 Thinking Like a Millionaire: The 3 Financial Types of People in the World
There are 3 types of people in this world when it comes to finances. They are the Perpetually Broke Person, the Well-Off Person, and the Highly-Wealthy Person. The Perpetually Broke Person never has any money and ultimately lives paycheck to paycheck. This is sometimes due to economic hardship, but these people exist every pay scale as the Perpetually Broke Person is always spending their income immediately after receiving it, and how much income is less important than how quickly they spend it. This is mostly on consumer goods such as clothes, electronics, and other items that can empty a bank account quickly. Another aspect of the Perpetually Broke Person is that they are amazingly good at giving away their future wealth by getting loans on things they don’t need or can’t even afford such as new cars, home improvement projects, and vacations and getaways. The Well-Off Person is the next step up and does much better financially then the Perpetually Broke Person as they know how to manage their money by saving it for emergencies and big purchases. They also have good credit scores because they pay their bills on time and know how to take out loans responsibly. This allows them to grow wealth slowly and live well for most of their life. However, because the Well-Off Person usually is dependent on their job, they can find themselves in dire straits if they are laid off, injured and can’t work, or have other costly events that dry up their savings. This mostly due to the fact they are afraid to invest in anything, but sure things. The Highly-Wealthy Person on the other hand knows how to manage their money by having an emergency fund, has a high credit score by paying their bills on time, and know how to take out responsible loans just like a Well-Off Person. The only difference is that a Highly-Wealthy People know how to make their money work for them with or without them. They understand these 3 Principals of Money. Principal One: You can’t do everything yourself. When creating wealth, the most important principal you need to take to heart is to understand you can’t do everything yourself. Which is why when you’re creating money with your money, it’s important to know you need to delegate a lot of the work to other people. Especially in hiring people. For example, in real estate you hire contractors to do your fix n’ flips and hire a property manager to manage your buy n’ holds. You do this because even if you know how to do it, it doesn’t make any sense for you. Why focus on only one or two properties when you can have ten working for you by having the right people in charge. In stocks, why would you learn how the market works and plug yourself in when there are people you can hire to do it for you 24/7. Instead, enjoy yourself. Principal Two: You have to take calculated risks. Principal Two simply means you have to risk money to make money. If you don’t risk anything, then you can’t make anything. This is the pinnacle of investing and what keeps many people from doing it. As they are more worried about losing a hundred dollars on a bad investment and would rather spend a hundred dollars on something worthless they don’t need. This makes many investors afraid to pull the trigger when investing and fall for the fallacy of the perfect deal. Where they will turn down even the best deals because they believe there will be a better one over the horizon. The only way to overpass this fear of losing your investment, is to embody the concept of Sunk Costs. Sunk Costs are costs that you have sunk into an endeavor that will never pay off and you will never get them back. The idea behind sunk costs is that although they are lost forever, it should not affect your decision in shutting down the investment. If it isn’t going to work, it isn’t going to work and you need to accept beforehand that the funds spent were a calculated risk and there loss was expected to happen if it failed. Accepting sunk costs will allow you to avoid throwing good money after bad. Principal Three: If you can’t understand it, then don’t invest in it. Too many people get into the hype of something. They listen to too many experts on the subject. Too many experts on the news. Too many “experts” in their family and friends. And they find themselves putting all their money into something they have no understanding of. This can be from complicated companies, products they use but have no understanding of their business model, and other financial instruments that are hard to explain, let alone understand. This is why for many investors, they need to stick to what they know. If its stocks, stick with stocks. If its real estate, stick with real estate. If it’s a business or company you know through and through, then stick with it through and through. The idea is that you have to have an understanding of an investment, how it works, and its ability to grow in the world we live. This entails having to research the subject, know its past and present, and the major things that can affect it. The only way you can ensure you don’t get screwed is to have at least a basic understanding of what you’re investing in. Conclusion: Knowing what Financial Type of person you are will allow you know where you need to go from here. Knowing if you spend too much money and bust your budget means ou have to create financial discipline. If you are defensive with your money but seem to want more, than you need to start thinking about how to take more calculated risks. If your wealthy, you need to figure out better investments to get higher returns so you can even do more than you ever could have imagined.  Welcome Back to the Second Part of Our Series “Thinking Like a Millionaire”.
