It may not seem fair, but the fact is the ‘income gap’ is increasing and most financial experts only see this trend continuing with no end in sight.
In preparation for this column, I sat down with someone who knows far more wealthy people than I will likely ever meet: Jeff Rose. Rose is a certified financial planner, author and blogger at GoodFinancialCents.com, as well as a millionaire himself, who dedicates a good portion of his time to helping people become (and stay) wealthy.
I asked Rose why he thought the income gap was growing. He mentioned five primary things that wealthy people simply do differently than the rest of the world. Here are those five, in no particular order.
1. They take risks
Rose explains that the wealthiest people he works with routinely “throw spaghetti at the wall to see what sticks.” In other words, they try a lot of different things, knowing that a lot of it will fail.
They take those risks because they know that failure is just part of the process in discovering what will truly work to build more wealth. Furthermore, as Rose explains, the rejection of those ideas invigorates the wealthy into finding what will work, a stark contrast to most of the population that simply looks at failure as a road block.
2. They invest in themselves
According to Rose, “wealthy people don’t look at the money spent on personal growth as an expense, but an investment.”
While many individuals conserve every penny equally, the wealthy understand that strategically investing in themselves will produce a far greater return than any stock, real-estate investment or business venture. Whether it’s purchasing a book, hiring a coach, joining a paid mastermind group or another source of paid self-improvement, the wealthy see this as an investment.
3. They associate with those they want to emulate
When the human body gets too hot, it produces sweat in an attempt to cool down. When it becomes too cold, it shivers to produce heat. In other words, the human body is constantly adapting to keep its temperature at the same comfortable spot. This automatic levelling is a biological process known as homeostasis and is found in numerous aspects of life.
From human biology to the temperature of the earth to a car’s cruise control, homeostasis is a fact of life that governs nearly every aspect of your existence. And, as the wealthy have discovered, homeostasis can also be a powerful way to build wealth.
As Rose stated bluntly to me, “If you want to be rich, hang around rich people.” Or as financial TV personality Dave Ramsey often says: “If there are four broke people in a room, you’ll be the fifth.”
Wealthy people have discovered that they can grow their wealth simply by associating with those who are even wealthier. Humans pick up the habits and strategies of those in their immediate surroundings, and the wealthy have learnt to use this homeostasis to their advantage.
4. They have a dedicated morning ritual
While most of the world is hitting the snooze button 14 times in a row each morning, the wealthy have already begun increasing their net worth.
“Most of the multi-millionaires I know have a dedicated routine, a ritual, that they do each and every morning,” Rose says.
This morning ritual could include exercise, affirmations, goal reviews, breakfast or whatever else helps them start their days with a bang. They start strong, accomplishing more before noon than most people accomplish in a week.
For those struggling to get started each morning on the right foot, Rose recommends two books:
In my own life, I’ve found this truth incredibly powerful. Since instituting a morning routine, I’ve quadrupled my income, written and published a bestselling real-estate investing book, lost 5 kgs, bought my dream house and deepened my relationship with my wife. Not bad for just a few minutes each morning of dedicated routine.
5. They review their goals consistently
Finally, according to Rose, the rich have clearly defined goals and continually review them to track their progress, make changes and develop strategies for meeting those goals. This process of immediate feedback allows the wealthy to make quick changes to their plans to keep the course in a rapidly-changing world.
While most of the human population gives little to no thought on their futures, the wealthy are reminded daily of where they are headed. Like a family taking a cross-country trip in their car, the rich have their road map spread out on the dashboard so they can navigate the fastest, easiest route to their destinations.
Rose admits that the wealth gap is far more complicated than a simple ‘five-point article.’ However, he continually witnesses these five traits guiding the lives of those who are getting richer and has used them in his own life to create multiple businesses and build some serious wealth himself.
These five actions create a positive-feedback loop that will continue to make the rich richer, and there’s no sign of that ceasing. The good news is, however, these five actions are all things that anyone can put into practice today.
