Jun 23, 2009

Success Formula

Success has different meaning for different people and is not measurable.

Financial success is measurable. Most of us in our hearts do want financial success but due to various reasons, we are not ready to declare. One main reason is the fear of failure. Also we have been made to believe that money is the root cause of evil. Money is only an instrument. It is good or bad depends on how we use it. A knife in the hands of a criminal can take life but in the hands of a surgeon can save life.

Financial success has a very simple formula

Financial success = Dreams (Can be nightmares)… X… Work …. X…. Path

Dreams :- Everyone has dreams inside us which is the driving force for us to keep putting efforts. When we are young, the dreams are clear but unfortunately as we grow older it hides in the subconscious mind and starts gathering dust. Try listing out 100 dreams on a piece of paper. Young people will be able to list them but it is difficult for people who have crossed 40. Successful people never let go of their dreams and makes them their Passion. Others turn them into wishes.

Here is a quote from Reliance table calendar of 2003

“ Our dreams have to be bigger: Our ambitions higher: Our commitment deeper:

And our efforts greater: This is my dream for Reliance and for India.”

Here are some simple steps to identify your dreams and turn them into passion and not a mere wish

1. Write down at least 100 dreams in a nice notebook with one dream on one page preferably supported by a picture. You can categorise them as under

a. What you want to be

b. What you want to do

c. What you want to have

2. Go through it every day. It will probably take just 2 mins.

3. Paste the pictures of your dreams on your fridge, mirror, car or even your desk top.

4. Start visualizing your dreams

Work :- We all generally are hard workers. The key lies in “to love what we do”

1. We must make efforts to diligently choose what we love or

2. We start loving what we choose.

Work also involves two important things

1. Learning relevant things. After our academic education when we enter the arena of “Real Life” we slowly realize that a bigger part of our academic education is not relevant to what we are actually doing. Successful people learn to develop :-

a. Positive attitude

b. Trust, relationship, faith

c. System

d. Leveraging

e. Building Teams

2. Applying what we have learnt. We have often heard this “ Knowledge by itself is nothing but knowledge when applied becomes power “. You may have come across people saying “Pay peanuts get monkeys” or “ Why should I put more effort when I am paid less”. Right learning and working with right attitude will always put you on a growth path.

3. Right priority :- There are many areas where we are working eg job, family, education, physical and mental health etc. Successful people have learnt to give priority to each area and will not let lower priority to overtake the higher priority. Most of us have our job as our first priority by default. So, when a guest comes home at a time when you have to go for your job, we tell our guest to relax at home or attend to his work and we shall meet after we come back from our work. Often, people take up some opportunity shown to them but do not give it any priority thus inconsistently doing the activities which results into slow or no growth at all. They either blame the opportunity itself or their circumstances.

4. Comfort zone :- It is said that “Enemy of a Great Life is Good Life”

Path :- A path is a means to accomplish your dreams. A path should be chosen which has the capabilities of accomplishing your dreams. Often we confuse the path with our dreams. There was a pilot who got his flying licence but did not get a job for a long time due to demand and supply factor. He said that his dream was to fly. He was offered an opening to flying job but with half the pay that he was drawing in a non-flying job and a long contract. He declined. He then realized that flying was not his dream. He was actually attracted to the money and the glamour associated with flying.

Many of us are shown paths known by our elders. They have limited knowledge which they pass on to us and we enter that field. Along the way we realize that the path they have chosen is not going to fulfill their dreams. An average person realizes it a little too late and is unable to take decisions because he has responsibilities, he is already in the rat race, his risk bearing capacity is low and he has the fear of unknown.

Today there are a lot of opportunities but only those who are looking for them will be able to see. There are all types of opportunities which opens the doors to our dreams. There are part time risk free opportunities created for ordinary people giving them hope. Any new idea meets with lot of skepticism. It takes time for an idea to mature and then it grows. In 1980, the idea of computers in homes, the idea of Bisleri and the idea of mobile phones at affordable price are some of the examples which met with skepticism but are a reality today.

