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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

Stop Denying Your Negative Thoughts and Start Embracing Them

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Over the years, many of the talking heads and pundits in the personal development and success science industry have talked about the immediate replacement of negative thoughts with positive thoughts. The logic behind that particular behavioral strategy seems to make sense on the surface. Think about it, when a negative thought rears its ugly head, we should immediately dive into the repository of positive thoughts that we have available to us so that we could immediately begin to dwell on it.

Even further, some gurus of the genre suggest removing any chance of having a negative thought by the constant repetition of affirmations. Again, tried-and-true motivational technology that is very workable and still useful. I would suggest, however, that you view the above behaviors as tactics more than strategies.

I will further suggest to you that you do not abhor your negative thoughts but rather embrace them, examine them, and place them under a spotlight. My reasoning behind this goes back over 100 years into psychology with stimulus/response, that is, the cause and effect of certain behaviors. Many individuals look at a negative thought as a causative driver. The negative thought exists as a cause, and our behavior toward that cause will determine the effect.

So, following this logic, if an individual has a negative thought which makes them feel sad, and that sadness causes them to binge drink, by removing the negative thought you’ll have removed the motivation for binge drinking. Doesn’t that sound kind of silly? The suggestion here is to turn off the negative thought so that it will turn off the consumption of alcohol.

Of course, this makes sense if we view the negative thought as a primal force in behavior. So, what if we started to think of the negative thought more as the result of something else? It means that the “something else” must change first. What if we took a different approach? What if we looked at a negative thought as an effect of some larger causal factor?

“You’re going to go through tough times – that’s life. But I say, ‘Nothing happens to you, it happens for you.’ See the positive in negative events.” – Joel Osteen

By reversing the cause-and-effect motion of negative thinking (saying that the negative thought is an effect), we now can ask a deeper, more penetrative question: Why are we thinking that negative thought? What is the underlying cause of that specific train of thinking? By reversing the cause-and-effect relationship of negative thinking, it allows the negative thinker to assume the role of diagnostician!

Below is a three-step process you can use to examine your negative thoughts, the role of it in your life, and how you can get rid of them:

1. Simply acknowledge the negative thought

Recognize the fact that there’s a negative thought in your mind instead of trying to go through a process of emotionally overlaying positive thoughts on top of it. Can you see how this exacerbates the issue? You have a negative thought, you immediately recognize that it must be changed, and you frantically scurry through the museum of your mind to find a positive thought to replace it.

In the meantime, while you are trying to find that positive thought, you’re feeling anxious, nervous, and guilty! When you finally find a positive thought to replace that negative thought, the normal process is to squash it. But you can’t! It’s like trying to get rid of weeds by covering them with rocks.

They will always find another way around the rock. It is the same with negative thoughts. Consequently, try acknowledging the negative thought.

2. Affirm the negative thought

It is a part of you. Instead of denying its existence, accept that it is there in front of you and that you are now willing to deal with it. If any of you reading this are dog lovers, you will know that the best way to get a dog next to you is by attempting to push it away from you. Every time you push the dog away it gets closer. This is the same with negative thinking because the harder you push the closer it gets.

“Always turn a negative situation into a positive situation.” – Michael Jordan

3. Acquit the thought

Give it permission to leave you. Thank it for its past importance in your life and allow it to be on its way! At this point feel free to replace the negative thought with a positive thought. What will begin to happen when you place the negative thought under the spotlight is that you will see how insignificantly small it actually is.

This is a process I’ve been using for quite some time, and it works! Oh sure, I still use affirmations on a daily basis; as a matter fact I have them right here in front of me. I find that affirmations are a tremendous way to stay positive because it doesn’t allow any room for bad things to grow. But since the average person thinks 60,000 to 65,000 thoughts per day, let’s face it, a few negative thoughts have to squeak in there!

The best advice that I can give is to not freak out over a negative thought. Acknowledge it, affirm it, and acquit it! This is magic. Watch what happens!

