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Al Angrisani: 5 Secrets to Create Your Own Wealth

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By    |   Sunday, 28 January 2018 02:07 PM

Author and corporate-turnaround expert Al Angrisani tells savvy investors that there are a handful of simple tips to train yourself to find and create your own wealth.

Angrisani, one of the world's foremost turnaround executives, said he was inspired to write the new Humanix book "From Last to First" when he realized that his own grandchildren faced miniscule odds of getting ahead in the world by virtue only of hard work.


 “America has changed, you have to change with it,” he recently explained to Nasdaq on "Facebook Live." 

"The challenge of raising the next generation is getting harder and harder," said the former U.S. Assistant Secretary of Labor under President Ronald Reagan.

Because he was "born a poor boy in Newark, N.J.," it was important to him to "help you help your children to be successful," said Angrisani, who over the past 20 years has rescued several large public companies that stood on the brink of disaster.

“It bothers me very much that my grandchildren, in America, have less than a 5 percent chance of accumulating wealth over $1 million," he said, noting that in a global perspective, that’s less than a 1 percent chance.

“It’s going to get worse, it’s not going yo get better unless we change paradigm and start teaching people who haven’t been born with wealth and who don’t already know how to create it," said Angrisani, who as second in command at the Department of Labor under Reagan managed $33 billion in annual budget outlays and 10,000 employees.

He shared five of the 10 keys to what he called "the secret sauce" of "how to build wealth when you have none to start."

  • “Channel Your Inner Rocky" and Be All About the Fight. “You better be a fighter because if you aren’t born with money and you’re out there competing, the decks are stacked against you," he said in reference to the iconic Sylvester Stallone movie about an underdog Philadelphia boxer. "The only way to get ahead is to say to yourself I am a fighter and I’m going to win."
  • Believe in Yourself. “You have to believe in yourself and say ‘I am going to win at all costs because I am a winner,’” he said. “The minute you doubt yourself, you lose.” A key accomplishment during Angrisani's Reagan-era tenure was the creation of the Job Training and Partnership Act, a public and private partnership that saved billions of dollars and produced a more efficient federal training delivery system. In addition, he restructured the pension and welfare benefits administration and the federal unemployment insurance system.
  • Find Your Passion. Angrisani said he only found his "passion and purpose" at age 45 after decades in the world's workforce. “The minute I was able to find that passion and purpose then there wasn’t anything that could stop me because it wasn’t work anymore it was a labor of love,” he said. Prior to serving in the federal government, Angrisani was a Vice President of Chase Manhattan Bank in New York (1972 – 1980). When he left Chase for the Reagan Administration, he was head of strategic planning for the Investment, Trust and Private Banking businesses.
  • Run to Fire and Embrace Risk. “You have to embrace that risk. You have to say I want a risk I want to win I am going to manage it and I’m going to turn that risk into an opportunity for me,” he said. “Risk is great but manage it. Be thoughtful about it,” he said.
  • Play to Win. Angrisani saluted President Donald Trump's "Art of the Deal" book. “When you get to the point where you have the opportunity, you have to play to win – you’re either going to win or they are going to carry you out on your shield. You have to bet big on yourself so that when you’re done you have a really big pay day,” he said.

Angrisani also explained you have to have cash "to be able to not only bet on yourself, but to have the opportunity to capitalize on the opportunity."

He said in his early years, he often worked up to three different jobs, banking away earnings from one of the jobs so he had a cash stash when he saw an opportunity to invest in what he saw was a perfect opportunity. "Cash is king," he said.

He also applauded Trump's achievements so far. He said he was very optimistic about the economy's future "despite the challenges in America" today. 

"What’s going on in Washington is encouraging," he explained. "The essence of it is all entrepreneurial."

Al Angrisani is the author of "From Last to First: Ten Life-Changing Steps to Wealth and Success." Angrisani is a leading expert on corporate turnarounds and the former Assistant U.S. Secretary of Labor under President Ronald Reagan, as well as an author and business media personality.

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Author and corporate-turnaround expert Al Angrisani tells savvy investors that there are a handful of simple tips to train yourself to find and create wealth.
al, angrisani, secrets, wealth, last, first
Sunday, 28 January 2018 02:07 PM
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