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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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Hello people, I hope you are enjoying this series on the 9 habits of Millionaires. Lets continue.

Habit 5: Do what you love

All successful people in this world have one thing in common. They do what they love.

In Uganda, most of us are looking for shortcuts to getting money and we’re constantly looking for the right business or career path that will get us there. For a while I recall that IT was considered the choice career and then it was Procurement so that people could be on tender boards and eat “enjawulo”.

Let me make this clear, you can never be successful unless you wake up everyday excited & full of passion for the work your going to do. People who love what they do don’t even see it as work. They enjoy themselves tremendously and eat, sleep, breathe what they do. As a result, they become the absolute best at what they do. They are walking encyclopedias about their particular field.

In any industry/ profession there will always be a minority who earn millions and the rest of the majority who earn just enough to get by. Why? Because those who earn the millions absolutely love what they do while the rest of us simply do it because that’s what you studied or it’s where you were told the money is.  There is no perfect millionaire career path. Whatever it is you choose, you can be a millionaire. You simply have to be absolutely 12o% committed to being the best in that particular field. And you can only do so in something that you love doing.

Tiger Woods is the best golfer in the world because of his intense love for the game and his obsessive commitment to practice and improvement. The same was true for Michael Jordan. He wasn’t the most gifted basketball player. Infact, he was rejected from his high school team the first time he tried. But his love for the game and commitment to training made him a legend. Steven Speilberg loves making movies, Tom Clancy loves writing about all things military, Museveni loves to rule 🙂

Realise one thing about all these people is despite the fortunes they’ve amassed, they still continue working. That’s because for them, it’s not about the money per se; its about their passion and being the absolute best at what they do. They love what they do so much, they would do it for free!

If you’re wondering why you aren’t successful, why you aren’t motivated or focused, the reason is very simple. You’re not doing what you love. Find what you love. We have been taught by our parents that in order to be successful, you gotta find a good job and work real hard for 30years. Simply put,

go to school > work hard > make enough money > do what you’ve always wanted

but the millionaire principle is

find what you love > become real good at it > make tons of money > continue doing what you love.

Again, it really doesn’t matter what it is you love. It maybe technology, sports, clothes, cooking, baby sitting, writing, nsenene, gonja, whatever.You can be a millionaire doing anything you choose as long as you’re the best in the business.

So let us ask ourselves the following questions:

  1. What do I love to do? What would I do even if I’m not getting paid?
  2. If time, money, resources were not an issue, what would you be doing on a daily basis?
  3. Who are the people who have made a fortune around my passion?

Answer these questions and get serious about making your fortune doing what you love. Next up, Habit 6:Acting with Integrity

Shalom

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Shalom good people, on my last post, I started a series on the 9 habits of millionaires. We looked at the first habit which is “Always exceed expectations”. Today we continue learning these powerful yet simple habits that will elevate our lives. So…

Habit 2: Be Proactive

To be proactive simply means to take the initiative and plan for a desired outcome or make things happen. Proactive is the opposite of reactive. Reactive means waiting for things to happen and then responding to them. In order to be a millionaire, you must be the kind of person that makes things happen. Millionaires don’t wait around for opportunities to hit them like water thrown carelessly out of a kazigo doorway. Millionaires actively seek opportunity and if they can’t find them, they create their own.

Most of us unfortunately are too reactive. We sit around whining, complaining and waiting for something to happen or for God to drop everything we want in our laps. How many times have you heard statements like these; When the government reduces taxes, I’ll start that business. Or when my kids finish school, then i’ll be able to make real savings? How about,when my boss leaves the company, then I’ll get that promotion? I’ll become rich when the ecomony becomes better.

Do you see the inherant problem with this attitude? It gives away all your power to succeed to forces completely outside of your control. What happens when your kids rebound infinitely,or your boss never leaves or the government just keeps on increasing taxes-like they are doing?

Being Reactive stagnates and kills you while being Proactive puts you in a position of power and choice. Millionaires don’t have to put everything onhold till circumstances are right. Have you ever heard someone say, “I’m rich because the economy is doing great?” Think about that one abit. To be a Millionaire means by it’s very essence you have to choose to be one and take actions to be one. You don’t just accidentally become one! Well atleast not 99% of people and odds are that you like most of us, don’t have millionaire ancestors to inherit from 🙂

So good people, be proactive and change your life. The next habit we’ll be looking at is Habit 3: Taking 100% Responsibility. I believe this is one habit that most people will probably have great difficulty dealing with but we’ll see.

Till next time.

“People are always blaming their circumstances for what they are. I don’t believe in circumstances. The people who get on in this world are the people who get up and look for the circumstances they want, and, if they can’t find them, make them.” 
George Bernard Shaw“Mrs. Warren’s Profession” (1893) act II

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