How do you handle negative thoughts? Let us know your tips below!

Image courtesy of Twenty20.com

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Success Advice

One Thing I Can Teach You About Life That Will Help You Forever.

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I used to be a very anxious person.

I was embarrassed by what I couldn’t do and every day was a struggle. From the moment I would wake up to the moment I’d go to bed, everything felt impossibly overwhelming. It’s a battle I’ve dealt with most of my life.

This daily struggle with mental illness taught me that the satisfaction didn’t lie in beating it; the satisfaction was in helping other people beat mental illness through my success in fighting it.


Recently, I was at work. It was a pretty standard day — nothing too exciting. I then had a catch up with one of the leaders I worked with.

She said something that got my attention: “One of our colleagues is battling a mental illness.”

I really wanted to help. My eyes lit up. There was no need to uncover my plan with anyone else. I knew that staying discrete was fundamental.

I approached the person in question and asked for a few minutes of their time.

I didn’t ask them to admit their mental illness struggle; I just shared my story.

I talked about the anxiety stopping me from having a normal life, eating the right foods, going on dates with girls, having the career I wanted and traveling the world.

I wasn’t sure if any of it was sinking in or even helping. I felt compelled to go on. One thing I knew was that he was paying attention. I could see it in his eyes.

I then went on to talk about how I beat mental illness. Strategies such as:

  • Creating fear lists
  • Seeking professional help
  • Working on myself
  • Books I read
  • Events I attended

Out of nowhere, he started opening up about his own struggle. I was shocked.
It wasn’t pretty. He had an extreme case of mental illness that I certainly couldn’t diagnose or give professional advice on.

All I could do was show him through my own story that there was hope

I offered him access to all the resources I had. I told him that he had my full support and I’d be happy to help in any way I could. He then said:

“What was your psychologist’s name?”

I told him I’d look it up and send it to him. I didn’t have the answer in front of me, but I was determined when I got home to find it.

At the end of the catch-up, he smiled. I don’t think he’d smiled like that in a very long time.

That smile gave me so much satisfaction. It made my own struggle with mental illness worth it. All those sleepless nights, times spent vomiting into the toilet and dark days where I didn’t want to go on made sense.


“It took more than seven years for me to understand that my own battle with mental illness actually had a benefit”

That benefit was the satisfaction in seeing someone beat their mental illness because I was able to defeat mine.

It’s probably the greatest satisfaction of my entire life.

That’s one thing I can teach you about life that will help you forever.

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Success Advice

5 Productivity Shifts You Need to Make to Make 2019 Your Best Year Yet

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Everyone wants more time, that is something almost all of us share. Time is the most valuable resource and when you learn how to make your time work for you and how to get the most out of it – you experience life differently.  

Improving how you manage your time is one of the biggest gifts you can give yourself – it’s a real game changer in your business and personal life. There are many ways that you can get more productive and get the right things done sooner; but not all of them are obvious or bring the same results.

Here are 5 productivity shifts you want to make if you are trying to make the most out of 2019:

1. Ditch your to do list

Productive people don’t keep to-do lists, they schedule everything they need to do in their calendar and work directly from their calendar!  To-Do lists are just ineffective and they are impeding your productivity. A never ending list of items only leaves you overwhelmed and with a false sense of ‘productivity’.  

If you schedule your To Do’s directly into your calendar at a time to get them done, you commit to it and you are more likely to get it done. Less is more – you don’t need a separate list to remind you what you need to do.

“Productivity is less about what you do with your time and more about how you run your mind.” – Robin Sharma

2. Give up on motivation

Productive people don’t always have to be motivated before starting something. They balance discipline with motivation and do what they need to do, regardless of motivation. When we come up with resistance to take action on what we have planned, we might tell ourselves that we are not motivated and we believe that we need to be motivated to complete any task.

If you want to increase your productivity, you need to challenge yourself more in the moment to take action and give up on motivation sometimes. Do what you need to in order to get the results you want in the future. Don’t make decisions based on how you feel now, make them based on what result you are really after.

