How to build wealth from nothing – 5 Top Tips

How to build wealth from nothingThere’s nothing anyone can do if you were born poor. That was just unfortunate. However you don’t have to go through life poor.

It is possible to build wealth over time and people do.

Many people born poor become very wealthy through their own efforts and you can too dear reader.

Here are five tips to help you build wealth from nothing.

How to build wealth from nothing:

1. Pay yourself first:

You’ll know I’m sure that making money can be relatively easy, whilst holding on to it is very, very hard.

We’re all constantly bombarded with reasons why we should spend our money in return for some fleeting sense of gratification. Would that be an experience you recognise dear reader?

It doesn’t have to be that way of course and rich people know that only too well.

So what do rich people do that’s different to everyone else? Simple! They always pay themselves first.

And what do I mean by paying yourself first?

I mean when you’re paid, you take a slice off the top of your income immediately and you put it away somewhere safe. And by a slice I mean say 10%.

And what do I mean by somewhere safe?

Well initially that would be depositing your money in an interest-bearing account.

However once your money starts building into a larger sum then you can start thinking about other forms of investment that’ll give you greater returns potentially. Stocks and bonds for instance.

Building a capital sum is important because as your money grows it starts to generate a second income stream for you. That may not seem important to you now but it will be as you get older.

So paying yourself first is a discipline to which you must adhere until it becomes a habit you do without thinking.

You must always put some money away and you must make that money work hard for you. You must grow and protect your investment portfolio with careful diversification and over time you’ll find yourself building a sizeable fortune.

So here’s today’s mantra for you: Pay Yourself First. Never forget that please dear reader.

2. Be an investor not a speculator:

You must understand that there’s a big difference between investing and speculation. They’re not the same thing at all.

I don’t wish to imply that there’s something wrong with speculation though. There isn’t.

In the world of finance speculation brings liquidity to the market and therefore it does have its place.

However speculation tends to operate on the ‘greater fool’ principle.

By that I mean someone is prepared to buy an asset for a given price in the hope that it can then be sold quickly to someone else, the greater fool, for a greater price.

This is what professional speculators do and they can make money this way because they know what they’re doing and they have sophisticated systems to support them.

However for ordinary people speculation is like gambling in a casino. And you should never invest your money as though you’re gambling in a casino.

You might get lucky occasionally of course but over time your losses will outstrip any gains you might make, and almost certainly by a significant margin.

So my recommendation to you dear reader is you should never speculate. Instead you should focus on becoming an investor.

By investing I mean buying stocks and shares in solid, well managed, cash-generative businesses which have the ability to pay good dividends on a sustained basis.

Buy stocks worth holding for the long term. This will provide you with a steady income stream from the dividends regardless of any short to medium term volatility in the market. And spread your risk by building a diversified portfolio.

If you reinvest your dividends then over time you will find that this approach should give you a good return on your money.

If you want to make money and build capital, then my advice to you dear reader is to be an investor not a speculator.

3. Focus on value not price:

The legendary investor Warren Buffett once said, “Price is what you pay; value is what you get.

With this observation he’s making a very important point. There’s a distinction between price and value.

A low price for an asset doesn’t necessarily mean you’d be getting value. And a high price doesn’t automatically mean you would not be getting value. Price in itself is not a measure of value. You must consider other factors to judge value.

When you’re buying any financial asset, says stocks and shares, you should always focus on value and you must establish metrics by which you can adequately judge the intrinsic value within that asset.

Judged in isolation price is just a number, nothing more.

A lower price means absolutely nothing if you’re getting little or no value in return for your money.

Never, ever forget that it’s the intrinsic value that will determine whether something is really worth buying or not.

Get real value at the right price and then you can get a decent return over time from an investment.

4. Create a personal private income:

Much as we all aspire to do work we love, you must never forget dear reader that ultimately work is simply a means to an end.

Essentially work is just doing stuff for other people in exchange for money. In turn that money is then the fuel on which we run our lives.

Money provides us with the means to put bread on the table, a roof over our heads and clothes on our backs and those of our loved ones of course.

If you work hard enough you can earn a lot of money.

Manage that money wisely and you can build capital. Invest that capital intelligently and you can create your own personal private income streams.

When you have a decent private income in your own right then you can truly pick and choose the work you do.

