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12 Dichotomous Daily Practices of Millionaires

12 Dichotomous Daily Practices of Millionaires

Through our coaching work at Southwestern Consulting we get a rare chance to spend a lot of time around millionaires.

While many of them have made their money doing all sorts of different types of businesses, my observation is that almost all of them seem to share certain habits and attitudes.

There are certain principles that almost all of them follow but to some it could also seem confusing because they often times have what might on the surface seem to be competing philosophies, opposing principles, and conflicting beliefs.

Here is a short listing of some of them accompanied by an explanation and distinction of what might otherwise seem to be dichotomous habits.

Millionaires practice both:

Speed and Patience – They typically are highly efficient and have an extraordinary sense of urgency where they are intentional about every single second that they spend and how it is used.

Yet at the same time, at a more macro level, they are patient and know that accomplishing great things often takes a long time. So they work fast but they don’t get discouraged if big visions show up slow.

Generosity and Frugality – Contrary to what people often think, millionaires are usually very generous people where they give large amounts of money and time to help other people without expecting anything in return.

Yet they also seem to be very financially disciplined and prudent in the monetary spending and practices of their core business where they tightly manage expenses and scrutinize over budgets. They typically are not wasteful.

Exercise and Rest – You might think that what makes people rich is that all they do is work all the time and they have no time for anything else. But actually, very often wealthy people are also very healthy people. And frequently a crucial part of their daily practice includes physical exercise. Many of them believe that their physical prowess and mental prowess are connected.

But in addition to making time for physical activity almost all of them also are very deliberate and intentional about quiet time and solitude. I don’t think there is a single millionaire that I have ever met that doesn’t have some sort of regular routine that involves either prayer, meditation, reading, reviewing affirmations or all of the above.

Gratitude and Ambition – If I had to identify the number one most commonly shared habit, attribute, or daily practice of millionaires that I’ve personally observed it is that virtually almost all of them that talk about starting their day with some deliberate practice of gratitude. They set aside time to specifically say “thank you” for all that they have been given in their life. In their gratitude is a profound sense of peace and satisfaction.

Yet also almost all of them also have an insatiable hunger for growing, improving, and achieving the next level of success and contribution.

Control and Faith – Millionaires do the hard work it takes to be successful. They are relentless about focusing on the things they can control. They focus intensely on building strong work ethic, good work habits, taking action and being brilliant at the basics.

Yet at the same time they seem to be able to release themselves of the pressure, fear, and worry that comes with having to always know what the outcomes are going to be. They instead have a strong sense of faith that empowers them to act meanwhile not having to know the specifics of what will result.

Principled and Adaptability – I don’t think I’ve ever met a millionaire who wasn’t strong willed and personally convicted. These individuals typically are very confident and passionate about the philosophies that they have come to know as true and they are definitely principled people.

But they somehow still remain adaptable and humble to the idea that while principles don’t frequently change, practices often do. They know that technology and competition and evolution require themselves to be continually learning growing and improving.

While these various practices may appear to be conflicting and opposing on the surface, they are actually very complementary and clearly defined in the distinctive value that they provide to successful people.

So, if your goal is to one day be a millionaire, don’t just watch for the ways in which they are absolute but also in the ways in which they are nuanced.

5 Steps to Scaling Your Sales Revenue – Episode 201 of The Action Catalyst Podcast

Scaling

In this episode of the Action Catalyst Podcast, Rory shares the steps every business needs to take in order to scale their sales revenue. Visit crm.roryvaden.com for a free training from Rory on this topic!

Show Highlights:

Most business are broken when it comes to sales.

Many businesses don’t have a systematic, repeatable way to generate sales.

A business will never outgrow the strength of its systems.

Technology isn’t a department, it is core to the strategy.

You have to create the sales pipeline.

What happens that is customer facing at each stage of the process?

The real magic is what happens internally.

You must have a way to track your leads and existing customers.

Data and technology are integral to your strategy.

You have to develop CSF’s (critical success factors).

Create a sales manual.

Create your lead generation strategy.

 

Visit crm.roryvaden.com for a free training from Rory on this topic – or if you are interested in becoming  a “sales doctor”, visit freecall.roryvaden.com to learn more!

