One good thing about Renaissance Italy is that its produced some excellent examples of how to build wealth and power. One example of a family that rose from relative obscurity to dominate European politics was the Medici. Beginning in 1360, the Medici dynasty produced three popes, two queens of France and vast amounts of money.

Being a discriminating reader you’re likely to be wondering what some old expired Italians have to do with your personal situation. Good question.

There are three lessons that might apply to you.

1) Start a Business: The first Medici started a bank, which propelled the family into local and finally, international business and politics. Running and expanding a profitable business seems to be a key factor in becoming wealthy.

2) Marry Well: The Medici clan was strategic about marriage. The Medici would routinely marry members of the European ruling class including the French and Austrian monarchies. While most of us can’t marry members of the Bushs or Kennedys it certainly wouldn’t hurt to think strategically about this.

3) Network: Giovanni, the first Medici, supported the pope’s return to Rome in 1410. In return for supporting him, John the 13th gave Giovanni tax farming contracts and the right to mine Alum. Again, you probably don’t have the opportunity to meet the pope, but there are plenty of opportunities to get to know your city council or local ward representative.


This entry was posted in How we do it, James' Guru Ratings, Politics by James Hendrickson. Bookmark the permalink.

Avatar photo About James Hendrickson

James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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