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Posts Tagged ‘growth’

So we have finally come to the end of our series on the 9 Habits of Millionaires as i understood them from Adam Khoo’s e-book. Lets dive right into what is probably the most important of all the habits as it directly relates to money and how we see it.

Habit 9: Respect Money

Do you really respect money? If i was to ask you what you thought of money, I’d get several varying answers many of which would show an unhealthy view towards money. The most common beliefs about money are:

  • Money is the root of all evil
  • Money is elusive and fleeting
  • Having money will cause me more problems
  • Rich people are greedy, selfish and unscrupulous
  • Poverty is a virtue
  • Money will change you(into a bad person)
  • You have to work extremely hard to make money
  • If i become wealthy
  • etc

Most of us want and desire to have lots more money but subconsciously, we walk around with these negative associations towards money and this causes a conflict. Essentially what happens is that we sabotage ourselves from getting money. For example most of us have been brought up to believe that money is the root of all evil. As such we feel guilty about money. So we unconsciously do things to get rid of the money in our lives. If you have 5million shillings on your account, you find ways to spend, lend, waste, give it away to abate the guilt you have in actually having that much money. Please note that as long as you have this disrespect for money, you will never be able to truly prosper. 

Millionaires on the other hand have a high respect for money. They see money as a tool, an ally and even as a friend. Millionaires know that money can do a lot for them. Millionaires realize that money offers them opportunity to do the things they really want, go where they want and buy what they want. Money to them therefore is highly respected. They don’t waste it. They don’t throw it away. They don’t feel ashamed of having it either. In the same breath, millionaires are not slaves to money. They don’t work for money. Money is a result of them offering tremendous value in the marketplace. They know that their true worth doesn’t come from money but with the value and ideas they have to offer. Money to millionaires is merely a way of keeping score.

So we must work on changing our beliefs and attitudes towards money into more healthy and empowering ones. I personally have chosen to adopt some of the following beliefs about money:

  • Money is abundant and comes easily and frequently to me.
  • Money helps me live the lifestyle I desire
  • Money enables me to richly bless those around me
  • Money is an effective tool that I use in my life
  • Money is a reflection of the value I offer in this world
  • Having money is generally better than not having it.  
  • Money gives me tremendous influence for good
  • etc

I’d definitely like to hear your new found respect and beliefs of money. I could use a few more myself. Recognize that most of your beliefs about money are myths that were unwittingly passed onto you by you parents and society. You want to be rich. You can be rich. Give yourself permission to do so. I know i have. And everyday I’m striving to develop all these 9 habits.

And thats it folks. Phew! Thank you for following this series, I do hope you were blessed by it. I will be anxiously waiting to hear your various feedbacks about how easy, difficult or practical it’s been for you to live out these habits. For your reading convenience here are all the Habits listed once again.  

Shalom

JAMES RUSSELL LOWELL:
Wealth may be an excellent thing, for it means power, and it means leisure, it means liberty.
 

WOODY ALLEN:
Money is better than poverty, if only for financial reasons.

 

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 Shalom blogren. Its time again to continue on our quest to learn the 9 habits of Millionaires. We are close to the end of our series. Today we look at something particularly difficult for most of us. And that is:

Habit 8: The Ability to turn failure into success

To most of us, failure Is a bad word. Infact, it’s an f-word. We don’t like to fail, so much so that most of us never try to do anything just so we won’t leave any opportunity for that f-word to appear. But this is the greater distinction between us and Millionaires. Most people think that millionaires generally never fail, I mean how else could they be millionaires, right? We’re not millionaires because logically, we’ve failed.

Here’s a truth for you. Millionaires fail a lot more than even you and I. Most millionaires have failed so many times it’s ridiculous. You all heard of Thomas Edison who failed 10,000 times in trying to make a working light bulb. Good grief, I’d have gotten the hint after the 10th time! But millionaires fail more than most of us because they inherently do a lot more, risk a lot more than most of us. The key difference is that millionaires don’t fear failure because they have learned to use it as an ally. Failure to them is simply feedback. It shows them what’s not working and this allows them to change strategy continuously till they eventually succeed.

I don’t know about you, but I’m the kind of person who fails and takes it personally and quits. 3years ago I failed in my first business and guess what I did? Yep, I quit. I didn’t see my failure as feedback that something needed to be changed. Right now, I’m back in the saddle and looking at my past failures trying to understand what I did wrong, correct them this time round and get a better result. Thomas Edison in an interview later responded to a question of how he dealt with such colossal failure, said “I never failed. I simply discovered 10,000 ways not to do it!”

A Chinese proverb says “Madness is doing the same thing again and again and expecting a different outcome” That’s how a lot of people deal with failure. They keep doing the same thing over and over hoping that they will achieve a different result. You can’t keep spending all your money by the 2nd week of each month and hope that after one year of this, you will be debt free?!

