Category : Wealth
Set your sights on where you’re going. Have a vision. Think big. And remember that everyone has to start at the beginning. Even Warren Buffet had to invest $25 before he could make $25 billion. Set lofty goals, and then begin taking small steps to reach them.
Educate yourself. Read books and magazines. If you don’t know how to do something, research the answer. I’m amazed how much of my financial success is attributable to simply reading personal finance books. Many of them say the same things. Once you’ve read enough of them, the advice begins to be burned on your brain. Remember: knowledge is power.
Passion pays off. Love what you do. When you’re passionate about your work, you care about the consequences. “According to research by Thomas J. Stanley, author of The Millionaire Mind, over 80 percent of millionaires say they never would have been successful if their vocation wasn’t something they cared about.”
Grow your money. Pay yourself first. When you’re living paycheck-to-paycheck, it can be difficult to look beyond your immediate needs. But it’s precisely by doing this that you’ll have the best chance for escaping your circumstances. Squirrel away money for your retirement, or for other investments in cd rates, savings accounts or even money market accounts.
No guts, no glory. Take risks. I’ve often heard that successful people are the biggest failures of all. They’ve failed many times. But they pick themselves back up and try again. Most people never try because they’re afraid of the possible downsides. Successful people don’t worry about the downside — they’re focused on the possible payoff.
The millionaires’ secret trait is: Generosity
Despite stereotypes about greedy, ruthless business people, the truth is successful entrepreneurs always find ways to give.
They give away generous samples of their products. They share their time, energy and success with partners. They give back to their communities. They generously support charities. They reward great employees.
They know that generosity is the smartest way to open up the floodgates of success.
Generosity changes your mindset
Some people swear by the “law of attraction,” and others swear at it. The idea is that if you focus on a particular thing, that thing will magically start to fall out of the sky and land on you. Focus on money and you’ll start attracting money. Focus on garbage and you’ll attract garbage.
The law of attraction does work, but no supernatural forces are required. To find out why,
Opportunities for spectacular success have been moon walking right in front of you for years now. But you weren’t focusing on them. Your attention was riveted by the latest online flame war or celebrity train wreck, or even on the list of reasons you can’t be successful.
It feels like focus can summon good (or bad) things through some kind of magical power, but it isn’t magic at all.
When you cultivate generosity in all its forms, you shift your focus to what the self-help movement calls abundance. You start to see how much great stuff is all around you right now. You start to feel wealthy.
(If you ever find yourself in an anxiety attack over money, give $100 to a charity that helps the desperately poor. It’s an instant fix for cramped ideas about wealth and success.)
Generosity gets you to focus on the fact that there’s actually plenty to go around. Plenty of money, plenty of customers, and plenty of success.
Focus on those things, and poof, opportunities start to “magically” appear. You still have to take action on them, of course. But the path opens right up in front of you.
It seems weird, but it works.
Generosity creates reciprocity
Humans have a deep-seated need to repay generosity.
When you give away exceptional content, most people are hard-wired to want to give you something in return. A great blog can create that feeling, but you’ll trigger it more forcefully when you offer a sample of a paid product.
Ever tried a free sample at the grocery store and then felt like you had to buy the product so you don’t seem like a mooch? That’s reciprocity.
Free samples work just as well online as they do at the grocery store. If you give away a first-rate nibble of your product, not only does the buyer see for herself how good it is, she feels like she owes you.
For digital products, aim to give away a free sample that is demonstrably worth as much as the total asking price of your product. If your sample is clearly worth hundreds of dollars and your customer gets it for free, she’s much more likely to fork out your asking price of $297 for the whole package.
Massively over delivering is one of the keys to success in digital products. Because they’re so cheap to reproduce, you can afford to be generous with your free samples. Make your generosity remarkable.
Generosity creates buzz
When Michael Stelzner announced that he was taking nominations for the ten best writing blogs of 2008, at first I didn’t think much about it. As in years past, I expected Copy Blogger and Men with Pens to take the top positions, and they did.
But I was surprised by a few names that weren’t yet on the nomination list. So I put together a post with links to some of my favorite writing blogs. I also included a request to nominate the writing blog my readers found most valuable, whether it was mine or someone else’s.
My readers jumped into the voting. Some of them voted for me and some for other blogs.
Making that post strengthened my ties to a great community of bloggers. It created good feelings in my readers. It brought attention to a few blogs that belonged on Stelzner’s list but hadn’t been nominated yet. And it let my readers know about some great resources.
As it happens, I ended up getting a spot on the final top-ten list, which was a wonderful bonus. But I got tremendous value from making the post even if I hadn’t made the final cut.
If I had just begged for votes, I would have gotten nothing at all if I hadn’t made the list. By being generous, I made myself a winner no matter what the outcome was.
Because I shaped the post so it was 90% in service to others and 10% in my own interest, the post also got a nice number of re-tweets on Twitter. People love to share news about acts of generosity. Look around and you’ll see that the most talked-about bloggers are also often the most generous.
Even Santa Claus has boundaries
Santa just gives presents to nice children, not naughty ones, right? Now I don’t believe there’s any such thing as an undeserving child, but there are a fair number of adults I could put into that category.
If you’re generous, a few people will take advantage of that generosity. They’ll scrape your free stuff without crediting you, get a refund 20 minutes after they buy (and copy) your paid product, then promptly load it to BitTorrent.
Just like social media and the internet multiply the value of generosity, they also multiply the actions of jerks.
Don’t worry about it.
The benefits you get from generosity will dwarf the few crumbs you’ll lose to selfish people who take unfair advantage. You’ll build 1,000 times more than you lose.
If you know who the bad actors are, put them on your naughty list. Blacklist them and move on.
But be careful not to spend too much time thinking about getting even. That pulls your focus away from your own success. If you want satisfaction over the long run, keep your eyes on your own prize.
And anyway, these people will never see the moon walking success bear in their lifetime. That’s worse punishment than anything you’ll be able to dole out.
About the Author: Sonia Simone is an Associate Editor of Copy blogger and the founder of Remarkable Communication.
First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.
While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it’s no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments’ study of millionaires last year found that 42 percent of them don’t feel wealthy and they would need $7.5 million of investable assets to start feeling rich.
This isn’t a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multi million-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.
No. 1: Decide to Be a Multimillionaire — You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: “I am worth over $100,000,000!”
No. 2: Get Rid of Poverty Thinking — There’s no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: “Eat all your food; there are people starving,” “Don’t waste anything,” “Money doesn’t grow on trees.” Real wealth and abundance aren’t created from such thinking.
No. 3: Treat it Like a Duty — Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don’t lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.
No. 4: Surround Yourself with Multimillionaires — I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can’t learn how to make money from someone who doesn’t have much. Who says, “Money won’t make you happy”? People without money. Who says, “All rich people are greedy”? People who aren’t rich. Wealthy people don’t talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?
No. 5: Work Like a Millionaire — Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they’re not good at or aren’t a productive use of their time, such as household chores. But don’t kid yourself that those who hit it big don’t work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.
No. 6: Shift Focus from Spending to Investing — The rich don’t spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can’t write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.
No. 7: Create Multiple Flows of Income — The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.
Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It’s a mystery to them why others don’t get rich. They know they aren’t special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich — it’s American.