Quick Take: Blackstone's Way to Wealth
Want to know how to get rich? Really, really rich? Maybe we could learn something from Blackstone (NYSE: BX) chief Stephen Schwarzman. He found himself at No. 73 of Forbes' list of the 400 richest Americans this year, with a net worth of $3.5 billion. Schwarzman managed to pull in a sweet $677 million when Blackstone went public earlier this year.
Among Steve's keys to financial success? Well, saving, of course! The New York Post reported Friday that -- according to a report by Contribute magazine -- the Schwarzman Charitable Foundation has total assets of a paltry $63,424, with just $991 set aside for charitable purposes. Since he's not throwing away all that hard-earned money on charity, imagine how much faster he's compounding his wealth!
If only we could get Microsoft's (Nasdaq: MSFT) Bill Gates and Berkshire Hathaway's (NYSE: BRK-A) (NYSE: BRK-B) Warren Buffett to understand this simple concept, maybe they, too, might stop frittering away their fortunes.
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