I’ve come to admire the Boy Scouts and the Girl Scouts because, through their badge programs, they institutionalize one of the most powerful Rich Habits that I uncovered in my five-year Rich Habits Study – Experimentation.
Why is experimentation critical to success in life?
In my study, I identified three groups of self-made millionaires: Entrepreneurs, Executives and Saver-Investors.
By far, the wealthiest in my study happened to be Entrepreneurs, with an average net liquid wealth of $7.4 million, which they accumulated over an average of twelve years. They accumulated twice the wealth in half the time of the Executives and Savers.
Why were the Entrepreneurs able to accumulate so much more wealth and why did it take them so much less time?
Entrepreneurs are experimenters. They experiment with different activities until they find one they are good at or passionate about.
Experimentation helps expose an innate talent or passion.
When you discover an innate talent or something that makes your heart sing, you find yourself wanting to engage in that activity all the time. As a result, you spend much more time engaging in the activity and this deliberate practice eventually transforms you into a virtuoso with respect to that activity.
Many of the self-made millionaires I studied had one thing in common – at some point during their lives they discovered an innate talent or something that made their heart sing. They then devoted the rest of their lives practicing it, perfecting it, and eventually becoming an expert in it.
Because experts provide more added-value, they receive a premium for their services and are able to accumulate more wealth.
Experimentation reveals your calling in life – an innate talent or a passion. When you find the thing you were supposed to do, life rewards you twice. The first reward is happiness and a sense of fulfillment. The other reward, wealth, is simply the icing on the cake.
About Thomas C. Corley
Calling L Ron Hubbard a successful historical figure caught me off guard – and you’ve lost some credibility with me.
I know what you mean, but he was successful. I may pull him from my list