The Action Catalyst is a weekly podcast hosted by Rory Vaden of Southwestern Consulting every Wednesday. The show is regularly in the Top 25 of Business News Podcasts, has listeners from all around the world and shares “insights and inspiration to help you take action.” Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews special expert guests and thought leaders. Subscribe on iTunes and please leave a rating and review!

How to Save Your Company $1.5 Million in 3 Minutes

million

People often say that “time is money.”

They are wrong.

Time is not money.

Time is worth way more than money is.

In fact, via compounding interest, time is the one thing that takes money and effortlessly turns money into more money.

Money that is lost, can be earned back. But time that is lost is gone forever.

Which is why our team at Southwestern Consulting believes that the next generation of cost savings scrutiny in organizations will not be as focused on saving money as it will be on saving time.

Think about this… almost every organization in the world has an entire team of people whose job is solely dedicated to counting the financial costs of a business. This is the accounting department of course.

Yet almost no organizations have even a single person who monitors, tracks, and manages all of the different ways that people throughout the organization lose time every day.

Not even one person whose full effort is dedicated to figuring out detailed ways to save everyone time.

Why is that?

Especially given the fact that one of the most expensive financial costs to any business is human capital and the money we spend on our labor force in wages.

The Money Value of Time (MVOT) from Procrastinate on Purpose teaches us that regardless of how we derive income, we all have a calculable hourly rate of pay. And that we are always either paying someone else at their rate of pay or we are paying ourselves at ours.

Which means that every single task and every single moment costs money. And anything that wastes even a second of your time is a waste of your money.

So that means there is opportunity throughout the organization to save massive amounts of money by saving massive amounts of time.

But where might we find these massive time savings?

Is it in cutting insignificant projects and unnecessary meetings? Sure.

But an overlooked area – with perhaps even more opportunity – is cutting mere minutes or even seconds spent on repetitive tasks that recur on a frequent basis.

For example let’s say you have a task that a team of 50 people each do 10x a day that takes them 180 seconds each time. This could be something like copying and pasting and then sending an email to a prospect or client with an attachment or something.

That’s 1500 minutes total for the team each day x 250 working days in a year for a grand total of 375,000 minutes each year spent on that one recurring 3-minute task.

If the average person on the team makes $50k a year then that person has an MVOT  of $24.04 per hour or $0.40 per minute.

Which means that a recurring task that takes 50 people (who make $50k) just 3 minutes a few times a day could be costing an organization $150,000 a year!

Plus, keep in mind those are hard dollars being paid to real people which means there is a legitimate opportunity cost of using that money.

If a company could save that time, and instead invest that money then (using a simple investment calculator) we know that $150,000 invested one time at an 8% rate of return for 30 years would be worth $1,509,398.53!

Think about that…

A task taking people 3 minutes could be worth over $1.5 million in the long run.

Now think about this…

If you have a team bigger than 50 people…

Or

If you have regular recurring tasks that take longer than 3 minutes…

Or

If you have more than 1 recurring task a day that everyone does…

Or

If you have people in the organization that make more than $50k per year…

Or

If you could do better than an 8% return on your money…

Or

If you invested that money for longer than 30 years…

Or any combination of these factors…

Then losing that time could cost you even much much more than $1.5 million of opportunity cost over the course of time.

So, what’s the point?

The point is that we should place as much value on saving time as we do on making more money.

The point is that we are potentially missing out on millions of dollars in cost savings by looking at things differently.

The point is that we should potentially apply even a higher level of scrutiny to how we spend our time than we do with how we spend our money.

But most companies don’t.

Most companies track every single penny spent on paper clips and pens and completely ignore the question of “what recurring tasks are sucking up our people’s time?”

It’s a massive opportunity for profit growth in the future of business.

We believe that the future of cost savings is going to be more focused on saving time then it will be on saving money.

Which is one reason why we believe that there is going to be a continued boom in the world of workflow automation.

We believe, as mentioned in my Ted talk, that “automation is to your time exactly what compounding interest is to your money.”

Saving salespeople time by training them on the best communication strategies and interpersonal skills has always been a space that Southwestern Consulting has been known to specialize in.

