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  • dyan.ramos
    7 SECRETS OF THE RICH by DYAN RAMOS The following are list of things that were probably not taught to many of us in childhood. Things that we regret not
    Message 1 of 1 , Sep 6, 2010
      by DYAN RAMOS

      The following are list of things that were probably not taught to many
      of us in childhood. Things that we regret not knowing from the start,
      yet we will appreciate once we start practicing them now. I listed them
      down based on my experience mingling with businesspeople & experienced
      financial coaches themselves. Friends, enjoy the "7 Secrets of the Rich'

      1) Rich people believe failures are essential part of growth and
      success. It is not a few times when we have been conditioned not to
      make mistakes -- whether at home, school or work. Most of us grew up
      "afraid to fail" because we're used to have it accompanied by a
      punishment. The worst is people in our past used these failures and
      mistakes against us, that made us go for the safer sail. Notice
      therefore that 90% of Filipinos would go for job security (afraid to
      take risks) rather than aim for perfection in business . Because we're
      afraid of the unknown and the unfamiliar, we'd rather not talk about
      money and instead go on with our mediocre life expecting everyday to be
      the same at the office. Yet, when you think of the most successful and
      the wealthiest people on earth, none of them talked about a perfect
      journey while in the process of getting rich. Nanay Socorro of National
      Bookstore, Mr Henry Sy & Mr. John Gokongwei Jr. each had his/her own
      version of downfalls & failures before they made it to the top. The big
      secret therefore is to strengthen your tolerance to failure, and to get
      yourself educated to lower the risk especially in doing business and
      investing. In today's information age, almost all questions about life
      have their answers somewhere. Take advantage of the information
      technologies like the internet, wireless communication etc. to get
      answers and to pacify your doubts.

      2) Rich people are not the smartest, they just have better money
      management habits. The wealthiest of men (most of them from childhood)
      practice proper handling of finances and allocating their income into
      different purposes (e.g. 50% of income goes to Necessities, 10% goes to
      Charity or Give Account). The discipline to stick to the habit is
      already within their being as they have been practicing it for many
      years. They are also skilled in differentiating Assets from
      Liabilities, and in handling their Financial Statements. They know for
      instance that Assets are properties that put money INTO their pockets
      while Liabilities are things that take money OUT of their pockets. A
      house may be an Asset if it is being rented & you get monthly cashflow
      from your tenants, while it can also be a Liability if you are living
      on it & paying monthly dues for its mortgage. Same with a car, if you
      use it for business, it is an Asset; yet, if you bought it for personal
      use & leisure it becomes a Liability. The wealthy are skilled in
      updating their financial statements, means they're taking account of
      every peso & every centavo. For ordinary Filipinos to have access on
      how to start writing a financial statement, the rich recommend getting
      a mentor who can teach you the basics of personal & business finance.
      You'll discover that it really is just simple math, you don't need to
      be a wizard in order to become financially successful.

      3) Rich people value the spirit & culture of sharing. In a world where
      most people think scarcity, the rich believe that resources are
      abundant and that the world is overflowing with opportunities. While
      the poor practice the infamous "crab mentality" habit (pulling down who
      ever's on top), the rich like the idea of seeing everyone succeed in
      business & life. You may have witnessed this among the circles of
      Chinese businessmen where they push each other to become richer because
      by then, their own businesses improve as well (i.e. they get more
      potential investors, people have more purchasing power, the economy
      gets stronger) . These Chinese businessmen protect themselves by
      protecting others first. The wealthy recommend an average person to
      practice sharing everyday -- share information, ideas, opportunities
      and resources to others so that once wealth is in his hands, he is
      ready to grow it. If one wants to be successful and truly wealthy, it
      is crucial that he gives up attachment to money and material wealth.
      The most valuable factor in your journey to becoming financially free
      is the mindset. It's not about how much you have now, but how ready you
      are for future wealth. Share what you have -- be a generous giver and
      an excellent receiver as well. Feel like you are already wealthy by
      having the "abundance mentality". The world is full of blessings &
      opportunities if you just look around & seek for them.

      4) Rich people use the art and science of leverage in business. Leverage
      means using OPR or "Other People's Resources" (i.e. time, money,
      talent, skills) to speed up one's growth in business and in life. It is
      indeed never new to the wealthy to define an authentic business as that
      with at least 500 people working for the owner or with the owner as
      partners. It's just natural (a universal rule), nobody gets successful
      in life by doing it alone. That's why 90% of small business owners fail
      in the first 5 years due to mismanagement as backed up by DTI. Small
      businesses, specifically traditional ones, find it hard to expand with
      just a few workers because their income reaches a certain limit. The
      owner of a small business usually runs out of money or energy after a
      few years of operation. It lacks a system, and the power of leverage.
      Yet, take a look at what Mark Zuckerberg did with Facebook. As the
      youngest billionaire quoted by Forbes magazine, he reaches out to
      billions of Facebook users worldwide and leverage on them & and his
      system to earn $150 million annually from his advertisers. It means he
      can leave the business operation to his workers & the system while
      earning (a great example of "people & system working for him, and NOT
      him working for the business"). There are thousands and thousands of
      business ideas being created every hour at different places in the
      world. Yet, they are not being executed because of lack of knowledge on
      systems and the use of leverage.

