Some Secrets to Success From Ferrari (NYSE:RACE) Collector David Lee
Ferrari collector David Lee is a man who understands the secrets to success.
The Big Q’s: How much of these are actually secrets?
The Big A: The secrets to success are not actually secrets at all.
Mr. Lee was recently interview by author R.L. Adams of the popular blog Wanderlust Worker
“This is advice from the ages that has been so widely wielded by the rich and ignored by the poor that it simply goes unnoticed to most, lost in a sea of technological noise that fills the space of our digital lives, distracting us from achieving our goals and realizing our dreams. So I felt it was my duty to convey Mr. Lee’s secrets to success in life so that others out there could discover how they could make money online or otherwise and to eventually live a life replete with leisure, said Mr. Adams
#1 — Be Acutely Aware Of Your Spending
Coming from someone who has amassed such a vast fortune, this advice might seem counter-intuitive to most. In a world filled with one-percenters who personify wealth in every medium, it might come as an odd secret to success to be mindful of your spending. However, the rich did not get rich by spending their money. No. Instead, they focused on living fiscally-lean lives, being mindful of the hard-earned dollars that were going out the door.
This piece of advice also means that you need to live well within your means. Don’t exist paycheck-to-paycheck or buy expensive homes or cars that you know you can’t afford. That should come only when your income can justify your expenses. Not before. If you’re mindful of your spending, then you’re mindful of every single red cent that you spend. Nothing should go unnoticed or unchecked when trying to exit this rat race we call life.
#2 — Time Is More Valuable Than Money
The second secret to success that I garnered from Ferrari Collector David Lee is that time is more valuable than money. If you focus on passive-income-producing ideas and activities first, then you won’t have to rely on an active income your entire life. That means, if you stop working or something happens to you, you’re not left in a position where you can’t generate money to pay your monthly bills.
We’ve heard all the stories about rich investment bankers and doctors or lawyers that make a tremendous amount of money every year, but live outside of their means. When the money dries up, so does the lifestyle. You don’t want to find yourself in that position. Focus on passive income and become like a detective, learning how to generate cash that will afford you with the lifestyle to travel or live according to your own rules, and not someone else’s.
#3 — Invest In Real Estate Every Chance You Get
To date, real estate has created the most amount of wealth than any other line of work. It dates back to the origins of modern society. The truth is that people will always need a place to live. No matter if we’re in a real estate bubble or not, you should invest in real estate every chance you get. Lee has always believed in real estate investing and has invested constantly in properties since he can remember.
To date, he has amassed a vast $350-M portfolio of real estate that generates a passive income that is almost unbelievable. It was this primary secret to success that afforded him the opportunity to earn more money and create more income-producing assets than he could have done had he not invested in real estate. This also means that you should own the roof over your head, no matter what it takes. Never pay someone else’s mortgage regardless of what it involves to achieve this goal.
#4 — Follow The 3 Golden Rules
David Lee is always touting his three golden rules on Instagram. These are part of his secrets to success, things he has always done his entire life as they’ve been ingrained in his mind by his late father. For those that don’t follow him on Instagram, Lee’s three golden rules are to 1) work hard, 2) work with integrity, and 3) work with perseverance. These apply across the board no matter what industry or job you might be in.
He conveyed countless stories to me and just how they were applicable to these three golden rules. Some were stories about competitors that cut corners or tried to take shortcuts, attempting to sabotage his business. However, Lee always stayed the course. He put his head down and worked hard, for years and years, he was the first one in the door and the last one to leave. Not many people operate or think like this.
#5 — Mind Your Own Business
The final secret to success conveyed to me by David Lee was to mind your own business. Meaning? Don’t work for someone else. No matter what you do, and no matter how little you might earn from doing it, you should mind your own business. Start your company by incorporating your own business and then minding that business. Work for yourself and slowly build up your empire.
Clearly, if you’re living paycheck to paycheck, that might not be possible for you today. But that also might mean that you need a complete money makeover, along with the necessity to eliminate every extraneous expenses possible. For the most part, you can’t get rich in life by working for someone else. You need to start your own business and then work tirelessly at that business, and do what it takes to slowly grow it over time. Don’t constantly jump ship from one thing to the next if you expect to get rich or succeed to any degree.
Good advise, Yes?
By R.L. Adams
Paul Ebeling, Editor
|NYSE:RACE||66.31||14 March 2017||-0.03||66.26||66.59||66.11||384,500|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Bullish (0.48)||Neutral (0.22)||Very Bullish (0.69)||Very Bullish (0.54)|