Then you only have to do what you enjoy doing; that thing that gives you a genuine sense of purpose.

Creating a personal private income is a worthy goal and it’s well worth the effort.

That way you’re in control of your own life and no one else can dictate what you should and shouldn’t do.

You’ll be in control of the good ship ‘Me’ and only you then decide where it goes.

The message here is, work hard so you don’t have to work hard.

5. Never forget what matters most:

It would be very easy to believe that a life filled with lots of money and materiality will make you blissfully happy. Well let me tell you dear reader, in isolation, it won’t.

I’m not suggesting that these things are not important but you must get your priorities right.

Yes of course, go out there and make money. Manage it carefully. Buy nice things and enjoy some of that money too.

However to be truly happy you must never lose sight of the most important thing in your life and that is family and friends. People are social animals; we’re not solitary like cats. We need other people and most of all we need our loved ones.

So make time for your loved ones, especially your children. Enjoy their company and make the most of every minute with them.

Never focus on work to the exclusion of your family and friends. Without them you have nothing. Money is important of course but people are much more important.

Never lose sight of the people in your life.

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8 Top Business Tips for Success

Tips for Business SuccessIntroduction:

I read an article recently about a guy with a college degree who was feeling disillusioned because he couldn’t find a job. At least not one that met his expectations relative to the type of job he felt his degree merited.

Well it’s a tough world out there, as I’m sure you know only too well dear reader, and despite what some people may think, the world doesn’t owe us a living. The world owes us nothing and it’s down to us to make a life for ourselves.

Work is just doing stuff for other people in return for money and there will always be people with stuff that needs doing. So rather than seeking a job, perhaps we’d all be better off if we focused on seeking customers for the services we could provide.

That’s at the heart of what business is all about, providing people with solutions to their problems for profit, and there is much to be said for becoming an entrepreneur.

The advantages of self-employment:

There are many advantages to being self-employed.

For instance, not having to deal with office politics is a big advantage for a start.

And of course being the beneficiary of all of the proceeds of your efforts is another good reason.

Instead of making a lot of money for other people, you make it all for yourself. The harder you work the more you make for yourself too.

Unless you’re a lawyer or an investment banker, the chances are the only way you’ll ever make serious money is through building your own business. Building a business that one day you’ll be able to sell for a lot of money.

However remember this; you might think that if you’re self-employed then you’re your own boss. Well that’s not true. The customer is the boss.

Serve customers badly and you won’t be serving them for very long, that’s for sure.

The first rule of business is that you must ‘know thy customer’.

You must gain a deep understanding of the products, services and marketing that will appeal to your target customer.

One size will not fit all and each market will require a different approach.

Now going into business is not for the faint-hearted. You must be prepared to work very hard, at least in the early days.

However, if you can provide your target customers with real solutions to real problems then you can make serious money.

If someone else is already offering a solution to the target problem then your solution must be better than theirs in some way if it is to sell.

Creating great products and offering great customer service is the route to business success. However never forget your reputation and image. These things matter too.

Make sure you create an image that will appeal to as wide an audience as possible. Running your own business will be a challenge but it can also be extremely rewarding, both financially and in terms of a sense of achievement.

Remember also that running a small business is not a whole lot different to running a large business. The only real difference is one of scale. The key issues are always the same.

So here are some tips for would-be entrepreneurs:-

Business Tips for Success:

1. Control your costs:

Money comes into your business and money goes out. It’s that simple.

However fail to ensure that the former is always greater than the latter and trouble will follow at some point, whatever the size of your business.

A bigger business might be able to weather the storm a bit longer but the consequences of expenditure consistently exceeding income will be the exactly same. Keep losing money and eventually your business will go bust.

Take every opportunity to maximize your revenue and always keep your costs as low as you can. And never, ever lose sight of cash flow.

Don’t spend money unless it is absolutely necessary.

Ask yourself, do I really need to spend this money? What will I get in return? Can I achieve the same result at less or even no cost?

It might surprise you to learn how frequently it is possible to avoid cost, whilst still doing all the things big businesses do.

The key message here is that you must keep an iron-grip on costs and you must manage the flow of money carefully.

2. Do your own market research:

Every product should solve a problem for your customer and you should have some idea of what that problem is and how your product will solve it relative to the products offered by your competition.

