Jul 292013
 
Habits do make (or break) you ...

… in this case, financially.

I recently came upon a post in social media-land that made me stop, read, bookmark it, print it off, and begin to share w/ others.  That’s saying something, in a virtual oasis of information that never ends! There is so much information out there in our modern world, much of which eludes our eyeballs. In many cases, this is for the better, since the information is of 90% (below par) quality per Sturgeon’s Law (Five Levels of Decline/FLD), however, I’d say what I’m going to reference and point the readers to below fits into the 10%.

What do the rich do daily that leads them to financial success that the unsuccessful don’t? Mr. Corley+ lists 20 separate things (see below URL/link for the citation). For the purposes of this post, am going to pick several of them that stood out to me based on my ongoing personal/professional/leadership journeys.

First, let’s use a disclaimer. If you listen to too many politicians, or those who lack results, you may think that the rich are to be disdained. Certainly, some of them lack people skills and don’t properly manage their wealth/good fortune; others earned it through less than admirable means; and a small handful inherited their money, and likely have zero per cent appreciation for where it came from. Put these 3 categories aside. This post has nothing at all to do w/ them.

Onto the list >>>>>>>>>

First:  63% of the wealthy listen to audio books during their commute v. 5% of the poor.

* Personal testimonial. I used to be part of the latter. Now, I always use my vehicle and commute time, regardless of time spent (3 min. drive, or many hours) as a rolling university. Over the past 3 years, I’ve listened to somewhere b/w 500 and 1,000 audios, inc. numerous books. What it’s done for my thinking, habits, and results is very clear.

Second: 88% of the wealthy read 30 mins. or more each day for education / career reasons v. 2% of the poor.

* Personal testimonial. Again, I was part of the latter. I would read a book here & there, usually a political ‘screed’ that just made me angry at one politician, party, or law, or sometimes a fiction book. Now, I read from many different genres: I presently have 4 books in progress:  1 economics; 1 finances; 1 leadership/history; and 1 human relations/people skills. And, over the past 3+ years, I’ve read over 100 different books, several of them multiple times. Again, the difference that it’s made is beyond obvious.

Third: 67% of wealthy watch one/1 hour or less of TV/daily v. 23% for poor.

* Personal testimonial. Up until 2 1/2 years ago, I watched (or had in the background for sound) roughly 4 hours of TV most days, and sometimes, 8-12 hours if I was home and didn’t have anything else to do. (!?!?!) – and in that time, my financial success was very limited. Programming, advertising/PR, and marketing only encourage consumption and you’d have to search far and long to find anything on the tube that teaches wealth principles. Now, I watch zero hours of TV/day, and with very limited exceptions due to the mobile web & the internet, I do not miss it. And, I’ve learned a ton of principles, lessons, and nuggets that will lead to far better financial results.

Fourth: 79% of the wealthy network 5/five or more hours/month v. 16% of the poor.

* Personal testimonial. The value add for focused networking is unquestioned. Meeting new people leads to bigger networks, and in the connected age in which we live ( read Godin and Gladwell to better understand. ), this is a crucial component of growing wealth. I used to watch all that TV — see above — and my circles of influence were stagnant. Now, I have stacks of business cards, numerous new friends, and I am out there at various events on a recurring basis.

Fifth [ and last, for this post. ] : 86% of wealthy folks believe in life-long educational self improvement vs. 5% for poor folks.

* Personal testimonial. This is tough to hear for those who have minds that are finite – perhaps they made excuses for their situation; or, they believe that their credentials (degrees, certifications) mean they have “arrived” and there’s nothing else to know/learn; or, they have a fixed mindset (instead of one of growth). Any of these can easily be overcome, however, it will take changing the information at the front end x increasing humility x adding honeability. Toss in a bonus of understanding the crucial difference between investment and expense, and you will easily grasp that learning and deep seated education, which is often self-directed, never ends. ‘What we know is but a drop, and what we don’t know is an ocean.’

 

I hope you, the reader, found this post to be very insightful!  Learn from it, and make the changes right away – don’t “try” them, just “do” them!   All the best at all times!

——-

+ http://www.richhabitsinstitute.com/ = Mr. Corley’s site ( the article URL was cited by Dave Ramsey )

Jul 242013
 
The Three Most Important Q's you will ever ask yourself

Who am I?

+ Do you know what drives your economic engine?  Your faith/spiritual walk?  Do you embrace liberty & know the meanings of freedom?  Do you have a family that means the world to you?  What is your WHY? +

Where did I come from?

+ What are your roots & even more to the point, do you know WHY you believe WHAT you believe?  Be an independent thinker at all times; let no media, PR/advertising, or other outside influence sway you without heart, spirit, and mind being engaged through your own research. +

Where am I going?

