- The problem of taking a passive or DIY approach to life and getting ahead
- Six key insights to success with money
- Six keys to building greater success with money
- 1 The one essential ingredient common to all
- 2 Educate yourself and be prepared to spend time and money to invest in your education
- 3 You need an adviser or coach to help accelerate your success.
- 4 Surround yourself with bigger thinkers - proximity is power
- 5 Identify the important areas in your life and put a bigger thinker into that space to help you see what you cannot see.
- 6 Keep your mindset open to change, whatever you age
Our response normally starts with our core philosophy.
Get good guidance, make good decisions, be good at life. Our ability to change is what makes us human. The decision to change is what makes us successful
Taking a DIY approach to your finances, investing or growing a business is the slow and unpredictable way.
The only way you can accelerate the growth of your wealth and get ahead is by learning from others and their mistakes and successes.
Unless you have a bottomless bank account and an abundance of stress-free time, you need to change your current thinking, learn new skills and mindsets and leverage your education.
Why isn’t everyone wealthy when it looks so easy? Why do so many people fall victim to internet scams and why is there so much free information about how effortless it is to become wealthy fast? Maybe if it sounds too good to be true, it probably is.
Regardless of where you may be on your wealth journey, the one common denominator that connects us all is the need for time and stability.
Time for our education to complete, time to gain more experience, time for our income to increase. More time for our investment property to increase in value and more time for shares and stock market investments to weather the inevitable fluctuations that seem to occur in the markets.
Get used to talking with professionals and how to seek advice. Good advice has a process and logic to it. If someone can’t explain it to you simply, they probably haven’t mastered that particular skill sufficiently yet.
Be careful of who you take advice from. You need to recognise that people are often affected by a number of interconnected issues that can distort how they see the opportunities about them. Limited qualifications and experience, people's mindsets, beliefs, attitudes, connections and outlook all affect our understanding about protecting, providing and creating wealth.
A bank employee probably may have an academic understanding of some small business risks but usually, lacks the practical experience to connect with a small business owner or their family.
The most expensive advice is free advice from an ill-informed person
When it comes to a haphazard DIY approach to anything important, there is a very real risk that you'll lose time and expose yourself to self-mistakes learning. Good advice from a professional who knows the environment you need to excel in, can compress time for you to get results faster.
In practical terms, you'll benefit from some form of relationship with a financial adviser. Surround yourself with people further along the journey than yourself.
We believe that people become like the people they hang out with, listen to and connect to. Maybe it’s time to stop to rethink and redefine what your definition of normal is.
Everything you know you need to learn from somewhere or someone
5 Identify the important areas in your life and put a bigger thinker into that space to help you see what you cannot see.
Sometimes a 'little bit of knowledge' can do you more damage than good and unwinding a problem usually takes longer than avoiding one. This is especially important if you’re an overly analytical person as it adds to the lag time delay in your decision making.
So much of our advice actually looks like education
We suggest you only use an adviser who has been in business for at least 5 years and who will be in business for the next 10 years. Choose a mobile and digitally literate adviser with up to date electronic capacity; one who can Skype with you when you need it and who can txt and email as required (rather than one who you need to take a day off work to go and see at the corporate office).
A low tech adviser may suggest that they won’t be there for the long term as evidenced by their lack of investment in their education and digital literacy.
If change is happening on the outside faster that on the inside, your end is in sight - Jack Welsh former CEO General Electric
If you want to get better at life and money, never seek to stay the smartest person in the room. Your income and your thinking usually becomes the average of the 5 key people in your life. Maybe it's time to pause and redefine what you want from life and what the new normal should look like for you, your family and your business.