Archives for August 2015

Simple Strategy to Overcome Rejection

tip-o-the-morning

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Jack Canfield and Mark Victor Hansen were struggling to get exposure for their book Chicken Soup of the Soul. Jack tells the story about how each rejection would weigh him down emotionally. In an effort to help Jack overcome the negative emotional side effect of rejection, Mark told Jack to say “Next” every time they got rejected. This strategy shifts your thinking. Instead of focusing on the rejection it shifts your thinking to the next opportunity.

The pursuit of success is mostly about persistence. You can’t let rejection drag you down. You will face an enormous amount of rejection. This “Next” strategy helps you to minimize the emotional effects of rejection and keep you focused on moving forward.

You Can Only Control Your Efforts, Not the Outcome

tip-o-the-morning

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It took the average self-made millionaire in my study 32 years to become “rich”. That’s a long time, don’t you think? I asked many of the millionaires if they ever got so disheartened that they wanted to quit. Most responded by saying that I was looking at it all wrong. They said, they never felt like they were pushing a ball up a hill, hoping for some reward at some point. They were all on autopilot in a sense. Working hard every day, not to ring the bell, but because they liked what they were doing and believed one day all their hard work would pay off. I consolidated this lesson into the following quote:

You can only control your efforts in life, you cannot control the outcomes.

They weren’t saying don’t believe in yourself. What they were actually saying is don’t lose faith in yourself. Just do your best every day. That’s all you need to worry about. Don’t set expectations so high that when you fail to realize them you become depressed. They even suggested not to have any expectations for outcomes.

That really confused me because I was always taught by all of the self-help experts out there to set very specific goals with very specific time tables for achievement. But thanks to my research, I learned for the first time in my adult life what a goal really was. I’ve since written about the real definition of a goal. Here’s one of those posts: The Self-Made Millionaire Goal-Setting Process http://richhabits.net/how-millionaire-achieve-their-goals/.

When you set expectations too high and fail to achieve them it will take you down emotionally. Do that too often and you might just quit pursuing your dream. For this reason, self-made millionaires don’t focus on the outcomes. That just messes up your mind. They understand that there are many moving parts to realizing a dream and not all of those variables fall into place just because you will them to. The only thing to focus on is your efforts. Taking specific action is the real definition of a goal, not some number. All you can control is how hard you work in the pursuit of your dream. That’s all you need to focus on. When you persist and never give up, life eventually rewards you with success. Success is the realization of each one of your dreams by taking action. Actions = goals, not outcomes.

80% in America Are At or Near Poverty – Here’s Why

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In a 2013 survey conducted by the Associated Press they found that 80% of America’s adults struggled with joblessness, poverty, near-poverty or reliance on welfare for at least parts of their lives. Of that 80%, 49.7 million of Americans are living below the poverty line. According to the Tax Foundation, rich taxpayers in America are defined as making more than $394,000. According to a 2013 study by BMO Private Bank 67% of these high-net-worth Americans were self-made millionaires and only 8 percent inherited their wealth. According to my data, 76% of the wealthy were self-made, which is not far off from the BMO study. So the question is – what are these self-made millionaires doing differently from everyone else? [Read more…]

Bad Luck Follows Poor Choices

tip-o-the-morning

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Life rewards you with good luck when you make good choices and punishes you with bad luck when you make bad choices. It is a universal law: bad choices – bad luck, good choices – good luck. Every decision you make builds the foundation of the life you live. If you make prudent choices you build a foundation of success in life. If you make imprudent choices you build a foundation of struggle. You need to make a habit of making good choices.

Everyone makes poor decisions every now and then. The key is to learn from the bad decisions you make and not repeat them. When you continue to repeat making the same bad decision it’s no longer a mistake, it’s a conscious choice, a way of life.

Finding Your Life’s Purpose

tip-o-the-morning

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When you find your life’s purpose, that thing you were meant to do, born to do, you know it. There is no doubt. You are 100% certain. If you have any doubts about whether you are pursuing a career that is your life’s purpose, you are not. Doubts are life’s way of informing you that you haven’t found your main purpose in life.

So how do you find your main purpose? Your main purpose is revealed any time you try something new and right out of the gate that new thing comes easy. Being a quick study at something or a natural at something is just life’s way of informing you that you have some unique talent. It then becomes your job to perfect that talent. When you find your unique talent, your main purpose, and pursue it for the rest of your life, the rewards are financial and emotional. You will make more money because you will want to engage in your main purpose 24/7. The more you repetitively practice any skill, the better you get and the more expert you become. The world rewards experts with higher compensation because true expertise is a rare and valuable resource.

