A few years ago, I wrote a special report for a client that explained the traits needed to become successful within his market. I re-wrote it, and abbreviated it for this blog I renamed it “The 7 Little Known But Powerful Skills of Building Wealth.

Saturday I came across an article in the NY Times that hit “dead on” skill #3 of that post, The Principle Of Association.

Zhao Danyang, a Chinese businessman paid a whopping $2.1 million dollars to have lunch with Warren Buffet. According to Forbes Magazine, in 2008, Buffet worth $62 billion dethroned Bill Gates of Microsoft as the richest man in the world.

2.1 million dollars for a lunch seems pretty steep at first. But here’s what the Chinese businessman, says:
“This was a chance to get close to the world’s greatest stock picker…and to pick his brain about investing, the global financial crisis and philanthropy”, say Mr. Zhao.

But here’s the kicker. Mr. Zhao was clever enough to mention a day before the meeting he would offer Buffet a stock tip of his own: an upcoming retailer in China similar to Wal-Mart called WuMart.

Mr Zhao, with son and Warren Buffet at $2.1M Lunch Date

By the time Zhao returned to China, WuMart shares were worth 25% higher and his stock holdings in WuMart were worth $16M more.

I am not a mathematician but that’s 14 million in profits. Besides the money, think of the life long memories and priceless education acquired by his son by simply being in the presence of a financial icon.

The Principle of Association is a great skill to master especially when it comes to building wealth. Next time you are having lunch with your friend, think about how you guys could turn a Burger and Fries into money in the bank.

            

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