“Often people think opportunity is a matter of luck. I believe opportunities are all around us. Some seize it. Others stand and let it pass by”. From Reliance table calendar of 2003.

“ Think big, think fast, think ahead. Ideas are no one’s monopoly”.

Jun 22, 2009

Income generation methods

Everyone needs income. Only those who have enough for their needs say "money is not important".
Let us understand the ways available to us for earning income.

Robert Kiyosaki in his book "The cash Flow Quadrant" explains the 4 ways of earning income

1. (E) Employee :- These are people who are in jobs trading their time and knowledge for a fixed income. They are working for others dreams. Robert Kiyosaki says that very few people have created wealth following this path. Why would you work hard all your life for something which you can't own, pass it to your children or sell it ? You retire with a 40-40-40 plan. Work 40 hours a day for 40 years and retire with 40 % of income to maintain your lifestyle.

2. (S) Self Employed or Small Business:- These are people like CA, doctors and consultants who are trading their time and knowledge for income. Also the business people who have to be always present to run their business ie shopkeepers, small manufacturers etc.

3. (B) Business :- Big business people who use a system, leverage their time and money by building Teams from E & S quadrants ( workers, contractors and investors) to run their business. Their business runs even in their absense because of the system and thus, they are free to use their time to expand their business, diversify or even enjoy. These are people connected with their Inner Passions (Dreams) and living that passion daily. They are charting their own course and are master of their own destiny.

4. (I) Investors :- These are people who have enogh income coming from their investments to take care of their lifestyle. They are not working for money but their money is working for them. But to invest you have to have a lot of money, time freedom and most important, a certain EQ.

Left Quadrants (E) & (S) 90 % people are here chasing 10 % money. They are working for money and have ACTIVE income. They are " Living their lives at the mercy of others".

Right Quadrants (B) & (I) 10 % people are here enjoying 90 % of the worlds wealth. They have created PASSIVE income and do not have to work for money any more.

The basic difference between the Left & the Right side is the core values or their way of thinking. Those who attempt to move from Left to Right without changing their thinking, have to face a lot of struggle from within. Some of the areas of struggle are :-

1. Creating a deep passion & commitment without letting their Dreams becoming hazy.
2. Belief in a system & belief in their own capabilities
3. Moving out of their comfort zone
4. Resistence to learning the right things
5. Changing our own habits and developing the habits of successful people.
6. EQ or the emotional qoutient responsible for our actions, reactions, fears and decisions.

Anyone moving forward faces problems but a successful person calls it challenges and overcomes them to keep moving forward. A WINNER NEVER QUITS AND A QUITTER NEVER WINS.

Choosing the right quadrant for your income generation

1 Identify your dreams. Don't mix them with income generating path which are just means to get your actual dreams.
2 Choose a quadrant which will help you achieve your dreams and look for different possibilities in that quadrants which meets your requirements.
3 Be passionate about your dreams and the path you have chosen and pursue it with clear Focus and inner clarity.

Consult some knowledgable people

Jun 21, 2009

A Complete Package

Robert Kiyosaki in his best selling book "Rich Dad Poor Dad" gives an insight to Wealth creation.
Burke Hedges in his book "Parable of Pipeline" shows us the benefits of building "Pipelines".
Network businesses are using these concepts and have made available to even a common person a "Risk Free Opportunity" with huge potentials of Wealth Creation.

No business works by itself; it is the people who make it work.
There are some pioneers who understood the potential, put efforts to spread the awareness and opened the doors for everyone. As the awareness is spreading, the growth is expected to rise exponentially.

The concept is wonderfully designed in such a way that when you help people to grow then only you grow. Since it is absolutely opposite to the common practice where you grow by stepping on others, it is hard to digest the concept thus making people suspicious.

Those who have succeeded by helping others to succeed, term this as "A Complete Package"