If you’re looking to work smarter instead of harder in your business, learning always starts with unlearning – what ‘truths’ are you living by which are no longer ‘truths’? Here’s my Top 3 Modern Myths of Wealth about what we need to unlearn to grow our financial success today:
MYTH #1: Wealth Comes from Passive Income
MYTH – You can get wealthy by going into debt to buy assets that will give you passive income so you no longer have to work for a living.
TRUTH – You’ve just dug a hole, not a river! All income needs to be managed, which means you need to know how to manage a team and experts who can manage your portfolio of assets.
Yes, building assets that create cash flow is a critical part of building your wealth. But many people have been burned by stretching their resources to buy property or other assets in the hope that they will yield ongoing passive income, only to see the value of their assets drop, their cash flow go negative, and their credit ratings ruined. Why didn’t this happen to all the wealthiest people? The wealthiest people know all their assets—whether properties or business—need to be managed well. There’s nothing passive about it.
It might look like the apple farmer has “passive income” because his apple trees keep giving him apples, but it still takes time and expertise to nurture those trees. It’s the same with your assets: Choose assets with great care and factor in the true cost of choosing, managing, and selling your assets in your return.
Replace the myth of passive income with the reality of portfolio income, where each of your assets is part of a portfolio managed by a team. Monitor and maintain your portfolio and the return it is giving you.
MYTH #2: Wealth Comes from Multiple Streams of Income
MYTH: The more income streams you can start, the wealthier you will become.
TRUTH: Starting many streams at the same time is like trying to push many balls up a hill at the same time: You may get started, but you end up losing your focus and your time. Success comes from growing teams, not streams: multiple teams of income.
This myth is perhaps the most destructive when you’re starting out – but it’s dangerous at every level or wealth. If everyone around you is unclear what your main focus is—what your position is and where you stand on the field—you will constantly chase the ball instead of having it kicked to you.
What people learn as they step up the wealth ladder is that money doesn’t make money; people make money. Invest in the right people before investing in the assets they will manage or you will be the one doing all the juggling, and it will only be a matter of time before you start dropping the ball.
MYTH #3: Wealth Comes from your Exit Strategy
MYTH: Wealth comes when you sell out: Plan an exit strategy where you can work hard now and earn the money later.
TRUTH: Keep working, because you love what you do. Don’t strive to bake a pie so you can sell it; own the bakery so you can bake as many pies as you want, sell some, and keep the rest.
I have met too many people who are holding out for an exit that will make it all worth it. They don’t enjoy what they are doing. They have simply talked themselves into grinning and bearing it “until I make X dollars or until I sell the company for X amount.”
Sure, we hear stories of people cashing out with big returns from their businesses or assets, but rarely do these stories involve people not passionate about what they were doing.
Replace the myth of an exit strategy (leaving the game) with a success strategy (staying in the game). The wealthiest people in the world are still doing what they are doing because it doesn’t feel like hard work following your genius and doing what you love. As you move up to the wealth ladder, any exit strategies are not for you; they are for your project partners and investors.
These 3 myths are part of the 5 myths I share in my new book, the Millionaire Master Plan (coming out soon!). Taken together, the five myths are an old-paradigm, mechanical way of thinking about wealth, separating us all into paths where we’re trying to do it all on our own.
The truths are a more natural way in which building assets is replaced by growing flow, where we are all connected to each other and the market. In flow, everything is connected, and your role in nurturing, enhancing, and expanding the flow around you is more important that trying to work out how to make the money and exit the game.
Still skeptical these are 3 myths? Pick up any “Richest People” list and ask yourself for each successful wealth creator on it:
1. Are they passive in their income or are they still showing up each day, playing the game?
2. Are they trying to create multiple streams or do they have multiple teams creating the streams?
3. Are they following an exit strategy or a success strategy?
Your time is your greatest asset. Invest it wisely in the one thing that counts – nurturing a success strategy where what you are doing you would still do, even if you weren’t getting paid for it.
