Vocabulary.
How important is this word?
Initially I would think that after 4th grade the need for an extensive vocabulary would be a whopping ZERO.
Then, thinking further, I realized that the more specialized someone gets in school the MORE their vocabulary increases.
(Imagine a med student skipping the whole vocab section! "Nurse, could you please hand me the thing-a-ma-jig?" Scary.)
Recently meeting with a home owner, I realized how our vocabulary is in direct correlation to how much or little we prosper. The gentleman proposing the deal started saying things like "a 2-year may work" and "lease option" and "what's the secondary."
Now, many people may know what these things mean...but do they, really? They have a 'feeling' about what terms like these mean, but the gentleman proposing them KNOWS what they mean. He can see the deal in his mind simply because he has words to describe it. These words will be used to communicate with a mortgage broker, a title company, an insurance company and the bank, just to mention a few!
In business, your vocabulary can give you a significant advantage in structuring deals and creating wealth.
Terms like "partnering" take on a whole new meaning in the context of a "manager investor." How can YOU benefit from that situation?
"I don't know, guys. How can I?"
You can benefit by starting to increase your vocabulary by one powerful, financial word each day. Go to www.businessdictionary.com to look up words you don't know.
Use the terms in conversations with your friends (even IF they look at you weird when you ask "would you like to put your holding into my trust?")
Showing posts with label Financial Life consultants. Show all posts
Showing posts with label Financial Life consultants. Show all posts
Friday, August 3, 2007
Tuesday, June 19, 2007
Character Doesn't Only Count; It's Required!
How many people have tried all of the latest tricks and tips from the hottest gurus on who-knows-what, only to be no further ahead than when they first started?
Oh, wait, that includes me and you!
We have both been sucked into a moment of emotional purchasing when we heard how this method or that system could take us to a new level financially.
And how often has it worked? Rarely.
(Disclaimer: fads and get-rich-quick systems CAN work! Disappointed to hear that? Well, they can. But the odds are against you that it will be you who benefits. In fact, get-rich-quick products work as follows: A) it ALWAYS works...for the guy who came up with the system, whether or not he made money that way and B) for the guy who fell into the "lucky" part of the gene pool. Then there's, once again, you and me.)
Don't bet on these things. The major priority for you and me, and most everyone else, is Character.
Character, and the results of living a life of Character, are what makes a system work long-term or not.
Character will lead one to seek complete understanding about a given investment, proposal or system. Like we say around the office here, "Risk is only what you don't know about an investment. Eliminate risk by eliminating any unknowns."
Character will seek partnerships with others who possess Character as well. That will eliminate most risk because people of Character know how to pre-eminently eliminate the risk and unknowns for the partners.
Character is the missing element in many get-rich-quick systems.
So, where do you start?
Start by seeking first to understand.
Start by expanding your internal Character.
Ask questions like:
Make several rules for yourself.
I know a millionaire who won't go into a deal unless he can "see right through it." He has to know what is involved from beginning, middle, to the end, even down to how he will exit this investment. I know of another gentleman who won't go into a major deal unless he has prayed for 3 days.
Read books that promote an abundant, or opulent, mindset.
--Grant Nieddu
Oh, wait, that includes me and you!
We have both been sucked into a moment of emotional purchasing when we heard how this method or that system could take us to a new level financially.
And how often has it worked? Rarely.
(Disclaimer: fads and get-rich-quick systems CAN work! Disappointed to hear that? Well, they can. But the odds are against you that it will be you who benefits. In fact, get-rich-quick products work as follows: A) it ALWAYS works...for the guy who came up with the system, whether or not he made money that way and B) for the guy who fell into the "lucky" part of the gene pool. Then there's, once again, you and me.)
Don't bet on these things. The major priority for you and me, and most everyone else, is Character.
Character, and the results of living a life of Character, are what makes a system work long-term or not.
Character will lead one to seek complete understanding about a given investment, proposal or system. Like we say around the office here, "Risk is only what you don't know about an investment. Eliminate risk by eliminating any unknowns."
Character will seek partnerships with others who possess Character as well. That will eliminate most risk because people of Character know how to pre-eminently eliminate the risk and unknowns for the partners.
Character is the missing element in many get-rich-quick systems.
So, where do you start?
Start by seeking first to understand.
Start by expanding your internal Character.
Ask questions like:
- "What are the unknowns?"
- "How can I fill in the gaps of knowledge about this system or investment?"
- "What is the character of those presenting this opportunity? Are they trustworthy? Are they interested in my success?"
Make several rules for yourself.
I know a millionaire who won't go into a deal unless he can "see right through it." He has to know what is involved from beginning, middle, to the end, even down to how he will exit this investment. I know of another gentleman who won't go into a major deal unless he has prayed for 3 days.
- Set your own parameters.
- Consult your advisers or professionals on that topic.
- Allow enough time to let the emotions fade a little bit so that you have an element of rationalism in the deal.
Read books that promote an abundant, or opulent, mindset.
- Think and Grow Rich by Napoleon Hill
- The Power of Positive Thinking by Norman Vincent Peale
- How to Win Friends and Influence People by Dale Carnegie
- and more!
--Grant Nieddu
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