Romney urges investment in both personal, financial lives.

• Author: Christensen, Lisa
• Position: Around UTAH - Mitt Romney

Salt Lake City -- It takes hard work, smart choices and a little luck to gain financial success, says former Massachusetts Gov. Mitt Romney, who spoke to a nearly full-house crowd in Abravanel Hall in Salt Lake City in January.

"Look at opportunities as they present themselves. Try to take advantage of them," Romney says. "You have to think about where you'll land because in the secular world it's up to you and serendipity."

The 2012 presidential candidate says people should also put as much--or more--work into their personal lives as they do into their wealth-building operations.

"If you define yourself and measure yourself by your faith, your service, how many friends you have, the people you love--if you measure by those things, your success is entirely in your hands," Romney says.

That sentiment was echoed by Ryan Smith, president and co-founder of DIVERSIFY INC., which sponsored the event. Smith says in speaking with people who have suffered major financial setbacks, nearly all are in a bad position economically because of overspending on unnecessary items in order to fit in socially.

Smith cites one client who wanted to buy an airplane because other members of his social circle had airplanes. While that client could afford the luxury, Smith says, making that unnecessary purchase would give the client only a thin buffer should something catastrophic happen in his life or finances.

Daniel Luke, CEO and co-founder of Diversify, says while the adage "it takes money to make money" has some truth--that many investments do have a profitable return--the equation is not absolute and can lead to problems.

"It does not take debt to make wealth," Luke says. "You can build wealth without this debt ball and chain behind you."

...