The 10 Pillars of Wealth by Alex Becker is a book about the mind-sets of the world's richest people. In this Book Becker discusses what many millionaires have in common, based on his experience and the experience of other millionaires he knows. In a similar manner to last week's review, Think and Grow Rich, many of these pillars deal with refocusing the mindset of those who want to acquire large sums of money. He has a crass approach in his book, however he makes many great points which are very similar to points made in Think And Grow Rich. We will highlight a few of the similar points, specifically in regards to the Freedom which money provides, and how important Time and People are to the entire equation.
Money can buy just about anything, but the most inportant thing it can buy is freedom from financial stress.
Money allows one the freedom to do more of what they want, when they want, how they want. Ponder on this question for a minute. If you had the ability to do anything you wanted tomorrow morning, other than go to work if it's a work day for you, what would you do? I can say that it is safe to assume that 90% of people would not say go to work! There are some people who are working and doing exactly what they love to do, and getting paid to do it. There are also people who are able to make their own schedule, or who are able to make get paid without being in a specific physical location. With the proliferation of e-commerce due to access to the internet, more and more people have the ability to work from anywhere they want, whether they are working for themselves or for your typical 9 to 5 company as a Teleworker. You also see that the retail industry is weakening due to the ease of being able to procure items or services without visiting a physical location in many cases. Combining the internet with access to a larger number of customers, and access to a more diverse customer base than you may have been able to access locally, is providing many with access to more money and hence more freedom. Freedom can be one of the greatest stress relievers! But you know what can increase your stress, as well as deter you from your future freedom?
Focusing on problems that havent happened will increase your stress and possibly even deter you from reaching your goal at all
Focusing on problems that haven't happened! Problems are bound to occur no matter how much money you do or don't have. However, focusing on every potential problem which can occur, can also prevent you from ever breaking out of your current bubble. When thinking of starting a business of any type, there will be individuals (friends, family, general naysayers) which will tell you all the reasons why "it won't work". Sometimes they may be right...but in most cases people who have not owned or do not currently own a business likely cannot advise you on making money in a business. Their intentions may be noble, however if they're only able to provide you with all the problems which can occur, but nothing positive which can lead you toward success, do not listen! Your ears should focus on other like minded people who are trying to go where you are going, as well as people who are already where you are attempting to go. They will be able to provide you with the right motivation and advice to reach your goals.
Now the Good nEws with getting rich quickly is that you only have to get it right once.
Regardless of your views on money, your time is the greatest sacrifice in the getting-rich-slowly plan.
Want to know what you have in common with all of the Billionaires, Millionaires, Thousand...well you get the picture. What you have in common with everyone on planet earth is 24 hours in a day! So until you move to Mars, where a day has 24 hours and 39mins, I can guarantee you that individuals from your income level, to Alex Becker's, to Warren Buffett's, all have the same amount of time available to reach their goals each day. According to a 2013 Business Insider article, Warren Buffett's income for the year broke down to $1.54 Million an hour! Those are not just working hours, since Buffett of course makes money in his sleep from his investments. So even if you did have more time in the day than Warren Buffett, it would not matter if you are not using every minute wisely to work toward your goals.
Identify high ROI actions and remove low ROI actions from your daily routine
No matter what your focus is, whether it is to make money, learn a new language, learn how to knit baby booties, etc...the more time you can spend on the goal, the more likely you are to achieve it. If you think of your time as an investment, then you will want the ROI (Return on Investment) or your Time to be high. This will include your free time. If you spend more of your Free Time (non-working and sleeping hours) as FREE (not making money) time than you do on working towards a goal, it will of course take you longer to reach your goal. Don't get me wrong, this does not mean that you should not have free time. We all need time to relax, and reboot our minds. However watching 4 hours of Netflix shows or whatever you use your free time to do, then complaining or stressing about not having the income you need, does not add up! If your goal is to make more money, use your free time on activities that work towards that goal. Make sure that the activities you are working on eventually move towards a future action. You can read all day about how to ride a bike. I'm sure there are many lovely instructions in print, or even available via video, but until you actually sit your butt on a bike, you will never actually learn. Use your time wisely, then separate your time from your money as quickly as possible. Doing so will help to increase the ROI of your time...over time!
Self made rich people understand that the lowest-risk bet is to bet on themselves because they control the outcome
Money is not real...Because of this, you literally cannot become rich without other people...Money is power over other people
The sOle factor of how successful you are is how good you are at influencing and controlling other people's decisions
Going back to Buffett and the subject of time, no successful person in history has ever become and continued to be successful in the long run by themselves! When you hear or read the term "self-made", what this really means is they did not inherit a large sum of money to give them a head start at becoming a millionaire or billionaire. Even those individuals who did inherit their money, still need other people to help their money grow, otherwise they will eventually squander it all.
People are a very important factor in increasing the ROI of your time. I have a great example, similar to what Becker mentions in his book, which I heard on a podcast recently. The featured interviewee was Barbara Corcoran. Corcoran started in Real Estate, and now is an investor in other businesses, and also appears on the TV Show Shark Tank. One of the things she mentioned, which allowed her to increase the ROI of her business was duplicating herself. Corcoran had a great sales pitch for getting others to buy real estate from her, but she never would have been able to reach the heights she eventually reached if she was not able to duplicate herself. She duplicated herself by getting other PEOPLE to copy her sales pitch. Selling 1 home a month, or even 1 home a day may be possible with 1 person, but selling 100s per month would not be possible if Corcoran was unable to duplicate herself. Sales is the most important part of any business. If no one is selling, no one is buying. If you don't have enough people to keep up with the demand of your business, you will miss out on a lot of business.
âPeople can also be used to compliment your skill set. Maybe you've made a great product or thought of a great service, but are unable to come up with a great sales pitch or marketing strategy. Don't be afraid to include other individuals in on your success. As Becker mentions, this is the only way for it to scale to the point of eventually making millions. Without winning the lottery of course!
Thanks for taking the time to read our review of 10 Pillars of Wealth by Alex Becker. Be sure to comment below and subscribe to our Blog to stay up to date with all of our posts, as well as our monthly book review. Next month we are reading The Goal: A Process of Ongoing Improvement by Eliyahu Goldratt.
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Akeem The Dream
I enjoy discussing and learning about technology, stocks, sports, and beating my wife at Dominoes! As I learn, I love to share with family and friends so that we can share our knowledge. Thanks for being apart of the journey!