Mentored For Success – The Mentors Behind Self-Made Millionaires

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Mentors are critical to breaking free of poverty or a middle-class upbringing. Almost 92% of the self-made millionaires in my study had some mentor that they could point to who helped them become rich. These mentors taught them new habits, new beliefs, how the rich think, how the rich set and achieve goals, processes that lead to success and tricks that put helped put them on the fast track of success.

Who were their mentors? [Read more…]

16 Qualities of a Good Mentor

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Finding a mentor in life is the fast track to success. In my Rich Habits Study, 93% of the self-made millionaires who accumulated the most wealth in the shortest amount of time said that they had a mentor who taught them what to do and what not to do. A good mentor takes the “risk” out of success.

So, what qualities should you look for in a mentor? A good mentor should have the following 16 qualities:

  1. They have an infectious positive outlook – Good mentors have a positive, optimistic outlook on life that infects you like a virus.
  2. They are patient – Good mentors are patient. They understand that the skills and knowledge they are sharing with you will take time to digest.
  3. They are likeable – You need to like your mentor. A good mentor is someone you like being around.
  4. They are generous with their time – Good mentors devote time to your development.
  5. They hold you accountable – Good mentors always circle back with you and make sure fulfill your role as a mentee. If they ask you to do something, a good mentor will follow-up to make sure you did what they asked you to do.
  6. They are demanding – Good mentors push you outside your comfort zone. They understand that growth occurs outside the comfort zone.
  7. They are considerate – Good mentors understand that sometimes life goes wrong and they give you space to deal with life’s problems. They are sympathetic (to a point).
  8. They are responsive – Good mentors respond to your needs and provide you with the tools and information to help you develop the skills and knowledge to grow.
  9. They are empathetic – Good mentors understand your pain. Growth is painful and they get it.
  10. They have good habits – Good mentors have their own set of good habits that they are happy to share with you.
  11. They are humble – Good mentors check their egos at the door. Their humility creates a comfortable learning environment.
  12. They are good communicators – Good mentors are able to communicate complex concepts in a language you understand and are in constant communication with you.
  13. They are process-driven – Good mentors have processes that work and can be learned.
  14. They are accessible – Good mentors are available. They are never too busy to invest their time in you.
  15. They are inspiring – Good mentors pump you up, motivate you and inspire you to push yourself.
  16. They are successful – Good mentors have a proven track record. They are successful in their field.

3 Types of Rich People

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I’ve been studying the wealthy and the poor for nearly 12 years now. One of the things that I’ve noticed is that almost 100% of the time the media misinforms its readers with respect to the definition of wealth. So, I thought I’d clear it up for you using the same language used by the media.

Three Classes of Rich:

  1. Affluent – These are individuals with net assets (assets minus liabilities) of between $100,000 – $1 million.
  2. High Net Worth – These are individuals with net assets (assets minus liabilities) of between $1 million and $3 million.
  3. Ultra High Net Worth – These are the individuals with net assets (assets minus liabilities) $3 million and above.

In my Rich Habits Study only Ultra High Net Worth individuals made the cut. But, in addition to having an Ultra High Net worth, in my study they needed to also have an annual gross income of $160,000 or more. Below is the two-part test every Ultra High Net Worth individual needed to satisfy in order to meet my definition of Rich:

  1. Net Assets of $3.2 million or more AND
  2. Gross Income of $160,000 or more.

Some might argue that those individuals who meet the High Net Worth category of between $1 million and $3 million are “Rich” as well. And you might be right. In order for the High Net Worth individuals to be considered “Rich”, however, they would very likely need to live what I call a minimalist lifestyle. A minimalist lifestyle is one where the individual either lives below their means or lives within their means. Examples always work best so let me give you one. Let’s say you have net assets totaling $2 million. And let’s say that that $2 million is sitting in an annuity or some other type of guaranteed investment kicking off 4% of guaranteed annual taxable income, or $80,000. If you are in the 20% Federal and State tax bracket that leaves you with $64,000. If on this $64,000 you are able to do the things you want to do in life and, at the same time, meet all of your living expenses then you are “Rich”. You don’t need to work in order to earn any income because you have more than enough income to live the life you want to live.

Now, you might also argue that 4% is too conservative a number and that it is possible to earn more income than 4% on your $2 million. This is called chasing yield and whenever you chase yield you must take on additional risk. The downside of finding an investment that pays more than 4% is the potential that that investment might return less than 4% during downturns in the economy or the investment marketplace. There are plenty of investment options out there that guarantee between 4% – 5% return without taking on any unnecessary risk. But there are not many investments out there that guarantee more than 5%. (Disclosure: my advice to you would be to find a qualified professional who can help you meet your investment goals.)

