Archives for February 2014

Rich Habits Word of the Day

Confederate – Partner, collaborator.  Jamie Dimon and Sandy Weill were confederates in their efforts to change the face of banking in the U.S.

Rich Habits Fact of the Day

Jamie Dimon is one of the most successful, respected bankers in the world. Dimon was mentored by the legendary broker/banker Sandy Weill. The Weill-Dimon team was legendary for how intensely they worked together and how many mega-deals they struck. It was a far cry from the typical employer/employee pairing. In 1983, Weill, then at American Express (AXP), hired a young, eager Dimon (whose stockbroker father had worked for Weill) when he was just 26 and fresh out of Harvard Business School. Weill left American Express in a huff not two years later, and Dimon followed his mentor.

The two of them worked side-by-side culling deal opportunities until they alighted on a foundering consumer lender in Baltimore called Commercial Credit, took it public, and used it as a base with which to build Citigroup. The string of successful mergers culminated in 1998 when Weill’s Travelers, the former insurance giant, merged with Citibank. As Weill’s detail man, Dimon took care of the day-to-day minutiae of many a merger. And to many observers, their relationship seemed like that of father and son.

Rich Habits Lesson of the Day

If you are not among the lucky few to have been blessed with a parent-mentor all is not lost.Finding someone at work who can act as a mentor is the next best option. A career-mentor will help ensure success in life. How do you go about finding a mentor at work? It’s simple. You look for someone at work that you admire and respect and ask them to be your mentor. Let’s say you find someone at work who fits the bill, here’s how you ask them to be your mentor:

‘John, I’ve been watching you for some time and you are very good at what you do. I would like to follow in your footsteps. Would you be my mentor here at work?’

How could John say no? Unless John’s a jerk, he will be very flattered and say yes. Being a mentor is not a one-way street. Mentoring also helps the mentor become a better teacher. You must really know your area of expertise to be able to teach it to someone. Being a mentor benefits both parties. Over time your relationship with your career-mentor will grow stronger and move beyond the workplace. The lessons your career-mentor will share with you will move beyond the workplace as well. Your career-mentor will teach you about success both inside the workplace and in life. He or she will share with you their morality, success principles and daily habits. They will share with you the mistakes they’ve made and the life lessons they learned from those mistakes in order to help you avoid repeating their mistakes. In this way, career-mentors pave the road to success with a smooth surface. They remove the rocks and potholes. They remove the detour signs. Career-mentoring, outside of parent-mentoring, is the most direct path to financial success.

Rich Habits Word of the Day

Prodigious – Great, abundant.  Tom had a prodigious Rolodex, filled with valuable contacts that he opened up to help family, friends, clients and frequent business associates.

Rich Habits Fact of the Day

How to Win Friends and Influence People, by Dale Carnegie, is perhaps the best self-help book ever written on growing strong, valuable relationships in life.

Rich Habits Lesson of the Day

80% of the wealthy use four strategies to grow and strengthen their relationships. These four strategies are:

#1    Hello Call

#2    Happy Birthday Call

#3    Life Event Call and

#4    Networking/Volunteering

The Hello Call is used primarily to gather information on each contact.

The Happy Birthday Call keeps your relationships on life support. At least once a year you are forced to reach out to your contacts to wish them a happy birthday. About 5-10% of these contacts will reciprocate and call you on your birthday, taking your relationship off life support.

The Life Event Call is the most powerful strategy because it puts your relationships on steroids. This is a call you make to acknowledge some life event: birth, death, engagement, marriage, health issue etc

Networking & Volunteering allows you to meet new people and offers the opportunity to showcase your skills in a safe, friendly and stress-free environment.

Rich Habits Word of the Day

Susceptive – Responsible.  Tom was susceptive to all success and failure that accompanied his life.

Rich Habits Fact of the Day

“Attack the evil that is within yourself, rather than attacking the evil that is in others.”
― Confucius

Rich Habits Lesson of the Day

Poverty is a circumstance. It is also a mindset. You must change your thinking in order to change your circumstances in life. If you believe, as many do, that poverty is caused by factors outside your control, you will never break free of the bonds of poverty. Those who are successful in life take full responsibility for their circumstances. They don’t blame anyone but themselves.

Rich Habits Word of the Day

Magnanimity – Generosity.  Tom was surprised by the magnanimity of family members and friends who sent him gifts when his book became a bestseller.

Rich Habits Fact of the Day

Queen of the giveaway, Oprah Winfrey ranked among Businessweek’s 50 most generous Americans from 2004 until 2010 and at last count had given away $400 million to educational and women’s causes.