But when it comes to saving salespeople time by coupling it with automating things like lead generation, lead tracking, workflow, pipeline management, customer follow up, CRM and content marketing, that’s also a service we provide for small and medium sized businesses.

If you’re interested in more on that, you can check out our free 1 hour training on turning your business into an Automated Revenue Machine.

But no matter who you are or what type of company you have, what we all need to know and understand is that time is not money.

Time is, and will always be, worth way more than money.

Make sure you’re valuing it accordingly.

How to Perform a Business Comeback

business-comeback

We love watching comebacks.

Whether it’s movies or sports or real life stories of people overcoming seemingly insurmountable odds, we love seeing “the comeback.”

So how do you perform a business comeback?

What do you do if your business is struggling?

What do you do if you’re facing personal financial struggle?

How do you respond if you’re losing customers, accounts, profits, or marketshare?

There may be many potential answers to those questions depending on your business model or industry, but there is one answer that is nearly universal for all businesses.

In fact, in many ways it’s the epicenter of all business.

You can even argue that it’s how business began.

It’s simple.

Powerful.

And energizing to any and every business.

It is…to sell.

To generate sales.

Sales is the genesis of any business.

And it is also therefore the key to performing any individual or business turnaround.

You sell.

You sell, sell, sell.

You sell your way out of trouble.

You sell your way out of any hole.

You sell your way out of any self doubt.

Increased sales cures 95% of all business problems.

The beauty about sales is that anyone can sell.

And it doesn’t matter who you were yesterday or what you’ve done in the past.

Today you can start to sell.

You can start a turnaround by focusing on sales.

You can even start a business from scratch if you know how to sell.

Nothing happens until there is a sale.

And if you can learn how to sell…

If you can learn to love to sell…

And if you can serve people while you sell…

Then you can sell your way out of any hole.

You can sell your way through any precarious situation.

You can sell your way past any seemingly insurmountable challenge.

Increasing sales can change your personal situation and it can be the comeback of any great business.

So if you need a business comeback, then get excited, get focused and go out and sell something today.

The 10 Most Important Books to Teach You About Money

money

Not counting the Bible, which has a tremendously specific amount of information written about developing a healthy relationship with money, here are the first 10 books I think anyone who wants to learn about money should have to read, the order I’d suggest reading them in, and why…

  1. Total Money Makeover by Dave Ramsey – The first step to getting rich is to get debt-free and no one in the world knows how to do that as well as Dave Ramsey. This book has changed my life and the lives of millions of others It’s a simple plan that works, start here.

 

  1. Secrets of the Millionaire Mind by T Harv Eker – Believe it or not, but our ability to acquire money has everything to do with what we think to be true about it. The 17 wealth files presented here are absolutely foundational. I still read my “millionaire mind” affirmations every day and it’s been almost 10 years.

 

  1. The Richest Man in Babylon by George ClasonA delightful and inspiring fable, this quick and easy read shares some of the most powerful lessons you’ll have to know to become wealthy.

 

  1. The Millionaire Next Door by Stanley Danko – We all think that it’s the people who look rich that are rich…wrong! This book shows the data on the habits and spending patterns of the world’s millionaires. It will help you realize that being frugal, rather than flamboyant, with your money is really how you get rich.

 

  1. The Go-Giver by Bob Burg and John David Mann – Abundance is a mindset that starts with learning how to A radical flip on everything you might initially assume to be true about how you create wealth and income, this has become one of my absolute favorite books of all-time.

 

  1. The Compound Effect by Darren Hardy – Many of the books on this list talk about the power of compound interest, which is something you’ll want to become intimately familiar with. This book however, shows you the compounding power of hard work, good choices, and disciplined effort. A must read.

 

  1. How Rich People Think by Steve SieboldThis is a rapid-fire checklist of the differences between how rich people think compared to everyone else. It’s very straight forward, hard-hitting, and accurate. Perhaps the most distilled information available on how you need to change your thinking about money.

 

  1. Thou Shall Prosper by Daniel Lapin – A fascinating read about why statistically so many people of the Jewish faith are of above average wealth. Rabbi Daniel Lapin shows how the deep rooted beliefs you carry will ultimately determine how much wealth you accumulate and overflow into the lives of others.