+ Do you see your future clearly, whether over present day obstacles/challenges, or clear as the blue sky above?  Do you have a 1,3,5, 10 year vision?  Is your subconscious mind pulling your conscious mind along for the ride to your dreams?  Do not plan more for your wedding, vacation, or your ‘weekend’ more so than your life. The latter is far too important to drift through w/o focus, hard/smart work, & chasing something far bigger than your present reality. +

 

Jul 112013
 
Offense, Defense, & 'Playing' Field ... for Finances / Economics

Economics. Finances. Government budgets. Money. Investing. Spending. Bills.

What emotion(s), thought(s), or image(s) spring to mind when you heard these words?

Fear?

Confusion?

Uncertainty?

Confidence?

I hope that you can answer in a very positive way, however, with the way our culture and society have been so heavily commercialized, flooded with PR/marketing/advertising, and political mumbo-jumbo ( to put it mildly ), I would suspect that the emotion, thoughts, or otherwise would veer rather strongly to the negative, or perhaps just indifference.

Then, let’s introduce an equation which is far from original, yet can help dispel many many myths, confusion, and other maladies which are preventing the mass of our great republic from being able to earn their freedom  – financially ( from being a slave to debt & time ), spiritually ( to be able to donate freely to charities and church/faith organizations, if desired ), socially ( to be able to share wealth with those less fortunate, inc. struggling families , single parents, et al. ), and personally ( becoming educated and empowered, instead of programmed & trained to borrow, spend, and not invest in ‘You, Inc.’

 

INFORMATION  ~~~>  THINKING ~~~> ACTIONS/HABITS ~~~> RESULTS

 

May I take the liberty to recommend digging into some world class, gold medal information which is a compilation of nearly two decades of wisdom gained, education earned, and lessons learned through the vehicle of PDCA? (plan/do/check/adjust-act)?

Please watch this short vid clip

& click through the various options (workbook, forms, full package/set)

It would be a privilege to share with anyone how much this information has changed my economic & financial thinking from the inside-out. I will never look at money, budgets, investment, or spending/expense the same again. For the better. Way better. Immeasureably better.

Have a terrific evening & enjoy every minute of your day. Its a blessing to be alive & well!

Mar 282013
 
Common Law of Business Balance, Price, Value, & 'You, Inc.'

The Common Law of Business Balance states >

 

It is unwise to pay too much, but it’s worse to pay too little. When you pay too much, you lose a little money; when you pay too little, you sometimes lose everything.

 

In other words, it prohibits paying a little money, and getting a lot in return; it cannot be done without trading one for the other

Additionally, something that is often not taught in the realm of financial literacy ( Resolution 8 & a cornerstone ‘F’ ) is the below – have you personally been taught/heard this?  I hadn’t before I was introduced to world class information not all that long ago >

 

Price is a monetary amount/figure.

Value is the relative, intrinsic worth / desirability to the end user

 

Think of it in these terms – does every dollar ‘spend‘ like every other dollar?  Or, is it not the truth that each dollar you spend is quite unique – especially when you grasp, immerse, and then apply the difference between a “You, Inc.” $ and a “I want it due to advertising/peer pressure/lack of a budget” $ ?

Business, economics, and finances all overlap. They also are each a core part of our day to day lives – we all must be informed, well educated ( v. schooled ), and investment minded men & women in order to become wealthy in mind, spirit, legacy, & the bank account.