This article was originally posted here on Entrepreneur.com.
How To Be Positive (Willpower Not Required)
‘Just be positive’ is bad advice.
When you’re struggling to find a positive thought, Entrepreneur Network partner Ben Angel challenges you to look deeper than just your attitude.
You can listen to all the motivational speeches you like, but if your body is in a state of nutritional deficiency, you don’t have the energy you need for your neurons to do the required psychological work to hold a positive outlook.
This article was originally posted here on Entrepreneur.com.
Why Your Professional Persona Matters
You don’t have to become a different person to succeed in business.
For superheroes, getting into professional mode is as easy as slapping on some spandex, a mask and a cape. For the everyday entrepreneur, however, the proper work mindset is less about attire and more about adopting a professional persona.
Your professional persona is your personal branding in the workplace. It refers to the way that you conduct yourself publicly in a business setting, and the image you project to coworkers and colleagues. Far from contrived or inauthentic, it’s simply the polished-up way that you present yourself professionally.
How do I develop a professional persona?
It’s actually extremely easy to develop a professional persona. All you have to decide is who you want to be in the workplace, and then take efforts with your attitude, dress, and conduct to become that version of yourself. Action follows intention, and over time, you’ll find that adopting your professional persona feels as natural as putting on your coat before leaving the house.
Now that you understand what a professional persona is, let’s talk about why you should work on cultivating one and what you stand to gain.
Create a self fulfilling prophecy
Success is typically hard-earned and slow in the making. However, if you take the time to develop a professional persona, it can help bring success sooner. If you conduct yourself casually and informally in the workplace, you’re less likely to be taken seriously and might spend far longer in the career trenches.
But if you make a concerted effort to conduct yourself with the professionalism of a manager or CEO, you’ll make yourself a more desirable candidate for advancement. Since you’ve already demonstrated the appropriate attitude for higher level positions, you’re more likely to be thought of when opportunities arise.
Focus on what’s important
When you establish a professional persona, you put yourself in the right state of mind for work. This can help you attain your career goals.
Say, for instance, that one of your big career goals is to become a leading authority in your field so that you can become the next TED Talk celebrity. With this specific goal in mind, you can tailor your professional persona so that it can help advance you toward this goal. For instance, you might begin speaking at local networking events or starting a topical podcast. Doing things like this will help you establish a professional persona of being an expert in your niche.
Make yourself indispensable
One of the best ways to create job security is to make yourself indispensable in your position. A professional persona can help by letting you establish recognisable and dependable hallmarks in your working style.
For instance, perhaps part of your persona is that you are the person who always meets his or her deadlines on time. In time, this will become part of your professional identity and will be part of how people see you in your office or field. When others know and trust that they can depend on you, you’ll make yourself indispensable. Over time, this can have a powerful and positive effect on your career.
Be taken more seriously
A casual attitude is fine when you’re hanging out with friends. But in a professional setting, it may be holding you back. When you present yourself with a more polished professional persona in work settings, you’ll be taken more seriously. This doesn’t mean you can’t have fun at work, of course. But it does mean that you should conduct yourself with an air of professionalism and should never engage in bad habits like gossip or use language that might come back to haunt you later.
Remember: You get what you give. When you act respectfully in the workplace, you’re more likely to be treated with the same respect.
You’ll get more followers
More and more, entrepreneurs are using social media to attain a higher professional status or to attract more business.
When you take the time to develop a professional persona, you adopt a personal style, a way of articulating, and potentially even an aesthetic. These things add up to more clear and compelling personal/professional branding. This can help you maintain a consistency on social media platforms that makes your posts recognisable. Over time, this can lead to additional followers, which can mean more opportunities for selling, career advancement, and more.
Develop a thicker skin
You’ve probably heard that you shouldn’t take things personally in the professional sphere. But anyone who has ever experienced rejection or criticism in their career knows that this is much easier said than done.
