How Self-Made Millionaires REALLY Get Wealthy | Rick Rule
Secrets of The Wealthy
"If you don't come from wealth, you start by studying." — Rick Rule
In the fourth episode of my podcast series, Building Generational Wealth with Living Your Greatness, I had the privilege of sitting down with Rick Rule.
Rick is a legendary investor, educator, and founder of Rule Investment Media. With decades of experience in natural resources and wealth-building, he offers a rare practical wisdom. But Rick’s impact goes far beyond investing—he is a committed mentor who shares hard-earned lessons from years of challenges, victories, and relentless determination.
Rick has earned his reputation as a trusted voice for anyone striving to cultivate a wealthy mindset. He emphasizes that true success is built on practice, patience, perseverance, and the critical investment in oneself. His philosophy transcends finance—it’s about resilience, building community, and creating lasting value that spans generations.
Rick’s story and guidance inspire investors worldwide. This episode is a must-listen for anyone serious about creating real, enduring generational wealth.
Episode Lessons
Here are some lessons I took away from my conversation with Rick Rule. I hope these distilled insights, supported by his own words, inspire you as much as they did me.
1. Embrace a Wealthy Mindset—Play to Your Strengths
Rick Rule knows that real wealth isn’t just about money—it’s about mindset.
“There are occasions when pessimism is warranted,” he says, “but it isn’t helpful.”
His point? Everyone faces adversity. What sets people apart is how they respond.
“Adversity is distributed fairly equally. And how you overcome adversity is what matters.”
Rick learned this early on—whether in the boxing ring or the restaurant business. Instead of trying to outdo others at their game, he focused on his own.
“I played to my strengths rather than to my weaknesses,” he recalls, explaining how he redesigned his menu to center on hors d’oeuvres—an area where he excelled.
The lesson? Know what you’re good at. Build around that. Stop wasting energy chasing someone else’s path. Your strengths are your advantage—lean into them.
2. Invest in Yourself First—It Pays the Highest Returns
Rick Rule doesn’t mince words when it comes to building real wealth:
“The first investment that you make is in yourself.”
That means your education, your attitude, your skills—and yes, even your circle of friends.
“The sum of your abilities and your network,” he says, “will largely determine your outcome.”
Rick is a big believer in learning from the greats. If you want to get serious about investing, he recommends starting simple:
“Read Economics in One Lesson.” Then, “Read The Intelligent Investor by Ben Graham. Pay special attention to the chapters on Mr. Market and Margin of Safety.”
His message is clear: Real knowledge compounds. Study with intention. Learn from proven thinkers. And build relationships with people who challenge you to be better.
The takeaway? The best foundation for financial freedom starts with you. Grow your mind, grow your network—and your wealth will follow.
3. Be Patient—Let Compounding Do the Heavy Lifting
Rick Rule is the first to remind us: real success takes time.
“Everybody who's made money has had to work at least a decade to be an overnight success.”
The secret? Patience. Discipline. And letting the power of compounding quietly do its work.
Rick points to Warren Buffett, who once joked, “Well, the first thing is I lived to be 94.”
Why does that matter? Because compounding needs time. It rewards those who stick with it—who don’t get distracted or chase every shiny new thing.
“Compounding requires time. It requires patience. It requires perseverance and tenacity.”
The takeaway? Stay the course. Be consistent. Put in the work even when progress feels slow. Over time, small smart decisions add up—and that’s where true wealth is built.
4. Take Ownership of Your Financial Security
Rick Rule doesn’t sugarcoat it: depending on government programs to secure your future is a losing bet.
“If you believe that the Western promise—the welfare state, pensions, Medicare—is going to be there for you, you're going to lose,” he warns. “You have to prepare for yourself.”
The reality? Many of today’s promises are unfunded.
“My generation made ourselves all kinds of cool promises,” Rick says, “but we forgot to pay for them.”
His message is clear: stop waiting. No one is coming to save you.
Start building value today. Save consistently. Invest with purpose. Diversify your assets—both in how and where you hold them.
The takeaway? Financial independence starts with personal responsibility. If you want long-term security, take ownership now.
5. Lean Into Opportunity—Not Fear
It’s easy to believe that today’s world is harder than ever. Rick Rule disagrees.
“Every generation thinks their problems are unique,” he says. “They’re not.”
His advice? Focus on what you can do—not what’s working against you.
“If you pay attention to the opportunities in front of you, you're going to do fine.”
Rick especially encourages young people to see the upside of the world they’ve inherited. With technology, access to global information, and tools previous generations never had, the playing field has shifted—in your favour.
“Employing technology, which is something that you do better than somebody my age, means that you have many more tools… The opportunities now are greater than the opportunities that have ever been.”
Instead of giving in to fear, Rick’s challenge is simple:
“Get on with your life. Accept difficult circumstances as a challenge. Deliver more benefit than you consume. Store the difference and invest it wisely.”
The takeaway? Your future isn’t decided by headlines—it’s built by how you respond.
Final Thoughts
Rick Rule’s journey reminds us that lasting wealth isn’t just built with money—it’s built with mindset, discipline, and the courage to serve not only ourselves but others.
Through decades of investing, mentoring, and overcoming adversity, Rick has shown that true greatness lies in how we respond to challenges, how we grow through patience and practice, and how we use our success to lift up those around us.
He teaches us that real wealth begins with self-investment, expands through community, and endures through long-term thinking.
“Deliver more value than you consume—and store the difference wisely.”
So stay focused. Stay generous. Keep learning. And most of all, keep building—because every choice you make today can shape the legacy you leave tomorrow.
That’s how wealth is transformed into greatness. That’s how generations rise.
Thanks for reading! 🫶
Much love,
Writer l Speaker l CEO of Living Your Greatness
P.S. If you have not tuned in to any episodes yet of Building Generational Wealth, I encourage you to start by watching the previous episodes ( 1 - Peter Grandich, 2 - Michael Gentile and 3 - Daniela Cambone).
Notes
Read my newsletter archive
Subscribe to my newsletter on Substack
Listen to my podcast on Spotify, Apple Podcast, Amazon Music, and YouTube
Become a sponsor of a newsletter issue
Enjoy reading?
Help Living Your Greatness grow by sharing this newsletter with a friend and becoming a paid subscriber here.