David Rubenstein interviewed 22 investors for his book. And he discovered that there are some common elements between them. First, they tend to be from blue-collar working class families. Second they tend to have good education. You can’t be a good investor by being a high school dropout. Third, they tend to be good at math. You don’t have to be a math wizard, but you need to be sensitive towards numbers. Fourth, they are all intellectually curious. They are not just curious about investment. They are curious about everything. Fifth, they tend to be workaholics and positive people. Like every human being, they also make mistakes, but they get over them and quickly get back on their feet. Last but not least, they are willing to go against conventional wisdom. They can think outside the box.

GE CEO Jack Welch said he loved his children to pieces but he had made a mistake when he gave each of them a bunch of GE stocks when he became CEO. Although two of his children went to Harvard Business School and one went to Harvard’s Graduate School of Design, they all quit their jobs, disappointed their father. Welch said his children got too much money and no longer felt motives to do something with their lives, so if he could do it all over again, he wouldn’t have given it to them.

First, you have to work hard. In order to be successful in life, you need to have a vision of where you want to go. Second, you need to be prepared. Prior preparation prevents poor performance. Third, try to be respectful of others. Remember humility is a virtue. Fourth, don’t think your parents are going to give you lots of money. Try to do something useful with your life, so your children and parents will believe that you lead a meaningful life. Finally, you need to learn to fail in order to succeed in life.

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