In becoming the millionaire or successful person you dream of being, be prepared to fail many times before you achieve success. The important thing is to remember that failure is an event, it’s not who you are. Learn from it, change tactics and commit 100% to doing whatever it takes to achieve success and you will be victorious. I know it’s hard. One of the greatest human fears is the fear of failure.

I personally battle fear in many of its different persona’s so this habit is a challenge for me. As an entrepreneur, I can’t help but find myself fearing that I’m going to fail like I did the last time. That I don’t know enough. I’m not stong enough. I remember the ripple effects my failure had and it sometimes stops me in my tracks sometimes. But the grace of the Master helps me to face my fears each day and know that I’ve learned a lot since I was a naïve young man and I should trust that knowledge will see me through. The Rogue king wrote something about failure.

So my millionaire blogren, lets learn how to turn our failures into success. Our next habit is the last and not least of them which is Habit 9: Respect Money

Later

BARACK OBAMA:

Making your mark on the world is hard. If it were easy, everybody would do it. But it’s not. It takes patience, it takes commitment, and it comes with plenty of failure along the way. The real test is not whether you avoid this failure, because you won’t. it’s whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere.

HAVELOCK ELLIS:

 It is on our failures that we base a new and different and better success

JOHN DEWEY:Failure is instructive. The person who really thinks learns quite as much from his failures as from his successes.

LLOYD JONES:

Those who try to do something and fail are infinitely better than those who try nothing and succeed.

MICHAEL JORDAN:

I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life and that is why I succeed.

SAMUEL SMILES :

We learn wisdom from failure much more than from success. We often discover what will do, by finding out what will not do; and probably he who never made a mistake never made a discovery.

 

 

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Greetings dear bloggers and what a short weekend it was. Before I get into this session, let me first send a shout out to my bro the RogueKing whose blog is finally back online after a brief hiatus. So welcome back man, we missed you.

Now, we continue in our series the 9 habits of Millionaires. So far we’ve looked at the habit of giving more than expected, of being proactive and of taking 100% responsibility. As we come halfway in this series I’d be most glad to hear your personal opinions on each habit and how you may or may not challenged in implementing them. So, lets move on shall we.

Habit 4: Delayed Gratification.

Gratification, what a word! Almost conjures up images of sordid carnal pleasure. Well that’s really what it is. Most of us prefer instant gratification which is enjoying right now and to hell with waiting for future benefits. As a result, we spend so much more than we ever invest. By spending on that new car, new flat screen tv, exorbitant rental house or even chips & chicken, we get our instant gratification. But when it comes to saving, investing in land, stocks or even books & training we feel like “Oh Gosh, do we have to?”

 People who want instant gratification will always look for quick and easy ways of making money rather than building a sustainable business that adds value to customers. They tend to cut corners on quality add deliver shoddy products to save money and boost short term profits. As a result, their profits rarely last and they will soon go out of business. A very typical Ugandan trait, I have observed.

Millionaires on the other hand, are in the habit of delaying their personal gratification for a future time when they can very easily afford it many times over. They prefer to invest their money in things and ventures that will make them more money in the future. If a millionaire got 1,000,000 shillings, he would find something that could in future turn that into 2million or 4million or more. Yes, even spending it on a good course or training in business, personal development or just buying books would result in multiple returns for the millionaire. If I gave it you right now, I’m sure investing it would be the last thing on your mind. You’d be paying off debts, buying rims for your car, taking a month off from work to lounge or some other form of instant gratification.(No offense:)

Millionaires invest far more than they spend. They know that with patience, their money will multiply into a fortune in the future. According to the New York Times Bestseller, The Millionaire Next Door, most millionaires are actually extremely frugal, i.e. they spend very little on personal luxuries and pleasures. They will rather buy a suit of 250,000/= and invest 750,000/= unlike most of us who would just dash for the 1M Vialli Suit and matching cufflinks! That’s not to say millionaires are cheapskates, they just don’t waste their resources.

Millionaires never take shortcuts in business. They look at always giving the best value to their customers, even if it means earning less at present. They know that by building their reputation, it will lead to huge profit streams in the future.

So my dear readers, to be a millionaire, you need to learn to put off the now and invest your resources wisely and reap the rewards in the future. I close this session with a story that best eschews what I’m talking about. I was once with a friend and we observed and elderly Indian man driving an S-Class Mercedes Benz. To be honest, I was shocked cause it’s not a sight you see very often or even expect to given the rep Indians have for being frugal. I remarked to my friend and he told me something I’ll never forget. He said that by the time you see an Indian drive such a car, just be sure that he can afford ten of them.

Moral; a true millionaire doesn’t blow money they don’t have but rather only a small portion of their net worth. So next time your going to waste money on yet another pair of shoes you’ll only wear once, why not but a good personal development book that will multiply you as a person for the rest of your life?

Next habit number 5: Do what you love

Shalom

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