3. Master your mornings

Wake up early and get yourself into the productive mindset with your routine and diet! Productive people start the day with some sort of routine, whether it’s meditation, exercise or visualization, etc. AND they have a healthy breakfast to fuel them for the day. Your health is everything when it comes to productivity, what you eat directly affects your productivity.

We can just no longer ignore the direct connection any more. Get in the right mindset to start your day and fuel your mind and body to get the most out of it. Starting your day off in any other way undermines your success – there is no doubt.

4. Schedule according to energy

Productive people know their energy cycles and they plan tasks around their energy levels. Why plan something at a time when you know it will be hard to rise to the challenge? Schedule tasks that require focus and concentration for those times of day that you feel the best and you will find it’s easier to follow through and you will be at your best to perform. Identify your filler tasks and complete those when your energy drops. Be more realistic when scheduling your tasks and set yourself up for wins.

“Productivity is never an accident it’s the result of a commitment to excellence, intelligent planning & focused effort.” – Paul Meyer

5. Working backwards

Productive people always focus on those activities that will take them to the next level. They plan backwards, they look at their goals, then identify the tasks they need to do to support those goals. Those tasks get broken down into weekly actions. That’s how they plan.

Don’t only plan on tasks that come in or those which you ‘feel’ or ‘think’ you should be doing. Your day needs to consist of at least one activity that directly supports your longer term objectives, your big project. What sounds like common sense is definitely not common practice.

Create the right habits to achieve your goals, work on adopting easy tips and techniques so you can manage your time and yourself better to get things done.

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Success Advice

You Need to Grow Your Memory in Order to Grow Your Life

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We all have access to the most powerful computer ever created in the universe…our brain. Unfortunately, few of us have ever been taught how to use our minds efficiently, and even fewer have learned how to develop a fabulous memory. Thankfully, like any skill, memorising can be learned and using the correct strategies, your memory can be improved in only days.

One of the best coaches on memory is Dominic O’Brien the eight-time world memory champion. Self-taught after watching Creighton Carvello memorise a pack of cards on the BBC’s Record Breakers programme. Dominic, through his work on memory, has given us many tools and techniques for improving memory.

Below are 5 rules that will help you develop a better memory:

1. The Rule of Five

Probably seen as one of the most significant contributions to the body of knowledge on memory is O’Brien’s Rule of Five. This rule details how to remember things using a strategy of regular staged repetition.

These stages are as follows:

  • First Review:Immediately
  • Second Review:Twenty-four hours later
  • Third Review:One week later
  • Fourth Review:One month later
  • Fifth Review:Three months later

Utilising stage repetition at these intervals ingrains the memory for the long term.

2. The Dominic System

The Dominic System is a system for remembering numbers. The system is a Person Action system where the association between two sets of paired numbers is the person with the action of the next person.

1139 would become Andre Agassi doing a roundhouse kick which is the action of Chuck Norris. This system combined with the journey method allows for long random numbers to be easily recalled without error. The fantastic thing about this system is that you get to customise for yourself with memorable people and unique actions which when combined really make it easy for you to recall numbers. The table below associates each number to a letter.

Number     0     1    2     3     4     5     6     7     8     9
Letter     O     A     B     C     D    E     S     G     H     N

Creating a simple document with pairs of numbers in one column, the letter pairs in the next and an action column will help you learn this system quickly.

“Nothing can substitute for just plain hard work. I had to put in the time to get back. And it was a grind. It meant training and sweating every day. But I was completely committed to working out to prove to myself that I still could do it.” – Andre Agassi

3. The Link Method

This method relies on two essential elements of memory, association and exaggeration. Utilising these two elements, it is possible to link together unrelated objects to allow you to remember them.

