Saturday, November 15, 2014
Friday, November 14, 2014
The First Step to Making Millions (the Right Way)
There is only one answer to "Who Wants to be a Millionaire?"
Everyone. Everyone wants to be a millionaire.
We all want that kind of money because we imagine it will somehow free us from the all the crap we deal with on a daily basis. Of course we still need to brush our teeth, sit in traffic, and get sick every once in a while - it will just be way better because we have a bunch of cash sitting in the bank.
Wealth vs Income
There is a lot of truth to that. Wealthy people tend to be happier. But wealth is not income, and high income doesn't strongly correlate with earning wealth in the long-term. It's only about 7% of the story, in fact.
Turns out that wealth is not really about the money flowing into our bank account. That's not why you aren't yet a millionaire or on your way to becoming one.
But don't worry; you can change your behavior today and set yourself on the right track.
The real problem is that we tend look at money as the cause, not the symptom, of true success. We misdiagnose the disease, so the treatment fails.
People vs Money
The truth is more complicated. It takes time and a lot of support to generate wealth. There is only one way to consistently avoid the temptations to make "easy money", which doesn't exist in the first place. The problem is that we all need other people to keep us on the right track, and vice versa.
That's the key: focus on relationships over money if you want to become wealthy. The reverse is almost guaranteed to fail.
Ask yourself about the times in life when you have moved ahead personally and professionally. Was it money that did it, or was there a person who really drove that success?
Of course it was a person - it will always happen that way. Why? Because it's people who will make you a millionaire. People make investments. People sign contracts. People form partnerships. People take a chance on other people.
Growing Wealth
Wealthy folks learn this early on and behave accordingly, cultivating long-lasting relationships with people around them who think and act the same way. They look for aspirational folks with two key ingredients: complementary skillsets and similar goals. These are the building blocks of a team that will accelerate and reinforce each member's success.
On your own you have only get one or two shots at real success, forcing you to make a Hail Mary attempt out of desperation.
For connected and trustworthy people, great opportunities come along all the time. They have access to a continuous flow of profitable ventures coming from a wide network who respect and understand what interests members of their network.
That's why the Lone Entrepreneur is a myth. So is the Lone Warrior, Inventor, CEO, or any other person you can think of. No one does anything alone.
People are fundamental to success, in business as in every other aspect of life. Take a long, hard look at your network - think about the people you know. Have you invested in learning about their goals in life? Have you tried supporting them? Do you have a good sense of who is really adding value not just climbing a corporate ladder or collecting degrees?
Start building that team today. Choose some people, identify a small project of mutual interest, start work, and learn who complements you. Repeat this process a few times and you'll have what you need to succeed. How do you think groups like the PayPal Mafia emerge?
People don't get rich by pursuing the Almighty Dollar. Instead focus on building a bench of great folks - you will see each other through thick and thin, and end up much wealthier than any of you imagined.
First step in making millions - right way
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