      5) Rich people think long-term. While the poor spend for their present
      lifestyle, the rich think long-term by buying Assets (e.g. real estate
      properties, businesses) that could generate passive income (income
      without work) and eventually give them time to enjoy their wealth. The
      reason most employees remain broke is that they buy Liabilities (e.g. a
      car, a house under years of mortgage) that take money out of their
      pocket. While the poor and middle class spend for now, the richest of
      people believe that the secret to long-term wealth is to "delay
      gratification". Thus, they add more to their passive income generators
      (e.g. buy more properties, invest more on paper assets & businesses) so
      that in the future they could enjoy their wealth. They know for a fact
      that Financial Freedom means having not only the money but BOTH the
      money & the time. Lots of people nowadays may find excessive cash is
      not really that hard to earn, but how many of us can really enjoy these
      cash? How many can take vacations for the whole year & come back to
      find their income still flowing or even getting stronger? Not a lot I
      could guess. Like what my mentors would always say "better work your
      ass off for the first 5 years & enjoy wealth for the rest of your life
      THAN work easy all your life without ever having a chance to enjoy what
      you've worked for." Yet as crazy as it may sound, statistics show that
      most Filipinos would rather stick to job security than start a business
      full time. There must be something wrong somewhere with the way we were
      raised and the values that were instilled in most of us.

      6) Rich people prioritize financial education. One of the biggest myths
      in business believed by many is that a huge capital (let's say, 20
      million pesos) should be available before you can do business to enjoy
      the success of business tycoons like Mr. Henry Sy. Of course capital
      plays a role in business, but it shouldn't be the first priority. If
      you talk to any of the wealthy people living today, they will tell you
      the same thing -- focus on your financial education first. Get yourself
      educated in matters of business. There are thousands of books written
      about leadership, success and getting rich (e.g. "Secrets of the
      Millionaire Mind" by T. Harv Eker & "Rich Dad, Poor Dad" by Robert
      Kiyosaki are highly recommended). These authors gave us a chance to
      access the minds of the wealthy & what made them successful. There are
      also seminars & workshops being held by financial gurus & financial
      education advocates. Their aim is to make it available for ordinary
      people the secrets & the values practised by the wealthy. Take
      advantage of these opportunities. David Bach, an American author once
      said "financial education needs to become a part of our national
      curriculum and scoring systems so that it's not just the rich kids
      that learn about money... it's all of us."

      7) Rich people find mentors that they could model and learn from. This
      is perhaps the most important of all the 7 secrets mentioned above.
      Because without a mentor, somebody won't know where & how to start. If
      you do not have a "rich dad" to model, the rich recommend that you
      search for virtual mentors (i.e famous authors & inspirational
      speakers) or find a group from which you could learn BOTH the mindset
      and the skill set to be able to make it successful in business. Remember
      to look for mentors who have the experience and a good track record
      that prove their success. One of the great things about having mentors
      & coaches is that you can leverage on their past failures &
      experiences. Means, you do not have to undergo the same trials &
      downfalls because what your mentors present to you is already the proven
      road. Friends, family members & colleagues who aren't experienced in
      business don't count. Why listen to these people while deciding for
      something when they haven't even proven to be financially free
      themselves? This is insane, yet most Filipinos are guilty of this.
      Environment, no doubt, plays the most influence in a person's decision.
      If you want to get ahead of the business game & in life, surround
      yourself with people who can build you up & people you can model. True
      enough, if you want to learn yoga, you find a yoga coach. And if you
      want to learn business, you find a business coach. It's pure simple

      NOTE: Create Abundance 2020 Community aims to spread financial
      education and to gather all Filipinos who are passionate about doing
      business as the hope of this nation, by providing jobs to millions so
      we no longer need to send our workers abroad. The Community has
      mentorship programs and act as a support system for all aspiring and
      experienced Pinoy Entreps. The community's vision is First World
      Philippines through at least 1,000 team-made Filipino
      multi-millionaires from zero (business from zero personal capital).

      To become part of its mission, sign-up on:
      www.ca2020.net <http://www.ca2020.net/>
      (an invite by DYAN RAMOS)


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