27th May, 2013
One key factor of failure I have realised is the tendency of many people to gather information without making any attempt to put into practice what they have learnt. In a meeting with one of my mentors, he threw a challenge that I should focus in the next one month on implementing what I have learnt over the year and watch the impact. I have taken on the challenge and the impact has been great and I am also asking that you take it as a challenge to implement some of the principles you have learnt in this column.
Here are some of the concepts we have shared in this column. A wise decision would be to go over them and figure out how to put the ones that apply to you in the practice.
•Mentoring: We dwelled extensively on the need for an individual to develop mentoring relationships with individuals who can assist him or her hit the mark faster than it would have been without a mentor.. If it is done properly, a mentor or coach should make the following happen: he serves as a teacher to give you instructions on specific areas where you have noticed a skill gap; he prevents you from making the same mistakes he made on his way to the top in that specific area; he provides quality eyes with which you can interpret certain happenings in your life. You can see why a mentoring relationship is important.
•Buy knowledge: My mentor, who is a compulsive reader, dwelled on the importance of a regular diet of insightful reading. This is his take on reading: “If you are a millionaire and you want to climb the billionaire ladder, the first place to start is to beef up your study. Get books on all areas and read them. What I do is to stuff my system with all manner of books and from different areas. I read all the time. The way it works is that when you meditate from time to time, your brain and mind would come alive and produce wealth-creating ideas quickly than someone who has no stuff inside. For instance, I am not afraid of challenges because I know that the solution is somewhere in a book. If you want to succeed in your life and in your business, the first step is to beef up your intellectual capacity”
•Everything is possible: The central idea shared by my mentor here is that with practice, you can develop any skills and that there is no goal that is unrealistic . A mind that is made up can do the impossible. Once your mind is made up on anything and you step out in faith, the Higher Power takes over -arranging people, events and circumstances that would work with you to achieve the dream. So dream big and aim to achieve it
•Let your vision consume you: The key message here is that when you are passionate about your vision , you see every obstacle on the way as a stepping stone. My mentor’s take: “As you go along on path to the Billionaires’ Club, you must learn how to put problems and obstacles into correct perspectives. A true billionaire would not see a problem as an obstacle, Everything that happens to a man of vision, negative or positive, has cash value. Sometimes I tell people that any time they encounter a problem, they should mentally substitute it for money because, really, most problems have imbedded in them incredible wealth opportunities. Without constant black out, you won’t, for instance, see generator companies springing up everywhere. To the people without electricity, it is a bad problem but to those who produce generators, God could not have been kinder.
•Start with correct interpretation: Someone once said that if you are running at 1000 kilometres per hour in a vehicle that is headed in the wrong direction, it would be an exercise in futility. The first real job in starting a journey to financial freedom is to clearly define what wealth means to you. Does it mean a huge cash in the bank or different brands of cars in your garage? The way you interpret wealth will largely determine whether you are chasing the real thing or an illusion. We all have a mental map from which we interpret everything and event in our lives. If the map is faulty , the outcome is also going to be wrong.
•Wealth starts from the mind: As a man thinketh, so is. It is said that every material thing you see is created twice: first from the mind and then in the physical realm. My mentor summarised the point thus: “There are two choices really: you can either choose to be a failure or choose to be successful. Either would be yours. This is the way it works. Assuming you choose to be a failure, it is always available. You don’t need to worry about reading, about networking with successful people. An individual who has chosen failure as a path won’t do what you are doing chasing successful people all over the place to learn from them. In fact, he does not need any adventure, he could just sit down in the village, enjoy everyday as it comes, and I tell you failure would overtake him. He doesn’t need to struggle to for anything”.
•Internalise the rules of wealth: My mentor explained that wealth building has rules and only those who follow the rules make tonnes of money. One of the rules according to him is that: “To make money, you have must have capacity to endure. Don’t forget that money has wings and can fly but you must persist until you are able to catch it. Those who give up easily when confronted with adverse circumstances are really not ready to be wealthy. If you are truly determined to be wealthy, you must see every obstacle as a stepping stone. You must be ready to endure a number of things if you are really determined to be wealth”.
•Show me your wealth plan: My mentor said: “If you truly want to be wealthy, regardless of whether you want to be a millionaire or billionaire, a key step is the plan you have for that wealth. You must have a definite goal for the level of wealth you want. You may choose to be a millionaire. You may set a goal to be a billionaire ab initio. You may also set a goal to become either a billionaire in Naira term or in Dollars or in any other currency. It is up to you. Remember there is no goal that is not realistic; everything depends on how desperate you want to accomplish the goal”. Do you already have your own plan in place?
•Cashflow is king: Someone once said that profit is an opinion but cash is fact. Having money to run your business is not the same thing as declaring a profit in your financial statement. The number one job of a Chief Executive Officer according to my mentor is to monitor the cash flow. If there is no money to run your business, your business may soon face bankruptcy even if your auditors say you profit is N100 million. The same thing is applicable to personal cash flow. What my mentor is saying is that while put your mind on asset acquisition, make it a priority to build a robust cash flow that can make you to run your life and personal business. Who says cashflow is not king!
•Take charge of your finance: This was done in three series and the central theme for all is that you must be firmly in charge of your financial affairs if you want to accomplish much in life. Taking charge ultimately boils down to six things: destroying everything limiting beliefs that have prevented you from creating wealth; learning how to make money; how to manage money; how to multiply money; how to make money last and how to make money count. It is important to master all the six dimensions of money which were treated extensively in the articles.
•Others: Among the 36 articles treated, we also learnt: how to condition your mind to create wealth; how to use other people’s money; how to make your dream unstoppable; how to develop other sources of income and how to budget on purpose on purpose. It may be necessary for you to request for the electronic copy (PDF) of all the article to get a complete sense of what we have discussed so far
•Get an electronic copy of all the articles from the start todate
•Take a topic per time and digest the central message
•Meditate on insight gained and put it to work immediately
•Let the nuggets at the end of each article be a guide
•Give yourself a deadline for implementation
•Get an accountability partner who can embark on the journey with you
•Share your success stories with me