Step 38; Never take advantage of the rich

Net working with the rich is very important, but never take advantage of them or try to borrow money from them. When I was a bankrupt, I network with the rich and told them frankly that I am a bankrupt. I only ask them for project and to pay me a fair amount only when they are satisfied with the results that I delivered.

Unfortunately, I see a lot of people trying to borrow money from the rich and take advantage of them. Let me share with you a true story.

Some time ago, there live a very rich businessman and he wanted to help the people around him to be rich. So one day he ask some of his associates to share with him to invest in some properties. All of them agreed and invested with this businessman. Unfortunately, after investing, there was an economic downturn and the property prices started to drop. Most of the investors panic and pressured the businessman to sell the properties. The businessman did his best to sell the properties for a price where they need not lose any money. Unfortunately the businessman could not find a buyer willing to pay for the asking price. After sometime, some of the investors gather together and demand that the businessman return their money and threaten to sue him if he does not do so. This is like buying a stock at $2 and when the stock comes down to $1, the investors insisted to be paid back the $2. Because the businessman do not want to go through the hassle of going to court, he relented and return their investment. However, there was one businessman who is also very rich, who puts in a lot more money than the other investor who did not ask for his money back but willing to go through the bad times with the businessman.

I will stop here and posts some questions to you. If you are the rich businessman, will you ever work with those associate who ask for their money back again? Do you think you will share with them any good opportunities in the future or with the rich businessman that did not ask for his money back unreasonably? Do you know why the rich gets richer?

I have seen many rich people do deals together and they usually have the integrity to be fair to each other and go through good times and bad times together. One of my mentor sold his investment properties to pay the ransom for his friend and business partner, who was kidnapped. They loss all their money and have to start all over again. Today, they are still partners and they now own 2 public listed companies together.

Like what they say; When you lose money, you lose nothing. When you lose your health, you lose something. When you lose your integrity, you lose everything.