“Country clubs and golf clubs are an invaluable tool for developing new business relationships and strengthening existing business relationships,” said Tom Curley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals. A Corley study found that “about 19% of the rich say the business use of a country club was the most relevant factor in joining.”
A recent feature article in MainStreet, a financial publication, cited the value of country club membership as a key factor in achieving personal wealth.
The article quoted Steven Siebold, author of “How Rich People Think,” and Tom Corley, author of “Rich Habits: The Daily Success Habits of Wealthy Individuals,” as two experts who both had found through their research that the networking exposures made possible through club membership proved invaluable in helping individuals achieve financial success.
Siebold related his own personal story to the publication, telling MainStreet that when he was fresh out of college, he had accumulated $50,000 in debt and knew that “something needed to change.” So the Florida resident rented an apartment next door to the “richest country club in town he could find.”
“If you want to be wealthy you have to get around wealthy people,” Siebold explained. “A country club with really wealthy members is a great place to learn how to acquire wealth.”
Corley’s research for his book, MainStreet reported, revealed that about 19% say the business use of a country club was the most relevant factor in joining.
“Country clubs and golf clubs are an invaluable tool for developing new business relationships and strengthening existing business relationships,” said Corley. “Like vacation homes, these clubs offer a relaxed, fun environment that helps personalize every business relationship.”
The article noted that some 22% of club members play golf weekly, and 30% joined a golf club for business purposes. “Getting out of the office and onto the golf course expands the thinking of the rich and their level of creativity,” said Siebold.
About 16% of the individuals studied by Siebold and Corley, MainStreet reported, said they paid less than $10,000 in initiation fees for country club membership, and only 15% said they spend less than $1,000 a month at the country club.
“Rich people like to associate with other rich people,” Siebold said. “They join a country club, because that’s where rich people hang out. They know that consciousness is contagious and getting around other people with like-minded ideals, philosophies and goals will bring them that much closer to success.”
Although cost can be a barrier entry for those who aren’t yet rich, MainStreet noted, it only takes one profitable relationship to pay off the cost of a pricey members-only affiliation.
“Conducting business on the golf course happens all the time,” Siebold said. “Sometimes it’s intentionally to close a big deal, and in other instances agreements just happen.”
Rubbing elbows with the rich pays off in more ways than one for the “average Joe seeking guidance,” MainStreet noted.
“Rich people love to mentor a wannabe millionaire in the making,” said Siebold. “They are very open to sharing their stories of success and important insights into money and business.
“But be ready for a dose of objective reality,” he added, “because most millionaires don’t sugarcoat the issue and say things exactly as they are.”
For the “nouveau riche and wannabe millionaires” joining a country club or golf course for the first time, Siebold offered these tips:
1. Get rid of any ideas that you’re entitled to anything.
2. Stay positive even about things that seem impossible.
3. Throw nickel-and-diming out the window around the rich, and instead focus on building a financial empire.
4. Focus on making it big without a loud splash.
5. Rather than be obsessed with money, be obsessed with success.6. Instead of cutting corners and coupons, focus on earning more.
7. Don’t flaunt your formal education; instead show off with your specific knowledge and expertise.
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