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6 Important Skills of Self-Made Millionaires

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6 Important Skills of Self-Made Millionaires

There are ambitious individuals all over the world working hard to achieve millionaire status. It is a status that most would agree epitomizes financial success. We’ve all heard countless success stories of people who have become millionaires, some even at a young age. We also know that many of these people started with nothing, which is likely where the term “self-made” comes from.

There are many paths a person can take to become a millionaire. Some have become millionaires by investing in real estate. Some have done it by building and selling a business. Some have done it by investing in other businesses. Some have done it by creating and selling digital products such as software, mobile apps or information products.

So we know that it’s possible, and we know that there are many ways that people have done it. But what we don’t often hear about are the specific skills that these self-made millionaires possess that are paramount to their ability to create substantial financial wealth, regardless of which path they take to create it.

After interviewing dozens of self-made millionaires, here are 6 specific skills that I’ve found to be common in all of them: 

 

1. They know how to manage money

Self-made millionaires know how to manage money. They know how to use the money they make to make more money. They multiply their wealth by getting their money to work for them. Most people don’t know how to make money work for them, so they never stop working for money. Most people spend the majority of their income on personal expenses and whatever is left will typically sit in a low-interest savings account.

While most self-made millionaires began by working for money, they kept personal expenses low and put their remaining income to work. They didn’t let their money sit in any one place for very long. They put it work by using it to grow their business or purchase investments that would yield a return. By minimizing personal expenses consistently for several years while continuing to re-invest as much money as possible into income-generating activities, these individuals were able to compound their wealth in relatively short periods of time.

 

2. They know how to create win-win relationships

Self-made millionaires know how to build and cultivate win-win relationships. Believing that their network is equal to their net worth, they make a commitment to cultivating relationships with people who can help them achieve their goals, and in exchange they help those individuals achieve their goals. By continuously expanding their network, they can create opportunities by connecting the right people together. And as their network expands, the number and quality of the opportunities they are presented with also increases.

 

Jim-Rohn
 

3. They can delay gratification

Self-made millionaires have the discipline to delay gratification. Most people are very impulsive and entertainment driven. They often spend money on unnecessary things that give them immediate pleasure but have no real long term benefits. Most self-made millionaires had little interest in short term pleasures as they built their wealth. They had the discipline to not waste money on unnecessary items or waste time on unnecessary activities. They made plenty of sacrifices that the average person doesn’t make, and as a result they are now able to enjoy life at a level that the average person can only dream of.

 

4. They know how to influence others

Self-made millionaires know how to influence and persuade others to help them do what they need to do. Even though the term “self-made” implies that no one else’s help was used, in reality we all require the help of others to achieve our goals. For example, a real estate investor will likely not build wealth in real estate without the help of real estate agents, appraisers, mortgage lenders, contractors, or tenants. A large goal often requires the involvement of several people. Self-made millionaires know this, and have therefore become skillful communicators. They are able to effectively persuade others to willingly contribute whatever services they can.

 

5. They are resourceful

Self-made millionaires seldom let a lack of resources stop them from achieving their goals. If they didn’t possess the resources they needed to seize an opportunity, they found someone who did and negotiated a win-win arrangement for both parties. If they needed money, they found where to get it. If they needed certain talents, they found the right people. Self-made millionaires know that a lack of resources is rarely the problem – a lack of resourcefulness is. When resources were scarce, they learned to be very efficient with what was available to them. Being efficient with a little was practice for being efficient with a lot.

“Empty pockets never held anyone back. Only empty heads and empty hearts can do that.”Norman Vincent Peale

6. They know when to delegate

Self-made millionaires are conscious of the value of their time. They deliberately spend the majority of their time on high-value activities (activities that yield the greatest return). For example, an entrepreneur whose goal is to earn $1,000,000 in a single year and is prepared to spend 2,000 hours on work-related activities, calculates that the value of one hour of his time is $500 ($1,000,000 divided by 2,000 hours). In order to achieve that goal, that entrepreneur must spend his time on activities that are worth $500 per hour to their business. All other activities need to be delegated. You can’t expect to earn $1,000,000 in a single year if you spend the majority of your time on activities that can be delegated to someone else for $20 per hour.

Self-made millionaires identify which of their daily activities are most productive in terms of growing their wealth. They focus as much time as possible on those activities and they delegate the other activities (paperwork, administration, running errands, etc.) to other people. They abide by the Pareto Principle – also called the 80/20 Rule – which states that 80% of results come from 20% of activities. Self-made millionaires invest their time in the right activities.

I would love to hear your thoughts about my article in the comment section below!

Tyler Basu is the Author of the #1 Amazon Bestselling book Lifestyle Business Blueprint, and the Publisher & Editor of Lifestyle Business Magazine, a digital magazine for lifestyle entrepreneurs. He also hosts the Lifestyle Business Magazine Podcast. To get in touch with Tyler visit www.tylerbasu.com.

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29 Comments

29 Comments

  1. Shenè

    Jul 29, 2016 at 6:54 am

    This is excellent. I would add the importance of lifelong learning.

  2. stephen ruhuma

    Feb 25, 2016 at 12:58 pm

    as i was reading i found out that i do most of these things

  3. Sree Harsha

    Feb 22, 2016 at 7:44 am

    A crisp article about self-made millionaires. Loved it. I have couple of questions for you.

    1) I was just wondering if you know of any books on “How to user our current money to make more money”.

    2) I am currently reading Tony Robbin’s Money master the game which goes into great depths of investing money and taking advantage of Compound interest but the only hurdle is I am an Indian citizen and I am not really sure about the tax implication if I invest in global stock indexes. Any suggestion on how to go about investing?(Affordable Global tax consultant ?)

    Cheers,
    Sree.

