Hetty Green was the richest woman you’ve never heard of.
Here are 29 ideas I took away from this episode and my research you can use.
1. “I buy when things are low and nobody wants them. I keep them until they go up and people are crazy to get them.”
2. Position beats prediction. Always keep cash reserves.
3. “If you can manage your brain, you can manage your fortune.”
4. “Before deciding on an investment, seek out every kind of information about it.”
5. The skills to get rich and the skills to stay rich are not the same.
6. “In business generally, don’t close a bargain until you have reflected on it overnight.”
7. Only invest when downside risk is low and upside is high.
8. Self-reliance is the ultimate competitive advantage.
9. Everyone looks smart when they’re in a good position, and even the smartest person looks like a fool in a bad one.
10. Panics are temporary. Value is permanent.
11. Have a detective’s eye. Uncover what others miss or ignore.
12. “I go my own way, take no partners, risk nobody else’s fortune.”
13. “Never owe anyone anything. Not even a kindness.”
14. Mix extreme patience with extreme decisiveness.
15. Never bet against America.
16. “Watch your pennies and the dollars will take care of themselves.”
17. Operate in the dark. Keep your positions private.
18. Never practice usury, even when you could.
19. “When you try to do too much, you never get anywhere. Focus.”
20. Stay connected to reality. Frugality keeps you grounded.
21. “When it comes to spending your life, there have to be some things neglected. If you try to do too much, you can never get anywhere.”
22. “My work is my amusement.”
23. “Property is a trust to be enlarged for future generations.”
24. Live by your own rules, not society’s expectations.
25. Be fair in all things. Your conscience will haunt you otherwise.
26. “Don’t kick a man when he’s down.”
27. “Seek elegance rather than luxury, refinement rather than fashion.”
28. “When I see a good thing going cheap because nobody wants it, I buy a lot of it and tuck it away.”
29. From her favorite poem: “To live content with small means; To seek elegance rather than luxury, And refinement rather than fashion; To be worthy, not respectable, and wealthy, not rich.”
(Listen now "Hetty Green on The Knowledge Project" or see links in comment below.)
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Canada should reward immigrants' success and contributions to the country, not just evaluate their qualifications prior to arrival.
Canada has long prided ourselves on our approach to immigration, but troubling trends have emerged. Immigrants are feeling increasingly disenfranchised – only 46% of permanent residents choose to become citizens, down 40% in two decades.
More concerning still is the "leaky bucket". 1 in 5 immigrants eventually leave Canada, with over 1/3 do so in the first five years of arriving.
When immigrants leave quickly after arrival, they become a net drain on society. They consume settlement resources, healthcare and education, without giving back long-term to our economy and communities. There's a large population of Canadian expats – around 600k – who fall in this bucket.
At the same time, public support for immigration has collapsed. For decades, 60-80% of Canadians agreed that immigration was a positive contribution to society. Now, 58% say Canada accepts "too many" immigrants, 57% believe that immigrants are not accepting Canadian values, and 35% believe that immigration increases the level of crime.
Yet, committed immigrants who put down roots in Canada show remarkably positive outcomes. They drive entrepreneurship, are more likely to volunteer, and are even more likely to donate to charity.
We must reverse recent trends. People must feel like we are integrating and setting up immigrants for success, or they will stop supporting bringing more people to the country.
With so many people wanting to immigrate to Canada, we have the ability to accept only those who want to contribute to the Canadian economy and society. Rather than the current system that only evaluates qualifications prior to arrival, let's change to the system to also consider activities after an immigrant has arrived.
All immigrants will receive a two-year temporary visa with work authorization, regardless of the stream they came in (economic, family reunification, asylum, student, etc.)
Immigrants can earn points for paying taxes, working, starting a business, completing degrees, enrolling their children in school, volunteering, or completing civics courses. Immigrants will lose points for failing to pay taxes, relying on social services, or committing crimes.
A minimum number of points is needed to qualify for permanent residency and citizenship.
A full breakdown of the proposed points system can be read in the memo below:
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