How to Become a Millionaire in Any Circumstance, Rick Rule of Sprott Asset Management
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Published on Oct 25, 2013
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Partial Transcript (View more at http://futuremoneytrends.com/blog/?p=...
FutureMoneyTrends.com: Greetings and thank you for joining us at FutureMoneyTrends.com. I'm here at the Casey Summit in Tucson, Arizona with legendary investor and speculator Rick Rule of Sprott Asset Management. Rick, thank you for joining us.
Rick Rule: Always a pleasure, thank you for having me.
FutureMoneyTrends.com: Rick, I'd like to start off with some querstions that came from our subscribers. I asked them to submit questions they'd like to ask wealthy individuals, so these aren't necessarily going to be about resources, some of them are about stock trading, but the first question is: Could you do it again? If left with nothing, could you become a millionare, and overall, how do you think you would do it?
Rick Rule: Absolutely. There are opportunities in every circumstance, and opportunities in every market. A good speculator is an entrepreneur, and an entrepreneur finds a need that he or she believes they're equipped to fill, and fills it. I think one wonderful example of that was Aristotle Onassis, a young Greek boy in Turkey, and they were picking all the Greeks out of Turkey. At ten years of age, he supported himself and his family by buying packs of cigarettes, 20 cigarettes, and selling the cigarettes singly in traffic in Istanbul. In any set of circumstances, somebody who applies themselves to serving a market need, serving others and profiting by servicing others, can make money. This market or any other market. Absolutely I can do it, absolutely you can do it. Absolutely the person who asked the question can do it.
FutureMoneyTrends.com: What are some business sectors that you see as opportunities for young people today?
Rick Rule: Well, certainly speculation, for one. What I do. There's lots of volatility in the market, there's lots of risk in the market, there's lots of need in the market. But really, what I would ask a young person to do is to focus on their passion. Something that you enjoy doing. I mean for myself, I've probably never worked a day in my life. That's strictly speaking not true, I guess. But I get up in the morning, I can't wait to get to work. It's not a chore for me, it's a passion for me. As a consequence I do it well, and as a consequence of doing it well, I make money for other people. I will tell you this, the surest way to wealth, irrespective of what your passion is, is to find a way to make rich people richer. Rich people value money, and rich people don't mind spending money to make money.
FutureMoneyTrends.com: And they're looking for investments.
Rick Rule: It's odd, but rich people end up being much more generous. They're thought about as being stingy or greedy or something like that, but in my experience, that's far from the truth. Find a way to service rich people or to make rich people richer, and you will make money. But what's important is not to follow the money but rather to follow your passion. Because in following your passion, you're gonna deliver utility. And the way that you make money is by delivering utility. Money is the surplus of the utility you create over the utility you consume. That's what it is. And if you create a lot of utility, almost irrespective of what you spend, you'll make a lot of money.
FutureMoneyTrends.com: This is a common question, and it's gonna be a fastball down the middle for you, but it is a very common question for people. Why did the mining companies sell their products for less than the cost of production? Why not just say no, hold them, or stop producing? In other businesses, you just wouldn't do that.
Rick Rule: That's a great question, and there are actually two answers
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