  4. David Gregory

    Oct 30, 2015 at 5:39 pm

    Refreshing perspective. Different from the typical Top 10 list you normally see.
    Money – relationships – delayed gratification – influence – resourceful – delegation.
    Couldn’t agree with you more.
    Nice article! Thanks for taking a different route

    David

    • Tyler Basu

      Nov 1, 2015 at 6:27 pm

      Thanks David I appreciate the feedback! I am glad I was able to bring some new ideas to a common topic.

  5. Andres

    Oct 30, 2015 at 10:48 am

    Excellent Article, also is important to mention the constant learning to open more investment opportunities as well.
    Cheers.

    • Tyler Basu

      Nov 1, 2015 at 6:28 pm

      Good point! Constant and never improvement / personal development is a big one too.

  6. taiwo micheal soteye

    Oct 29, 2015 at 4:49 pm

    Wow this is awesome and educative thanks a lot like really appreciate……keep up the good work …cheers

  7. Jagpal Mann

    Oct 29, 2015 at 3:02 pm

    Excellent piece of work, very motivating, delay gratification, delegation. It is really master piece write up.

    • Tyler Basu

      Oct 30, 2015 at 4:51 pm

      Thanks Jagpal glad you enjoyed this one!

  8. Eric

    Oct 29, 2015 at 2:37 pm

    What a deep thought provoking article. Everything was on point, thanks.

  9. Nelson Baptista

    Oct 29, 2015 at 1:59 pm

    Great article loved it just the right amount of information and I would like to know if there any books that I can read to better manage money or books on that matter starting from the first point to number six?

    • Tyler Basu

      Oct 30, 2015 at 4:54 pm

      Hi Nelson, thanks for commenting. It is hard to think of one single book but a few classics that come to mind are: How To Win Friends & Influence People, The 7 Habits of Highly Effective People, Rich Dad Poor Dad, Secrets of the Millionaire Mind, and The Millionaire Fastlane.

  10. AJ

    Oct 21, 2015 at 6:22 pm

    Very informative. You included some great reminders!

  11. Alexis

    Oct 18, 2015 at 4:12 am

    This was a great article and now my new go to blog for valuable content. Keep it up.

  12. Lawrence Berry

    Oct 18, 2015 at 1:49 am

    Great article! I have read countless articles on the habits and skills that self-made millionaires have and yours hit the spot. If you are going to become a self-made millionaire, you need to know how to manage money and how to cultivate relationships. One of the biggest problems that I have is networking right and cultivating relationships. That is one of the biggest things that I have seen that self-made millionaires have, the capability to help the right people. In turn, they have the right people to be able to help them obtain the level of success that they want.

    • Tyler Basu

      Oct 18, 2015 at 4:07 pm

      Thanks for the feedback Lawrence! There are definitely many articles on this topic out there. I am glad to know you feel I brought some fresh ideas to a common topic. In terms of building relationships, the best advice I can give is to add as much value to others upfront as you can. Find out how you can help someone, and if you can’t personally help them, introduce them to someone you think could. The law of reciprocity will eventually work in your favor.

  13. Suriel Ports

    Oct 17, 2015 at 9:05 pm

    Awesome!

  14. Jeremy Fremont

    Oct 17, 2015 at 5:00 pm

    Hi Tyler, thanks for the great write up. Delegate, delegate, delegate. The whole “But I can do it better myself” is unfortunately a trap many get stuck in. Thanks for a good reminder of important traits to remember of those who have achieved millionaire status.

    • Tyler Basu

      Oct 18, 2015 at 4:04 pm

      No problem Jeremy, I am glad you appreciated the reminder!

  15. Tyler Basu

    Oct 17, 2015 at 3:10 pm

    Hey Ethan, thanks for commenting! Yes, delaying gratification is a tough one, especially when people around you are out having fun, taking vacations, buying new toys, etc. It takes a lot of discipline to deny yourself those things while you focus on building wealth. Short term sacrifice for long term gain =)

  16. Karen Bolds

    Oct 17, 2015 at 1:49 pm

    I need knowledge in my business I have a pizza place and trying to find the right people is a problem

  17. Tau Rai

    Oct 17, 2015 at 11:48 am

    Fantastic article indeed! Number 1 and 6 got me thinking quite deeply. For someone running a one-man consultancy firm I find myself spending hours on low paying activities – fear of delegation! I can safely cry wolf here. Mixing business and personal finances has killed some of my business relationships over the years.

    I am coming out of all this today. I am committed to posting this article on my small office board.

    Thank you!

    • Tyler Basu

      Oct 18, 2015 at 4:03 pm

      Hey Tau thanks for commenting! Have you considered hiring a VA (virtual assistant)? Finding someone to work for you, even just part-time, is a great way to start delegating those low-level tasks. If you’re somewhat of a perfectionist, just record your computer screen as you do the task yourself, explain how you’re doing it, then give the training video to your VA so they can handle it just as well as you do =)

  18. Ethan Bridges

    Oct 17, 2015 at 10:59 am

    Hi Tyler,

    Your article is great!

    For some reason, #3, delaying gratification, struck me the most. Overcome yourself first and you can most probably overcome anything else 🙂

    Thanks!

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Success Advice

5 Neuroplasticity Exercises the Top 3% of the Happy and Successful Do

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Neuroplasticity Exercises

Neuroplasticity means you will no more have to wake up each morning with the dread of having to start a new day of which you already know the outcome. For decades, it’s been the same routine, you get up with negative feelings that your day will turnout just like the day before full of stress and discontent.

Whether it’s concerning your job/career, a relationship, finances, or health, you just know everything will go against you no matter what you do. You may have fallen into the trap of having a fixed mindset where you think your abilities to learn and accomplish more in your life are limited.

The truth is you may have limitations, but you can still envision better solutions. Your brain is ready and willing to go the extra mile to learn how to solve all the issues your facing in life but it’s that doubt, worry, and fear that continually creeps into the thought pattern which acts as the action killer.

