A few weeks back, I answered a few questions on the survey I shared here. I figured that answering more of them is necessary. Some of the questions carry great lessons that you should be aware of.
I am not so sure if this will help you, but if you pay attention you should pick up something useful.
Question: Top 10 things you teach kids about abundance. I have 2 toddlers and want them to be free of scarcity thinking.
Answer: I’ll give you 5 and point you to some articles I have written in the past.
Let them get used to calling big amounts of money without restraints
Get them involved when you do your budgeting and/or accounting
Expose them to good financial materials for kids. An example is Rich Dad’s cashflow game for kids. Or playing the game of monopoly with real money
Make them pitch for what they want you to buy for them
Never tell them NO for anything they want. Instead, give them something they can do to earn it. If you don’t have something on your head instantly, just tell them you will get back to them.
I have written two great articles about this previously:
7 things the rich teach their kids that regular people don’t
Learn how to teach your kids about money and set them up for financial success
Question: How did you really do it? None of the motivational bullshit. How exactly?
Answer: I don’t consider what I do motivation. This is my world and my life. I wrote a post that really answers this question:
7 boring millionaire baby-steps. No motivation
In fact, I had this question in mind when I wrote that post. The short answer is this: You just do. Don’t think about it, just do it. Do it fast and move on to the next. Stop waiting to feel like doing it. I currently do not feel like typing this. But I am doing it anyway. Do what you ought to.
Question: How does one cope after starting and failing at a business you put all your money into
Answer: First, don’t ever make that mistake again. Don’t put all your money into a business. In fact, you should not put any of your money into your business. Let the financial institutions (or investors) fund the business or let the business fund itself. That is one of the key insights in my book.
How do you cope? Just pull yourself together and start figuring stuff out. Figure out the flow of money around you and think of how you can plug into that flow. Look like a business person, and talk to people who are heavy hitters in the game of money. Never sit down to feel sorry about yourself.
When you fall, don’t wait till you hit the ground before you start running again.
Question: What was your reasoning for starting this journey?
Answer: I didn’t really think about it. It is just something wired into me. Even before I made any money, I have been trying to help people in this area. And I love studying it. I have been a serious student of business and money since my second year at the university. Although, my interest got quickened when I read 2 books a few years prior; Rich Dad Poor Dad and The Richest Man In Babylon
Question: In your book, you mentioned surrounding yourself by positive triggers and that rich people remove negative associations. I think this is true to an extent, but there are also stories like Warren Buffet who named his entire company based off of his biggest risk/failure as a reminder. I think this is still in the spirit of what you were saying, but it would be interesting to know if there are any similar stories like that- using negative reinforcement not for a rich mindset, but to make better deals going forward.
Answer: That idea is very valid. But it must be used very carefully. There are some contexts where concepts like that thrive. But they can become mental sabotage in another context.
It is often called the power of negative preparation. But you must already be in the place where you want to be before applying that. If you start applying that at the early, aspiring stage, it will frustrate your efforts to get rich.
You only plug your leaks when you have a bucket full of water. If you don’t have a bucket or you have not gotten to the spring of water, it would be senseless to be focused on plugging your leaks. I hope you get the point.
That is all for now. I hope you found something useful.