Tuesday, February 6, 2024

A Message for Middle-Class Americans

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AN OXFORD CLUB PUBLICATION

Liberty Through Wealth
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EDITOR'S NOTE

We all dream of owning the next Netflix or Amazon...

And Alexander Green recently revealed what he believes to be the "Perfect Stock."

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Go here to watch Alex's presentation on the "Perfect Stock."

- Nicole Labra, Senior Managing Editor

THE SHORTEST WAY TO A RICH LIFE

How to Take Your Net Worth From Zero... to Seven Figures

Alexander Green | Chief Investment Strategist | The Oxford Club

Alexander Green

A new editor asked me if it really is possible for everyday Americans to build a seven- or even eight-figure net worth.

Absolutely. I'm living proof of that. And my experience is not unusual.

I come from a middle-class background. I grew up in the South in a home without air conditioning. (The public schools I went to were also not air-conditioned.)

As a young man, I worked a succession of tedious, brain-dead, low-paying jobs, including maintenance on a truck terminal, night shift in an auto parts warehouse and waiting tables in a tavern.

I lived in modest accommodations, drove a beater car (the stereo was worth more than the vehicle), virtually never ate out, owned no valuable possessions and spent little on entertainment.

Most would say my prospects for becoming wealthy were slight.

I had no great genetic gifts, no connections, no inheritance, no mentor, no networking skills - and no network.

However, I did have two things going for me: an intense curiosity about how the world works... and a love of reading.

With no other options, I turned to something widely derided in academia and the mainstream media: self-help books.

Sage Advice From a "Basic" Place

Most people will tell you it's crazy to think you will change your life by reading books.

They're wrong.

Books changed mine. In fact, I can't imagine how I would have succeeded without them.

My parents and friends knew nothing about building wealth. And my co-workers were as broke as I was. So I turned to books like Dale Carnegie's How to Win Friends and Influence People.

Here's what the author recommended...

  • Smile.
  • Be genuinely interested in other people.
  • Talk in terms of their interests.
  • Make them feel important - and do it sincerely.
  • Remember their names and use them.
  • Be a good listener.

Basic? Absolutely.

But I'd never heard this advice before. And who could dislike anyone who embodied these qualities?

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To influence other people, Carnegie had equally straightforward advice...

  • Don't criticize, condemn or complain.
  • When you must give constructive criticism, begin with honest appreciation.
  • Show respect for others' opinions.
  • When you're wrong, admit it quickly and emphatically.
  • Be sympathetic to other people's ideas and desires.
  • Appeal to nobler motives.
  • Ask questions rather than giving orders.
  • Use encouragement. Praise every improvement.

These suggestions made so much sense to me as a young man that I wrote them down on index cards and carried them around with me. My only regret is how many times I was unable to live up to them.

Eventually, I read How to Wake Up the Financial Genius Inside You by Mark Haroldsen.

Quite frankly, it wasn't that good. It was mostly about how to buy real estate with no money down. Which isn't easy, although the book did inspire me to buy my first two homes that way, which was great since I had no credit history and no money for a down payment.

(That's a long story that I'll save for another day.)

Haroldsen began the book with an essential piece of wealth-building advice: PSIC.

That acronym stands for Plan... Save... Invest... Compound.

First you must develop a plan to build wealth, something most folks never do.

Then you live beneath your means in order to save, something not enough Americans do.

Next you invest, which many don't like because it involves volatility and the risk of loss.

Finally, you let your money compound. (Because even if you're a superb investor, you won't get rich unless you leave the money untouched so it can multiply in value.)

The ideas from these books were the seeds that - over time - allowed me first to earn a high income and then to achieve a high net worth.

Here's the good news...

It's not just possible for middle-class Americans to reach financial independence. It's probable... if you follow proven principles of wealth creation.

You can get started with what I call the "Perfect Stock." You can find the full details here.

Good investing,

Alex

P.S. Start building the retirement of your dreams with my Single-Stock Retirement Play. Go here for the details.

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