Today we delve further into the mind of an investor and learn how the investor thinks differently about money than most people do. As most people feel money is a dispensable item and are too easy to give it away for things they want or value. While an investor uses the same money as a tool. For example, A normal consumer uses money to purchase a vehicle. Some even believe that it’s an investment. However, a car is not an investment because you will never be able to use it to make the money back that you spent. You will never be able to resell it for more than you paid and most likely will get next to nothing when you finally do resell it. Even worse, is when people see a car as an investment. They take out a loan on it, and make a promise to give away their future wealth for a vehicle that will never pay for itself let alone the interest their going to pay on it. (Click here to learn how to avoid Shark Loans) A consumer views a vehicle as an asset and investment. In the same vein but with an investor, A normal investor purchases a vehicle with cash. They consider the gas mileage, reliability, reviews, and resale value of the car to ensure if it’s the best deal for their money and ultimately meets their needs. On top of that, they usually never purchase from a NEW car dealer and instead get it from a certified-used dealer, craigslist with proper inspections, or my personal favorite EBay. In comparison to a consumer, an investor views a vehicle as an expense and liability that can eat money quickly and leave you in financial stress if it isn’t properly purchased. Therefore it’s time to get started and think about money like an investor. Because when you think of money as tool, you begin to understand how to use it to better position yourself in life. If you don’t, even when you make more money as a consumer, you ultimately just spend more money as a consumer. You don’t really change your habits, you simply have more and you spend more like a bigger house, better car, or the NEW ITEM YOU JUST NEED NOW. Instead of consuming with your money, here are some common investments that are offered by the government that are available to you right now. That most don’t even know. Government Offerings U.S. Government Bills or Notes Also known as Treasuries, they are government notes that are backed by the U.S. government. And there are two types, Treasury Bills which are short term-loans that mature in less than a year. While Treasury Notes are longer term and mature after a year and can go up to 10 years. In simple terms, you are giving a loan to the government and they pay interest to you on the loan. Pros: · Safe – Unless the U.S. Government defaults and goes bankrupt (Not very probable) · Commission Free – unlike a lot of investment vehicles they can be purchased directly, without the need of a broker · Tax Exempt – treasuries are exempt from state and local taxes which can help the savvy investor save a lot of money in the long-run Cons: · Better Interest Elsewhere – Good returns, but if you shop around, you may find higher yielding investments that are just as safe such as CD’s, Money Market Funds, and bonds. · Hefty Penalties for Cashing out Early - If you need your money before the security matures, you may not get back all of your original investment. I-Bonds I-Bonds are a Government Backed Bond that gives you protection from inflation by changing the interest rate on the bond semi-annually. They began offering this as many people who buy bonds don’t want to have to keep up with the macroeconomics of the US Economy. Pros: · Backed by U.S. Government - makes it one of the safest bets on Earth · Inflation Protection - Protects your investment against inflation risk by adjusting the payout interest · Manageable Denomination – you can buy I-Bonds ranging from $50 to $10,000. · Tax Exempt/Tax Deferrable – are exempt/deferrable from state and local taxes which can help the savvy investor save a lot of money in the long-run. Cons: · Penalty for Cashing-Out Early - must hold for at least 12 months before redeeming, but if you redeem it before five years, you have to pay a 3 month Returns Penalty. Municipal Bonds Municipal bonds are similar to federal bonds but are issued by state and local governments. They use the money you give them to fund the building of schools, highways, and other projects for the city and state. Used mostly by high-income investors to reduce their tax liability. Pros: · Safe – almost as safe as U.S. Government backed securities · Tax Exempt/Tax Deferrable – are exempt/deferrable from federal taxes and sometimes state and local taxes which can help the savvy investor save a lot of money in the long-run. Cons: · Low Interest Rate – because the taxes are low on municipal bonds, they have much lower interest rates. Which might not make sense unless you’re in a high tax bracket and looking to avoid taxes · Commission–Based - you may have to pay a commission to buy municipal bonds · Hefty Penalties for Cashing out Early - If you need your money before the security matures, you may not get back all of your original investment. If your interested in more, please check out the entire series.  Do you think like a Millionaire?
Well welcome back to “Your Life as a Business”. Where we introduce the First Part of a 5 Part Series on how to make your money work for you and to your first Million. Today we will change your viewpoint of money. Showing you the different ways to make it work for you. By simply summarizing the positives and negatives of each. First off, let’s go over the two worldviews of money and how they differ from each other. The first one is the one most people know because they enact it every day, the Consumer. The consumer views money as a dispensable item that comes and goes, but ultimately is made to be spent. The consumer sees the value of a dollar as a means to get things they want, but not for its other values such as tool to protect yourself and your family or a means to build wealth. Instead, they use it to consume things. The pros of being a consumer is to get what you want when you want it and experience the things you always wanted. However, many times the consumer buys things they can’t afford, are constantly broke, and spend money faster than they can make it. When seeing money as dispensable, it’s easy to fall into the mindset of easy comes and easy go. The other worldview is the Investor. The investor views money as a tool. They don’t see it as a dispensable item to buy things they don’t need, but as a way to make things happen. Such as make more money or as a weapon and shield against the world to protect yourself, your family, and your interests. With this way of thinking, people use money not as a way to consume the “next best thing” but instead think strategically how they can better their lives with money rather than have it control them. Therefore it’s time to get started in “Your Life as a Business’ and start thinking about money like an investor. When thinking of money as tool, you have to imagine the different things you can do with money. Its many facets and uses. Of the many things you can do, here are the most common that most people never know about even though they are available to them every day. Bank Offerings Checking accounts Everyone knows what a checking account is. It’s a transactional account where most of the money that graces its presence it’s swiftly spent to bills, consumables, or any other immediate expenses. Pros: 1. Liquid - They are extremely liquid as you can have available to you immediately through ATMs, checks, and debits cards. 