Neuroplasticity isn’t some kind of new Play-Doh for kids, it’s the power your brain has to rejuvenate and create the life you want. Neuroplasticity – or brain plasticity – is the brain’s ability to modify its connections or rewire itself. Without this ability, any brain, not just the human brain, would be unable to develop from infancy through to adulthood. It has now been proven the brain continues to learn and rejuvenate itself as new data is received and stored.

You may say, “You’re just wired to be unhappy.” or “You can’t teach an old dog new tricks.” That’s the beliefs and train of thought our culture has today due to our primitive and out of date educational system along with the big corporation’s ideology.

“Brain plasticity is a two-way street. It’s just as easy to generate negative changes as positive ones.”

Here’s the eye-opening truth, you can change and rewire your brain for happiness and success We have habits that turn into beliefs which distort our perceptions of life and the world around us. Habits are strong persuaders to your actions in familiar areas of life so, when you disrupt those habits it sends the brain into a little chaos until change takes place.

That’s fantastic news because if we can create habits that distort our brain, we can also create habits that reveal and rejuvenate clear precise solutions to our challenging issues. So, how do you start retraining your brain for happiness and success?

Start changing habits to increase brain power with these proven neuroplasticity builders below:

1. Aerobic Exercises

A 60-minute intense workout gives the best results but just in case you’re not a fitness addict, taking a leisure stroll through the park will light up different parts of your brain and aid with neuroplasticity.

2. Reading a good book

If you hate sitting down and taking the time to read a good book or magazine, that’s fantastic because doing things you don’t like and are different stimulate your neurons to the max.

3. Playing games

It can be challenging on the brain to try and figure out all the winning strategies to become the champion in a board game. Nonetheless, these will really get the old brain juices flowing.

4. Anything out of the ordinary

Doing something out of the ordinary will trigger the brain plasticity you’re looking for. Things as simple as brushing your teeth with the opposite hand. If your right-handed start brushing with the left or vise-versa.

Learning is thought to be “neuro-protective.” Through neuroplasticity, learning increases connections between neurons, increases cellular metabolism, and increases the production of nerve growth factor, a substance produced by the body to help maintain and repair neurons.”

“Neuroplasticity provides us with a brain that can adapt not only to changes inflicted by damage, but allows adaptation to any and all experiences and changes we may encounter.”

5. Smile

Smiling starts your day off with a BANG and can give those brain cells of yours an extra boost anytime anywhere. It’s like taking a shot of super juice to overcome the stress, worry, and frustrations during the day.

In the mornings when you open those big beautiful sexy eyes of yours put on a smile from ear to ear on your face. This will trigger your brain to release the feel-good neurotransmitter dopamine.

Dopamine is classified as the happy chemical in neuroscience which has the ability to create a state of euphoria throughout your entire body in a matter of seconds. It vanquishes the feeling of stress, worry, and frustration immediately. The great thing is dopamine works every single time and it doesn’t matter if the smile is genuine or fake because the brain can’t distinguish the difference.

The bad thing is statistics show, adults only put a SMILE on their face an average of 4 times a day compared to child who SMILES an average of 400 times a day. If you want to rewire your brain for happiness and success while defusing stress, worry, and frustrations in your life daily it may be wise to start following the examples of our children.

Above are some exciting proven avenues to invigorate neuroplasticity to your brain functions and start living and loving life to the fullest on your own terms.

Would love to hear about your personal exercises being used to rejuvenate your brain for happiness and success in the comments below!

Image courtesy of Twenty20.com

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Success Advice

The 3 C’s of Leadership That Determines Your Success

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leadership

Have you caught the seasonal flu or a common cold this winter season? If so, you likely received advice to drink a glass of orange juice for the benefits associated with consuming Vitamin C. To repair an immune system that has been weakened by the common cold or flu, Vitamin C can provide the body with nutrition that can expedite recovery time. When it comes to exhibiting positive leadership behaviors there exists three qualities that also begin with the letter “C” and are helpful.  

To receive the Vitamin C’s of leadership, you must start with a desire to improve. One camp might endorse that you find mentorship from a senior colleague. Another person or group may recommend that you spend more time reading articles or books discussing leadership experiences and advice. With either point of origin, it can open a path to growth and improvement as a leader. However, you chose to proceed with the second inquiry which is why you are here!

We often believe that leadership is a cumbersome and daunting process. It can be difficult, but if we are strategic about cultivating a few characteristics, the mountain to positive impact is a little more feasible to climb. From school teachers and administrators to business executives and their employees, I have found that all great leaders possess a minimum of three dominant characteristics.

These three dominant features can provide an individual with the strength to continue during the difficult times that often accompany leadership; they are similar to the Vitamin C that can make you feel better when battling a cold or the flu.

Enough already, what are the Vitamin C’s of leadership and success? See below:

1. Confidence

Leaders believe in themselves and the people they serve. This positive self-awareness or confidence that effective leaders have, often radiates in every aspect of their work from communication with others to informed decisions. One strategy you can use to develop confidence is the commitment to being the first one to speak during a meeting or class. Successful leaders are willing to express themselves in a variety of capacities, even when they may possess less common viewpoints or modes of behavior.

“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell

2. Competency

Building on the importance of confidence, effective leadership is about being able to create a personal development plan that consistently encourages you to improve. Some of the most revered leaders in our society, strategically make time to read daily. Warren Buffett and Oprah Winfrey are two of the most common examples of this relentless thirst for knowledge.

They have committed to life-long learning that continues, despite reaching nearly every financial and business goal possible. To become more competent, you can create a schedule that allows for the investment in activities such as reading articles and books to stay informed.

3. Charisma

You might call it SWAG or a gift, but the ability to attract other people who support you and your work are essential. It is not necessary to resemble a supermodel to get people to like you, but you do need to carry yourself with a certain level of pride to effectively encourage others to follow your advice and instructions.

Charisma is a byproduct of possessing confidence in yourself to serve as a useful leader. You can build more charisma in your life, by being more mindful to genuinely listen and respond to your colleagues, family, and friends in conversations. Don’t allow yourself to become intimidated by the responsibilities that can come with the roles of a leader.

