Snippets, FYI.
Full article at:
http://www.news.com.au/common/story_page/0,4057,7615694%5E421,00.html
October 21, 2003
A 10-year study into more than 1000 millionaires, by Sydney business consultant Brian Sher, shows there are a range of common thought patterns shared by the rich.
Here are 10 tips on how to think like a millionaire from his book, How to Make Money Out of Thin Air, released earlier this year.
1. Have an abundance mentality
Wealthy people tend to believe there is an abundance of opportunity for everyone and do not feel the need to grab at the first opportunity that comes their way. Less successful people have a scarcity mentality. They are motivated by fear and believe there will only be few opportunities for them.
2. Apply the concept of high leveraging
Mr Sher says most financially successful people don't make their money by selling their own time, but by creating and selling businesses which can operate independently from them. In other words, by creating businesses which benefit from capital gains and value adding.
3. Have a clear vision
Mr Sher says a clear vision of what you want to achieve is the most important quality needed to acquire riches. The key, he says, is to find a calling and then focus on mastering it. "Too many people make the mistake of not focusing," he says.
4. Beware of dream thieves
Everyone comes across doomsdayers who discourage them from fulfilling their dreams, but the more successful people are able to rationalise the criticism and, if necessary, cast it off.
5. Hang out with Lleyton Hewitt instead
Just as successful people avoid doomsdayers, they will choose to spend time with other successful people. The shared sense of common challenges makes them feel secure, and often inspires them to greater heights.
6. Use your gut instinct
It is sometimes called a sixth sense, or a good old-fashioned hunch. It may not inspire the greatest of confidence when used as the sole basis for business decisions, but few will deny it exists. "Successful people use this sixth sense to see opportunities others don't see," says Mr Sher. "While most people will see an empty store and wonder why it went bankrupt, a successful person will listen to their gut and wonder what they can put in it to make it work."
7. Be "delusional"
Successful people often have higher expectations of themselves than less successful people, which usually pushes them to do bigger and better things. They also know how to ignore detractors who usually see their lofty dreams and great visions as delusional. Mr Sher says people who dare to have big dreams are more likely to achieve them than those who don't dream at all.
8. Have PCD
Passion, Commitment and Discipline - is the core to all financial success.
9. Accept failure
People who make a lot of money are also likely to make mistakes. Successful people accept this and do not let it shatter their confidence or prevent them from continuing their business. "It's impossible to make a lot of money Land not make some mistakes - sometimes million dollar mistakes - but successful people accept this and move on."
10. Remember, life is not a test drive.
Successful people are usually action-oriented and do not procrastinate. Less successful people often fail to put their ideas into practice because they fear they won't succeed or because of sheer laziness.
MB
Full article at:
http://www.news.com.au/common/story_page/0,4057,7615694%5E421,00.html
October 21, 2003
A 10-year study into more than 1000 millionaires, by Sydney business consultant Brian Sher, shows there are a range of common thought patterns shared by the rich.
Here are 10 tips on how to think like a millionaire from his book, How to Make Money Out of Thin Air, released earlier this year.
1. Have an abundance mentality
Wealthy people tend to believe there is an abundance of opportunity for everyone and do not feel the need to grab at the first opportunity that comes their way. Less successful people have a scarcity mentality. They are motivated by fear and believe there will only be few opportunities for them.
2. Apply the concept of high leveraging
Mr Sher says most financially successful people don't make their money by selling their own time, but by creating and selling businesses which can operate independently from them. In other words, by creating businesses which benefit from capital gains and value adding.
3. Have a clear vision
Mr Sher says a clear vision of what you want to achieve is the most important quality needed to acquire riches. The key, he says, is to find a calling and then focus on mastering it. "Too many people make the mistake of not focusing," he says.
4. Beware of dream thieves
Everyone comes across doomsdayers who discourage them from fulfilling their dreams, but the more successful people are able to rationalise the criticism and, if necessary, cast it off.
5. Hang out with Lleyton Hewitt instead
Just as successful people avoid doomsdayers, they will choose to spend time with other successful people. The shared sense of common challenges makes them feel secure, and often inspires them to greater heights.
6. Use your gut instinct
It is sometimes called a sixth sense, or a good old-fashioned hunch. It may not inspire the greatest of confidence when used as the sole basis for business decisions, but few will deny it exists. "Successful people use this sixth sense to see opportunities others don't see," says Mr Sher. "While most people will see an empty store and wonder why it went bankrupt, a successful person will listen to their gut and wonder what they can put in it to make it work."
7. Be "delusional"
Successful people often have higher expectations of themselves than less successful people, which usually pushes them to do bigger and better things. They also know how to ignore detractors who usually see their lofty dreams and great visions as delusional. Mr Sher says people who dare to have big dreams are more likely to achieve them than those who don't dream at all.
8. Have PCD
Passion, Commitment and Discipline - is the core to all financial success.
9. Accept failure
People who make a lot of money are also likely to make mistakes. Successful people accept this and do not let it shatter their confidence or prevent them from continuing their business. "It's impossible to make a lot of money Land not make some mistakes - sometimes million dollar mistakes - but successful people accept this and move on."
10. Remember, life is not a test drive.
Successful people are usually action-oriented and do not procrastinate. Less successful people often fail to put their ideas into practice because they fear they won't succeed or because of sheer laziness.
MB
