Secrets of the Millionaire Mind: Wealth File #5 Rich People Focus on Opportunities, Poor People Focus on Obstacles

This is a chapter-by-chapter summary of a book by T. Harv Eker’s Secret of the Millionaire Mind: Mastering the Inner Game of Wealth (2005) series. One chapter, one article. Read this summary, buy the book. Enjoy!

Wealth File #5:

Rich People Focus on Opportunities.

Poor* People Focus on Obstacles.

Poor people’s primary mindset is “What if it doesn’t work?” or more often, “It won’t work.” Rich people, on the other hand, take responsibility for the results in their lives and act upon the mindset, “It will work because I’ll make it work.” Rich people expect to succeed. These are completely opposite mind-sets. Poor people see obstacles while rich people see opportunities. Poor people focus on the risks while rich people focus on the rewards. No risks, no rewards. Harv Eker states that as soon as there is an opportunity, rich people gather as much knowledge as quickly as possible to make their decision. They go for it or not. Poor people claim to be preparing but what they’re usually doing is stalling. They’re scared and wait until the opportunity has gone along the way.

“The idea is to get in the game with whatever you’ve got, from wherever you are. I call this entering the corridor,” says Eker. The point is that no luck – or anything else worthwhile – will come your way unless you take some form of action. “I call this being an ACTION-TAKER.” The author advises us to enter the corridor and then correct along the way. So, act and enter the corridor before you feel perfectly prepared. You will never be perfectly prepared, never! Entering the corridor means getting into a business, learning about a business, not from the outside (Yes, I will have my first small business with my partner next year! Yea!). So, if you want to become a hotelier, for example, it is wise to visit a hotel first. And also, work in a hotel first. Get to know how a hotel works from the inside. From the outside, you don’t see a thing…

If you really want to learn a business, get into it, says Eker, “You don’t have to own the darn thing from day one.” If you remember Harv Eker’s motto: Action always beats inaction. And don’t be the poor person who is still preparing, planning, analyzing and waiting… If you’re always “preparing” and “getting ready,” it’s like you’re waiting for someone else to take the chance. Don’t wait and see but act and see. You can still do some corrections along the way, it doesn’t need to be perfect from day one. If you’re like me, a guy, you’ve probably been in a situation like this (if you’re a lady, imagine): You’re out with your friends and there is a girl you like in the same bar. You wait and wonder what you’re going to say to her – you’re preparing (but you’re also stalling because you’re afraid of rejection or whatever). Suddenly, Bang! There’s another guy with her. You’ve just missed the damn chance! That guy is not better than you, he just took action. That’s the difference! You've outwaited the opportunity.

So, from now on – TAKE ACTION. Get in the corridor when there’s an opportunity. Action always beats inaction. Don’t wait for the opportunity to pass. Place your hand on your heart and say, “I focus on opportunities over obstacles,” “I get ready, I fire, I aim!”

[*I need to note that the Harv Eker makes it clear in this book that he does not mean to degrade poor people. He does not think that rich people are better than poor or middle-class people. They’re just richer.]

I Have A Millionaire Mind!

How to Be Innovative #2 Don't Think About Failure, Think About What Have You Learned

“Innovation is the ability to see change as an opportunity – not a threat”

Steve Jobs, 2010

Many of us are brought up believing that failure is a bad thing. Our early childhood experiences typically involve being laughed-at for getting things wrong. Although we have to learn the difference between right and wrong and what is ‘good’ and ‘bad’, we are often not taught how to learn from our mistakes.

The famous inventor Thomas Edison story tells of how he invented the light bulb. He tried more than 2,000 experiments before he got the electric bulb to work (although, I suspects that it was not exactly 2,000 experiments. It just mean lots of failed experiments). A reporter asked him how it felt to fail so many times, Edison responded, “I never failed once. I invented the light bulb. It just happened to be a 2,000 step process.” At every stage, he learnt what worked and what did not. If he had given up at stage one, the world would be a darker place today!

The problem we have today is that we have a low tolerance for failure, especially in evangelism and business environment. Failure or the perception of failure is often treated with dismissal, although the reality is that although the expected results may not have been achieved, those involved learned a valuable lesson. A 1976 study carried out by the Swiss Federal Institute of Technology in Zurich, on the reasons for major engineering failures, found insufficient knowledge to be their primary cause. The more information we have, the less likely we are to fail, so engineers today are more likely to get things right by learning from what didn’t work in the past.

This is true for all aspects of our lives, whether it is work, at home or during leisure. We need to learn from our mistakes rather than trying to forget them and move on. In every situation, it can be worthwhile jotting down or take a mental note on what has worked and what hasn’t. Commits it to memory because it can provide a useful reference when you face a similar situation or a new challenge. Don’t think about failure, instead think about unexpected outcome!

Practical Suggestions:

§  If something hasn’t worked, don’t focus on the failure, instead think about what did work and learn from it

§  Think about what hasn’t worked for you in the past and reflect on how you dealt with the situation and what you leaned. What this a positive or negative or growing experience? Did you come out of the situation a better person?

Lord, Give Us Today Our Daily Idea(s)

Change Your Life: Life is Short... Move On

“Worry never robs tomorrow of its sorrow,

It only saps today of its joy” (Leo Buscaglia)

Worry can serve an important purpose: If we worry about something today, we can take action to avert trouble in the future. Most of the time, however, we worry about what is beyond our control, or about things that are trivial and unimportant. Whenever I worry, I remind myself to step back and ask myself whether my worry serves a purpose. If it does, then I should take action! If, however, it does not, then I need to label my preoccupation as unnecessary worry, and move on to other more useful pursuits.

