Wealth in Words

If you want to succeed in business, you should study this man’s work. It was no accident that he amassed a personal fortune  of $100 billion dollars. Walmart has become a worldwide business thanks to his drive and entrepreneurial tactics  employed during his tenure. Sam Walton is considered the greatest entrepreneur  of the 20 th century. In his autobiography, “Made in America,” he shares insight and experiences that allowed for him to build his iconic brand . Learn to Value a Dollar Walton learned how to organize Walton Enterprises into a partnership from his wife Helen’s family farm business. Each of the family members had a partnership status with regular payouts and voting rights as well as a vested interest in the family business. Over the years the Waltons accumulated wealth through this partnership by starting humbly with anything they could save to where they eventually compounded a fortune  in Walmart stock in the partnership. Mr. Sam, as h...

Warren Buffett and Bill Gates have referred to this individual as the smartest man they know. He may be best known for his book of witty remarks and sage advice called “Poor Charlie’s Almanac.” Of course, I am alluding to Charlie Munger. Munger is the long-time business partner of Warren Buffett . Together, this team has grown their conglomerate, Berkshire Hathaway, into one of the world’s most respected businesses. Below are some observations from “Charlie Munger: The Complete Investor” that should help you in your own financial , professional  and entrepreneurial journey . Solve Hard Problems by Using a Checklist Munger is a proponent for using checklists  to get your most important tasks done. He states that “I’m a great believer in solving hard problems by using a checklist. You need to get all the likely and unlikely answers before you; otherwise it’s easy to miss something important.” Similarly, Buffett has said that “if you haven’t written it down, you ...

Each of us has a unique drive to create something of our own. This craving is so deeply innate to our human existence we cannot ignore it. For many this desire is satisfied through entrepreneurship. In The Creator’s Code, Susan Wilkinson shares her experiences with some of the most notable entrepreneurs in modern history. Having interviewed the likes of Elon Musk, Chipotle founder Steve Ells, Under Armour founder Kevin Plank, Reid Hoffman of Paypal, and countless other high-performing entrepreneurs she created three categories that can be used to broadly classify the entrepreneurial-type. Wilkinson refers to the first type of entrepreneur a “Sunbird.” She says that they “transport solutions that work in one area and apply them to another, often with a twist.” In other words Sunbirds use an existing product to create something new, usually in an unrelated field. For example, Howard Schultz of Starbucks took the idea of expresso bars from Italy and started building coffee...

According to the National Bureau of Economic Research (NBER), an economic recession is a period when a significant decline in economic activity spreads across the economy and can last from a few months to more than a year. Generally speaking, recessions are recurring economic phenomena which are characterized by a slow-down in economic activity. Recessions occur routinely, but unpredictably, due to the cyclical nature of the world economy. The duration of a recession can only be identified in hindsight, but the experience of living through one is easily identifiable. The most recent recession in 2008-2009 was also the most severe in many decades. Not surprisingly, the impact from this contraction is still being felt throughout the global economy. Common events that accompany a recession include layoffs, a declining stock market, slowing economic activity, falling consumer confidence, and an interest rate lowering cycle used by the Federal Reserve to artificially stimulate economi...