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Mustard Seed Money

Mustard Seed Money

The 24 Rules for Success according to a Wall Street Legend

May 21, 2018

THIS POST MAY CONTAIN AFFILIATE LINKS. PLEASE READ MY DISCLOSURE FOR MORE INFO.

 

If you’re like me, you may not be familiar with Richard Jenrette, author of The Contrarian Manager.  After reading this though, hopefully that changes.

 

Jenrette is most famous for co-founding the investment bank Donaldson, Lufkin & Jenrette in 1959, before it got acquired by Credit Suisse for $11.5 billion. 

 

He is also known for his extensive work in restoring historic homes throughout the United States and even in the Caribbean, including Edgewater on the Hudson River, Millford Plantation, Roper House, Ayr Mount, and Cane Garden.

 

Jenrette was born on April 5, 1929 in Raleigh, North Carolina.  He became an insurance salesman upon graduating college and worked with his dad.  That didn’t last for long though.  He was called and enlisted into the Army during the time of the Korean War.  However, after basic training, he did not have to go to Korea to fight.  Instead, they sent him to Baltimore, Maryland, to work in Counterintelligence.  He worked with quite a few Harvard graduates and quickly realized he could hold his own with them. 

 

After his service, Jenrette went back to work with his dad in insurance.  But, he had his eyes set on going to Harvard Business School. He didn’t even bother telling his dad that he applied, as he didn’t know what his dad’s reaction would be. 

 

Long story short, in 1957, Jenrette graduated from Harvard.  He said that his experience at Harvard Business School changed his life.  Most valuable to him was learning their methodology on finding solutions based on the “big picture” and not always focusing in on specifics. 

 

Jenrette proceeded to work on Wall Street, where he noticed that most of the brokerage firms were chasing after blue chip stocks, while neglecting some of the smaller stock companies out there.  He then joined forces with two fellow Harvard grads to start up Donaldson, Lufkin & Jenrette, the first brokerage firm created since the 1930s to focus in on all stocks, not just blue chip stocks.

 

After he died in April of 2018, a note was found on his desk entitled “What I Learned (How to Succeed) (and Have a Long and Happy Life),” with 24 rules on how to get ahead in finance and in life.

 

Related:  Letter To My Son: How To Be Financially Wise

Letter To My Son:  How To Be Wise

 

What I Learned (How to Succeed) (and Have a Long and Happy Life)

  1. Stay in the game. That’s often all you need to do – don’t quit. Stick around! Don’t be a quitter!
  2. Don’t burn bridges (behind you)
  3. Remember – Life has no blessing like a good friend! You can’t get enough of them. Don’t leave old friends behind – you may need them
  4. Try to be nice and say “thank you” a lot!
  5. Stay informed/KEEP LEARNING!
  6. Study — Stay Educated. Do Your Home Work!! Keep learning!
  7. Cultivate friends of all ages – especially younger
  8. Run Scared — over-prepare
  9. Be proud — no Uriah Heep for you! But not conceited. Know your own worth.
  10. Plan ahead but be prepared to allow when opportunity presents itself.
  11. Turn Problems into Opportunities. Very often it can be done. Problems create opportunities for change — people willing to consider change when there are problems.
  12. Present yourself well. Clean, clean-shaven, dress “classically” to age. Beware style, trends. Look for charm. Good grammar. Don’t swear so much — it’s not cute.
  13. But be open to change — don’t be stuck in mud. Be willing to consider what’s new but don’t blindly follow it. USE YOUR HEAD – COMMON SENSE.
  14. Have some fun – but not all the time!
  15. Be on the side of the Angels. Wear the White Hat.
  16. Have a fall-back position. Heir and the spare. Don’t leave all your money in one place.
  17. Learn a foreign language.
  18. Travel a lot — around the world, if possible.
  19. Don’t criticize someone in front of others.
  20. Don’t forget to praise a job well done (but don’t praise a poor job)
  21. I don’t like to lose — but don’t be a poor loser if you do.
  22. It helps to have someone to love who loves you (not just sex).
  23. Keep your standards high in all you do.
  24. Look for the big picture but don’t forget the small details.

 

Here is the actual copy of the note:

The 24 Rules for Success according to a Wall Street Legend

 

So readers, what do you think about the rules for success?  Any of them really resonate with you? Share your thoughts below.

