There is one sure mark of the coming partner, the future millionaire; his revenues always exceed his expenditures. He begins to save early, almost as soon as he begins to earn. No matter how little it may be possible to save, save that little. Invest it securely, not necessarily in bonds, but in anything which you have good reason to believe will be profitable, but no gambling with it, remember. A rare chance will soon present itself for investment. The little you have saved will prove the basis for an amount of credit utterly surprising to you. Capitalists trust the saving young man. For every hundred dollars you can produce as the result of hard-won savings, Midas, in search of a partner, will lend or credit a thousand; for every thousand, fifty thousand. It is not capital that your seniors require, it is the man who has proved that he has the business habits which create capital, and to create it in the best of all possible ways, as far as self-discipline is concerned, is, by adjusting his habits to his means. Gentlemen, it is the first hundred dollars saved which tells. Begin at once to lay up something. The bee predominates in the future millionaire…To summarize what I have said: Aim for the highest; never enter a bar-room; do not touch liquor, or if at all only at meals; never speculate; never indorse beyond your surplus cash fund; make the firm’s interest yours; break orders always to save owners; concentrate; put all your eggs in one basket, and watch that basket; expenditure always within revenue; lastly, be not impatient, for, as Emerson says, “no one can cheat you out of ultimate success but yourselves.” I congratulate poor young men upon being born to that ancient and honorable degree which renders it necessary that they should devote themselves to hard work. A basketful of bonds is the heaviest basket a young man ever had to carry. He generally gets to staggering under it. We have in this city creditable instances of such young men, who have pressed to the front rank of our best and most useful citizens. These deserve great credit. But the vast majority of the sons of rich men are unable to resist the temptations to which wealth subjects them, and sink to unworthy lives. I would almost as soon leave a young man a curse, as burden him with the almighty dollar. It is not from this class you have rivalry to fear. The partner’s sons will not trouble you much, but look out that some boys poorer, much poorer than yourselves, whose parents cannot afford to give them the advantages of a course in this institute, advantages which should give you a decided lead in the race–look out that such boys do not challenge you at the post and pass you at the grand stand. Look out for the boy who has to plunge into work direct from the common school and who begins by sweeping out the office. He is the probable dark horse that you had better watch.
Nice. From late 1800s. Timeless. Shout to TropicalMBA.com for the find.
It’s funny how the universe works. Some great feedback:
Heya Michael, this is Moon here, the lady who chose to sit beside you on the 1st day of the DC Conference and from Singapore. It’s really exhilarating to see you in the DC, Mike. I’m really glad and proud of myself that I chose that seat that day.
As you might have not known ‘cos we haven’t talked much at all, I’ve been a great fan of yours since you wrote the book ‘The Complete Turtle Trader’ and very honestly, that is what shaped the great mind frame for discipline and psychology in trading for me. I’d even say it takes up a good 30% of what I do everyday. Next time you come to Singapore, I’m gonna have to ask for your signature. And you didn’t know you met a huge fan, I was just holding it in!
Last but not least, I have really taken good direction to what you have suggested to me to write a book. And really, just looking at the content page, I can really foresee an extremely invaluable and good book coming up. And why I say that is because I took myself out of the shoes of an Author and put myself into those of a beginner or novice who knows nothing or is interested to learn about skills of the trade, and in that perspective just by looking at the content page, it sells! I’d honestly pick up the book if I am a novice, if I didn’t know anything or just simply requiring more information. And thus, I have been feeling very motivated after I got back to Singapore, have been relaxing and chilling out on my own in a couple of serene places just to let ideas seep in, and whilst I’m most relaxed, that’s the time where great ideas sit and find clarity and organization in my mind.
As I sign off here, just wanna say thank you so much for being so receptive and open to me. You have been really helpful and truly sincere in sharing your experiences and invaluable knowledge this whole time and I am really grateful for that. The old adages say that ‘Serendipities are only present to those who embrace everything in life.’ Let’s stay connected and see you soon!
Have a trillion dollar day ahead.
Your Friend & Turtle Fan,
25 October, Singapore
Thanks Moon. Think I will be to Singapore in November as I mentioned. We will both get Jim Rogers out to lunch.
Feedback on my latest live presentation for TropicalMBA.com:
Hey Michael, loved your presentation! I am a digital nomad, from Brazil (lived in more than 6 countries), and think that interviewing (via Skype) you would be awesome to introduce you to the Brazilian market and to share your knowledge. Let me know if you are up to it. 30 minutes of your time for thousands of viewers. Your presentation [in Bangkok] was awesome cause you connected with people at a ‘human-success-struggle-story’ level. It was awesome!
Thanks for the kind words. The event was a great time and filled with some amazing current, and up-and-coming entrepreneurs. Looking forward to next year.
Michael during your most recent podcast with Dan Andrews, he asked you if your listeners would like the entrepreneur angle. The answer is yes. I’m sure a lot of listeners like myself are working hard on making the transition out of the cube. Exposure to inspirational people like Dan is tremendously valuable. Thank you for doing this episode. Please look to bring in similar guests.
PS you might want to look at Lewis Howes if you are not already familiar with him. Could be a good guest.
Thanks Brandon. Great feedback. Will let Dan know too. Met Lewis briefly before–good idea.