“I attract a crowd, not because I’m an extrovert or I’m over the top or I’m oozing with charisma. It’s because I care.” – Gary Vaynerchuk

In many cases, you would not be in the position to earn followers without the necessary qualifications or skill set. Excelling in leadership is possible for you when you are consistent with tapping into the power of the Vitamin C’s of leadership and success.

Confidence, Competency, and Charisma can offer a bountiful number of resources to serve others in authoritative roles of professional and personal environments. Confident leaders believe in themselves, their products, and their services. Competent leaders commit to a lifetime of learning. Charismatic leaders make use of their confidence to attract other people who can support the vision of a group or individual. With the engagement of consistent activities and the reinforcement from positive examples of leadership, nothing is impossible for you to achieve!

How do you display confidence, competency, and charisma on a daily basis with people? Let us know your advice below!

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Success Advice

10 Amazing Leadership Lessons From Design Thinking

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design thinking leadership

Leadership is a challenging proposition in a world of disruptions and changes due to the rate of change being overwhelming. How do leaders cope with constant changes, enormous expectations and an unpredictable future? Well, a lot of the top organisations including Pepsi, Nike, Apple and Google use Design Thinking for leadership matters.

Design thinking is coming up with visual patterns that lead to the desired solutions. In other words, it is about connecting the dots to come up with solutions to practical problems that you want to solve. The Design thinking approach is widely appreciated and adopted by leaders around the globe.

Below, we look at 10 intriguing leadership lessons from design thinking:

1. Solution Focused Approach

Design thinking helps leaders to develop a solution centric mindset. The emphasis is on identifying and defining the core problem and then arriving at the best solution. Corporates and teams are looking for leaders who have a solution focused approach. The best leaders understand that they create value by offering solutions to complex problems. They resolve conflicts, solve problems and relish the idea of making the difference.

2. Connect the Dots

Leaders need to look at the complete picture for connecting and correlating things. Design thinking provides visualisation of the problem, constraints, desired solution and complete picture of things. It is a great way leaders can visualise abstract concepts. Leaders can use visual mapping of the assumptions, constraints, existing state and the goal state to align their teams in the right direction.

3. Empathy & Inclusiveness

Leadership starts with empathy. To earn the respect of your team, clients and other people involved, it is important to show empathy and understand their needs. When you care for your team, customers and other stakeholders, they in turn care for you. Design thinking starts with the end users in mind; it creates a thinking framework where you build empathy and inclusiveness.

4. Constant Improvement with Regular Feedback

The design thinking methodology involves iterations and user feedback for continuous improvement of products and services. Feedback is crucial for growth and improvement. Also, what works today may not work tomorrow thus it is important for leaders to touch base with ground reality and ensure consistent improvements. A leader needs to provide constant feedback for improvement of products, services and individuals. Consistent improvement and a growth mindset is crucial for success.

“If you don’t like something, change it. If you can’t change it, change your attitude.” – Maya Angelou

5. Open Mindedness

Design thinking encourages experiments, creativity and innovation. When working on different concepts and ideas, leaders need to be open minded which helps create an environment of learning and experimentation. They build individuals and teams that take pride in their work. Open minded leaders are continuously seeking ways to improve things, because they welcome divergent ideas that may challenge or stretch them with an open mind.

6. Empower Team and Create Synergy

Design thinking empowers everyone to contribute effectively. It encourages the teams to work collaboratively and creates a synergising effect. When everyone has a say during the development of a product or service, teams feel empowered. The team feels accountable for results and takes complete ownership of things. Leaders can use design thinking for listening to people, getting them to contribute ideas, and empowering them with opportunities to make a difference.

7. Sense of Purpose

In an era of distractions, it is hard for teams to stay focused. People are more focused and productive when they know what they are doing and why they are doing it. Leaders can use design thinking for clarity and articulating their vision. A great leader effectively communicates the purpose & mission of their work to connect everyone. Teams are more likely to achieve their goals when they are given clear and consistent messages.

8. Dealing with Uncertainties

Dealing with change is hard. It gets even harder when you don’t know what is going to change. In the technology driven world, companies need to be well prepared to face competition not just from the competitors but also from digital innovations. With design thinking leaders can evaluate options, see the complete picture of things and choose the best options. Design thinking is a strategy that relies on iterations, feedback and constant improvement to deal with the changing times.

“Uncertainty and expectation are the joys of life. Security is an insipid thing.” -. William Congreve

9. Decisiveness

A leader needs to make decisions all the time. Some of these decisions are crucial in shaping the lives of individuals and organisations. Design thinking helps leaders to improve their decision making by offering alternatives and complete visualisation of information. Leaders can overcome biases and take informed decisions when they are presented with alternatives. Design thinking is now being employed by corporates in different areas of their company to make strategic decisions.

10. Persistence

Great leaders are persistent and never give up their pursuit until they reach their goals. Design thinking is a journey that requires persistence. It is an ongoing process to reach excellence. It is a process that teaches leaders to observe incremental additions, iterate and persist till the desired solution is achieved.

Leaders are learners. They learn from the past, keep an eye on the present and evolve with changing demands of the future. Design thinking is playing an increasingly vital role in creating more effective leaders. These leaders are capable of building strong teams, solve complex problems, show empathy and constantly improvise to unleash great value for everyone involved. Design thinking is a sure fire way for leaders to ensure that the sum total of the team is greater than the sum of their individual parts.

How will you use design thinking for your own business or job? Let us know in the comments below!

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Success Advice

What If You Never Took Another Selfie Again?

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That’s the question I want you to ponder right now.

What if taking a selfie only made the world ignore you?
What if life is not all about you?
What if no one cares who you took a photo with?

And finally, how did we ever live without selfies before the front-facing camera got invented?

Instead of taking a selfie do this:

Try focusing on other people.
Try not to document every moment.
Try to think about life before selfies.