Trying to remember a list of five separate words such as: balloon, papaya, gold, football and hat, might go something like this. You imagine seeing a giant balloon and inside the balloon you can see a small papaya, in bursting the balloon the papaya falls out and as it hits the floor a gold football bounces into a large sombrero.

4. The Journey Method

Using location has been a fundamental part of mnemonics almost since time began. Before humans, writing elders would pass knowledge to others using stories of journeys, with each piece of knowledge being associated with a location on the journey.

O’Brien’s system utilises journeys that you would undertake on a daily basis, like your commute to work or train stations on well-known line. Items are then associated and exaggerated along the journey, so for instance if you were trying to remember a list of ten random things you would associate each piece along with a unique ten stop journey and utilise exaggeration to make the items more memorable.

“You are well equipped with an incredible potential for absorbing knowledge…Anything’s possible.” – Dominic O’Brien

5. The Story Method

To remember groups of information, create a story that links them together. Remembering the planets of the solar system and their position relative to the Sun, Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus and Neptune.

Imagine that Mercury was hitting the nineties as Venus tossed the tennis ball into the air, striking the ball it soared over the net striking the earth and bouncing high into the air, knocking the mars bar out of Jupiter’s hand, and so on.

Developing a good memory will assist markedly in all of your personal development goals as well as assisting greatly in your daily life. The methods above are tried and tested by one of the leading memory champions. Whether you want to become the next World Memory Champion or just improve your recall, the techniques outlined above will assist greatly.

Combining the various elements will create an exponential improvement in your memory that you will find hard to believe, and you will be kicking yourself for not applying them sooner. The best part about using these methods is that they are fun, so enjoy using them.

Which one of these memorizing methods sounds most interesting to you? Share with us below!

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Entrepreneurs

Building a Knockout Team With the 4 Stages of Learning

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I’m sure you’ve heard that running a business alone can be challenging, but if that’s true, then running a business of 5, 50 or 500 must be extremely challenging! This can be made much simpler by building from a solid foundation. By that I mean a strong core of team members around you. (more…)

Demitrez Butler is the President of RealTeam Consulting, Inc. in San Diego, CA. He worked with Air Force Security Forces for 4 years before starting in an entry-level sales position and growing within the sales and marketing industry. He later opened a marketing firm in eastern Washington that changed the dynamic of the telecom market in that region. Most recently he works as a consultant for high level network marketers. When he isn’t working you can find him on a plane traveling to the next must see city on his list.

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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

Stop Denying Your Negative Thoughts and Start Embracing Them

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Over the years, many of the talking heads and pundits in the personal development and success science industry have talked about the immediate replacement of negative thoughts with positive thoughts. The logic behind that particular behavioral strategy seems to make sense on the surface. Think about it, when a negative thought rears its ugly head, we should immediately dive into the repository of positive thoughts that we have available to us so that we could immediately begin to dwell on it.

Even further, some gurus of the genre suggest removing any chance of having a negative thought by the constant repetition of affirmations. Again, tried-and-true motivational technology that is very workable and still useful. I would suggest, however, that you view the above behaviors as tactics more than strategies.

I will further suggest to you that you do not abhor your negative thoughts but rather embrace them, examine them, and place them under a spotlight. My reasoning behind this goes back over 100 years into psychology with stimulus/response, that is, the cause and effect of certain behaviors. Many individuals look at a negative thought as a causative driver. The negative thought exists as a cause, and our behavior toward that cause will determine the effect.

So, following this logic, if an individual has a negative thought which makes them feel sad, and that sadness causes them to binge drink, by removing the negative thought you’ll have removed the motivation for binge drinking. Doesn’t that sound kind of silly? The suggestion here is to turn off the negative thought so that it will turn off the consumption of alcohol.

Of course, this makes sense if we view the negative thought as a primal force in behavior. So, what if we started to think of the negative thought more as the result of something else? It means that the “something else” must change first. What if we took a different approach? What if we looked at a negative thought as an effect of some larger causal factor?