Your professional persona can help give you some personal armour. When you have a professional persona, it can be easier to separate your personal life from your work to a greater degree. No, this doesn’t mean that you won’t feel any pain when things go wrong, but it will allow you to compartmentalise in a positive way, so that an issue at work doesn’t impact your personal life quite as much.
This article was originally posted here on Entrepreneur.com.
6 Steps To Cultivate A Success Mindset
What does a winning mindset mean to you? It’s what has separated the likes of Tiger Woods, Roger Federer, Serena Williams, Usain Bolt and Floyd Mayweather from fellow professional athletes. Adopting a similar approach could help you achieve massive success in 2019 and beyond.
A winning mindset is the trait that allows you to persist even when defeat looks like the most probable outcome. People with a winning mindset are much clearer about the process to attain their goals. They are not afraid of failure as long as they believe that they’re doing the right thing. That’s the difference between winners and losers.
1. Persist and understand that you must put in the work before you see results
The most successful people embody the principle of a winning mindset, because very few people in the world, be it in sports or business, can succeed without having to overcome obstacles. It’s seldom that talent is all one needs to succeed in any endeavour, otherwise most people would be successful.
A good way to understand this principle is to observe professional athletes before and during tournaments. Anybody competing in professional sports, such as the Olympics, has the talent but not all professional athletes are winners. A number of their memorable victories were achieved when they came from behind, when it looked like they were losing.
2. Press the reset button for the new year
The new year is notorious for long lists of resolutions that are not honoured and ultimately remain wishes. That said, the dawn of a new year tends to bring with it positive energy and a commitment to do things differently.
Entrepreneurs need to approach the New Year with a simple goal to do better than the prior year in whatever endeavour they are undertaking. It is important to build on current success or failure, and then commit to go one up. That way, the goal won’t seem unattainable.
3. Take small incremental steps
The first step is to be clear about the goal and to write it down where you can see it every day. The second thing is to map the process of how you will get there, broken into small steps. From there onwards, focus on the process and not the goal as this allows one to achieve small but important victories. This needs to be backed up by an appropriate support system, associating with like-minded people.
4. Don’t stop upskilling yourself
Success in business is about creating shared value and solving real-world challenges that customers grapple with. Skills are therefore necessary to achieve success, so upskilling oneself is never a bad investment. It’s good to know something about everything, but ultimately one needs to know everything about something.
Some skills will be brought in through hiring staff, others through outsourcing and in some cases through strategic alliances.
5. Remember that no goal is static
One of the most important things to always remember is the goal, and that the goal is dynamic; it will have to be adjusted along the way. Business leaders can therefore celebrate the small victories fully aware that there is more work to be done. Achieving temporary success is easy, especially with all the tenders around, but building a sustainable business and staying on top requires persistence and hard work.
6. Your top tool is in your head
It’s all in the mind, backed by passion and a strong desire to succeed. If anything, business leaders need to train themselves to be uncomfortable with the status quo, not to get too comfortable with the present.
Why Not Consider The Acca Qualification For 2019?
ACCA professionals are more than accountants. They think holistically, consider challenges in the context of business and have strong strategic and leadership skills. Visit www.accaglobal.com for more information.
Women Entrepreneur Successes1 week ago
How A Serious Car Accident Led Founder Relebohile Moeng To Starting Afri-Berry
Business Ideas Directory2 weeks ago
300 Business Ideas To Inspire You Into Entrepreneurship
Are You Suited to Entrepreneurship1 day ago
Entrepreneurship: The Secret To Reaching Entrepreneurial Success And Fulfilment In Life
Lessons Learnt1 week ago
(Slideshow) Top Advice From Local Entrepreneurs That Will Change Your Business In 2019
Company Posts2 weeks ago
Travel At The Touch Of A Button
Performance & Growth1 week ago
Taking Care Of Business
Company Posts2 weeks ago
Access To The Best In Travel Excellence
Branding5 days ago
3 Women Entrepreneurs Share Their Personal Branding Lessons And Goals