Rich Habits Lesson of the Day

Gift giving to family, close friends and colleagues can sometimes be tricky. When are you supposed to give gifts? Here’s a rundown:

• Weddings and wedding showers
• Births and baby showers
• Religious milestones (christenings, bar mitzvahs, bat mitzvahs)
• Major anniversaries (10th, 25th & 50th- cards are sufficient)
• Graduations (cards are sufficient)
• Birthdays (cards are sufficient)
• Housewarmings
• Retirements (cards are sufficient except if colleague)

Rich Habits Word of the Day

Gregarious – Social, outgoing.  Tom’s study on the habits of the wealthy taught him the importance of being gregarious in social settings.

Rich Habits Fact of the Day

New research detailed in the book, THE MILLIONAIRE ZONE™, finds that millionaires leverage their social networks – ranging from the government and their alma maters to friends, spiritual centers and even health clubs – more than non-millionaires to overcome their fears and ultimately achieve financial success.

Rich Habits Lesson of the Day

In life you will be forced into situations where you will meet new people. This is an opportunity to develop valuable relationships. Some may be your next employer, future spouse, next best friend, future co-worker, investor or future business partner. There are 5 basic rules to making introductions:

1. Smile
2. Firm Handshake
3. Make Eye Contact
4. In one sentence explain who you are, why you’re here and who you know at the event
5. Ask Questions About the Person You are Introducing Yourself to. See list of questions to ask here:Rich Etiquette: Conversing Socially

Rich Habits Word of the Day

Narcissistic – Selfish, egoistic. Tom learned from his study of the wealthy that most people are narcissistic and only focused on themselves during conversations.

Rich Habits Fact of the Day

Rich Habits Lesson of the Day

Your going to meet a lot of people in your life. It is important to know how to talk to people in social or business settings. I found there’s a common thread that runs through everyone. They are single-mindedly focused on themselves. Most people are thinking about one thing during every conversation- themselves. Everyone thinks they are the most important person in the world.  It’s a human tendency to be selfish and this shows up everywhere, including when we are carrying on a conversation with people.  When you run into these new people in life you need a plan, a process to help you turn every relationship into gold. Part of that process is to learn as much about your relationships as possible and you do that by asking questions about their life. Get to know them. Always focus on the other person and resist the human tendency to put yourself first. Make being unselfish in conversations a Rich Habit by asking these questions to every new person you meet in life:

• Basic contact information: name, address, phone, email, Twitter, Facebook etc.
• Are you married?
• If yes, what is their spouse’s name?
• Do you have any children?
• If so what are their names?
• What’s their birthday?
• Where do they live? Do they like where they live?
• do they have any hobbies?
• What schools did they go to?  Did they go to college or graduate school?
• What schools did their spouse and children attend?
• What are they most proud of?
• Do they know any celebrities or important people? Who?
• What do they do for a living?
• What does their spouse do for a living?
• Do they like to read? If so, what do they like reading? Who’s their favorite author?
• Do they like music? Who’s their favorite band, singer, etc?
• What do they do for a living?
• If their spouse or children work, what do they do, where do they work?
• Political affiliation?
• Religious affiliation?
• Where did they live before their current home?
• Do they like play sports? If so, what and when and do they play any sports now?
• Do they drink alcohol? If so, what do they drink?
• What’s their favorite foods?
• What type of car do they drive?
• What are their goals?
• What groups, non-profits or community organizations are they affiliated with?
• Where do they like to vacation?
• Do they travel at all? If so, where have they been?
• What did their parents do for a living?
• Where did they grow up?
• Who are their favorite celebrities?
• What licenses or professional designations do they have?
• What are they really good at in life?
• Do they exercise? If so, what do they do?

Last thing. Always look everyone in the eye and smile a lot.

Rich Habits Word of the Day

Etiquette – Civility, good behavior.  Tom learned from the wealthy in his study the importance of etiquette in business and social settings.

Rich Habits Fact of the Day

At the age of 16 George Washington decided to write down all of the laws of civility in order to learn them better. Click here for these laws: http://www.history.org/almanack/life/manners/rules2.cfm

Rich Habits Lesson of the Day

Believe it or not most people don’t know how to eat. You’re going to have to go to many social events during your life and you need to know how to eat right. Let’s go down the list:

• As soon as you sit in your chair take the napkin off the table and drape it over your lap like this.
• Never begin eating until everyone has their meal.
• Never chew with your mouth opened.
• Never talk while you’re chewing your food.
• Never dip any food you’re eating into a sauce everyone is using.
• Don’t wolf down your food. Eat at the same pace as everyone else at the table.
• Never hold a spoon, fork or knife with your fist.
• Never make gestures while your utensils are in your hands.
• Never reach for anything like salt and pepper. Always ask someone to pass things like that.
• Don’t slouch at the table. Sit straight up.
• After the meal, excuse yourself and go to the bathroom and make sure you don’t have any food in your teeth. I always carry a toothpick in my wallet just for this reason.