2. Services - Usually are a staple of big banks and come with branches so you can avoid pesky transaction fees from ATMs 3. FDIC Insured - They are also insured by the Federal Deposit Insurance Corp so if the bank fails, the government is supposed to step in and pay you out your funds Cons: 1. No Interest Paid - Because of the liquidity of your funds in a checking account and the benefits you receive such as access to branches, they use you’re your interest to provide those services 2. High Required Minimum Balances – Many banks require minimum balances or they will charge you fees 3. Nickel and Dime Fees – Many banks make their money by finding ways to make your money theirs. This is why they will nickel and dime you in any way possible with transaction fees, penalties, and services. (Remember – Banks need your Money to Function and they Must Be Reminded of that Fact) Savings accounts Savings accounts are a more illiquid form of checking accounts and that was why they gave higher interest rates as there were less services and benefits associated with it. That is why most have only a certain amount of transactions you can have per month or they will charge you a fee. However with the advent of online banking. They can be just as liquid as a checking account. As you can easily move your funds from your savings to your to you checking with just a few swipes. Pros: 1. Higher Interest than a Checking Account –less services and benefits equals more interest paid out 2. Low Required Minimum Balances – don’t need as big of a required balance, but negates the purpose of a savings account, which is to make interest on Big Money 3. FDIC Insured - They are also insured by the Federal Deposit Insurance Corp so if the bank fails, the government is supposed to step in and pay you out your funds Cons: 1. Next to No Interest Paid – With the destruction of the financial system came the lowest interest rates the world has ever seen. This has created a new benchmark for savings accounts, which is next to nothing. 2. Restricted Transactions – Can only use it for a few transactions a month before they start charging fees to keep you from using it like a checking account 3. Illiquid/No Services – no debit cards, checks, or other ways to spend money out of the account Online-Only Bank Offerings High-yield bank accounts High-yield bank accounts are the same as checking and savings accounts but give much better interest rates by eliminating all the frills of a normal bank such as ATMs, branches, and staff. This keeps overhead low so they can pay more out to their customers. Pros
Cons 1. No Frills Banking – can be hard to get to your cash fast with no ATMs, debit/checking services, or branches 2. Money Coordination – can be troublesome when you need to transfer money back and forth from the online bank account to a normal account 3. Teaser Rates – Beware of limited-time teaser rates that they get you to sign up for that reduce in half after only 6 months. Money market deposit accounts One of the most restricted accounts is the Money Market Deposit Account. They are usually offered by banks, but require a minimum balance and only permit a few transactions per month before they start charging fees. Pros
Cons
Both Branch/Online Banks Certificates of Deposit (CDs) Certificate of Deposits are illiquid deposits in a bank or brokerage. They work by you promising to deposit your money and promise not to touch it for the time until it matures. Where you get it back in full with interest. If you take it out early, you have to pay a penalty that usually offsets any gains you have made so you don’t touch it. Pros 1. FDIC Insured - They are also insured by the Federal Deposit Insurance Corp so if the bank fails, the government is supposed to step in and pay you out your funds
There you have it for this first part in the series of thinking like a millionaire. Please check back each week as we unravel the investor's mind.  Sales is not the evil of the world.
Although many would have you believe it is. It is, instead, one of the most important skills you can have in life. Because many of the things you have to do in your life involves selling something in one way or another. As sales is just the business word for persuasion. And the reality is, you have to persuade people to do things for you every day. You need to persuade employers to give you a job. You have to persuade your coworkers that they need to finish the work you need on time. You have persuade your boss you need a raise. You have to persuade your friends the idea to go check out a certain activity you enjoy will be fun for them. Every day you’re persuading others. Now just for a little fun, let’s say that last paragraph again but replace persuading with selling. You need to sell yourself to employers to give you a job. You have to sell to your coworkers that they need to finish the work you need on time. You have sell your boss you need a raise. You have to sell your friends the idea to go check out a certain activity you enjoy will be fun for them. Every day you’re selling to others. Therefore you have to build this fundamental skill if you truly want to be successful. Because no one will give you anything without being sold on it. Because of this, here are the 12 steps to make a sale and in essence becoming a salesman. Step One: Pre-Sale Prep – What gets you in zone? · Talk yourself up · Get Pumped up · Flush Toxins In this step, you have to get yourself ready for the sale. You have to get your mind right. If you do not get your mind right and ready to sell to someone, it will be easily noticeable by your prospects. They will not feel comfortable being with you and will ultimately shoot you down. Therefore, talk yourself up in a mirror with compliments, get pumped up with a ritual of coffee, yoga, or jumping jacks, and flush toxins by trying to get rid of all the bad energy and thoughts you have that can affect your abilities. Step Two: Meet and Greet – Set the Stage for a Good 1st Impression · Strong Handshake · Good Eye Contact · Establish rapport with compliments on their person and possessions In the second stage, you have to have a good first impression as many times you can lose the sale in the first 10 seconds. Especially if they don’t like what they see and feel uncomfortable. Therefore, break the ice with a strong handshake and good eye contact. Don’t forget to wave a flag of peace by giving out a compliment and make them comfortable. Step Three: Warm Up – Get them talking and warmed up · Mini-Bio – Give them a Quick Background that makes you relatable to your prospects · 5Alive – The 5 things you need to know to sell to people
Stage 3 is when you get them talking and warmed up. But first you have to give them a mini-bio of who you are so they have material to ask you questions about so there isn’t a lull in conversation. Once you’re done, you have to start work with the 5Alive Questions (The 5 Questions to Stay Alive in the Sale). Knowing this information is how you will quickly find commonalities between yourself and your prospect to build a relationship. Because the key in any sales transaction is to get your prospect to like you. Because no one wants to work with someone they hate. Especially in sales. So ask questions based on their Activities, Lifestyle, Interests, and Employment. The Fifth-type of questions revolve around specifically on what you’re selling and will change based on what products you sell. For example, real estate agents will talk about where they live, if they rent or buy, and how they like that situation. A massage therapist will talk about their stresses in life and how it affects their everyday. And a software salesman will talk about how they feel about tech and the frustrations it may cause in their daily life. Step Four: Set the Stage– Establish why you’re both here today · Set the Bar– Tell them why your there and the problem your trying to solve · Have them acknowledge that they need to give a yes or no at the end.
