Sustaining the Forbes 400 Wealthiest List

Why Entrepreneurs Don't Stay at the Top

One of my new favorite shows to watch is CNBC's High Net Worth. Last week they did an interview with Maria Elena Lagomasino, an asset manager, who shared her insights into why entrepreneur's don't stay wealthy.

A study was conducted on the Forbes 400 Wealthiest people List. In 2006, only 13% of the people on the 1982 list remained. Why? Here is what Maria's take on it is.

She calls it the "success paradox." The attributes that help you create massive wealth are not the same attributes you need to sustain it.

For instance, what you need to create wealth is:

• Great ideas
• Lots of energy
• Focused concentration
• Very "directive" management
• Big risk taking

Unfortunately, these attributes will eventually position you to "implode" and lose what you gain. Maria suggests that once you create wealth, you need to switch strategies and enter a different mode that includes:

• Diversification (vs. singular focus)
• Risk Management (vs. risk taking)
• Delegation to Proper Support Teams (vs. being overly involved)
• More Collaborative/Consensus management (vs. more directive)
• A vision of your life style (vs. focus on just creating $$)

This insight is quite powerful for those entrepreneurs that experience the "yo-yo" success syndrome. How could you apply this to other areas of your success? Feel free to post your thoughts.

Attract Clients Like Crazy Bootcamp Pictures

Sometimes there are good events and sometimes they are GREAT events. I feel really fortunate that I was asked to speak (for the 2nd time) at this event as the participants were awesome!

My friend, mastermind parter and event host
-- Adam Urbanski -- myself, and my new golfing buddy,
Michael Jones from Medfit.

Adam & I toasting a successful event with the "A-Ha's"
-- Lani & Allen Voivoid, Epiphanies, Inc.

There were quite a few people from the Gold Mastery Coaching program
at the event so we figured -- networking lunch. It was great to see my
wonderful clients getting to make live connections with each other.

From left: Paul Wagner, The Software Magician; Tara Moore, Simply
Seductress; Michele PW, WritingUSA; Tony MacGee, author of
"You Can't Shove A Big Dream into a Small Life."

Another great feature of this event was all the networking opportunities.
The special "mastermind breakfast" was a bonus for early registrations --
it pays to take action! These attendees got to network with all the
speakers and get extra coaching.

One of the suggestions Adam & I gave the people when they
registered was to invite a speaker to dinner.
This group really leveraged their investment and invited
all of us to dinner at a Japanese Hibachi restaurant.
That was a REAL treat. =-)