Just because you think you’ve got a great product, doesn’t mean you have in the eyes of customers. Your opinion means nothing if there are not enough people willing to buy your product at the price you’re trying to charge for it.

If your product won’t sell then potentially your business could be in trouble.

Perhaps you think you’ve spotted a gap in the market?

If it’s a genuine gap then you might be on to a winner. However a gap in the market doesn’t always guarantee that there is a market within that gap. Maybe there’s a reason for the gap which you’ve yet to understand.

In business, the trick is to find out what people really want and then offer it to them.

How do you find that out?

One very good way is simply to ask them yourself.

I’m not referring to your family and friends here. They’ll be far too polite to give you any meaningful feedback.

You must talk to real customers, if and when you have them, and potential customers.

You can conduct some of your own market research in your local shopping mall or wherever you think your target customers might congregate. And don’t be shy. Only by actually talking to people can you confirm whether your ideas have real potential.

So identify some basic questions, stand there with a clipboard and just start asking people, as politely as possible.

Often they’ll be far more helpful than you might expect.

And don’t forget you can always use the Internet too.

Search engines like Google have keyword search tools which are free to use. These tools allow you to get a ‘rough and ready’ measure of what people are searching for and how frequently.

Market research doesn’t have to be expensive. As a small business entrepreneur it is possible to do it yourself. You don’t have to spend a lot of money on this activity but it’s essential that you do it.

Your results might not be quite as scientific as those produced by the professional market research people but they will provide you with a rough guide and that’ll be good enough in the first instance.

3. Advertising costs money: is there a better way?

It’s true that visibility matters. For your business and your products it’s essential.

Your products might be the best in the world but they won’t sell at all if potential customers have no idea they exist. Surely that much is obvious.

The question is, how does any business ensure that customers have visibility of its products? The obvious answer is advertising of course.

However media advertising can be very expensive and it’s a cost which new businesses often cannot afford.

One small advert in the back of a glossy magazine can cost you a lot of money and yet you have to ask yourself whether that would be money well spent?

How often do you notice the small advertisements in the back of a magazine? In my case, the answer is not very often.

With so many advertisements competing for my attention I tend to filter them all out. I’m willing to bet that you do too dear reader.

So, if you’re not careful, money spent on advertising can be money wasted in my experience.

A better approach might be to use some creative thinking with a focus on public relations.

Smart entrepreneurs know that business is show business. It’s all about getting noticed.

For example the entrepreneur Richard Branson is a brilliant exponent at getting media attention at little or no financial cost to his business.

It helps that he’s a likeable guy of course but he’s also clever and creative in his approach.

If you have an interesting back story perhaps the local press, local radio or even television might be willing to run a story on you and your business and the products you have to offer?

Social media can be a very powerful medium for gaining attention for your business too.

Social media is also a useful way of driving traffic to your company’s website, particularly Pinterest which is an incredible tool.

Then there’s using search engine optimization (SEO) techniques on your website content to ensure you drive traffic to your site from the search engines.

Let’s face it you do need to appear on the first page of a Google search if there’s to be any chance of anyone noticing you and your business. However if you can make that happen you can get enormous amounts for traffic from Google and other search engines, like Bing and Yahoo.

Make sure you offer visitors to your company website the opportunity for signing up to a regular email newsletter. And give them an incentive to sign up.

This could be a free report or perhaps a discount code for one of your products.

How about running a competition using your company’s fan page on Facebook or your company website?

The price of say a smartphone or a Kindle or other electronic device as a prize would be cheaper than the cost of a small advert in a glossy magazine but it’s more likely to get noticed and it’ll probably generate a lot more excitement.

If you have a car or van; don’t forget that it can be emblazoned with your company logo, your website details and product information on the back, sides and front. Even on the roof.

It would be free advertising as you’re driving around.

Park your vehicle at a big event attended by thousands of people and you’re beginning to master the art of guerrilla marketing.

The bottom line is that creative thinking and public relations can produce powerful results in your quest for visibility at a fraction of the cost of advertising. The key message is; be creative.

4. Don’t make yourself indispensable:

The biggest mistake any entrepreneur or business manager can make is to think that every decision should be made by them.