We all take selfies because that’s what we were told to do.
And that’s exactly why we need to question this habitual flaw that we’re now indulging in.

 

I have A/B tested selfies vs. no selfies.

The result? When I took photos of cool stuff like mountains in Japan and shared a profound thought, people liked that more than a selfie with my overly large head in it. I’ve done this test multiple times over the last few years.

The result is always the same. People are over you and your selfies.

 

It’s not about “I” it’s about “We.”

Sounds cliché, and that’s because most brilliant advice is.

Selfies have deluded us into thinking that life is about us and our big audacious goals. Where life will change for you is when you focus on the “We.”

Everything I write is for the audience I want to inspire. It’s not to show off or to share dumb selfies of me in a weak attempt to appear superior.

 

Selfies cause your followers to compare themselves to you.

And that’s not fair. If each of us tried to be the same, then society would be pretty dull.

“We don’t need a selfie to teach us how to copy each other and be jealous little so-and-sos who want to win a beauty pagan of nothingness”

You’re so much better than a selfie.

I believe you care about your followers so let’s stop drowning them in selfies. Selfies are proving nothing to no one. Selfies stop you from standing out in the crowd and inspiring others.

 

The time you spend “selfieing” could be used for…..

Enjoying this current moment and the breath you have in your lungs. One day that breath is going to stop and all that time selfieing won’t matter. You’re literally using up magical moments trying to take a hundred selfies that you filter and post, hoping for perfection.

Perfection is ugly.

“Right now, is the most beautiful thing you’ve ever seen if you’ll only stop selfieing and notice it”

 

Life before selfies….

Life was much the same. The selfie didn’t put us on Cloud 9 with a bunch of our fantasies and an unlimited amount of cash being shot up into the sky via an air cannon.

Life before selfies was fun.
We ate our food instead of looking at it with our phones and letting it get cold.
We had phenomenal conversations with our friends instead of taking endless, mindless selfies.

Life before selfies was not about one’s self.
You took photos of other people. Often, you took two photos max instead of fifty in a row.

I’d like you to imagine a life without selfies.

What does the selfie really mean to you and can you live without it?

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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3 Powerful Ways to Stay Motivated While Building Your Startup

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building a startup

I hear one particular story being repeated over and over again in the startup world. See if you’ve heard it before. A friend tells me how excited he is about a new business idea. He’s talked to several potential customers who seem really interested, and he’s even contracted folks in the industry to help him build a prototype. (more…)

Raya Khashab is the CEO and co-founder of ezClocker, a time tracking and scheduling software for small business. She is passionate about customers and building products that change the way people run their business. She is also a big supporter of the startup community and helping people achieve their dreams. You can reach her on Twitter @rayakhashab

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29 Comments

29 Comments

  1. Shenè

    Jul 29, 2016 at 6:54 am

    This is excellent. I would add the importance of lifelong learning.

  2. stephen ruhuma

    Feb 25, 2016 at 12:58 pm

    as i was reading i found out that i do most of these things

  3. Sree Harsha

    Feb 22, 2016 at 7:44 am

    A crisp article about self-made millionaires. Loved it. I have couple of questions for you.

    1) I was just wondering if you know of any books on “How to user our current money to make more money”.

    2) I am currently reading Tony Robbin’s Money master the game which goes into great depths of investing money and taking advantage of Compound interest but the only hurdle is I am an Indian citizen and I am not really sure about the tax implication if I invest in global stock indexes. Any suggestion on how to go about investing?(Affordable Global tax consultant ?)

    Cheers,
    Sree.

  4. David Gregory

    Oct 30, 2015 at 5:39 pm

    Refreshing perspective. Different from the typical Top 10 list you normally see.
    Money – relationships – delayed gratification – influence – resourceful – delegation.
    Couldn’t agree with you more.
    Nice article! Thanks for taking a different route

    David

    • Tyler Basu

      Nov 1, 2015 at 6:27 pm

      Thanks David I appreciate the feedback! I am glad I was able to bring some new ideas to a common topic.

  5. Andres

    Oct 30, 2015 at 10:48 am

    Excellent Article, also is important to mention the constant learning to open more investment opportunities as well.
    Cheers.

    • Tyler Basu

      Nov 1, 2015 at 6:28 pm

      Good point! Constant and never improvement / personal development is a big one too.

  6. taiwo micheal soteye

    Oct 29, 2015 at 4:49 pm

    Wow this is awesome and educative thanks a lot like really appreciate……keep up the good work …cheers

  7. Jagpal Mann

    Oct 29, 2015 at 3:02 pm

    Excellent piece of work, very motivating, delay gratification, delegation. It is really master piece write up.

    • Tyler Basu

      Oct 30, 2015 at 4:51 pm

      Thanks Jagpal glad you enjoyed this one!

  8. Eric

    Oct 29, 2015 at 2:37 pm

    What a deep thought provoking article. Everything was on point, thanks.

  9. Nelson Baptista

    Oct 29, 2015 at 1:59 pm

    Great article loved it just the right amount of information and I would like to know if there any books that I can read to better manage money or books on that matter starting from the first point to number six?

    • Tyler Basu

      Oct 30, 2015 at 4:54 pm

      Hi Nelson, thanks for commenting. It is hard to think of one single book but a few classics that come to mind are: How To Win Friends & Influence People, The 7 Habits of Highly Effective People, Rich Dad Poor Dad, Secrets of the Millionaire Mind, and The Millionaire Fastlane.

  10. AJ

    Oct 21, 2015 at 6:22 pm

    Very informative. You included some great reminders!

  11. Alexis

    Oct 18, 2015 at 4:12 am

    This was a great article and now my new go to blog for valuable content. Keep it up.

