The Problem With Shortcuts

28 08 2012

“I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives. But material success is possible in this world and far more satisfying when it comes without exploiting others.” (Alan Greenspan)

Bernie Madoff.  Michael Milken.  Ivan Boesky.  Charles Ponzi.  Jack Abramoff.   Enron.

The aforementioned are catalogued in the annals of infamy for cutting corners financially, hurting a lot of people and ending up in jail.  Greed and hubris motivated them all.  Plus the fatal narcotic of self-deception, thinking they could get away with their crimes.

There is no shortcut to the building of a large and stable estate.  Wealth grows in the soil of patience, competence and hard work.  There are no substitutes.

A good deal of the writings in the book of Proverbs came from Solomon, son of David, Israel’s wisest and wealthiest king.  Here is what he had to say about the acquisition of wealth:

  • Pro 28:8  Whoever multiplies his wealth by interest and profit gathers it for him who is generous to the poor.
  • Pro 28:19  Whoever works his land will have plenty of bread, but he who follows worthless pursuits will have plenty of poverty.
  • Pro 28:22  A stingy man hastens after wealth and does not know that poverty will come upon him.
  • Pro 10:4  A slack hand causes poverty, but the hand of the diligent makes rich.
  • Pro 21:17  Whoever loves pleasure will be a poor man; he who loves wine and oil will not be rich.
  • Pro 22:16  Whoever oppresses the poor to increase his own wealth, or gives to the rich, will only come to poverty.
  • Pro 13:11  Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.

Avoid like the plague the get-rich-quick mentality.  Build your estate, your wealth, day by day, dollar by dollar on a foundation of hard work, thrift, competence and compassion.  You are not Gordon Gecko.  You’re better than that.  Avoid the siren song of cutting corners and coloring outside of the lines to get ahead.

“Rather fail with honor than succeed by fraud.” (Sophocles)

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2 responses

28 08 2012
Paul Gorelick

Chris, terrific post. I certainly will send this to everybody including the Rabbi which by the way I send him all. I’m still figuring out a way to get this and others to Mitch Album. Paul

29 08 2012
Christian Fahey

Thank you Paul! All the people I mentioned in the article are object lessons for us all as we build our family fortunes. No shortcuts. 🙂

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