Tuesday, October 12, 2010

First Blog Post-Introduction

This is mainly a blog about building wealth. As of 2009, according to the U.S. Dept. of Commerce, the average income per person was $39,138, down from $40,166 in 2008. The state of Mississippi is consistently at or near the bottom with an average per person income of $30,103 in 2009. Connecticut has been at the top since 1990; with an average of $54,397 in 2009. These statistics give you an idea of what the average American makes. In statistics there is a term when gathering data that can skew the numbers a bit. This term is called an outlier. An outlier in regards to the average salary of each American would be James Simons, who according to Forbes, in 2008, brought home 2.8 billion dollars. His total income so far exceeds that of the average American that he skews the data. My goal is to become an outlier in the statistic of the average earnings for each American.
To do this I will be exploring many avenues, but narrowing my focus to a few. I will note the characteristics of the people that are considered outliers. Not only the people that bring the average up, but those that bring the number back down as well. I will try to emulate the traits and characteristics of the former, while trying to avoid the latter. There are so many ways to become wealthy some of which include: entrepreneurship, investing, working up the corporate ladder, and the lottery. No matter what step you take in life risk will certainly be involved. The key is to create a safety net for each risk that you take in an attempt to limit the downside, while attempting to maximize the upside.
The key is to create a portfolio of skill sets and interests that can give you an advantage over the average person. Make a strong attempt to realize your potential in a multitude of areas and settings. Over time this will put you in position to succeed long term. Here is a quote that I am attempting to apply to my life, “The successful always has a number of projects planned, to which he looks forward, anyone of them could change the course of his life overnight.” ~Mark Caine
This is all for my first post and I look forward to everyone reading and all exploring ideas to build wealth together.

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