If you’ve started a business from scratch you tend to form an emotional bond with it. It becomes your baby and you become very protective of it.

That’s natural of course but as the business grows you’ll have so many things to do that you couldn’t possibly do them all. You could try, of course. However if you try to do everything you’ll find yourself falling behind in key areas like product sourcing, sales and keeping your accounts up to date.

Fall behind and it becomes very hard to catch up. Potentially it is also very damaging for the business.

So you have to learn the art of delegation.

A good start would be to document every task and process within the business and then create an Operations Manual. This can include everything from the preferred method for answering the phone to completing invoices and dealing with complaints.

It can also include the degree of flexibility which you are delegating to staff, so they can get on with basic tasks allowing you to get on with those activities which are much more important for achieving business success.

No business should be dependent solely on one person.

If it is and that person gets seriously ill or has an accident then obviously the business would be in trouble very quickly and it would struggle.

Delegate basic activities to your staff and you can be sure that the business will continue to function even when you’re not around.

It will also give you a bit more thinking time for steering to the company towards bigger and better things.

The key message here is that you must delegate. Never delude yourself into thinking that only you can do a particular task.

5. Charge sensible prices:

It’s easy when you’re a small business to undervalue your products and your time. The result is that you undercharge for what you have to offer.

This is particularly true when professionals are selling their expertise and time on the basis of a consultancy arrangement.

It’s common for first-timers to lack the confidence to charge what they might perceive to be a high rate for their services.

The problem is that selling things cheaply can be counter-productive because customers then think they’re getting an inferior product or service and can be put off.

It is a fact that price can often be used as a proxy measure for quality when your business is being judged.

You have to be very business-like when considering the pricing of your products and services.

So look at what your competitors are charging and then analyse where you think your products and services fit into the market.

If you struggle with that idea then you can always seek guidance from someone else, like a fellow business owner or your accountant.

However you must always remember that you must believe in your products and services. If you don’t then why should anyone else?

You must project confidence.

If you don’t have the courage of your convictions then the chances are that your business will never succeed.

Believe in yourself and charge what you’re really worth. Sell yourself on the basis of the value you bring.

6. Make the best use of technology:

Sometimes small business owners think that because they are small they can act in a small way. However that can be a mistake.

Don’t be afraid to invest in your business. For instance investing in up-to-date technology like the right phone system and websites do not have to be expensive but they can be the difference between a customer contacting you or not.

These days no business, large or small, can operate without a website.

And that website needs to be as user-friendly as it possibly can be.

Make sure your website provides customers and potential customers with the opportunity to sign up for a regular email newsletter. And as suggested earlier, offer them encouragement so they do sign up.

Ensure also that your telephone system allows customers to reach you at their first attempt. Certainly customers won’t make too many attempts to call you before they will simply go elsewhere.

If you don’t know how to do all this yourself then go on a course or seek guidance from someone with the right expertise.

Good communications will pay handsome dividends over time.

7. Set goals:

You have to know what it is you’re trying to achieve, if you are to have any chance of successfully achieving it.

Never set your sights too low either. Set yourself a challenge and then put all your energy into achieving it.

Once you’ve set a goal then you need to establish a plan as to how it is going to be achieved.

For instance if your goal is to achieve a certain level of turnover over the next year, you have to break that down into the small steps you will need to take for it to be achieved.

How many sales will you need to achieve each day, each week and each month?

What implications will those sales targets have for production?

Do you have enough sales staff to generate that amount of business?

And so on.

Always create a plan and review it regularly making adjustments as and when necessary.

8. If you got a great idea then do something with it:

How many great ideas never see the light of day because the person with the idea fails to do anything about it?

And how many times does someone with an idea see someone else come along with the same idea and beat them to market?

Procrastination stops many entrepreneurs from cashing in on a great idea. Don’t let this be you.

If you’re waiting for the perfect time to do anything you will be waiting for the rest of your life.

Now is always the perfect time.

Don’t wait until you think the economy will be better or your children have left home or some other arbitrary barrier.

The right time to start your business is right now.

So go for it. Yes you’ll make mistakes. You won’t get everything right first time. You won’t become an instant millionaire either.

However by getting started you will be heading in the right direction and you will learn along the way.

Hard work combined with implementing good ideas will get you there eventually.

