The 12 Secrets of Self-Made Multi-Millionaires (12 Lessons)
Viewing Failure as a Temporary Inconvenience
Patience and persistence, give the self-made multi-millionaire the perspective that failure is delay, but never defeat.
Everyone wants success, but most people lack two very important qualities: persistence and patience. They’re like farmers who keep digging up seeds to see how they’re doing, never giving them an opportunity to take root. Be willing to wait longer for your goals to bear fruit than you had anticipated. Impatience is a virtue only when it helps sharpen your focus on what you need to succeed.
Too often we assume that successful people just happened to get a string of lucky breaks. In reality, the opposite is usually true: Many a superstar had an incredibly rough time before he or she attained any lasting success. When you feel a little discouraged that you’re hitting a brick wall and can’t seem to reach your goals, take heart and consider the following:
- Most multi-millionaires are not financially successful until they reach their late forties and fifties. Many are in their sixties.
- Lucille Ball had little success until she was in her forties.
- Stephen King was a fifty dollar a week laundry worker who threw his manuscript in the trash because it had been rejected so many times. Fortunately his wife rescued it one final time and the book Carrie, sold over five million copies and launched his career.
- Sally Jesse Raphael was fired eighteen times before she finally got a break in television. As I mentioned at the beginning of this program, I made more money in the 50th year of my life than in all the previous 49 years combined.
Here’s a mental toughness checklist:
- Learn everything you can about achievers who have overcome setbacks and handicaps. By realizing that failure and disappointment have not deterred the great champions in every field throughout history, you’ll gain the courage and motivation to pursue your own dreams to fruition. Think also about the thousands of winners you may never hear of or read about, like my friend Carol Marshall. As a high school senior she wanted to be a golf professional, but her life took a different path. She played lots of local tournament golf, got married, had four children, became a single parents, worked as a school counselor for twenty-something years, taught seminars at the University of Wisconsin, and, not too long ago, began teaching golf. Much to her surprise and delight, she learned that there’s a teaching division of the Ladies Professional Golf Association, the LPGA. Today she is a card-carrying professional golfer, just like she dreamed about in high school over fifty years ago.
- Don’t embrace the idea that you need to come from behind in order to get ahead. There are too many martyrs in the world. Learn from the trials and tribulations of others, but don’t force yourself into unrealistically high expectations.
Be sure you understand the difference between the statements: No pain, no gain and Patience, Pacing and Persistence. You don’t need an entry fee of physical or emotional pain to succeed. Sometimes you can best learn from others’ mistakes instead of having to endure all of them yourself. One reason why people don’t often succeed while they’re young is that they stubbornly resist listening to the wisdom of people who have been there and done that before them.
- Get comfortable with the unfamiliar. Break your daily ruts. Put your TV set in the closet for a month. Go to work a different way. Try different restaurants and foods. Make at lease one new friend each month, even though not every one of them is likely to become a lifelong buddy. Remember, you can explore new territory emotionally as well as physically. Become aware of your ups and downs, of what makes you happy and sad, and make an effort to be less of a victim of your moods.
- Above all, remember that the real secret of mental toughness is contingency planning.
My own motto is: Expect the best, plan for the worst, and prepare to be surprised. You can’t control what others do. But you can anticipate the various alternatives and prepare for them as best you can.
You can also control your responses to what happens. When I start to get angry: “ I say to myself, relax, time out, bad seeds, that’s not like you. Let’s control our emotions and the outcome.”
This really works. I haven’t lost my temper in over 18 years. The ultimate maturity to me is to remain cool, calm, confident, and alert under fire, when there’s hysteria and chaos all around.
If you believe you deserve success as much as anyone, and that wealth is not reserved for someone else….. If you want to be free, with dignity, and independence in your later years…. If you have a passion in life that transcends money….. If money is a by-product that will come from some great service or product you want to offer to the world to make it better…. If you understand that saving people time and money, will give you money and free time and that the trend to toward instant global communication and commerce…. If you understand that risk-takers make their own security. And that the greatest risk is defending the status quo…If you are patient and persistent enough to understand and apply compound interest, and do two things:
Pay your future first as if it were a utility bill, in an appreciating savings funds, and second, live frugally, beneath your means, by not paying credit card interest for depreciating assets, you will become financially secure over time.
If you focus on your primary goals and avoid distraction by all the fads that look too good to be true because they are get rich quick schemes….
If you utilize part of your evenings and weekends for goal-achieving, rather than immediate gratification, tension-relieving escapes, and pay these traits along to your children…………. I guarantee if you embrace only four to six of the twelve secrets of self-made multi-millionaires, you will become a self-made multi-millionaire yourself.
Self-Test: If you have completed listening to our audio narration of “The Science of Getting Rich,” we suggest you move on to one of the greatest books ever written about the step by step to being truly rich in every sense. It is the audio book, “The Richest Man in Babylon,” written many years ago by Richard Claison. You will be amazed by the analogy of ancient Babylon with our present day culture. As you listen you also should take notes when some of the advice strikes a person chord within you.
The Science of Getting Rich • The Richest Man in Babylon • Acres of Diamonds
The 12 Secrets of Self-Made Multi-Millionaires (12 Lessons)