  12. Lawrence Berry

    Oct 18, 2015 at 1:49 am

    Great article! I have read countless articles on the habits and skills that self-made millionaires have and yours hit the spot. If you are going to become a self-made millionaire, you need to know how to manage money and how to cultivate relationships. One of the biggest problems that I have is networking right and cultivating relationships. That is one of the biggest things that I have seen that self-made millionaires have, the capability to help the right people. In turn, they have the right people to be able to help them obtain the level of success that they want.

    • Tyler Basu

      Oct 18, 2015 at 4:07 pm

      Thanks for the feedback Lawrence! There are definitely many articles on this topic out there. I am glad to know you feel I brought some fresh ideas to a common topic. In terms of building relationships, the best advice I can give is to add as much value to others upfront as you can. Find out how you can help someone, and if you can’t personally help them, introduce them to someone you think could. The law of reciprocity will eventually work in your favor.

  13. Suriel Ports

    Oct 17, 2015 at 9:05 pm

    Awesome!

  14. Jeremy Fremont

    Oct 17, 2015 at 5:00 pm

    Hi Tyler, thanks for the great write up. Delegate, delegate, delegate. The whole “But I can do it better myself” is unfortunately a trap many get stuck in. Thanks for a good reminder of important traits to remember of those who have achieved millionaire status.

    • Tyler Basu

      Oct 18, 2015 at 4:04 pm

      No problem Jeremy, I am glad you appreciated the reminder!

  15. Tyler Basu

    Oct 17, 2015 at 3:10 pm

    Hey Ethan, thanks for commenting! Yes, delaying gratification is a tough one, especially when people around you are out having fun, taking vacations, buying new toys, etc. It takes a lot of discipline to deny yourself those things while you focus on building wealth. Short term sacrifice for long term gain =)

  16. Karen Bolds

    Oct 17, 2015 at 1:49 pm

    I need knowledge in my business I have a pizza place and trying to find the right people is a problem

  17. Tau Rai

    Oct 17, 2015 at 11:48 am

    Fantastic article indeed! Number 1 and 6 got me thinking quite deeply. For someone running a one-man consultancy firm I find myself spending hours on low paying activities – fear of delegation! I can safely cry wolf here. Mixing business and personal finances has killed some of my business relationships over the years.

    I am coming out of all this today. I am committed to posting this article on my small office board.

    Thank you!

    • Tyler Basu

      Oct 18, 2015 at 4:03 pm

      Hey Tau thanks for commenting! Have you considered hiring a VA (virtual assistant)? Finding someone to work for you, even just part-time, is a great way to start delegating those low-level tasks. If you’re somewhat of a perfectionist, just record your computer screen as you do the task yourself, explain how you’re doing it, then give the training video to your VA so they can handle it just as well as you do =)

  18. Ethan Bridges

    Oct 17, 2015 at 10:59 am

    Hi Tyler,

    Your article is great!

    For some reason, #3, delaying gratification, struck me the most. Overcome yourself first and you can most probably overcome anything else 🙂

    Thanks!

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Success Advice

5 Neuroplasticity Exercises the Top 3% of the Happy and Successful Do

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Neuroplasticity Exercises

Neuroplasticity means you will no more have to wake up each morning with the dread of having to start a new day of which you already know the outcome. For decades, it’s been the same routine, you get up with negative feelings that your day will turnout just like the day before full of stress and discontent.

Whether it’s concerning your job/career, a relationship, finances, or health, you just know everything will go against you no matter what you do. You may have fallen into the trap of having a fixed mindset where you think your abilities to learn and accomplish more in your life are limited.

The truth is you may have limitations, but you can still envision better solutions. Your brain is ready and willing to go the extra mile to learn how to solve all the issues your facing in life but it’s that doubt, worry, and fear that continually creeps into the thought pattern which acts as the action killer.

Neuroplasticity isn’t some kind of new Play-Doh for kids, it’s the power your brain has to rejuvenate and create the life you want. Neuroplasticity – or brain plasticity – is the brain’s ability to modify its connections or rewire itself. Without this ability, any brain, not just the human brain, would be unable to develop from infancy through to adulthood. It has now been proven the brain continues to learn and rejuvenate itself as new data is received and stored.

You may say, “You’re just wired to be unhappy.” or “You can’t teach an old dog new tricks.” That’s the beliefs and train of thought our culture has today due to our primitive and out of date educational system along with the big corporation’s ideology.

“Brain plasticity is a two-way street. It’s just as easy to generate negative changes as positive ones.”

Here’s the eye-opening truth, you can change and rewire your brain for happiness and success We have habits that turn into beliefs which distort our perceptions of life and the world around us. Habits are strong persuaders to your actions in familiar areas of life so, when you disrupt those habits it sends the brain into a little chaos until change takes place.

That’s fantastic news because if we can create habits that distort our brain, we can also create habits that reveal and rejuvenate clear precise solutions to our challenging issues. So, how do you start retraining your brain for happiness and success?

Start changing habits to increase brain power with these proven neuroplasticity builders below:

1. Aerobic Exercises

A 60-minute intense workout gives the best results but just in case you’re not a fitness addict, taking a leisure stroll through the park will light up different parts of your brain and aid with neuroplasticity.

2. Reading a good book

If you hate sitting down and taking the time to read a good book or magazine, that’s fantastic because doing things you don’t like and are different stimulate your neurons to the max.

3. Playing games

It can be challenging on the brain to try and figure out all the winning strategies to become the champion in a board game. Nonetheless, these will really get the old brain juices flowing.

4. Anything out of the ordinary

Doing something out of the ordinary will trigger the brain plasticity you’re looking for. Things as simple as brushing your teeth with the opposite hand. If your right-handed start brushing with the left or vise-versa.

Learning is thought to be “neuro-protective.” Through neuroplasticity, learning increases connections between neurons, increases cellular metabolism, and increases the production of nerve growth factor, a substance produced by the body to help maintain and repair neurons.”

“Neuroplasticity provides us with a brain that can adapt not only to changes inflicted by damage, but allows adaptation to any and all experiences and changes we may encounter.”