Concluding Remarks:

I hope these tips prove useful to you dear reader.

It was not intended to be a comprehensive guide for entrepreneurs and I recognise that you may many of your own ideas.

I love to hear them, so please feel free to share them with our readers.

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If you found this article useful then please share it on social media with your friends. When you share, everyone wins.

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© Roy J Sutton and Mann Island Media Limited 2019. All Rights Reserved.

15 Quotes by Steve Jobs

Quotes by Steve JobsSteve Jobs was an American entrepreneur and best known as the driving force behind the success of Apple Inc. Together with Steve Wozniak, he was a pioneer of the microcomputer revolution of the 1970s and 1980s.

Famously he dropped out of college and proved, if proof were needed, that you don’t necessarily need qualifications or a college Degree to make an impact and leave a genuine legacy to the world.

What you need is passion and a desire to do something well and to do it better than everyone else. And Steve Jobs had that in spades.

Sadly Steve Jobs died, far too early, at age 56 on October 5, 2011. His death being due to respiratory arrest related to the pancreatic neuroendocrine tumour for which he was being treated at the time.

However his influence on business and technology was enormous and his ideas resonate with people to this day.

In my opinion, he was one of life’s great thinkers and I think his views on life and work are worth reflecting on.

So here are 15 quotes by Steve Jobs which I think are worth a few minutes of your time.

Read them; reflect on them. And then consider your life and where you’re going. Are you living your life with passion or are you just going through the motions?

As Steve Jobs implied, our time is precious. We must live our own lives our own way. And we cannot be defined by how other people think we should be. We must be ourselves.

Quotes by Steve Jobs:

  1. Stay hungry, stay foolish. ~Steve Jobs
  2. I want to put a ding in the universe. ~Steve Jobs
  3. We’re just enthusiastic about what we do. ~Steve Jobs
  4. Your time is limited, so don’t waste it living someone else’s life. ~Steve Jobs
  5. My favourite things in life don’t cost any money. It’s really clear that the most precious resource we all have is time. ~Steve Jobs
  6. We hire people who want to make the best things in the world. ~Steve Jobs
  7. Being the richest man in the cemetery doesn’t matter to me. Going to bed at night saying we’ve done something wonderful, that’s what matters to me. ~Steve Jobs
  8. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. ~Steve Jobs
  9. You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life. ~Steve Jobs
  10. That’s been one of my mantras – focus and simplicity. Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains. ~Steve Jobs
  11. For the past 33 years, I have looked in the mirror every morning and asked myself: ‘If today were the last day of my life, would I want to do what I am about to do today?’ And whenever the answer has been ‘No’ for too many days in a row, I know I need to change something. ~Steve Jobs
  12. Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything – all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important. ~Steve Jobs
  13. I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life. ~Steve Jobs
  14. I think money is a wonderful thing because it enables you to do things. It enables you to invest in ideas that don’t have a short-term payback. ~Steve Jobs
  15. As individuals, people are inherently good. I have a somewhat more pessimistic view of people in groups. And I remain extremely concerned when I see what’s happening in our country, which is in many ways the luckiest place in the world. We don’t seem to be excited about making our country a better place for our kids. ~Steve Jobs

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How to ensure you’re a satisfied customer

Pay beforehand was never well served. ~English Proverb

Have you ever been in a situation where someone is trying to sell you something and seemingly they can’t do enough for you? They promise so much and they seem so keen to ensure that you enjoy a ‘great customer experience‘.

Then you buy, part with your money and suddenly everything changes.

They’d love to help you but that wasn’t included in the sale price, despite you having been given the impression that it was.

This is particularly true with a service.

If you have a tradesman or woman doing work for you, for as long as they haven’t been paid, they’ll do just about anything and everything you ask.

Once they’ve been paid, “they’d love to help you but they’re far too busy”.

The moral of the story is that paying for a service before you’ve actually received it is always a mistake.

You won’t be well served if they’ve already got your money, undoubtedly that’s a fact I’m afraid.

So my message to you is clear dear reader. You pay as little as possible upfront and retain as much as possible until the work has been finished to your complete satisfaction.

Do that and you’ll always be sure to get a job well done. Part with your money first and you’ll be a hostage to fortune.