After talking about their 5Alive, your prospect should be nice and comfortable and ready to talk business. You should also have all the information you need to sell them. Which is why stage 4 is to set the stage for the rest of the sales transaction. Essentially, you are going to establish why you’re both here today, to do business and solve a problem they have or not. No in-betweens. While you set the stage, a use these techniques to help close the sale. One is to establish that they are responsible for the fact you are there now just for them. They asked to hear more about your service and they need to respect your time and business. Two is to offer only in-person offers that you only offer once to create scarcity and give them a deal that only they can take advantage of. Three is to establish commitment from your prospect about the value of your product and what you do. Step 5: Buying motives – Discover their buying motives Write all the answers down and repeat major points… · Ask questions to get the prospect to tell you more about the problems your product solves · Ask questions to get information on negatives of the experiences and problems they have had in the past · Ask questions that expose what objections they would have
· Rope Them In
In stage 5, it’s time to ask specific product questions rather than the general one’s you asked in the 5Alive. Specifically about the problems your product solves, the negative experiences you may have had with those problems, and questions that expose any objections they may have later in the transaction. A god technique to use here is a comparison technique of what they do now and how much more expensive it is to continue doing it that way or how inefficient it is compared to using your product. Step Six: The Pitch – Show the product’s features and benefits and relate them to their buying motives · Give them the pitch of how your product and service will solve their problems · Appeal to the buying motives you have already discovered · Have them actively participate in what your selling · Use Stories of Others who have successfully used the product. · Get vocal commitment at the end that what you’re selling will in fact benefit them. In the sixth stage, you give them the pitch using everything you have learned so far. The key here is to only talk about the issues and points that are important to the prospect. For example, if your prospect only cares about the cost savings of your product, why would you talk about how the product will look in their office or something else that you already know the prospect doesn’t care about. The prospect should be actively participating throughout the entire transaction, but it’s most important during this stage. Because nothing is worse than talking “at” a prospect who is no longer interested because you’re doing all the talking. The last thing to remember is to use stories of others who have successfully used the prospect. A good can be from your company your company, your personal experiences with clients, and even your family and friends. Just don’t forget to finish the pitch with a vocal commitment that they see that your product will benefit them. Step 7: Give them a Sample/Example - · Let them use the product / Let them see the product / Let them see themselves using it · Paint a picture of the future where their problem is solved by the product · Use Stories of Others again In stage 7, its time to bring the product out and let them experience the product themselves. While they use it, paint a vision for your prospect using the product and solving that problem that has nagged them for years. Even use more stories form others who have used the product successfully to let them know they are not alone and it’s a proven product. Step 8: Recap the Offer – Establish that this is once again a “One-Time Offer” they will never get again. · Summarize the major points of the Offer · Emphasizing what the prospect finds most valuable After the pitch, it’s time to up the tempo of the encounter. Summarizing the offer to their specific points of interest. Emphasizing that you will only make this offer once. It’s the best deal they are going to get. Step 9: The Talk – Discuss the different options and what the prospect would like to buy · Talk with the prospect to show the different packages and what fits their specific needs · Emphasize the benefits to their buying motives · Have an active conversation and let them lead it
Once your prospect has interest, it’s time to go over the different packages, products, and services you offer, and find the one that fits their needs exactly. In this conversation, it ii imperative to let them lead the conversation and ask questions of you to find out which deal will be the best for them. Once they feel comfortable with one, tell them your recommendation from what you have learned and why. This will most likely be the one they have chosen for themselves or an option that you know from expertise will work better. This is also the time where you answer any objections they would have. None of what they say should surprise you because with everything you have discussed, it should be fairly obvious what they don’t like about the product. Just don’t make it be ‘You”. Step 10: Show Prices / Negotiate – See if they like what they see or need extra incentives · Push the package they like the most and fits their needs · If they aren’t liking what they hear and see, it’s time to throw some extras in · Last Ditch Effort – if all else fails, give them the best deal you have to get them through the door You can reveal the prices to the packages long before this stage as long as when you do, they are comfortable enough to hear them. As many times, people reveal the prices too quickly and end up scaring off their prospect long before they get to this point. If your prospect isn’t receptive to the prices, you have to emphasize again the value you will be creating for them. You are letting them see that the product will more than cover its cost through savings or cash flow creation. Otherwise start negotiating the price down until you hit a price they are happy with. If all else fails, give them your “Last Ditch Effort” and give them the best offer you can afford. Step 11: Close the Deal – Get them to sign the documents for a fruitful relationship · Have them sign all the documents and keep them motivated and on a purchasing high Once they say yes. It’s time to get the closing documents and finalize the deal. This is a great time to pump them up and get them excited for all the wonderful things they will experience with your product and service. Tell them you’re excited to be in their service. Step 12: Follow-up – Don’t lose them when they get buyer’s remorse · Give them a congratulations note and gift basket · Have lunch with them within 24 hours to do a mini-sales / pep rally to keep their high going · Phone Call in 48 hours. · Ensure they are on your email list and maintain contact over the years