Although it may be difficult initially to shift my focus away from worry, I know that over time I will gain better control over what preoccupies me and learn to move on when I engage in futile concern. Life is short. The question for all of us, young and old, is how long it is going to take us to realize this. Whether we like it or not, the clock is ticking and our time here on earth is limited. Much in the world is worth doing and worth contemplating; it would be such a shame to waste time and effort on futile concerns. Make the most of the time you have!

Don’t worry,

Life is short… Move on.

Lord, Give Us Today Our Daily Idea(s)

 References:

1. Choose the Life You Want: 101 Ways to Create You Own Road to Happiness by Tal Ben-Shahar, PhD (New York: The Experiment, 2012) Buy this book!

2. Existantial Physhotherapy by I.D. Yalom (New York: Basic Books, 1980) P.s.: I don’t agreed in existentialist thinking.

Change Your Life: Make a Difference

Pay It Forward is a 2000 American drama film based on the novel of the same name by Catherine Ryan Hyde.

“Never doubt that a small group of thoughtful,

Committed people can changed the world.

Indeed, it is the only thing that ever has”

(Margaret Mead)

Don’t resign yourself to the status quo – make a difference. It’s easy to feel overwhelmed by the sheer numbers of serious problems that our world is facing. The falling standards in education, the rise in corporate scandals, the economic crisis in Malaysia and the world – not to mention wars, pollutions, and terrorism. How can I, one person among so many, make a difference? How can I, with my shortcomings and insecurities, possibly bring about meaningful change? While it is true that much of what happens in the world is beyond our control as individuals, our capacity to bring about change is greater than we imagine.

I can make a world of difference – if I choose to put my mind and heart to a cause, and take action.

Tal Ben-Shahar writes: In the movie Pay It Forward, a schoolteacher assigns his class the task of finding a way to bring about positive change in the world. Trevor, one of the students, decides to do three good deed for others – three acts of random kindness – and in return ask them to do three good deeds for three other people, who will be asked in return to do the same for others, and so on. If every person who has just been helped pays this help forward to three others, then within twenty-one rounds, everyone on earth would have been helped. The movie follows Trevor and shows how his acts create a positive ripple effect that touches numerous people whom he never meets in profound and meaningful ways. “Never doubt that a small group of thoughtful, committed people can changed the world. Indeed, it is the only thing that ever has.”

Make a positive difference in the world. Pay forward what has been given to you, and encourage others to do the same. You can make a difference!

Don’t resign yourself to the status quo,

Make a difference.

Lord, Give Us Today Our Daily Idea(s)

 References:

1. Choose the Life You Want: 101 Ways to Create You Own Road to Happiness by Tal Ben-Shahar, PhD (New York: The Experiment, 2012)

2. Change the World: How Ordinary People Can Achieve Extraordinary Results by R.E. Quinn (San Francisco: Jossey-Bass, 2000)

Think Big

For more than 40 years, Stanford psychologist Carol S. Dweck has studied the science of how our self-conceptions influence our actions. Her work offers great insight into why thinking big is such a big deal.

Dweck’s work with children revealed two mindsets in action – a “growth” mindset that generally thinks big and seeks growth and a “fixed” mindset that places artificial limits and avoids failure. Growth-minded students, as she calls them, employ better learning strategies, experience less helplessness, exhibit more positive effort, and achieve more in the classroom than their fix-minded peers. They are less likely to place limits on their lives and more likely to reach for their potential. Dweck points out that mindsets can and do change. Like any other habit, you set your mind to it until the right mindset becomes routine.

When Scott Forstall started recruiting talent to his newly formed team, he warned that the top-secret project would provide ample opportunities to “make mistakes and struggle, but eventually we may do something that we’ll remember the rest of our lives.” He gave this curious pitch to superstars across the company, but only took those who immediately jumped at the challenge. He was looking for “growth-minded” people, as he later shared with Dweck after reading her book.

Why is this significant? While you’ve probably never heard of Forstall, you’ve certainly heard of what his team created. Forstall was a senior vice president at Apple, and the team he formed created the iPhone.

-         Taken from The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Garry Keller with Jay Papasan (Bard Press, 2012), page 91-92.

In the same way, growth-minded people are highly creative people.

Change your mindset, think big, think growth, think creatively.

God, Give Us Today Our Daily Idea(s)

Characteristics of a Creative Person #2: Open to as Many Alternatives as Possible

“The best way to get a good idea is to get a lots of ideas”

(Linus Pauling)

People who are closed off to new ideas and suggestions don’t make many friends. They also don’t make good bosses, employees, spouses, parents, teachers, ministers, youth workers, etc. Creative people are never threatened by new ideas. On the contrary, they encourage new ideas and outlooks. A creative person appropriates time to hear and absorb new and off-beat solutions.

Listening and considering the new and the unorthodox doesn’t mean that you must act irresponsibly and do weird things just to call yourself creative and inquisitive. You might end up adopting very little of what you hear and learn. However, being open to the earth-shattering proposal when and if it comes is how you make opportunity in life. As you know, people can’t actually manufacture opportunities. Making opportunity in life refers to the manner of living that remains open and ready to great new ideas when they emerge. Being vigilant and prepared is impossible when your eyes, ears and mind are closed.

Creative people are open to as many alternatives as possible

Lord, Give Us Today Our Daily Idea(s)

*I recommend you to read Danny Cox and John Hoover’s Seize the Day (Book-mart Press, 1994), “Step Two: Developing Strengths” page 77-118.