Tell us about your experiences:

Have you had any bad experiences when making a purchase or with tradespeople?

I’d love to hear from you and I’m sure other readers would love to hear from you too.

So please, add a comment and tell us all about it. Your experience can help someone else avoid being ripped off.

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Why you should respect your money

Respect your moneyRiches have wings. ~English Proverb

If you live in the UK, then in the last couple of days you might have read about the lucky couple who scooped £115 Million on the EuroMillions lottery. If you’re like me then you probably thought, “Wow, how lucky they are.”

In theory they should never need to work again. Although really they’ve just swapped one set of problems for another.

Winning money is one thing; keeping hold of it is quite another. There are plenty of examples of people who’ve won large sums of money through lotteries, or other gambling, only to lose it all within a few years.

As the English proverb above suggests, money can disappear easily if you’re not careful with it.

You have to look after your money; you have to manage it carefully.

Money can be like a bird with wings; it can fly away if you are not careful.

Too many people spend their money far too freely on things they really don’t need and things they could live without. And plenty of professionals will be offering them help, only then to help themselves, if you know what I mean?

Today’s message is that you should respect your money and look after it. Otherwise you won’t have it very long.

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Why your time is valuable

Time is valuableDo you want to make money from Facebook? It’s easy. Just go to your Account Setting; deactivate your account; and go to work! ~Author Unknown

Dear reader, if you’re not currently successful, would you like to be?

Many readers will answer in the affirmative of course but then they don’t quite know how to realise their dreams. You may be one of them, perhaps?

Well today I offer you one tip that will be useful to you whatever it is you’d really like to do with your life.

If you’re not sure how to become successful then start by looking closely at successful people and you’ll find at least a few clues there.

However allow me to offer you one of those clues now. And that is that if there’s one thing all successful and wealthy people have in common it is that they don’t waste their time.

They know that time is a precious and limited resource and they recognise that they must use it wisely. And in using it wisely they avoid ‘time sucks’.

The biggest time wasters by far are television and social media. People waste hours of their time on both, particularly on social media nowadays.

Now don’t get me wrong, social media can be a very useful tool as a vehicle for communication both professionally and with friends and family.

However it can also be a distraction. And if it’s a distraction then it might just limit your earning power.

Social media really is just a tool. It might be a useful tool but it’s still just a tool.

Use it by all means but be disciplined in your use of social media.

Your time is precious and, if you want to be successful and make serious money, then you need to use your time wisely. That is today’s underlying message.

Spending your time on social media might be entertaining and informative but it’s unlikely to be profitable.

You can spend your time on social media or you can work hard, with a sense of purpose, on realising your goals and your dreams. The choice is yours; and the consequences will be too.

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Why you must know your why

know your whyIt’s the first day of a brand new year and our lives are full of possibility once again.

No matter how bad the old year proved to be for you dear reader, it’s gone now and so you start afresh.

If you’re like me, you’ve probably come up with a few resolutions already. And if you’re serious about your resolutions then perhaps you’re serious about being successful too.

However, what’s the real secret of success?

Why is it that some people are successful and others will never be?

In the embedded video, Hollywood legend, movie star, two-term Governor of California and former Mr Universe, Arnold Schwarzenegger shares his five secret steps to tackling life and achieving success.

Essentially these are his five rules to excel at whatever you choose to do.

He has an interesting story to tell and his story proves that no obstacle is too big to overcome and no vision, too big to achieve, if you’re determined enough and you’re prepared to work hard.

Change the world:

To summarise Arnold Schwarzenegger’s rules, they are:-

  1. Find your vision and follow it;
  2. Never, ever think small;
  3. Ignore the Naysayers;
  4. Work your ass off; and
  5. Don’t just take, give something back.

However if you listen to Arnold’s story, his burning desire was to move to the United States and become a big star. This was his reason why.

Initially he has no idea how to achieve that goal but a little piece of good fortune came his way.

Arnold happened to read an article in a magazine about a man just like him who achieved just what he wanted to achieve. The article explained how the man did it and Arnold used that success template as the basis for pursuing his own goal.

Identify successful people and do what they did:

Once he knew his why, Arnold Schwarzenegger just needed to work out a way to get there. Knowing your why will always, eventually, lead you to your how.

