How much money do you want to make every year? If you haven’t seriously asked yourself that, you should. Why wouldn’t you? It’s a very easy question to answer. And until you’ve really thought about it, it’s impossible to determine how you’re going to get there.
When I was in my early twenties, my father sat me down and asked me that same question, point blank. The advice he gave me after fundamentally changed the way I thought about work and led me to my current career.
I told him I wanted to make R500,000 a year. At the time, I thought that was a lot of money. You’ll work for about another 30 years, he told me. So how much money would I make in my lifetime? I did the maths: R6 million.
He asked, was I happy with that amount? If I wasn’t, what was I going to do about it?
My father was a smart man. Six million didn’t seem like a lot of money over 30 years, given taxes and living expenses. The math didn’t add up: Life is short, and it didn’t seem like enough for a lifetime of work. When I looked at the last paycheck I had received, I wasn’t happy.
My father told me the only way to create wealth was to find a business opportunity that had a multiplying effect and that didn’t require my presence. It took me some time to figure out what that meant. The latter part was easy enough.
He explained, “A doctor can only help so many people in a day and in a year. A lawyer can only try so many cases.”
To create great wealth, I needed to find something that didn’t require my hands or my presence. Fair enough.
The second was trickier: What did having a multiplying effect mean? He told me that I needed to piggyback on or create something that would be used over and over again – that people never stopped needing.
In other words, he explained to me the idea of collecting a royalty. That made sense to me. And it’s what spurred me to start licensing my ideas.
Today, there are many examples of businesses that share these qualities. App developers, for one. Franchises are another. And of course, there are countless examples of more traditional methods, like the stock market, bonds and real estate.
For me, the concept of the multiplying effect was tremendously attractive. Some people derive pleasure and contentment from being masters of their craft, from working day in and day out with their hands.
That’s not me. I wanted to make money and I wanted to be able to do new things, to constantly challenge myself in new ways.
How much money do you want to make? How are you going to make it? Finding my multiplying effect – writing a book, offering a course and licensing my ideas – has allowed me to live where I want, have people working for me elsewhere and be my own boss. It is incredibly freeing. It works for me.
I’m not saying it’s for everyone. But I want you to critically ask yourself how much you want to make. And do the math.
The 3 Decisions That Will Change Your Financial Life
There’s nothing worse than a rich person who’s chronically angry or unhappy. There’s really no excuse for it, yet I see it every day. It results from an extremely unbalanced life, one with too much expectation and not enough appreciation for what’s there.
Without gratitude and appreciation for what you already have, you’ll never know true fulfilment. But how do you cultivate balance in life? What’s the point of achievement if your life has no balance?
For nearly four decades, I’ve had the privilege of coaching people from every walk of life, including some of the most powerful men and women on the planet. I’ve worked with presidents of the United States as well as owners of small businesses.
Across the board, I’ve found that virtually every moment people make three key decisions that dictate the quality of their lives. If you make these decisions unconsciously, you’ll end up like the majority of people who tend to be out of shape physically, exhausted emotionally and often financially stressed. But if you make these decisions consciously, you can literally change the course of your life today.
Decision 1: Carefully choose what to focus on
At every moment, millions of things compete for your attention. You can focus on things that are happening right here and now or on what you want to create in the future. Or you can focus on the past.
Where focus goes, energy flows. What you focus on and your pattern for doing so shapes your entire life.
Which area do you tend to focus on more: What you have or what’s missing from your life?
I’m sure you think about both sides of this coin. But if you examine your habitual thoughts, what do you tend to spend most of your time dwelling on?
Rather than focusing on what you don’t have and begrudging those who are better off than you financially, perhaps you should acknowledge that you have much to be grateful for and some of it has nothing to do with money. You can be grateful for your health, family, friends, opportunities and mind.
Developing a habit of appreciating what you have can create a new level of emotional wellbeing and wealth. But the real question is, do you take time to feel deeply grateful for your mind, body, heart and soul? That’s where the joy, happiness and fulfilment can be found.
Consider a second pattern of focus that affects the quality of your life: Do you tend to focus more on what you can control or what you can’t?
If you focus on what you can’t control, you’ll have more stress in life. You can influence many aspects of your life but you usually can’t control them.
When you adopt this pattern of focus, your brain has to make another decision:
Decision 2: Figure out, What does this all mean?
