Thursday, April 14, 2011

The Definition of Wealth by Brian Tracy

If you want to be wealthy, you must understand what wealth is. Here is the best definition of wealth you will ever find. Wealth is "cash flow from other sources."

Make Your Money Work for You
What this means is that you are not wealthy just because you earn a lot of money. You are only wealthy when your money works for you. To become wealthy, your main job is to acquire money and then put it to work making more money for you.

Add Value Continually
The key to creating wealth is simple. It is called "adding value." Successful people are those who are always looking for ways to add value in some way to a person, a company, a product or a service.

Do It Faster
Here is an example of adding value: Domino's Pizza. The founders of Domino's Pizza took a common food, offered by thousands of little restaurants, and added a value to the pizza by delivering it more rapidly than anyone else. The added value of speed enabled Domino's to create a billion-dollar empire and made the founder of Domino's, Tom Monahan, one of the richest men in the world.

Buy It Cheaper Somewhere Else
Another way to add value is to buy something in one place at one price and then make it available in another place for another price. For example, buying a product or service manufactured in Europe or Asia, importing it to the United States, and making it available to people to whom it was not available before is a way of adding value for which you can charge a higher price.

Improve the Life or Work of Others
All manufacturing and marketing is based on this principle of added value. All importation and distribution aims to add value. Performing a service that enhances the life or work of another person adds value. A dentist who takes away pain is adding value. An accountant who saves a client money on taxes is adding or actually creating value. A salesperson who introduces a new product or service to a customer that helps that customer in some way is adding value. All financial success, especially business success, is based on adding value. It is based on the old saying, "Find a need and fill it."

Combine and Recombine the Elements of Value
All successful business is based on someone bringing together the factors of production, such as labor, capital, raw materials and management, and creating a product or service that a customer will pay a price for that is in excess of the cost of producing it.

How Fortunes Are Made
Adding value is the way that all fortunes are made. Whenever you see an opportunity to give people what they want at a price greater than it costs you to produce that product or service, you see an opportunity to make a profit, build a business and begin moving toward financial success. Almost any business or occupation can make you financially independent if you can find a way to add enough value.
Action Exercises
Here are two actions you can take immediately to add more value to your time and activities:

First, take the time to be absolutely clear about what it is that people want and need to improve their lives and work. The clearer you are about their real needs, the easier it is for you to satisfy them at a higher level.

Second, look for ways to add value to what you are doing every day in every way. Never be satisfied with the status quo. One small idea to add value can be the starting point of a great fortune.



Profits Are Better Than Wages by Jim Rohn


My mentor, when I was 25 years old, dropped a phrase on me that changed my life forever when he said, “Profits are better than wages. Wages will make you a living. Profits can make you a fortune.”

You know it is a bit difficult to get rich on wages, but anybody can get rich on profits. Profits change your whole attitude, even if you start part time—whether it’s part time on your entrepreneurial business, network marketing company or service business.

It can be a landscape business in the summer or hanging Christmas lights in the winter. It can be training, consulting or tutoring. It can be your hobby, such as painting, writing, crafts, woodworking, computers or cooking. But once you start investing even part-time effort into your own business, you will find how much more exciting it is to get up in the morning and go to work on your fortune, even if you’re only spending a few hours a week doing it.

How empowering it is to be able to go to work on your fortune every day rather than going to work to pay the rent. Now it is noble to go to work to pay the rent, but if you could also parcel out part of your time, go to work to make your fortune. Your whole attitude changes. Your spirit changes. It is in your voice. It is in your face. It is in your gestures. And then you can say, “I am now working full time on my job and part time on my fortune because I found a way to make profits.” Wow!

And I will know what you mean.


The Great Leadership Challenge by Jim Rohn


If you want to be a leader who attracts quality people, the key is to become a person of quality yourself. Leadership is the ability to attract someone to the gifts, skills, and opportunities you offer as an owner, as a manager, as a parent. What’s important in leadership is refining your skills. All great leaders keep working on themselves until they become effective. Here are some specifics:

Learn to be strong but not impolite. It is an extra step you must take to become a powerful, capable leader with a wide range of reach. Some people mistake rudeness for strength. It’s not even a good substitute.

Next, learn to be kind but not weak. We must not mistake weakness for kindness. Kindness isn’t weak. Kindness is a certain type of strength. We must be kind enough to tell someone the truth. We must be kind enough and considerate enough to lay it on the line. We must be kind enough to tell it like it is and not deal in delusion.

