Very good point. Saving is a great way to help you get wealthy, but it’s not going to make you wealthy all by itself.

The personal finance basics like budgeting, establishing an emergency fund and getting out of debt may not make you rich directly, but they are still essential.

Living below your means is definitely very important, but I always try to focus on the other side of that equation: growing your income. No one becomes a multi-millionaire with an annual income of $15,000, even if they let other people cover all their expenses.
Our awesome host, Jeff, is actually a great example. Check out DollarsandRoses.com (specifically http://dollarsandroses.com/march-income-report/), and you’ll get some great motivation! =)

That’s interesting that you mention that. I’ve actually never encountered that type of guarantee. You must have found some very confident and generous people. I think guarantees could become the center of litigation, especially when businesses experience slow periods unrelated to the integrity of the seller or the historical figures. Plus, incompetent business owners could always turn around and blame their shortcomings on the original fundamentals of the business, when in fact, the business would have been fine had the buyer not screwed up. For me, I know that I would never guarantee a business. Buying a small business has its risk, which is why the rewards and returns are ultimately much higher than other types of investments.

Thomas, I definitely agree with you in terms of education and knowledge. Really, when it comes down to it and people say “hard work” or “determination”, they don’t mean just going out and doing things. Like you said, execution is only a fraction of the formula. The largest portion is research, analysis, and planning. Without the knowledge, you’ll never have the confidence that the direction you are moving in is the right one!