“You’re going to go through tough times – that’s life. But I say, ‘Nothing happens to you, it happens for you.’ See the positive in negative events.” – Joel Osteen

By reversing the cause-and-effect motion of negative thinking (saying that the negative thought is an effect), we now can ask a deeper, more penetrative question: Why are we thinking that negative thought? What is the underlying cause of that specific train of thinking? By reversing the cause-and-effect relationship of negative thinking, it allows the negative thinker to assume the role of diagnostician!

Below is a three-step process you can use to examine your negative thoughts, the role of it in your life, and how you can get rid of them:

1. Simply acknowledge the negative thought

Recognize the fact that there’s a negative thought in your mind instead of trying to go through a process of emotionally overlaying positive thoughts on top of it. Can you see how this exacerbates the issue? You have a negative thought, you immediately recognize that it must be changed, and you frantically scurry through the museum of your mind to find a positive thought to replace it.

In the meantime, while you are trying to find that positive thought, you’re feeling anxious, nervous, and guilty! When you finally find a positive thought to replace that negative thought, the normal process is to squash it. But you can’t! It’s like trying to get rid of weeds by covering them with rocks.

They will always find another way around the rock. It is the same with negative thoughts. Consequently, try acknowledging the negative thought.

2. Affirm the negative thought

It is a part of you. Instead of denying its existence, accept that it is there in front of you and that you are now willing to deal with it. If any of you reading this are dog lovers, you will know that the best way to get a dog next to you is by attempting to push it away from you. Every time you push the dog away it gets closer. This is the same with negative thinking because the harder you push the closer it gets.

“Always turn a negative situation into a positive situation.” – Michael Jordan

3. Acquit the thought

Give it permission to leave you. Thank it for its past importance in your life and allow it to be on its way! At this point feel free to replace the negative thought with a positive thought. What will begin to happen when you place the negative thought under the spotlight is that you will see how insignificantly small it actually is.

This is a process I’ve been using for quite some time, and it works! Oh sure, I still use affirmations on a daily basis; as a matter fact I have them right here in front of me. I find that affirmations are a tremendous way to stay positive because it doesn’t allow any room for bad things to grow. But since the average person thinks 60,000 to 65,000 thoughts per day, let’s face it, a few negative thoughts have to squeak in there!

The best advice that I can give is to not freak out over a negative thought. Acknowledge it, affirm it, and acquit it! This is magic. Watch what happens!

How do you handle negative thoughts? Let us know your tips below!

Image courtesy of Twenty20.com

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Success Advice

One Thing I Can Teach You About Life That Will Help You Forever.

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I used to be a very anxious person.

I was embarrassed by what I couldn’t do and every day was a struggle. From the moment I would wake up to the moment I’d go to bed, everything felt impossibly overwhelming. It’s a battle I’ve dealt with most of my life.

This daily struggle with mental illness taught me that the satisfaction didn’t lie in beating it; the satisfaction was in helping other people beat mental illness through my success in fighting it.


Recently, I was at work. It was a pretty standard day — nothing too exciting. I then had a catch up with one of the leaders I worked with.

She said something that got my attention: “One of our colleagues is battling a mental illness.”

I really wanted to help. My eyes lit up. There was no need to uncover my plan with anyone else. I knew that staying discrete was fundamental.

I approached the person in question and asked for a few minutes of their time.

I didn’t ask them to admit their mental illness struggle; I just shared my story.

I talked about the anxiety stopping me from having a normal life, eating the right foods, going on dates with girls, having the career I wanted and traveling the world.

I wasn’t sure if any of it was sinking in or even helping. I felt compelled to go on. One thing I knew was that he was paying attention. I could see it in his eyes.

I then went on to talk about how I beat mental illness. Strategies such as:

  • Creating fear lists
  • Seeking professional help
  • Working on myself
  • Books I read
  • Events I attended

Out of nowhere, he started opening up about his own struggle. I was shocked.
It wasn’t pretty. He had an extreme case of mental illness that I certainly couldn’t diagnose or give professional advice on.