Next, learn to be bold but not a bully. It takes boldness to win the day. To build your influence, you’ve got to walk in front of your group. You’ve got to be willing to take the first arrow, tackle the first problem, discover the first sign of trouble. Like the farmer, if you want any rewards at harvest time, you have got to be bold and face the weeds and the rain and the bugs straight on. You’ve got to seize the moment.

Here’s the next step. You’ve got to learn to be humble but not timid. You can’t get to the high life by being timid. Some people mistake timidity for humility. But humility is a virtue; timidity is a disease. It’s an affliction. It can be cured, but it is a problem.

Humility is almost a God-like word. A sense of awe. A sense of wonder. An awareness of the human soul and spirit. An understanding that there is something unique about the human drama versus the rest of life. Humility is a grasp of the distance between us and the stars, yet having the feeling that we’re part of the stars.

Here’s a good tip: Learn to be proud but not arrogant. It takes pride to build your ambitions. It takes pride in your community. It takes pride in a cause, in accomplishment. But the key to becoming a good leader is to be proud without being arrogant.

Do you know the worst kind of arrogance? Arrogance from ignorance. It’s intolerable. If someone is smart and arrogant, we can tolerate that. But if someone is ignorant and arrogant, that’s just too much to take.

The next step is learning to develop humor without folly. In leadership, we learn that it’s okay to be witty but not silly; fun but not foolish.

Next, deal in realities. Deal in truth. Save yourself the agony of delusion. Just accept life as it is. Life is unique. The whole drama of life is unique. It’s fascinating.

Life is unique. Leadership is unique. The skills that work well for one leader may not work at all for another. However, the fundamental skills of leadership can be adopted to work well for just about everyone: at work, in the community, and at home.


On Learning to Lead by Zig Ziglar


My wife and I were in Sydney, Australia, and we had an opportunity to attend a performance of the Sydney Philharmonic Orchestra at the famed Opera House. When we arrived thirty minutes early, the orchestra members were already warming up. As they warmed up, the music sounded like noise to me.

At one minute before eight, the conductor walked onto the stage. Immediately everybody sat up straight. As he stepped onto the riser, everybody came to attention. At eight o’clock he raised the baton, and when his arms came down, the music started. What had been noise a few seconds earlier became a beautiful melody.

The orchestra leader had converted a team of all-stars to an all-star team. No one instrument dominated any other; rather, each harmonized with and became part of the others.

The conductor had, for a number of years, been a musician in an orchestra. He had learned to be obedient and follow the orchestra conductor when he was a performer. In short, he had learned to obey so that later he could command. I once saw a young man with a T-shirt emblem proclaiming, “I follow no one.” What a tragedy! Because until he learns to follow, he will never be able to lead.


The Promise of Spring by Jim Rohn



Fortunately, following the turbulence of winter comes the season of activity and opportunity called springtime. It is the season for entering the fertile fields of life with seed, knowledge, commitment, and a determined effort.

However, the mere arrival of spring is no sign that things are going to look good in the fall. You must do something with the spring. In fact, everyone has to get good at one of two things: planting in the spring or begging in the fall. Take advantage of the day and the opportunities that spring can bring.

It is the promise of spring that as we sow, so shall we also reap. Faith further provides to us an irrevocable law decreed in heaven which assures that for every disciplined human effort we will receive a multiple reward. For each cup planted, a bushel reaped, for every good idea given to another, many shall be given to us in return. For every demonstrated act of faith, a multiplicity of the rewards, and for every act of love given, a life of love in return.

Just remember it is a natural characteristic of springtime to present itself ever so briefly, or to lull us into inactivity with its bounteous beauty. Do not pause too long to soak in the aroma of the blossoming flowers, lest you awaken to find springtime gone with your seed still in your sack.

With the intelligence, wisdom, and freedom of choice given to us as humans, exercise the discipline to plant in spite of the rocks, weeds, or other obstacles before us. The rocks, weeds, and thorns of the world cannot destroy all your seeds if you plant massively enough and intelligently enough. My suggestion is to choose action, not rest. Choose truth, not fantasy. Choose a smile, not a frown. Choose love, not animosity. Choose the good in life in all things, and choose the opportunity as well as the chance to work when springtime smiles on your life.

Spring shows us that life is truly a constant beginning, a constant opportunity, a constant springtime. We need only to learn to look once again at life as we did as children, letting fascination and curiosity give us welcome cause to look for the miraculous hidden among the common.

Get busy quickly on your springs, your opportunities. There are just a handful of springs that have been handed to each of us. Life is brief, even at its longest. Whatever you are going to do with your life, get at it. Don't just let the seasons pass by.

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