Ultimately, how you feel about your life has nothing to do with the events in it or with your financial condition or what has (or hasn’t) happened to you. The quality of your life is controlled by the meaning you give these things.
Most of the time you may be unaware of the effect of your unconscious mind in assigning meaning to life’s events.
When something happens that disrupts your life (a car accident, a health issue, a job loss), do you tend to think that this is the end or the beginning?
If someone confronts you, is that person insulting you, coaching you or truly caring for you?
Does a devastating problem mean that God is punishing you or challenging you? Or is it possible that this problem is a gift from God?
Your life takes on whatever meaning you give it. With each meaning comes a unique feeling or emotion and the quality of your life involves where you live emotionally.
I always ask during my seminars, “How many of you know someone who is on antidepressants and still depressed?” Typically 85% to 90% of those assembled raise their hands.
How is this possible? The drugs should make people feel better. It’s true that antidepressants do come with labels warning that suicidal thoughts are a possible side-effect.
But no matter how much a person drugs himself, if he constantly focuses on what he can’t control in life and what’s missing, he won’t find it hard to despair. If he adds to that a meaning like ‘life is not worth living,’ that’s an emotional cocktail that no antidepressant can consistently overcome.
Yet if that same person can arrive at a new meaning, a reason to live or a belief that all this was meant to be, then he will be stronger than anything that ever happened to him.
When people shift their habitual focus and meanings, there’s no limit to what life can become. A change of focus and a shift in meaning can literally alter someone’s biochemistry in minutes.
So take control and always remember: Meaning equals emotion and emotion equals life. Choose consciously and wisely. Find an empowering meaning in any event, and wealth in its deepest sense will be yours today.
Once you create a meaning in your mind, it creates an emotion, and that emotion leads to a state for making your third decision:
Decision 3: What will you do?
The actions you take are powerfully shaped by the emotional state you’re in. If you’re angry, you’re going to behave quite differently than if you’re feeling playful or outrageous.
If you want to shape your actions, the fastest way is to change what you focus on and shift the meaning to be something more empowering.
Two people who are angry will behave differently. Some pull back. Others push through.
Some individuals express anger quietly. Others do so loudly or violently. Yet others suppress it only to look for a passive-aggressive opportunity to regain the upper hand or even exact revenge.
Where do these patterns come from? People tend to model their behaviour on those they respect, enjoy and love.
The people who frustrated or angered you? You often reject their approaches.
Yet far too often you may find yourself falling back into patterns you witnessed over and over again in your youth and were displeased by. It’s very useful for you to become aware of your patterns when you are frustrated, angry or sad, or feel lonely. You can’t change your patterns if you’re not aware of them.
Now that you’re aware of the power of these three decisions, start looking for role models who are experiencing what you want out of life. I promise you that those who have passionate relationships have a totally different focus and arrive at totally different meanings for the challenges in relationships than people who are constantly bickering or fighting.
It’s not rocket science. If you become aware of the differences in how people approach these three decisions, you’ll have a pathway to help you create a permanent positive change in any area of life.
7 Steps To Achieve Financial Freedom
Achieving financial freedom doesn’t necessarily mean becoming filthy rich – not that that hurts.
In this video, Entrepreneur Network partner Brian Tracy explains the seven steps you need to take to achieve financial freedom. Now, financial freedom doesn’t mean becoming filthy rich – lottery winners go bankrupt all the time. Instead, financial freedom is about becoming disciplined and using your money in a way that ensures you can live the sort of life you want both now and in the future.
That’s why the first step isn’t about getting a lot of money. Instead, it’s about teaching yourself to think positively about money. That way, you’ll be in the right mindset to move forward.
Click play to learn more.
This article was originally posted here on Entrepreneur.com.
4 Ways To Become A Millionaire Even When You Start With Little
It costs nothing to take advantage of the limitless opportunities online.
The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.
1First focus on learning, not big gain
Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.
They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.
2You can learn loads about any topic online
I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago. Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials.
Set some time aside every day to learn something online. It could be a video series or a favorite blog. When you get into the habit of learning regularly you’ll find that you advance much faster.
3Focus on the niche you love
These days you can learn about anything and target the niche you’re passionate about. This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.
You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.
4Prove your expertise by creating free content
Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.
It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.
You can do lots with a little
The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.
Combine everything together and you can accomplish anything.
This article was originally posted here on Entrepreneur.com.
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