As billionaire investor, Warren Buffett said in a speech to a group of students:
“I may have more money than you, but money doesn’t make the difference. If there is any difference between you and me, it may simply be that I get up and have a chance to do what I love to do, every day. If you learn anything from me, this is the best advice I can give you.”
Keep making magic,
Look out for the launch of my new book and GeniusU
I’m very excited to let you know that next week will be the pre-launch for my new book, the Millionaire Master Plan, and our new GeniusU Online University.
Thank you so much to everyone who jumped in to my offer last week. We had an overwhelming response which was really nice to see. Sorry to those who missed out, but we have something special to make it up to you this coming week.
Have you read any of Robert Kiyosaki’s Rich Dad books? Hachette, the publishers of his book series, are publishing my new book, the Millionaire Master Plan, and have equally ambitious plans to share the message in it globally. That message is that there is a map and GPS to wealth. Once we know where we are and where we want to go, the book gives you a personalised plan to get there. The book will include a test to find out where you are on the Millionaire Master Plan, together with entry into our GeniusU University.
Remember the Dummies and Idiots Guides? We think its time for more Geniuses, so in the pre-launch of the book you’re going to see we’ve put together a full 12 month series of 12 Genius Guides. These feature a stellar line-up of World-renowned Industry Experts giving simple steps to master everything from social media to investing, and from health to relationships. Each of these will lead to free missions on GeniusU that you can follow to master each area through your own natural path.
Like our new Millionaire Master Plan Facebook Page and stay tuned for more!
Christine Kloser’s Transformational Author Experience 2014
Ever wonder how YOUR idea can become the next great transformational book? Join the Transformational Author Experience 2014 for free and find out. Best-selling authors, marketing experts, transformational leaders and publishing industry experts (including myself) will lift the veil on exactly what it takes to write, publish and market your book and “make it” as a transformational author! Experts include:
- Me! Roger James Hamilton – The Millionaire Master Plan for Authors
- Danielle LaPorte – A “Fire Starter” Session for Authors
- Lisa Nichols – Discover the Power of Your Authentic Voice
- Reid Tracy – How to Become a Hay House Author
- Wendy Keller – (My book agent!) Building Your Author’s Platform
- Robert Allen – The Fortune In You
And many more!
It’s about to start, so register now. Once you register for the free training, you’ll also receive immediate details on how to participate in the 4th Annual Transformational Author Writing Contest where you could win guaranteed agency representation for your book, consideration for a contract with the publisher of Eckhart Tolle’s “Power of Now”, publishing packages, and much more!
Upcoming Documentary on the Wealth Gap
I’m featured in an upcoming documentary on the Wealth Gap by Academy Award nominated film maker Jeff Hays. The film idea came over a dinner together 2 months ago and it’s about the role entrepreneurs play in closing the wealth gap. Jeff’s last 6 films have been crowd funded and he’s raised over $1.5m(!)
If you want to test a new product, crowdfunding is one of the very best ways to do it. Anyone given it a try? Here’s an article Forbes just published on him and his top secrets:
Are you concerned about the widening gap between the rich and the poor, and between those who are getting ahead and those being left behind? Here’s a blog I wrote recently about the problem of the Wealth Gap:
What’s the world’s #1 risk? At the World Economic Forum, country leaders did a poll and their answer: Income Inequality. The world’s top 1% generated more income than the bottom 50% last year. This isn’t right.
But what’s even worse than the problem is how people are explaining the problem (especially leaders, governments and the media). It’s usually shown as a pie, where the rich have the biggest piece. Income generated isn’t a pie because it isn’t a limited amount. You can earn double without me earning less. We can all earn more, share more, without making others poor by doing so.
Income inequality is more like the gap in a race. If at the start there were two bicycles, and you knew how to ride and I didn’t, I would run and you would ride, and at the end of each day there would be a gap. That’s the wealth gap. The difference in our speed? That’s income inequality. Each year, that bike improves. First to motorbikes, then to super bikes, and finally jet planes. As you kept upgrading your vehicle, and I kept running, the gap would keep getting bigger.
