Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

5 of 40
BACK NEXT
What I learned from Andrew Carnegie
Mellody Hobson
President, Ariel Investments

When I was 22, a friend who is very successful explained to me that no one ever got rich through earned income. "Look at all the great wealthy families," he said. "From Carnegie to Rockefeller, it was never how much they made at work that made them wealthy - it was their investments."

And that made me shift from thinking about a paycheck to thinking about building equity and long-term wealth. And it has helped me a lot. Instead of a raise, I ask for more stock.

NEXT: Study Warren Buffett

Last updated July 22 2008: 11:27 AM ET
More Galleries
The 7 biggest investment mistakes celebrities make From betting too heavily on real estate to overestimating future earnings, here are 7 of the most common money mistakes that celebrities make. More
Cotton candy, toothpicks, pet gel -- these products are all made from marijuana Legal cannabis, an estimated $5.4 billion industry, is drawing in entrepreneurs with a variety of innovative products -- from skin patches to pain relief gel for pets. More
Coolest hotel bars for business travelers CNNMoney asked two concierge services for high-flying business people what hotel bars they'd recommend in 5 major U.S. cities. Here are their favorite spots. More

Special Offer