Guidance For the Nouveaux Riches

Assuming that those who are wealthy are good with money and business is errant for many reasons.
What it likely means is that you’ve made some good financial and/or business decisions, but what about those nouveaux riches? The newly wealthy?

There are guidelines for every group of people, including the wealthy. Shaun Rein from Forbes recently wrote an article offering three rules for successful leadership based upon the Chinese philosopher Confucius’s teachings. Although Confucius was a leader in an era that may seem distant and unrelated, there are some rules that never change-regardless of your industry or position.

#1 At all costs be virtuous. Rein points out that leading virtuously is always the right thing to do and it commands respect from others.
When you (and your business) offer value to others, you will naturally continue to attract more business.

#2 Lead wisely and fairly. Often growing your business means you delegate tasks. Decide when to take on a task for yourself and hand off responsibilities to others. A good leader will know when to do both of these and will not be so focused on getting glory, but rather devoting attention to being a good leader/manager. When you do what is best for your business, everyone benefits.

#3 Consider-then act, decisively. “Look before you leap, but don’t look for so long that you succumb to indecision.”

Being financially intelligent involves many facets of good leadership. Even if you’ve had a slow start, it’s not too late to play catch up.

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