All I could do was show him through my own story that there was hope

I offered him access to all the resources I had. I told him that he had my full support and I’d be happy to help in any way I could. He then said:

“What was your psychologist’s name?”

I told him I’d look it up and send it to him. I didn’t have the answer in front of me, but I was determined when I got home to find it.

At the end of the catch-up, he smiled. I don’t think he’d smiled like that in a very long time.

That smile gave me so much satisfaction. It made my own struggle with mental illness worth it. All those sleepless nights, times spent vomiting into the toilet and dark days where I didn’t want to go on made sense.


“It took more than seven years for me to understand that my own battle with mental illness actually had a benefit”

That benefit was the satisfaction in seeing someone beat their mental illness because I was able to defeat mine.

It’s probably the greatest satisfaction of my entire life.

That’s one thing I can teach you about life that will help you forever.

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Success Advice

5 Productivity Shifts You Need to Make to Make 2019 Your Best Year Yet

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Everyone wants more time, that is something almost all of us share. Time is the most valuable resource and when you learn how to make your time work for you and how to get the most out of it – you experience life differently.  

Improving how you manage your time is one of the biggest gifts you can give yourself – it’s a real game changer in your business and personal life. There are many ways that you can get more productive and get the right things done sooner; but not all of them are obvious or bring the same results.

Here are 5 productivity shifts you want to make if you are trying to make the most out of 2019:

1. Ditch your to do list

Productive people don’t keep to-do lists, they schedule everything they need to do in their calendar and work directly from their calendar!  To-Do lists are just ineffective and they are impeding your productivity. A never ending list of items only leaves you overwhelmed and with a false sense of ‘productivity’.  

If you schedule your To Do’s directly into your calendar at a time to get them done, you commit to it and you are more likely to get it done. Less is more – you don’t need a separate list to remind you what you need to do.

“Productivity is less about what you do with your time and more about how you run your mind.” – Robin Sharma

2. Give up on motivation

Productive people don’t always have to be motivated before starting something. They balance discipline with motivation and do what they need to do, regardless of motivation. When we come up with resistance to take action on what we have planned, we might tell ourselves that we are not motivated and we believe that we need to be motivated to complete any task.

If you want to increase your productivity, you need to challenge yourself more in the moment to take action and give up on motivation sometimes. Do what you need to in order to get the results you want in the future. Don’t make decisions based on how you feel now, make them based on what result you are really after.

3. Master your mornings

Wake up early and get yourself into the productive mindset with your routine and diet! Productive people start the day with some sort of routine, whether it’s meditation, exercise or visualization, etc. AND they have a healthy breakfast to fuel them for the day. Your health is everything when it comes to productivity, what you eat directly affects your productivity.

We can just no longer ignore the direct connection any more. Get in the right mindset to start your day and fuel your mind and body to get the most out of it. Starting your day off in any other way undermines your success – there is no doubt.

4. Schedule according to energy

Productive people know their energy cycles and they plan tasks around their energy levels. Why plan something at a time when you know it will be hard to rise to the challenge? Schedule tasks that require focus and concentration for those times of day that you feel the best and you will find it’s easier to follow through and you will be at your best to perform. Identify your filler tasks and complete those when your energy drops. Be more realistic when scheduling your tasks and set yourself up for wins.

“Productivity is never an accident it’s the result of a commitment to excellence, intelligent planning & focused effort.” – Paul Meyer

5. Working backwards

Productive people always focus on those activities that will take them to the next level. They plan backwards, they look at their goals, then identify the tasks they need to do to support those goals. Those tasks get broken down into weekly actions. That’s how they plan.

Don’t only plan on tasks that come in or those which you ‘feel’ or ‘think’ you should be doing. Your day needs to consist of at least one activity that directly supports your longer term objectives, your big project. What sounds like common sense is definitely not common practice.

Create the right habits to achieve your goals, work on adopting easy tips and techniques so you can manage your time and yourself better to get things done.