The worst part of any deal is when everything is going great. Documents are signed. Everyone is happy. Then it happens… The buyer call in the next few days that he would like to rescind the contract. He doesn’t know what he was thinking and doesn’t want to do business with you anymore. This is called buyer’s remorse. And it happens to everyone who doesn’t follow up with their new clients. Don’t let it happen. It’s your job to ensure that your new client feels comfortable before, during and especially after the sale. Therefore, congratulate them on their decision, give them thank you notes and gift baskets, have lunch with them within 24 hours to make them feel good about the decision. A phone call within 48. And a email every month for a lifetime. Conclusion Now you understand the Power of Becoming a Salesman. The fundamentalism of it as a basic skill to live. And exactly how to become one through the sales process. It’s time to become one and go out there and practice. Practice. Practice. Practice. Because it is a skill you will only master through hours of rejection and failure. But once you get past that, you will able to persuade people to give you what you want.  A Thought Experiment A thought experiment is when you have an idea and take that idea to its logical end through rules and parameters that already exist or develop as the thought experiment matures. Mostly through conversation and the use of verbal experimentation and arguments. The purpose of having thought experiments is to expand your abilities to think, innovate, find patterns, plan, and imagine. Having this ability will allow you to break free from the influences of others, understand things quicker, learn faster, and develop better plans. For Example: Fallacies (Common Sense) are a great example of Thought Experiments that are brought to their conclusion. Although these arguments themselves represent bad logic and unsound reasoning. How people came to the conclusions that these are fallacies is the essence of what a Thought Experiment is. A deeper look at one of the fallacies and the thought experiment that created it: Needling: simply attempting to make the other person angry, without trying to address the argument at hand. Sometimes this is a delaying tactic. You are watching a political talk show. You realize that the talk show host isn’t actually presenting any counter arguments or evidence and is simply goading the politician to see if he can get a rise out of him. You begin to discuss with your friend about the tactic and he says that it is a viable argument technique where as you believe it’s not an argument at all, but just a tactic to disclaim someone whose beliefs you don’t believe in. You continue to talk it over until your friend agrees that it is a tactic and not an argument. Making it a fallacy because the logic and reasoning to think of it as such is bad. You then call the fallacy needling because you are trying to poke the other with verbal needles to frustrate and annoy. For a look at more fallacies, check out this list. (A very good list to know for your next debate or negotiation as finding false logic is a lot easier than you’d think.) Another Example: Your friend has a great idea for a Television Show. You create the premise and the characters. You continue to develop it until the show takes on a mind of its own and the characters take such shape that you can no longer just make them do anything. Because the characters develop their own rules/personalities (as if out of nowhere) that if they were written to do an action out of character, people won’t believe it. Thus a thought experiment has been created with rules that guide where the show can go. Until it reaches its logical end of happy, sad, eventful, or uneventful ending. Now that you understand the concept of a Thought Experiment… here is the nitty-gritty on how to create one. Step #1: Throw out all your beliefs and biases to ensure the purity of your thought experiment. This rule is important as any outside influence of your thought experiment can lead to fallacies and bad logic. This rule is less important for creative thought experiments as where the logical end goes is less based on reality and more based on one’s imagination. Step #2: Decide to create rules for the Thought Experiment at the beginning or let them develop over time. You can develop the rules for a thought experiment to be as outrageous to as realistic as possible. All depends on the end goal of the Thought Experiment. Realistic Rules (Black) 1. Follows realities rules and order of operation 2. Follows Logic and Reason (No Fallacies) 3. No Biases or Assumptions Creative Rules (White) 1. Follows a set of rules not dictated by material facts 2. Rules can develop laissez faire and become permanent as they develop 3. Assumptions can be used to build the Thought Experiment to places reality won’t allow without proven facts. Combination Rules (Gray) 1. Follows a set of rules that are based in reality, but can change with current events. 