In a race like this, if I want to close the gap, I have two choices. The first is to say the gap is your fault, and you should get out of your vehicle and run like me. The second is to learn to fly.
Our economy works in this way. The richest were riding bikes 100 years ago, with factories and financing. Today, they’ve learned to fly, with global businesses, the internet and technology. So the gap keeps growing. But there are planes for all of us. Any of us can learn to trade products, exchange value, and use our mobile phones and the internet to do it. We have the controls of the jet plane at our finger tips. It’s just we never learnt how to control this vehicle at school. So we just keep running.
Look at this way, the answer isn’t taxes and making the rich give their money away (many of them are already doing this anyway). If we try and do that, someone else somewhere would still go out and learn to fly that plane, and the gap would remain.
The answer is in educating and empowering ourselves. Because learning to fly isn’t that complex and there’s more support, resources and tools today than ever to help each of us learn. That’s why I’m so passionate about education and entrepreneurship.
I see the people that learn how to build a global business and increase their wealth don’t end up taking wealth from others. In fact, they increase the wealth of those around them as well.
Income and wealth aren’t a zero sum game. The amount of money and value in the world continues to grow at an astounding rate every year.
That trend won’t change. Neither will the trend of robots and technology taking the remaining jobs of those who don’t re-equip themselves.
Let’s close the gap.
But let’s do it by learning how to fly.
Millionaire Master Plan Experience Weekend Australia
We’ve partnered with International Trainer, Terriane Palmer-Peacock to bring you our flagship Experience weekend. Completely revised and updated, this event will inspire, motivate, challenge and encourage you to take flight on your journey of building wealth.
It’s the first time it’s being run in Australia under the new banner, and is guaranteed to change the way you do business. Don’t think of it as an event – think of it as a flight school.
Over two jam packed days, you’ll discover:
- Your own personal path of least resistance
- The level game you are currently playing and the steps to move up
- What it means to be in flow and how to stay there
- Why your winning formulas have become your losing formulas
- How to create a sustainable system of increasing cash flow that allows you to exponentially grow your wealth portfolio
Date: 24-25th May, 2014
Location: Gold Coast, QLD Australia
Fast Forward your Business 2014
I invite you to join me and leading changemakers for one day where you will learn the very latest of what to do and how to do it to transform your business in 2014. I guarantee this will be the most important, helpful and practical event for you to grow your business this year.
Below are the dates for our Fast Forward your Business Global tour. My next FFyB Tour is in Japan & Taiwan in June followed by US in August and UK in September.
This is the one event to catch up with the very latest strategies and systems to fast forward your business. Over 8,000 entrepreneurs have attended the Fast Forward annual tour.
In 2014, everything in business will get an upgrade. This is the event where you get to upgrade YOU.
No matter how talented or hard working you are, there will be people this year (who are not as talented, experienced or even as hard working as you) who will get 10 times your results. How? By learning and using cutting edge strategies to keep up with the times.
Last Chance at our launch price
Our Entrepreneur Resorts are going international. We’ve already announced that we’ll be opening our next resort in Hawaii which means great new options for you to experience Island Living in your choice of location. More about that as we get closer to launching.
Our programs for the next 5 months are just about jam packed, with extraordinary entrepreneurs from around the globe, coming together to work on their businesses over 30 days and creating truly global enterprises. There are only a few spaces left in each, so if you’ve been watching this space and wanting to get yourself over to Bali, then make your commitment now and also secure your ticket to Bali at the introduction price.
iLab is now a community. Click here to find out what all the buzz is about with iLab and join the success our graduates are experiencing in their lives and businesses.
I’m looking forward to seeing you in Bali, or Hawaii
Genius Test Video: Your Winning Formula
Your Winning Formula In this video, I talk about how the 5 different elements of the Chinese philosophy will help you in creating your winning formula. These 5 different elements are linked to the parts of the body, how spaces are organized and how they are also linked to our relation with other people around us. Carl Jung was the first in the west to publish this ancient Chinese text, the I Ching (The book of Changes, said by the Chinese to be the oldest book of humanity, written in 3,000 BC).
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