5. Smile

Smiling starts your day off with a BANG and can give those brain cells of yours an extra boost anytime anywhere. It’s like taking a shot of super juice to overcome the stress, worry, and frustrations during the day.

In the mornings when you open those big beautiful sexy eyes of yours put on a smile from ear to ear on your face. This will trigger your brain to release the feel-good neurotransmitter dopamine.

Dopamine is classified as the happy chemical in neuroscience which has the ability to create a state of euphoria throughout your entire body in a matter of seconds. It vanquishes the feeling of stress, worry, and frustration immediately. The great thing is dopamine works every single time and it doesn’t matter if the smile is genuine or fake because the brain can’t distinguish the difference.

The bad thing is statistics show, adults only put a SMILE on their face an average of 4 times a day compared to child who SMILES an average of 400 times a day. If you want to rewire your brain for happiness and success while defusing stress, worry, and frustrations in your life daily it may be wise to start following the examples of our children.

Above are some exciting proven avenues to invigorate neuroplasticity to your brain functions and start living and loving life to the fullest on your own terms.

Would love to hear about your personal exercises being used to rejuvenate your brain for happiness and success in the comments below!

Image courtesy of Twenty20.com

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Success Advice

The 3 C’s of Leadership That Determines Your Success

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leadership

Have you caught the seasonal flu or a common cold this winter season? If so, you likely received advice to drink a glass of orange juice for the benefits associated with consuming Vitamin C. To repair an immune system that has been weakened by the common cold or flu, Vitamin C can provide the body with nutrition that can expedite recovery time. When it comes to exhibiting positive leadership behaviors there exists three qualities that also begin with the letter “C” and are helpful.  

To receive the Vitamin C’s of leadership, you must start with a desire to improve. One camp might endorse that you find mentorship from a senior colleague. Another person or group may recommend that you spend more time reading articles or books discussing leadership experiences and advice. With either point of origin, it can open a path to growth and improvement as a leader. However, you chose to proceed with the second inquiry which is why you are here!

We often believe that leadership is a cumbersome and daunting process. It can be difficult, but if we are strategic about cultivating a few characteristics, the mountain to positive impact is a little more feasible to climb. From school teachers and administrators to business executives and their employees, I have found that all great leaders possess a minimum of three dominant characteristics.

These three dominant features can provide an individual with the strength to continue during the difficult times that often accompany leadership; they are similar to the Vitamin C that can make you feel better when battling a cold or the flu.

Enough already, what are the Vitamin C’s of leadership and success? See below:

1. Confidence

Leaders believe in themselves and the people they serve. This positive self-awareness or confidence that effective leaders have, often radiates in every aspect of their work from communication with others to informed decisions. One strategy you can use to develop confidence is the commitment to being the first one to speak during a meeting or class. Successful leaders are willing to express themselves in a variety of capacities, even when they may possess less common viewpoints or modes of behavior.

“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell

2. Competency

Building on the importance of confidence, effective leadership is about being able to create a personal development plan that consistently encourages you to improve. Some of the most revered leaders in our society, strategically make time to read daily. Warren Buffett and Oprah Winfrey are two of the most common examples of this relentless thirst for knowledge.

They have committed to life-long learning that continues, despite reaching nearly every financial and business goal possible. To become more competent, you can create a schedule that allows for the investment in activities such as reading articles and books to stay informed.

3. Charisma

You might call it SWAG or a gift, but the ability to attract other people who support you and your work are essential. It is not necessary to resemble a supermodel to get people to like you, but you do need to carry yourself with a certain level of pride to effectively encourage others to follow your advice and instructions.

Charisma is a byproduct of possessing confidence in yourself to serve as a useful leader. You can build more charisma in your life, by being more mindful to genuinely listen and respond to your colleagues, family, and friends in conversations. Don’t allow yourself to become intimidated by the responsibilities that can come with the roles of a leader.

“I attract a crowd, not because I’m an extrovert or I’m over the top or I’m oozing with charisma. It’s because I care.” – Gary Vaynerchuk

In many cases, you would not be in the position to earn followers without the necessary qualifications or skill set. Excelling in leadership is possible for you when you are consistent with tapping into the power of the Vitamin C’s of leadership and success.

Confidence, Competency, and Charisma can offer a bountiful number of resources to serve others in authoritative roles of professional and personal environments. Confident leaders believe in themselves, their products, and their services. Competent leaders commit to a lifetime of learning. Charismatic leaders make use of their confidence to attract other people who can support the vision of a group or individual. With the engagement of consistent activities and the reinforcement from positive examples of leadership, nothing is impossible for you to achieve!

How do you display confidence, competency, and charisma on a daily basis with people? Let us know your advice below!

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Success Advice

10 Amazing Leadership Lessons From Design Thinking

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design thinking leadership

Leadership is a challenging proposition in a world of disruptions and changes due to the rate of change being overwhelming. How do leaders cope with constant changes, enormous expectations and an unpredictable future? Well, a lot of the top organisations including Pepsi, Nike, Apple and Google use Design Thinking for leadership matters.

Design thinking is coming up with visual patterns that lead to the desired solutions. In other words, it is about connecting the dots to come up with solutions to practical problems that you want to solve. The Design thinking approach is widely appreciated and adopted by leaders around the globe.

Below, we look at 10 intriguing leadership lessons from design thinking:

1. Solution Focused Approach

Design thinking helps leaders to develop a solution centric mindset. The emphasis is on identifying and defining the core problem and then arriving at the best solution. Corporates and teams are looking for leaders who have a solution focused approach. The best leaders understand that they create value by offering solutions to complex problems. They resolve conflicts, solve problems and relish the idea of making the difference.

2. Connect the Dots

Leaders need to look at the complete picture for connecting and correlating things. Design thinking provides visualisation of the problem, constraints, desired solution and complete picture of things. It is a great way leaders can visualise abstract concepts. Leaders can use visual mapping of the assumptions, constraints, existing state and the goal state to align their teams in the right direction.