2. Rules follow logic and reason, but includes the actions with a probability of low success so nothing is ruled out. 3. Assumptions are allowed, but must be proven throughout the thought experiment. #3: Talk through your Thought Experiment With the others in the Thought Experiment, talk through the thoughts you have or had. Ensuring to maintain the rules. Where the experimentation comes into play is having the idea be bounced, fleshed out, and redone to by many diverse people with different views, angles and experiences to meet the rules and logic of the thought experiment. The experimentation comes from the fact you don’t know where the thought process will go, what other rules will develop during the experiment, and the scenarios, scenes, or actors that develop. #4: Take your Thought Experiments to their Logical End An example on the creative side would be a storyline for a character. The more you flesh out the character and create a world around him, the easier it becomes to bring them to their logical end. Therefore a Tragic Character dies to redeem himself. A Happy Character wins the day. Or any combination of paths that the story may take. (Uses made-up rules and parameters to dictate the path of fictitious characters) An example on the realistic side, is having a thought experiment on real life events and people. Such as finding the truth of the matter behind the actions of what others do, such as rivals, friends, and enemies. Finding the motives behind their actions or to build an idea of the interworking’s of what’s really going on. (Uses real world facts to develop theories about the real world) A great example of a Combination is making a plan off the real world. Because plans make a lot of assumptions about how the real world will work according to the plan, but more than likely has to change before the end. This combination of the realistic to the creative side of thought experiments allows you to build your thoughts and bring them to fruition even if they don’t come to reality in any shape or form. Think well. Be well.  #1: Figure-Out your learning style. If no free class exists, it’s time to build your own. But before you do, you have to know what your learning-style is. Because if you don’t, you could be finding learning tools that are useless to you because you don’t learn in that particular way. A good example is people who learn hands-on versus people who learn conceptually. People who learn conceptually like to use graphs, figures, maps, and other tools to learn a concept, and will tell hands-on people that that is the only way to learn. Whereas hands-on people like to see how something is done with the help of another person to show them what’s right. Finding out what type you are is important to your learning success and completing your own self-study. To find out your learning style take these two questionnaires and combine them to see what styles best compliment you. 1. The Vark Quiz – Short Form with quick summary of your learning-style 2. Index of Learning Styles Questionnaire – Long Form with in-depth analysis of your learning style After you take these quick questionnaires. You will find out if your learning-style is active or reflective, sensing or intuitive, visual or sensing, and sequential or global. With each of these styles comes specific techniques that work best with that type of learner as well as others that work with all. That will be covered in later. Now let’s go over each style of learner and their strengths and weaknesses. 1st Spectrum of 4 that details how you like to learn. Does this sound like YOU? Don’t like to be lectured? Hate being forced to sit there without any active participation? Then you have active learner tendencies. Because active learners like learning to be participative and interesting. Which is why you will have a kid who can remember every stat and name of his favorite baseball team, but can’t will never remember anything about the state capitals. Because one is active and can be discussed with friends while the other is taught dryly with no entertainment value. Or does this sound like you? Don’t like when other people talk during lectures? Or when you’re studying? Hate every time someone asks a question or slows down the class? Then you have reflective tendencies. Being the opposite of active learners. You don’t want people to interrupt your process of listening, thinking, and digesting of information. Where an active learner wants to use the information immediately, a reflective learners wants to reflect upon the information and use it later.  2nd Spectrum of 4 that details how you like to learn. Does this sound like you? Like to memorize? Learning facts and figures? While using the techniques you have always used? Not liking when things get outside your scope? Then you’re a sensor. You like repetition, memorization, and well established methods, formulas, and procedures that work so you don’t have to think. You enjoy things that already work with no problems and issues that you can reuse again and again on old and new situations. Or does this sound like you? Like challenging new problems? With the ability to think outside the box to find new solutions? Then you are an intuitive learner. You enjoy taking on new challenges and enjoy figuring them out, both their problems and solution. Even if either haven’t been figured out yet. Intuitive learners learn usually conceptually and theoretically.  3rd Spectrum of 4 that details how you like to learn. Does this sound like you? Like to learn by actually seeing something done? Not told, but physically shown from A to Z? Then you’re a visual learner. And the reality is. Most people are. Visual learners learn by seeing How-To Videos, on-the-job training, and flowcharts, graphs, and other visuals that help implant images to memory. Or does this sound like you? Do you learn by reading and writing? Without having to be shown how to do it, but told? Then you are a verbal learner. Verbal learners are able to understand how to do things by reading how others did it or being told how they did, and independent from having to actually being shown how to do it. Entailing they are better at figuring out the minute details that may not be as explicit as seeing how it is done.  4th Spectrum of 4 that details how you like to learn. Does this sound like you? Like to learn step-by-step? In a logical sequence? Each step building on the next until it all finally makes sense? If you do, you are a sequential learner. This type of learner loves step-by-step processes and learns logically by learning the basics and fundamentals of a subject. Building upon the subject by stacking new information on top of each other until the whole picture is known. Or does this sound like you? Like to immerse yourself in the information? Learning randomly until you have that “eureka” moment? Then you are most likely a global learner. Someone who likes to learn everything about a subject, but in no particular order until one day it all clicks together and you master the subject. The major difference between the two is that sequential learners are able to use the information relatively immediately to take a test while it takes a global learner a certain period of time to let it conceptualize before they can effectively take a test on it. Because the information doesn’t make any sense to you until it clicks in your mind.  Conclusion