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16 Comments

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Comments

  1. MrFIREby2023 says

    May 21, 2018 at 7:25 am

    A similar lesson can be found in the wonderful,book, “ How to win friends and influence people” by Dale Carnegie. It’s a MUST READ,

    Reply
    • Mustard Seed Money says

      May 22, 2018 at 9:17 pm

      Haha…you are absolutely right. Dale Carnegie is a legend and is amazing!!!

      Reply
  2. Ms. Frugal Asian Finance says

    May 21, 2018 at 7:54 am

    I think these tips are great not only for investment but also for personal development.

    I have to admit that there are lots of things on the list that I need to work on. But I guess that’s what life is for: trying to make progress and succeed. 🙂
    Ms. Frugal Asian Finance recently posted…The Pros & Cons Of Keeping The AC Off In The SummerMy Profile

    Reply
    • Mustard Seed Money says

      May 22, 2018 at 9:20 pm

      I’m right there with you!!! I have a ton more that I need to learn along the way, but these are nice guideposts 🙂

      Reply
  3. freddy smidlap says

    May 21, 2018 at 8:10 am

    i personally can’t emphasize being nice enough. we’ve never done it for the reason of needing or wanting anything in return but some of the genuine relationships we’ve cultivated just from getting to know people better and taking a real interest has presented great opportunities.
    freddy smidlap recently posted…How in the Hell do I Hit This Moving Target?My Profile

    Reply
    • Mustard Seed Money says

      May 22, 2018 at 9:22 pm

      I totally agree with you Freddy!!! It’s amazing how much I recoil when I think people are using me, but when I feel like people genuinely don’t want anything in return, I’m so much more willing to extend myself 🙂

      Reply
  4. Simple Money Man says

    May 21, 2018 at 8:52 am

    These are all so valuable. The best part is everyone can implement them and most are for free. I don’t know which one would be my favorite, but one that sticks out, for now, is cultivating friends of all ages. We can learn so much especially from ones younger than us. It always helps to have other perspectives. 🙂
    Simple Money Man recently posted…Upgrade Your Home Not Your CarMy Profile

    Reply
    • Mustard Seed Money says

      May 22, 2018 at 9:23 pm

      You are absolutely right!!! I think I tend to gravitate towards people older than me to soak up their wisdom, but there are so many valuable lessons to be learned from those younger. Great points!!!

      Reply
  5. Tom @ Dividends Diversify says

    May 21, 2018 at 9:57 am

    A lot of good tips and advise beyond just money and personal finance! Tom
    Tom @ Dividends Diversify recently posted…What’s Your Retirement Formula?My Profile

    Reply
    • Mustard Seed Money says

      May 22, 2018 at 9:23 pm

      You are absolutely right!!! It’s amazing how there is so much overlap 🙂

      Reply
  6. Wealthy Doc says

    May 21, 2018 at 5:09 pm

    I’ve violated a few of these – and usually regretted it.
    I think you can’t go wrong following a list like this.

    Reply
    • Mustard Seed Money says

      May 22, 2018 at 9:29 pm

      Haha…you and me both. I definitely have made my fair shore of mistakes along the way however the good news is hopefully lists like this help me avoid some of the bigger mistakes in the future 🙂

      Reply
  7. Kris says

    May 22, 2018 at 2:02 pm

    All of these tips are valuable for your self-development and shows that you shouldn’t always be satisfied with your current situation. If you know that you can get better in your career, family, and self-awareness by following these rules. Keep learning, be nice, have high standards for yourself, plan ahead, and be open to change. Those really stood out for me.
    Kris recently posted…How I Deal With People Owing Me MoneyMy Profile

    Reply
    • Mustard Seed Money says

      May 22, 2018 at 9:40 pm

      Thanks for stopping by Kris!!! I love that all of these things are stuff that I can control. I can be nice, set high standards for myself and have an open mind. These seem easy, but as we know are definitely difficult to implement at times 🙂

      Reply
  8. Financial Orchid says

    May 26, 2018 at 6:24 pm

    I love these esp
    Turn Problems into Opportunities
    That resonates in my professional situation in particular.

    Reply
    • Mustard Seed Money says

      May 27, 2018 at 8:13 pm

      Thanks for stopping by and sharing Financial Orchid 🙂

      Reply

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