We all have innate talents but most of us never unearth our unique talents. We get stuck in jobs that we don’t like, that make us unhappy and our paychecks or net profit reflects that. The key to finding a main purpose, a hidden talent, that can become your life’s profession is to engage in new skill-based activities. Explore various professions full time while you’re young for at most two months until you find something that comes easy. If you’re not young, your time is limited to mornings, nights and weekends. Finding your main purpose on a part-time basis will take you longer. It may take as long as six months for each new activity. If the new activity does not come easy and is actually harder for you than others, move on. You don’t have an innate talent for it. Keep experimenting with new, skill-based activities until you stumble upon something that comes easy to you. When you find your main purpose in life everything about your life will change. Happy hunting.

One Outstanding Leadership Trait Three of America’s Greatest Presidents All Shared

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George Washington

With men and officers being shot down in every direction, George Washington rode forward to take charge of the collapsing lines at the Battle of Monongahela. While riding along the ranks looking to calm his men, Washington had two horses shot out from under him and four bullet holes shot through his coat. [Read more…]

Boredom is Life’s Wake Up Call

tip-o-the-morning

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Most average people are bored to death of their job. Boredom for most is a daily occurrence. But boredom is not necessarily a bad thing. It’s your brain’s way of telling you that “we’re not doing what we should be doing in life”. It’s a wake up call that what you’re doing is not challenging enough and not creative enough.

Our brain loves creativity. It craves to solve problems. It’s hard wired for creativity and problem solving. When you are not being creative or solving problems, the brain lets you know by sending you the boredom signal. In two studies on boredom (Creativity Research Center: http://www.tandfonline.com/doi/abs/10.1080/10400419.2014.901073#preview and Journal of Experimental Social Psychology: http://www.sciencedirect.com/science/article/pii/S0022103113002205http://www.sciencedirect.com/science/article/pii/S0022103113002205) it was determined that being bored is a brain trigger intended to nudge you into doing something creative and challenging.

If you were lucky enough to spend time picking the brains of self-made millionaires, you’d find out that they just don’t get bored. They are constantly moving and thinking and planning and pivoting. They’re too busy overcoming obstacles, too busy coming up with creative solutions and too busy doing what they like or love to do. If you’re bored it’s because you’re not doing what you were intended to do in life, which is to be creative, to pursue challenging goals, to overcome obstacles and to push your individual envelope as much as you can. When you’re not living up to your potential, your brain lets you know – with a yawn.

Are You Raising Your Child to Succeed or Fail in Life? Four Areas Where Parents Are Failing Their Kids

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Charles Koch is a multi-billionaire. Charles and his brother David took over their father’s business and transformed it into the largest privately held company in the world. He was recently asked in a Time Magazine interview about what he attributes his enormous success in life to. Charles responded that if it were not for his parents he would have been a menace and a burden on society. [Read more…]

The Act of Knowledge

tip-o-the-morning

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One of the many habits of the self-made millionaires in my study was daily learning. Some of the millionaires learned by doing and others learned by reading and then applied that knowledge to their job, business, or in some side revenue stream they were investing their time and money in and trying to grow. The key here is putting knowledge to use. Knowledge without action is eventually forgotten and of little use. Many of those millionaires engaged in certain extracurricular activities that helped them maintain or grow their knowledge. Some of those activities included: teaching, writing (articles, blogs, books, etc.), speaking engagements, webinars, seminars, podcasts, etc.  Teaching others knowledge that you have helps commit that knowledge to working memory, making you more effective and making access to that knowledge more efficient. When you know more than your competition, you add value to yourself. This translates into more clients, customers, promotions and ultimately more money. Increasing your working knowledge sets you apart from your competition. Clients, customers and employers don’t fire the best. They do everything to retain them.

 

 

Become a Disruptor

tip-o-the-morning

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All self-made millionaires have one thing in common – they are all disruptors. They disrupt their industry, disrupt the status quo and disrupt society. They cause individuals to alter their behavior and thinking.

Disruptors change the way each industry does business. They are all around you:

  • Donald Trump is disrupting the political establishment.
  • Elon Musk is disrupting three industries (rocket, automobile and solar energy).
  • Steve Jobs also disrupted three industries (computer, music and the movie industry).
  • Jeff Bezos is another disrupting numerous industries (traditional book publishing industry, book seller industry and the retail industry).

Most self-made millionaire disruptors fly below the radar and you’ve probably never heard of them. But they are out there disrupting their industry locally. I know a few of them intimately thanks to my research on the daily habits of the rich.

If you want to change your life financially, become a disruptor. Disruptors pursue some big dream as their main purpose in life. They change the world we live in for the better and make millions when they succeed. Who and what are you disrupting? Find a worthwhile dream to pursue that will disrupt a local industry and pursue it as your main purpose in life. It takes time to succeed but when you do, it will change your life and those around you for the better.