But like every spectrum, everyone has more and less the tendencies of each type. As many people display both. It just matters which way you lean more and knowing the best ways to take advantage of your own combination of learning styles to maximize your learning return to become a meta-learner. For example: An active/reflective learner may like to participate in group work to get feedback from others in the group, but want to do their own work alone and bring it to the group roughly completed. A sensing/intuitive learner is someone who likes to use established-methods to figure out problems, but likes to change-it-up to see if the established method can be made better. A visual/verbal learner may learn best by combining both words and pictures so they can read the steps as they see them being done. Helping them learn that much faster. And finally, a sequential/global learner may be able to learn sequentially, but only if each presented topic is fully discussed without pieces missing. Now check us out next week when we take what we have learned so far and use it to find the best learning techniques that will work for your particular learning-style. Labeled… #2: Learn-to-Learn: A Guide to Find the Best Techniques for Your Learning-Style. Best, L. Thomas Reference for Learning Styles: http://www4.ncsu.edu/unity/lockers/users/f/felder/public/ILSdir/styles.htm  Might as well have no head without them. The 7 Skills You Need to Pick-Up to be Successful.
There are many skills in the world that you can learn to be successful, and without them, you won't. They can be anything from speaking and writing to leadership and strategy. But when you boil them down. There are 7 that are more important than all others. They are fundamental because they entail both maintaining and maximizing the mind and body. And creating abilities you can leverage to be successful. Now let’s be off. #1 : Habit Formation and Alteration – One skill that you need to develop is to form new habits and alter your old habits. This is fundamental to all others on the list because you need to be able to master the art of habit formation and alteration. Because without it, it will be very difficult to understand the process of building the others on the list. With habit formation, you are building new habits that allow you to develop yourself, your skills, and abilities. With habit alteration, your taking old habits, finding their root cause, and changing the end result by maintaining the things that trigger it and replacing it with a new result. For a bit more information on what you can do to master your habits… check this out… #2 : Pet Projects (Skill Development) – Pet Projects are Goal-Oriented Projects you do out of school and work that help hone a skill you want, build a business you want, or do anything you want really as long as it fits your long-term goals. You need to pick up Pet Projects because they keep you competitive in the job market by boosting your capabilities out of work. (Getting certified at a skill) Can allow you to quit your day-job and do what always interested you, full-time, if they become successful enough. (Your Pet Project Business takes off.) Keep you happy because you have something that is completely yours. Making it your baby. To learn more and find out the steps to create a Pet Project, it’s time to check it out here… #3 : Basic understanding of Systems: To be successful, you have to be able to process information quickly and apply it over many different situations. This doesn’t mean you don’t change your view of things, but have to keep your eye out for the general systems of things. As any world with rules or physical laws, a system develops within those constraints. And the system that develops follows the same fundamentals between them all. That means that any organization, from governments to business, ultimately develop similar fundamental systems, and if you understand those fundamental systems, you can quickly understand how to work within them or even exploit them. The fundamental system always looks like this: · What gets put into the system - o Inputs: Money, Resources, Time · What happens to Inputs in the System o Activity Area: Processes, Methods, Formulas on Inputs · What is produced by the System to include bad and good o Good Outputs: Products, Experience, Education o Bad Outputs: Pollution, Animosity, less-than-stellar results A quick example: Your BANK ACCOUNT is a system. It’s a system that holds your money and dictates what you can and cannot afford. o Income is your Inputs into the system from working, owning, and others. o The Bank Account is the Activity Area where you can move and hold your money while it gains interest. (Formula) o And Outputs is Spending from your bank account. This is a fairly simple system, but can create dire consequences if you don’t understand it. Because if your Income (Inputs) is less than your Spending (Outputs) than you will find yourself in trouble when the bills come. This general systems theory can be applied to everything, as everything follows these fundamentals of systems. Because our world follows physical laws and rules that ensure fundamental systems exist. Another quick example: The Human Body is even a System. The Human Body has Inputs (Food and Water). The Human Body has many, many processes, methods, and formulas. (Digestive system, Respiratory System, Nerve System, etc., etc., etc…) The Human Body even has Outputs (Excrement and Waste). And it follows the same rules of the BANK ACCOUNT. The difference here is that if your Inputs outweigh your outputs, than