28 Oct The First Key to Building Lasting Wealth & How to Master It
In the late 1990’s, I was a fairly regular speaker at some large network marketing events. One of the hosts of those events had a great impact on my life. I had the privilege of visiting with him as well as being on the same platform to speak.
One of the things he was famous for saying was, “Go out and touch your dream.”
My wife and I took that advice to heart and, several years later, we went to the Fort Lauderdale yacht show. I was thinking of buying a particular brand and length of a boat that cost about two times the average house.
After looking at several boats in the brand that I was considering, the salesmen asked me if I wanted to look at some real yachts. He took us to a larger yacht that cost about ten times the price of what we were originally looking at. I was flabbergasted.
I had imagined that some of these kinds of boats existed but had never seen anything like it. After recovering from my shock, I asked him who could afford to buy these kinds of boats? His response was a classic.
He said, “Sir, there is a lot of money in this world. The problem is that you and I don’t have any of it.”
When it came understanding that these kinds of yachts existed, and how large and luxurious that they were, I was out of touch. In this particular world, I definitely did not know what I did not know.
In other words, you and I don’t know what we do not know. Therefore, the first step to wealth building is…
Becoming aware of the things you do not know.
Investing in continuous self-improvement means that we are determined to discover the things we don’t know that we don’t know.
I have repeated many times: “A poor person should take a rich person out to dinner, buy him or her a seven course meal, and pay for the dinner.” Keep the rich person talking and learn everything you can!
Continual self-improvement and learning what you do not know is essential to building wealth. So, how do we practically live this out? How do we become aware of and learn the things we do not know?
- We become avid learners. Aim to read one book a week, and listen to one podcast a day.
- We ask more questions than the guy beside us. Don’t be afraid to ask questions. Ask even if you think you already know the answer! I always say the three most important words in business are “Verify, verify, verify.”
- We surround ourselves with influential, godly individuals. “You’re the average of the five people you spend the most time with.”
- We constantly find something new to learn and master. Find a new hobby. Learn a new skill. Take an online class or join a new club.
- We challenge ourselves. To truly find out what you do not know, you must first try. Then, if you fail, you have a new skill to master!
- We admit we don’t know everything. How will we ever learn new skills and master new trades if we cannot admit that we don’t know? Ask for help. Take the expert out for coffee. Welcome wisdom and, again, ask lots of questions.
It’s important to become aware of that which you do not know. To master your money – and to better yourself as an individual – you should constantly be learning, making mistakes, and getting back on the horse. It’s never about perfection.
What are some things that you have decided are things you did not know that you did not know? Think about it. Then, challenge yourself.
Grab a free copy of my eBook – Finding Your Courage to Get Started – and receive blog updates!