20/20 Features Secrets and Strategies from the New Rich
I taped and watched last Friday's 20/20 segment about the secrets and strategies of the new rich. I was pleased that each of the four, very wealthy people interviewed truly cared about the welfare of others. Their focus was not on how much money they could make but how much they can serve and inspire others and make the world a better place. They all understand the importance of giving and of doing what you love, no matter what critics have to say.
For example, the co-founder of Ebay, Jeff Skoll is a billionaire who is listed as one of the top givers in the country. He gives hundreds of millions of dollars away and is starting centers all over the country to help inner city children succeed. Jeff's philosophy is "don't think of money as the final goal, think of it as a way to do good for the world". Robert Redford said he is genuinely altruistic.
And then there's Costco, a highly successful, multi-billion dollar business. The CEO of Costco, Jim Sinegall said his secret is to treat his employees like family and the customers like guests. He pays a starting wage of $17.00/hr and has the lowest turnover rate, promoting 100% within the company. Once hired, employees rarely leave the company. Jim pays himself a lot less than he could, $350,000 /yr. He isn't above working in his own stores, which he visits 12 of each day around the country. He sometimes answers phones and wears a name tag like everyone else. He says to make money, keep it simple and be humane and ethical.
Beautiful Kimora Lee Simmons has everything and lives over the top. She said "people are buying into over the top". Her fashion line is called, Baby Phat which appeals to many, especially the hip-hop culture. Kimora's tip is to support many charities and says, "The secret to acquiring wealth is to give it away and to share. I think the more that you give, the more that you get."
Dov Charney of American Apparel was featured first and says his key for success is passion, believing in what you are doing. Although he has a $200 million per year business, Dov doesn't really pay himself a salary. He does pay his employees well and makes all of his clothing in the U.S.
All of these examples are from people who worked their way up from starting from nothing except their dreams.
For example, the co-founder of Ebay, Jeff Skoll is a billionaire who is listed as one of the top givers in the country. He gives hundreds of millions of dollars away and is starting centers all over the country to help inner city children succeed. Jeff's philosophy is "don't think of money as the final goal, think of it as a way to do good for the world". Robert Redford said he is genuinely altruistic.
And then there's Costco, a highly successful, multi-billion dollar business. The CEO of Costco, Jim Sinegall said his secret is to treat his employees like family and the customers like guests. He pays a starting wage of $17.00/hr and has the lowest turnover rate, promoting 100% within the company. Once hired, employees rarely leave the company. Jim pays himself a lot less than he could, $350,000 /yr. He isn't above working in his own stores, which he visits 12 of each day around the country. He sometimes answers phones and wears a name tag like everyone else. He says to make money, keep it simple and be humane and ethical.
Beautiful Kimora Lee Simmons has everything and lives over the top. She said "people are buying into over the top". Her fashion line is called, Baby Phat which appeals to many, especially the hip-hop culture. Kimora's tip is to support many charities and says, "The secret to acquiring wealth is to give it away and to share. I think the more that you give, the more that you get."
Dov Charney of American Apparel was featured first and says his key for success is passion, believing in what you are doing. Although he has a $200 million per year business, Dov doesn't really pay himself a salary. He does pay his employees well and makes all of his clothing in the U.S.
All of these examples are from people who worked their way up from starting from nothing except their dreams.
posted by Chyrene Pendleton | 10:31 PM
3 Comments:
I've read about self-made millionares too, and they all have that common denominator.
Do they have that giving personality to begin with? I mean, before they are successful..or does it come after they've become wealthy?
I believe the giving personality or generosity was there in the first place. This is how they or anyone becomes successful.
This means giving money, time, etc. not just to get something back but because it brings joy to do so. Giving freely and joyfully, without conditions or strings, is one of the secrets of prosperity and wealth.
I want to add that being a giving person can be practiced and learned if one doesn't naturally have this quality. It must come from the heart though.
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