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Success Advice

You Need to Grow Your Memory in Order to Grow Your Life

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We all have access to the most powerful computer ever created in the universe…our brain. Unfortunately, few of us have ever been taught how to use our minds efficiently, and even fewer have learned how to develop a fabulous memory. Thankfully, like any skill, memorising can be learned and using the correct strategies, your memory can be improved in only days.

One of the best coaches on memory is Dominic O’Brien the eight-time world memory champion. Self-taught after watching Creighton Carvello memorise a pack of cards on the BBC’s Record Breakers programme. Dominic, through his work on memory, has given us many tools and techniques for improving memory.

Below are 5 rules that will help you develop a better memory:

1. The Rule of Five

Probably seen as one of the most significant contributions to the body of knowledge on memory is O’Brien’s Rule of Five. This rule details how to remember things using a strategy of regular staged repetition.

These stages are as follows:

  • First Review:Immediately
  • Second Review:Twenty-four hours later
  • Third Review:One week later
  • Fourth Review:One month later
  • Fifth Review:Three months later

Utilising stage repetition at these intervals ingrains the memory for the long term.

2. The Dominic System

The Dominic System is a system for remembering numbers. The system is a Person Action system where the association between two sets of paired numbers is the person with the action of the next person.

1139 would become Andre Agassi doing a roundhouse kick which is the action of Chuck Norris. This system combined with the journey method allows for long random numbers to be easily recalled without error. The fantastic thing about this system is that you get to customise for yourself with memorable people and unique actions which when combined really make it easy for you to recall numbers. The table below associates each number to a letter.

Number     0     1    2     3     4     5     6     7     8     9
Letter     O     A     B     C     D    E     S     G     H     N

Creating a simple document with pairs of numbers in one column, the letter pairs in the next and an action column will help you learn this system quickly.

“Nothing can substitute for just plain hard work. I had to put in the time to get back. And it was a grind. It meant training and sweating every day. But I was completely committed to working out to prove to myself that I still could do it.” – Andre Agassi

3. The Link Method

This method relies on two essential elements of memory, association and exaggeration. Utilising these two elements, it is possible to link together unrelated objects to allow you to remember them.

Trying to remember a list of five separate words such as: balloon, papaya, gold, football and hat, might go something like this. You imagine seeing a giant balloon and inside the balloon you can see a small papaya, in bursting the balloon the papaya falls out and as it hits the floor a gold football bounces into a large sombrero.

4. The Journey Method

Using location has been a fundamental part of mnemonics almost since time began. Before humans, writing elders would pass knowledge to others using stories of journeys, with each piece of knowledge being associated with a location on the journey.

O’Brien’s system utilises journeys that you would undertake on a daily basis, like your commute to work or train stations on well-known line. Items are then associated and exaggerated along the journey, so for instance if you were trying to remember a list of ten random things you would associate each piece along with a unique ten stop journey and utilise exaggeration to make the items more memorable.

“You are well equipped with an incredible potential for absorbing knowledge…Anything’s possible.” – Dominic O’Brien

5. The Story Method

To remember groups of information, create a story that links them together. Remembering the planets of the solar system and their position relative to the Sun, Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus and Neptune.

Imagine that Mercury was hitting the nineties as Venus tossed the tennis ball into the air, striking the ball it soared over the net striking the earth and bouncing high into the air, knocking the mars bar out of Jupiter’s hand, and so on.

Developing a good memory will assist markedly in all of your personal development goals as well as assisting greatly in your daily life. The methods above are tried and tested by one of the leading memory champions. Whether you want to become the next World Memory Champion or just improve your recall, the techniques outlined above will assist greatly.

Combining the various elements will create an exponential improvement in your memory that you will find hard to believe, and you will be kicking yourself for not applying them sooner. The best part about using these methods is that they are fun, so enjoy using them.

Which one of these memorizing methods sounds most interesting to you? Share with us below!

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