Yesterday, I watched a video by Mark Ford in which he shares his 7 essential elements for wealth building.
If you know about direct response marketing, odds are you’ve heard of Mark or his work.
He’s one of the guys who built up Agora into a $500 million (soon to be $1 billion?) business.
He also started AWAI, a training school for copywriters.
He’s got stakes in other multi-million dollar companies, owns dozens of real estate developments, and — as if all his other activities aren’t enough — he is also a broker of fine art from Latin America.
Mark’s personal wealth is not public, but based on hints he drops, I assume it’s in the tens-of-millions to hundreds-of-millions range. In spite of this, he will flatly claim he is not smarter or luckier than other people. When a guy like this decides to share his advice on wealth building, it makes sense to listen.
So, according to Mark Ford, here are the 7 elements you should have to become almost as rich as he is:
1. Time
2. Financially valuable skills (one or more of marketing, selling, creating, managing, and buying)
3. A high net investable income
4. Knowledge of how individual businesses create profits in individual industries
5. Seeking average returns for each asset class
6. Diversity among 4-5 asset classes
7. Risk aversion
In the video, Mark admits this list isn’t sexy. But, he says, he’s discovered (along with Bill Bonner, the founder of Agora) that…
“…there is an inverse relationship between the value of knowledge and what people are willing to pay for it. The most important things in life you’ve probably heard a hundred times before, but you’re not paying attention. When you’re in the right place and you hear it, you have that ‘aha’ moment and everything changes.”
Like I said, when a guy like Mark Ford speaks, it makes sense to listen.
At least that’s what I’m doing. I guess I’m on a decent path because I’m well along in developing a financially valuable skill — marketing.
In case you’re more of the creating or managing type, then we might be able to help each other out. Get in touch with me, and we can discuss how to get richer together.