Have a fantastic day & blessed Easter to come!

~~~~~~~~~~

Thank you & all due credit to Bob Burg for his wisdom & foresight in sharing much of the core of this post’s core content. It’s my privilege to pay it forward here in the blogosphere.

Dec 232012
 

Culture. That word alone can be the theme of an entire book!  So, suffice to say, I will not be delving in too deeply, just skirting the word’s meaning/definition and tying it into the words ‘credential’ (-ist) & ‘consumer’ to form the core of this pre-Christmas post.

As the West has always faced its share of challenges, two of these are much more recent, and perhaps have eluded the radar of many citizens, those being the rise of an overly credentialist and consumerist culture. What are the definitions & tell-tale signs of each, one might ask?

Credentialist:  Someone who believes that they are an expert, and knows all there is to know based strictly on having various paper-based, classroom-focused credentials, whether a B.A., B.S., M.A., M.B.A., J.D. or post doctoral coursework.  A person(s) who believes he/she/they can make decisions for others who may not have as much schooling*

Consumerist:   A person(s) who, incidentally or otherwise, puts consumption of goods & services ahead of production; Someone whom does not anchor their consumption to what they can actually afford based on their production, but rather, uses credit to expand their income beyond their means to pay in the present without selling off their future; lastly, someone who does not know, understand, or ignores the vast difference between expenses & investment.

Here’s why I believe both of these to be challenges that require a firm and even-handed response:  Both are acting together, and in some cases separately, to erode the foundations of free enterprise and the traditions of the West which brought countries like the United States and Canada unprecedented prosperity.  How so, one might ask?

First, while I’d not say there is anything wrong with classroom based schooling, there is something wrong when men & women get credentials and any of these happen thereafter:

1. He/she/they cannot find a stable career that pays back the time spent in earning the credential(s)

2. The credential offering institution does not focus on entrepreneurship as a way forward.

3. The schooling leads to thinking which does not offer the student(s) the mindset to know and understand “How” to think, rather than just “what” and/or “when”.

4. The debt burden for attaining the credential(s) puts the student in financial bondage.

5. The credentials lead to a way of thought that says “I earned “X” , therefore I am smarter than you” and I am immediately qualified to make decisions for everyone else.

6. The schooling does not recognize or teach that values like creativity, tenacity, innovation, humility, character, & purpose matter, and always will matter.

Second, while every one of us is a consumer of goods & services, putting consumerism on a shelf and almost considering it a religion to be worshipped, that is where the common, every day need to consume crosses over into the challenge for us to recognize, face, & counter-act. Here’s why this matters:

1. Consumerist culture alone pushes too many citizens into financial bondage to credit card companies, banks, leasing agencies/firms, marketers, advertisers, & Hollywood/NY/Miami celebrity trends.

2. Seed corn/wheat is a metaphor for having money always available to invest in oneself. (no, I’m not talking about 401(k)s and stocks) – when one is a consumer above most/all else, he/she often not only has no seed in reserve, but actually OWES seed to someone else — i.e., a bank!

3. Compound interest is the 8th Wonder of the World in some respects, and not only does it have such a label, it is also, sadly, a mystery to the majority of citizens, who haven’t had financial education in the K-12 (conveyor belt) schooling (and often not much more, if any, in undergrad or graduate professional track curriculum)

4. Consumerism often puts pleasure and short term thinking well ahead of happiness and mid to long term vision.

5. Being that there is a gigantic difference between investment & expense, it is crucial to grasp the concept of delayed gratification, and how buying books, listening to audios, attending seminars & conventions, and the like is an investment in one’s MIND, and therefore, has a return that cannot be measured in mere dollars and cents alone. Expenses come and go out of one’s wallet, and often draw a person(s) into bondage to others, especially if compound interest is involved, without the same return.

6. There is nothing at all amiss with having fun, and entertaining oneself; however, restoration and serving others is far more valuable than just spending money to have temporary fun, esp. if its seed wheat, on something that is often not remembered even a week later.

To bring these both together and tie to the response needed to counter-act the challenges posed, I offer up some thoughts, and some references to other sources.

Response A : Read. History will show that many many great men & women did not have so much schooling, yet they were highly educated. If you don’t read much, or at all now, start small:  15-20 mins./day-night, and build a habit. Trade those 15-20 for wasted time already in your day:  while waiting for an appointment; while (in park!!) in a traffic jam; by turning off the radio or TV in a 1:1 ratio to time spent in a book.

Response B : Listen. Audios (CD, mp3, vid clips, webinars) are golden. Learn from someone else’s experience(s) – especially someone who may not have any press clippings, however, he/she has the ‘fruit on the tree’ and has earned the responsibility to lead, and thus is worth following.

Response C : Associate positively. One can spend time most anywhere and for any amount of time, yet, is it in an environment where education is primary, and does it encourage personal growth and change that will ripple outwards into society?

Response D : Pay it forward/Serve others. If you have read a great book, listened to a fantastic audio, or been to an event that inspired you to find your purpose, sharpened your vision, and taught you principles and not pragmatism, bring someone else with you next time!  Give that book or audio to a friend(s) who may be struggling with life’s circumstances.

Response E : Do not confuse schooling and education. Being in school is one thing, but is the student coming out on the other end of the tunnel with an education?  Therefore, look into a self-directed/liber education, and understand how many in the West had just such an education and changed the world ( Jefferson, Madison, Washington, Franklin, et al. )

Response F : Use an acronym like “Y-D-I-L” as a financial education tool.  Y = You, Inc. Invest in your mind first, always. D = Debt. Pay off all consumer debt as quickly as you can, ahead of saving or investing in non mental things. I = Investment. This is the classic type of investment that the conventional wisdom teaches; nothing wrong with it, however, it comes after the first two letters. L = Lifestyle. Be a consumer last. Of course, you have to eat and buy clothes, and shop for a place to live with a roof; otherwise, never let an advertiser, PR specialist, the mass media, or a celebrity/sports star convince you to part with your hard earned income to “look like” him/her/them.

Response G : Understand the value of production. Study, think like, and learn from entrepreneurs. Even better, become an entrepreneur!  What you learn from the transition from employee-ship type thought to ownership type thought is priceless; there’s no dollar value that can be placed – it is that important to the future of our culture and the restoral of the Western world that reigned supreme for centuries.

 

Nothing but the best to one & all. May you find your North Star, and put service ahead of self!  Blessings & good will to my readers. 🙂