Those who are truly wealthy do not need to “work”. Their net assets generate all the income they need to live the “rich life”. The rich life means you can do as you please with your time, live the life you want to live and not have to worry about working to earn income in order to live that life.

 

I Spent 5 Years Studying Rich and Poor People, and Here’s the Most Important Things I Learned About Succeeding

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When I began my study of the rich and the poor I wanted to know the answer to one question: why are some people rich and other people poor? Five years later and over 350 interviews later, I finished my research. It wasn’t an easy thing to do. I had grouped 144 questions into 20 categories, and asked over 350 millionaires and poor people these questions. It took me five years because this wasn’t just a survey I mailed out. Surveys have very limited value. I either met with these people or spoke with them over the phone. As a result, I was able to gather far more data. If you do the math, I asked 51,984 questions of the rich and the poor. That’s a lot of questions!

But it was worth it. I learned an enormous amount about dealing with mistakes and disappointment. I gained insight into what it takes to overcome the hurdles, obstacles, rejections and the emotional downs everyone who pursues success experiences. More importantly, I learned a lot about success and failure. I learned, in particular, why some never quit on their dream and why some do. [Read more…]

I Spent 5 Years Studying Rich People, and Here are the 6 Best Pieces of Advice I Can Give You About Making More Money

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There are smart ways to try and make more money and their are the not so smart ways. Thanks to my five year study on rich people, I was able to uncover some of the best ways to make extra money. Here are six of the best pieces of advice I found from my study on making more money: [Read more…]

I Spent 5 Years Studying Rich People, and Here are the 20 Best Pieces of Advice I Can Give You About Achieving Success

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When I began my study of the rich and the poor, I wanted to know the answer to one question: why are some people rich and other people poor? Five years later and over 350 interviews later, I finished my research. It wasn’t an easy thing to do. I asked each person 144 questions. It took me five years because this wasn’t a survey I mailed out. I either met with these people or spoke with them over the phone. Surveys have limited value, but actual interviews allow you to dig deeper and uncover much more valuable information. If you do the math, I asked 51,984 questions of the rich and the poor. That’s a lot of questions!

But it was worth it. What I discovered is beginning to catch the attention of the world and I am confident my discoveries will help change the lives of millions living in poverty or stuck in the middle-class. Here’s 20 of the best pieces of advice I can give you about achieving success: [Read more…]

I Spent 5 Years Studying Rich and Poor People and I Would Like to Share What Separates The Rich From the Poor

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When I began my study of the rich and the poor I wanted to know the answer to one question: why are some people rich and other people poor? Five years later and over 350 interviews later, I finished my research. It wasn’t an easy thing to do. I had grouped 144 questions into 20 categories, and asked over 350 millionaires and poor people these questions. It took me five years because this wasn’t a survey I mailed out. I either met with these people or spoke with them over the phone. If you do the math, I asked 51,984 questions of the rich and the poor. That’s a lot of questions!

But it was worth it. What I discovered is beginning to catch the attention of the world and I am confident my discoveries will help change the lives of millions living in poverty and help those stuck in the middle-class improve their financial lives. I’d like to share two ideologies that I uncovered in my research that separate the rich from the poor and which are responsible for creating wealth or causing poverty. I’d like to share those two ideologies with you. [Read more…]

The Words You Use Affect the Way Others Perceive You

tip-o-the-morning

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I remember my first job in NYC. I was 21 and interning for Bankers Trust right across from World Trade Center Building #1. I was finished with my work day and headed down the two story long series of escalators which delivered all of us down to street level. There were four of these escalators, two that went down and two that went up. While on one of these down escalators I ease dropped on a conversation two bankers were having in front of me. To this day I have no idea what they were talking about. But what I do remember was how impressed I was. They used words like Michelangelo used clay or paints. It bothered me that I did not understand the words they were using.

That summer I decided I was going to learn ten new words a day. So I pulled out the dictionary, took out a binder, some paper and a pencil and began writing down words I didn’t know. I did this every day for about two months. As summer came to a close, I was now the proud owner of 500 new words. And I started to use these words, weaving them into conversation. I remember playing pool in the rathskeller back at college. There was a very pretty girl in the group. She knew some of the guys I regularly played pool with. We were all discussing Poland, which was in the news. They were going through a revolution there. I remember sharing my opinion with the group about this revolution. I test drove some of the new words I learned over the summer.

