making an important decision, get as much as you can of the best information available and review it carefully, analyze it and draw up worst case scenarios. Add up the plus or minus factors, discuss it with your team and do what your guts tell you to do.” – The Mafia Manager

Jean Paul Getty Secrets to Creating Wealth

  • Rule 5:  You must learn to live with tension

Yet a little sleep, a little slumber and a little folding of hands to sleep; so shall your poverty come.” – Proverbs 6: 10-11

You must not only learn to live with tension, you must seek it out. Thrive on stress! Even If it means getting physically fit, having a psychiatric overall or losing 50 pounds before you can handle it, do it. Once you can learn to thrive on stress, you will not only enjoy it, you will seek it out willingly and enthusiastically.

Men of means look at making money as a game which they love to play. Consider it serious business and you will suffer far more stress than you need or want. Keep your perspective or your stress level will rocket beyond your control.

Work hard, have fun; make history.” – Jeff Bezos

  • Rule 6:   Build wealth as a by-product

Wealth like happiness is never attained when sought after directly. It comes as a product of providing useful service.” – Henry Ford

Build wealth as a by-product of your business success. If wealth is your only object in business, you will probably fail. Wealth is only a benefit of the game. If you win, the money will be there.

Every few seconds it changes, up an eighth, down an eighth. It’s like playing a slot machine. I lose $20 million, I gain $20 million.” – Ted Turner

I don’t make deals for the money. I’ve got enough much more than I’ll ever need. I do it to do it.” – Donald Trump

  • Rule 7:    You must be patient

I never attempt to make money on the stock market. I buy on assumption they could close the market the next day and not re-open it for five years.” – Warren Buffett

Patience; it’s the most important attribute to creating wealth, it’s the greatest business asset. Wait for the right time to make your moves. Let your business grow naturally, not by pressing your luck.

Rules 8:   Diversify

If you are moving, even fire will not hurt you. If you are standing still near the fire, even though you are not in the fire, the heat will eventually get to you.” – Rich Dad

Diversify at the top; this is the last rule to creating wealth and one of the essential secrets to wealth. Once you’ve made it, you’ll understand that any business is limited in the challenges it offers. You’ll want and need other games to play, so you’ll look for other ventures to hold your interest. Take a look at the richest people in the world and you will see they have a well diversified portfolio of investments ranging from businesses to stocks, real estate and commodities.

I think you might see us growing much deeper into banking. You might see us acquiring companies in the banking area. You might see us acquiring companies in the retail area. I think you might see us acquiring companies in the telecommunications. I think you will see us getting stronger in business intelligence.” – Larry Ellison

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