Last week, or the week before, it was announced that David Tepper, the legendary hedge fund manager, was spending $2.3 billion of his hard-earned cash to buy the Carolina Panthers professional football team. This is a record purchase price for a sports team.
Most of you could probably care less about this. But I’m sharing it here for a reason: in my view, this move is indicative of how wealthy people think, and how they act.
I wrote a post back in April called “Put Your Money To Work!” I find it fascinating that it’s so difficult for the average Joe to adopt this mentality.
Think about it for a second, if you will. David Tepper does not need the money. He’s worth about $12 billion, which he couldn’t spend in 10 lifetimes. So…why did he purchase the Panthers?
One…I must admit, what could be more fun than owning a professional sports franchise?
The second, and more important, reason was to park $2.3 billion and put it to work.
Professional sports franchises have proven to be phenomenal creators of wealth over the long term. It’s not out of the realm of possibility that the franchise could double in 10 years.
That’s my main point! Wealthy people are always looking for ways to put their money to work…no matter how rich they already are.
Now, I know us average Joes have nowhere near that amount of money to put to work, But we have to become copycats and emulate the habits of the wealthy.
Whenever you have extra money – whether it be income from work, a bonus, you hit the number, win a lawsuit, hit the lottery, or your long-lost uncle leaves you a wad of cash – please settle all credit card debts, then invest.
Over the past 25 years of my life, the smartest move I could have made anytime I had extra money would have been to invest it.
Start thinking like the wealthy, and always be looking for ways to put your money to work!
If you’ve never invested before and don’t know where to start, please check out my short guide, The Stock Market is For Everyone.
Until next time…enjoy the rest of the holiday weekend!