About an hour later, as I was walking out the rathskeller, the pretty girl accompanied me up the stairs. She never did this before. I confess, my heart was beating like a rabbit. She said to me, “I didn’t realize you were so smart.” We became fast friends after that and had many more conversations. We came very close to dating but I never had the ask a girl out on a date confidence to ask her out. I’m of Irish decent and, at the time, I was working on my eighth year of puberty. I still looked like a man child and felt ugly and very awkward back then.

I kept that word binder, but confess that I lapsed in my devotion to learning new words. When I was finishing up my study on the daily habits of the rich and poor in 2008, I discovered that one of the Rich Habits the millionaires all seemed to have was a daily devotion to learning and self-improvement. So I found my old word binder, dusted it off and renewed my study of words. It has helped me enormously in communicating my research in the books and articles I’ve written as well as in the numerous media interviews I’ve had.

The words we use every day create perceptions. They are like magnets, drawing to us all sorts of people. Rich people had figured that out long before they became rich. The more words you know, the better your ability to communicate what you know. Words create perceptions. If you want to create the perception that you are smart, you must increase your knowledge of words and use them in conversation. Learning new words helps you grow as an individual. They increase your confidence. They transform you.

Start your word binder today. Devote just fifteen minutes a day to increasing your vocabulary. Add five new words a day to your arsenal. People will take notice. Words will elevate you and draw the right people into your inner circle.

Delayed Gratification vs. Immediate Gratification

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It’s so easy to do the easy. It’s so hard to do the hard. The other night I came home from work, hungry, tired and in need of some R&R. Dinner was waiting for me on the counter. There was a cold beer in the refrigerator just screaming out at me. I went upstairs, took off my work clothes and then I saw my sneakers staring at me. Before any of the demon voices in my head started talking, I took my sneakers, put on my shorts and headed downstairs to my basement. I got on my stair master and for the next 40 minutes I sweat. When I was done I walked into the kitchen, heated up my dinner and cracked an ice cold beer. That dinner tasted so good. That beer, so cold and delicious. As I ate and drank, I felt happy.

It’s so easy to give in to temptation. But sacrificing, by delaying gratification until something important gets done first, makes the thing you delayed gratification on infinitely more rewarding. Our lives are the byproduct of our behavior and the choices we make. When we choose the easy, life’s immediate pleasures lose their flavor. When we choose the hard, life’s eventual pleasures are heightened.

Always choose the hard. Hard and Happiness share more in common than a few letters. They are life’s yin and yang.

 

You Are Under My Control

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I hate to tell you this, but your life is not under your control. Your behavior, your thinking, the choices and decisions you make, what you spend your money on, what you eat and drink, who you associate with, the T.V. shows you watch, the Internet sites you visit and so much more. Your life as you know it, if you’re like most, is one big zombie life.

We are all being bombarded, every day, with outside influences:  T.V ads, Internet pop ups, tweets, text messages, newspapers, the books you read and the habits you’ve adopted all influence your behavior and thinking. And there is only one way to regain control of your life.

AWARENESS. If you want to take control of your life it starts with AWARENESS. You must become aware of those things that are influencing your thinking and behavior. Here’s a process to help you do just that. Take out 7 pieces of paper. On each piece of paper write the following heading:

  • Sheet #1 – My Daily Habits
  • Sheet #2 – T.V. Shows I Watched
  • Sheet #3 – Internet Sites I Visited
  • Sheet #4 – Tweets/Social Media Messages I Read
  • Sheet #5 – Topics I Read
  • Sheet #6 – Topics of Conversation I Had With Others
  • Sheet #7 – Ads I Viewed

On each separate sheet of paper make 7 columns, one for each day of the week. Now the fun begins. Every day write down and track each of your habits, T.V. Shows, Internet Sites, Tweets/Social Media Messages, Reading Topics, Conversation Topics and Ads Viewed. You can customize your headings on each sheet or add sheets to include other categories you feel are having an outside influence on your behavior and thinking (i.e. radio, movies, podcasts, webinars, talking on the cell phone, etc.). The purpose of this exercise is to identify those things that are influencing your behavior and thinking.

By the end of the week you will have a comprehensive list of most of the things that influence your behavior and thinking. Once you know what is influencing you, only then can you take control of your life by identifying and then eliminating those things that are having a negative influence on your behavior. Put a Negative sign “-” next to each item that you believe is negatively influencing your behavior and thinking. Change is only possible with AWARENESS. Once you become aware of those things that are negatively influencing your behavior and thinking, you can eliminate them from your daily life.