 

  1. Why You’re Dumb Sick and Broke by Randy GagePrepare yourself for somewhat of a “slap in the face” when you read this one. But Randy Gage does it the way that only he can and he does it out of love with a sobering and honest presentation about some changes you’re going to have to make in your mental paradigm if you’re ever going to accumulate a lot of money.

 

  1. Financial Peace by Dave RamseyIn some ways, this is a bit of a repeat of Total Money Makeover but by this point you’ll want and need the refresher again anyways! This book also talks about the specifics of things like different types of insurance and why rich investors are often boring investors.

 

Admittedly, I haven’t read every book out there on money, but I have read a lot and these ones are all certified winners. Growing up in and around lower-middle income people, we had a lot of love but I had to really work to change my thinking about money. The books on this list will both inspire you and teach you the critical concepts that you will need to be able to accumulate wealth and bless the world all around you.

The Myth of the “Lifestyle Entrepreneur”

entspannter-geschftsmann-sitzt-im-bro-mit-fen-auf-dem-schreibtisch-54936109

There is a false dream being overly sold today. 

It’s is the facade of The Lifestyle Entrepreneur. 

It typically includes messages like work from anywhere, set your own schedule, be your own boss, drive a Bentley, and make passive income without doing anything. 

It’s a damaging dream because it’s a lie. 

My problem is not with the promotion of all the things you can have, such as some of those listed above. 

All of those things can become true…eventually. And there are lots of different types of pay for performance business models that can yield them over time. 

My problem isn’t with the dream they are selling, my problem is the dishonesty about what it takes to get there. 

Because the reality is that anyone who has built a successful business has worked their freaking butt off with really long hours, for a really long time. 

They have sacrificed and saved, they have hustled and worked, and they have been beaten down over and over and over again long before they ever had any of those things. 

Real achievers have tried and failed. They started over and got slammed. They kept at it when it never looked like they would make it. But they stayed committed, they fought, they bounced back and went through piles and piles of muck and mounds of setbacks. 

They’ve had a thousand opportunities to embrace any number of justifiable excuses that would have been accepted by any other reasonable person – yet they turned their back on those “outs.”

Every “Lifestyle Entrepreneur” I know that has actually made it is someone who has worked relentlessly to get where they are and they make no mistake about what it’s taken to get there.  

The people who have successfully built businesses are easy to spot because they are the ones who are talking about the truth. 

They are talking about how hard you have to work to get there. They are talking about all of the rejection you have to endure. They are talking about how many times they failed. 

Successful people have unmistakably learned that you do what you have to do until you’ve earned the right do what you want to do. 

So while they may have some shiny toys, big brands, and large followings, they would never promote how easy it is to get there because they know full well that it’s a lie. 

Robert Herjavec from the Shark Tank said it pretty well when he said, “If you are under the illusion that you can start a business and run it at your life’s schedule, you are mistaken. The business is like a starving puppy-when it needs to eat, then it needs to eat regardless of what you have going on personally.”

Gary Vaynerchuk also captured it nicely when he dropped this truth bomb, “people leave companies to start their own business thinking that it will somehow be easier. They are badly mistaken. What they will quickly realize is that if you thought your old boss was bad, in order for your own business to succeed, your new boss had better be a slave driver.”

So if you’re allowing yourself to be convinced that there is some easy path that you’ve missed out on – don’t be. 

If you’re scrolling through social media looking at the manicured versions of other people’s lives thinking they’ve figured out something that you haven’t – quit that. 

If you’re selling yourself that if you’re being asked to work hard you’re in the wrong business – stop it. 

Because chances are that if you’re doing anything that is hard, then it probably also has integrated into it a path to many of the great things you want. 

But it won’t come easy. 

And it won’t come fast. 

And it sure isn’t going to come from jaunting gleefully around the world working only 20 hours a week. 

Quit buying into the lies. 

Quit allowing yourself to be deceived. 

And instead, put your head down and go back to work. 

When you get tired, suck it up and go back to work. 

Then, when you’re ready to quit, go back to work. 

After you’re sure you can’t take anymore go back to work. 

Once you’re completely empty, keep going back to work. 

And one day, after you’ve done that, in one direction, for a really long time, you’ll look up and realize that the “Lifestyle” you thought you missed out on became your actual reality.