3. Empathy & Inclusiveness

Leadership starts with empathy. To earn the respect of your team, clients and other people involved, it is important to show empathy and understand their needs. When you care for your team, customers and other stakeholders, they in turn care for you. Design thinking starts with the end users in mind; it creates a thinking framework where you build empathy and inclusiveness.

4. Constant Improvement with Regular Feedback

The design thinking methodology involves iterations and user feedback for continuous improvement of products and services. Feedback is crucial for growth and improvement. Also, what works today may not work tomorrow thus it is important for leaders to touch base with ground reality and ensure consistent improvements. A leader needs to provide constant feedback for improvement of products, services and individuals. Consistent improvement and a growth mindset is crucial for success.

“If you don’t like something, change it. If you can’t change it, change your attitude.” – Maya Angelou

5. Open Mindedness

Design thinking encourages experiments, creativity and innovation. When working on different concepts and ideas, leaders need to be open minded which helps create an environment of learning and experimentation. They build individuals and teams that take pride in their work. Open minded leaders are continuously seeking ways to improve things, because they welcome divergent ideas that may challenge or stretch them with an open mind.

6. Empower Team and Create Synergy

Design thinking empowers everyone to contribute effectively. It encourages the teams to work collaboratively and creates a synergising effect. When everyone has a say during the development of a product or service, teams feel empowered. The team feels accountable for results and takes complete ownership of things. Leaders can use design thinking for listening to people, getting them to contribute ideas, and empowering them with opportunities to make a difference.

7. Sense of Purpose

In an era of distractions, it is hard for teams to stay focused. People are more focused and productive when they know what they are doing and why they are doing it. Leaders can use design thinking for clarity and articulating their vision. A great leader effectively communicates the purpose & mission of their work to connect everyone. Teams are more likely to achieve their goals when they are given clear and consistent messages.

8. Dealing with Uncertainties

Dealing with change is hard. It gets even harder when you don’t know what is going to change. In the technology driven world, companies need to be well prepared to face competition not just from the competitors but also from digital innovations. With design thinking leaders can evaluate options, see the complete picture of things and choose the best options. Design thinking is a strategy that relies on iterations, feedback and constant improvement to deal with the changing times.

“Uncertainty and expectation are the joys of life. Security is an insipid thing.” -. William Congreve

9. Decisiveness

A leader needs to make decisions all the time. Some of these decisions are crucial in shaping the lives of individuals and organisations. Design thinking helps leaders to improve their decision making by offering alternatives and complete visualisation of information. Leaders can overcome biases and take informed decisions when they are presented with alternatives. Design thinking is now being employed by corporates in different areas of their company to make strategic decisions.

10. Persistence

Great leaders are persistent and never give up their pursuit until they reach their goals. Design thinking is a journey that requires persistence. It is an ongoing process to reach excellence. It is a process that teaches leaders to observe incremental additions, iterate and persist till the desired solution is achieved.

Leaders are learners. They learn from the past, keep an eye on the present and evolve with changing demands of the future. Design thinking is playing an increasingly vital role in creating more effective leaders. These leaders are capable of building strong teams, solve complex problems, show empathy and constantly improvise to unleash great value for everyone involved. Design thinking is a sure fire way for leaders to ensure that the sum total of the team is greater than the sum of their individual parts.

How will you use design thinking for your own business or job? Let us know in the comments below!

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Success Advice

What If You Never Took Another Selfie Again?

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That’s the question I want you to ponder right now.

What if taking a selfie only made the world ignore you?
What if life is not all about you?
What if no one cares who you took a photo with?

And finally, how did we ever live without selfies before the front-facing camera got invented?

Instead of taking a selfie do this:

Try focusing on other people.
Try not to document every moment.
Try to think about life before selfies.

We all take selfies because that’s what we were told to do.
And that’s exactly why we need to question this habitual flaw that we’re now indulging in.

 

I have A/B tested selfies vs. no selfies.

The result? When I took photos of cool stuff like mountains in Japan and shared a profound thought, people liked that more than a selfie with my overly large head in it. I’ve done this test multiple times over the last few years.

The result is always the same. People are over you and your selfies.

 

It’s not about “I” it’s about “We.”

Sounds cliché, and that’s because most brilliant advice is.

Selfies have deluded us into thinking that life is about us and our big audacious goals. Where life will change for you is when you focus on the “We.”

Everything I write is for the audience I want to inspire. It’s not to show off or to share dumb selfies of me in a weak attempt to appear superior.

 

Selfies cause your followers to compare themselves to you.

And that’s not fair. If each of us tried to be the same, then society would be pretty dull.

“We don’t need a selfie to teach us how to copy each other and be jealous little so-and-sos who want to win a beauty pagan of nothingness”

You’re so much better than a selfie.

I believe you care about your followers so let’s stop drowning them in selfies. Selfies are proving nothing to no one. Selfies stop you from standing out in the crowd and inspiring others.

 

The time you spend “selfieing” could be used for…..

Enjoying this current moment and the breath you have in your lungs. One day that breath is going to stop and all that time selfieing won’t matter. You’re literally using up magical moments trying to take a hundred selfies that you filter and post, hoping for perfection.

Perfection is ugly.

“Right now, is the most beautiful thing you’ve ever seen if you’ll only stop selfieing and notice it”

 

Life before selfies….

Life was much the same. The selfie didn’t put us on Cloud 9 with a bunch of our fantasies and an unlimited amount of cash being shot up into the sky via an air cannon.

Life before selfies was fun.
We ate our food instead of looking at it with our phones and letting it get cold.
We had phenomenal conversations with our friends instead of taking endless, mindless selfies.

Life before selfies was not about one’s self.
You took photos of other people. Often, you took two photos max instead of fifty in a row.

I’d like you to imagine a life without selfies.

What does the selfie really mean to you and can you live without it?

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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