you will find yourself in trouble. o Input of Too Much Smoking and Drinking – Your Internal Organs will deteriorate o Input of Too Much Food – your body will overreact to excess food, leading to weight gain, and deteriorate over time o Input of Bad Food – like using bad oil in an engine, it will run, but it will run inefficiently and eventually break down. Just like your body. o Effecting your: § Brain Cognizance (Brain Function) § Motor Functions § And More Lack of Outputs can be as bad as too many inputs as the system overloads with too many inputs and not enough outputs For Example: o Output of No Exercise – leads to being unhealthy as the body cannot effectively regulate itself (Weight Gain, Body and Brain Deterioration, and more) o Output of Not Using your Brain o Not challenging or doing repetitive activities with your brain can lower your IQ o Only putting your brain in Cognitive dissonance can you “age-proof” your brain and slow the onset of symptoms of brain aging, and can also help to keep your brain functioning at peak capacity. Segueing perfectly into out next Fundamental… #4 : Healthy Lifestyle – Health directly translates in how well you can accomplish the other 6 on the list. Because without good health, your mind doesn’t work as well, your body is sluggish. And both deteriorate at the rate at which you let them. So if you let yourself go, your mind and body will follow. Therefore, the way to success is… a. Giving up Processed Foods – The Saying, “You are what you eat,” is true. If you eat junk, you are junk. It’s proven that if was touched by man. The more likely it is to break your body down, slow your functions, and ultimately end you. b. Supplementing – The normal person’s diet lacks much of what the human body needs. This is why it is important to ensure your body gets what it needs through supplementation i. The key here is once again to stay away from processed items such as extracts, synthesized (Man-Made) supplements, and other unhealthy supplements that aren’t can be laced with trace metals and other bad ingredients. c. Picking up Exercising – Exercise is one of the best things you can do to improve your mind and body. Giving balance to your overall well- being. i. Such as YOGA. ii. And figuring out how to work out anywhere! d. Create Cognizance Dissonance - Find ways to constantly engage your brain to build your brain powers #5 : Life Audits – Life Audits are important because they let you refocus on your life and reevaluate how it is going. Letting you see if the actions you’re taking and the activities you’re involved in our accomplishing your future. A quick sample is: I want to be successful in my company. And I need to get a few certifications to do that. Am I taking the Certification Classes in my spare time or am I watching television? If you’re watching TV, you’re off the trail to your success. As Excessive Television or any activity that is not benefiting you socially, economically, or financially is not helping you accomplish what you want. And you need to get back by taking a few evening courses. Because… Is it worth it to you to watch 34 hours of television a week? (Average for an American.) To learn more on how exactly to run your own Life Audit and find if you’re off track, check it out here… #6 : Time Management – We live in a world of limited time, but infinite possibilities. Albeit we are slaves of time. It is very possible to master it and bend it to our will. The key is to train yourself to use schedules, lists, and timers. · The schedules tell you when to do things. · The lists tell you what you’re doing and how to do them. · And the timer ensures your meeting your time requirements so you get done what you need when you need to. In time, you will come to find you don’t need the any of them and you can see your schedule, list, and timer inside your mind. For more information, check out how you master time by using The Power of the List Series… · THE POWER OF THE LIST 1 · THE POWER OF THE LIST 2 · THE POWER OF THE LIST 3 · THE POWER OF THE LIST 4 #7 : Socializing Skills – Most of the time, it’s not enough to just be good at what you do. Most of the time it is only 50% of the battle. Instead, most of the time it’s all about how well you can get others to like you. This is just the way it is. So don’t whine about it. Revel in it. Become what you’re not as it’s the fastest and easiest way to success. Which brings up the question… How does one learn to socialize? Well considering I was born very shy and awkward. I was always afraid to talk to people. And now I can talk to anyone, anywhere, and at any time. And the only way I found to get good at it was… · Become very thick-skinned o Be able to take criticism, rejection, and outright aggression from others · Become rubber skinned o When need be, be able to turn the tables of the conversation upon those who are criticizing, rejecting, and being aggressive and reflect it to overcome their objections · And ultimately practice. o Learn how the art of conversation works. Because just like anything, all of them have the same essential pattern that can be followed. And what you say becomes less important to HOW you say it. So find out more how you can be the champion and learn to socialize… So You Want to be a Millionaire? You must have noticed and realized that all of these Fundamentals are Internal. Never mentioned was knowing the right people, having the right idea, or being in the right place. Because they are all External Factors. External Factors that you have no control of, which means they are based on luck and the twist of fate. Both of which I never put much faith or money behind. Because to be successful, to be a millionaire, you have to understand the game you’re playing, how to maximize your abilities and potential, and ensure to take care of what you do have, YOURSELF. Everything else is luck of the draw. This has been a long, long building Blog Post that I hope you enjoyed reading as much as I enjoyed writing. Let us know what you think in the comments and don’t forget to share to others on, “Why they’re not Millionaires.” |
AuthorLucas Thomas, professional writer, entrepreneur, and business owner. Archives
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