Once Arnold knew his purpose and his passion, he was always going to find a way. His determination and his willingness to do whatever was necessary saw to that.

Had he not been lucky enough to identify a role model through a magazine article, something else would have guided him because that’s the nature of life. When you’re searching for something you’ll tune in to all the little clues you need.

Once you know your why, you develop a keen sense of that subject and everyone else involved.

Trust yourself:

If you know your why then you’ll have the drive and determination to pursue your goal.

Nothing happens by accident of course. You must make it happen.

So figure out for yourself what it is you really, really want. What would make you happy? What would you regard as a real achievement?

Then find a role model.

Someone who’s done what you want to do. Identify how they did it and copy what they’ve done. If their approach worked for them, it can work for you.

Avoid distractions:

If you want to be successful then don’t allow ‘time sucks’ to throw you off course.

Television and social media are the biggest time wasters of all.

Time is a precious resource and successful people don’t waste it. So if you want to be successful, don’t waste yours. Put every minute to good use.

Know your why

The key message today, both from this article and the embedded video, is that you must know your why.

That’s the starting point for success.

So if you’ve yet to do that then I suggest that’s where you start in this brand new year if you want to be successful.

And remember this; if not you, who? If not now, when?

Other people achieve success and so can you. Good luck.

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© Roy J Sutton and Mann Island Media Limited 2019. All Rights Reserved.

The importance of saving for a rainy day

Saving for a rainy dayWhen I bought my boat, a Fairline Squadron 55, it cost me about £2,000 in fuel every time I filled it up. I don’t have it anymore. ~Gavin Henson

The former, Welsh rugby star Gavin Henson provided us all with a useful underlying message when he made this comment originally quoted in the British newspaper The Daily Express, albeit a few years ago now.

In making this comment he was talking about the most money he’d blown in one go. I used the word blown rather than spent to emphasise the questionable nature of this expenditure.

When you’re enjoying a little success in your career, and the financial dividend it brings, then it’s easy to think it will all last forever. So you start spending your money on expensive luxuries and enjoying the finer things in life.

That’s fair enough, to a degree, because there’s no point in being successful if you can’t enjoy some of the fruits of your success. That’s what it’s all about, surely?

The problem is that when the big money starts rolling in it can disappear just as quickly as you get it, if you’re not careful. Then, if you can’t sustain your success, before you know it you have nothing at all.

So if you’re lucky enough to earn big money then make sure that you put some of it away for a rainy day. It will rain one day, it always does.

Never underestimate the importance of saving for a rainy day. You need to make sure that you can weather the storm when it comes. It really is a good idea to be prepared.

Enjoy your success of course but never be foolish with money. It’s as important to life as the air we breathe. Make sure you can cope with a change of season.

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Lifestyle or people? Which is more important?

Lifestyle or peopleMoney, past a certain point, cannot buy you anything worth having. ~Giles Coren

I wrote a post recently about the importance of money versus life and I received some interesting feedback from readers. Some agreed with my underlying point that your life matters more than obsessing about money.

However others thought that their quality of life was in direct proportion to the money they’ve got. Essentially money equals lifestyle and so ultimately they thought it mattered more.

So I think it’s worth reflecting on this issue again.

Yes, having money is nice insofar as you can live in a nice house, drive a nice car, wear fine clothes and eat in the best restaurants. All of that is wonderful no doubt.

However money can’t buy you love and it can’t buy you the wag of a dog’s tail.

Money simply cannot buy genuine affection from others, whether that’s your partner, your children, your family, your friends or your pets.

If you could only have either the finest things money can buy or strong, well-balanced relationships with the people who matter most to you, which one would you really choose?

I don’t know about you but I think people matter most. If push comes to shove I can live with very little money but I couldn’t get by without my loved ones.

All of the most memorable times in my life have had other people at the core.

It is people who’ve made the difference to me. It’s people who’ve made me smile. It’s people who’ve been there for me when life’s been a challenge. We all need people more than we need things, surely?

Having money is very nice of course, but having people in my life has been much nicer.

Money is like oxygen, we can’t live without it. That’s true.

We must ensure that we’ve got some money, but we shouldn’t pursue money at the expense of our loved ones.

I would rather be poor than lose those people who matter most to me.

Then again, that’s just my point of view but what do you think?

Would you agree with me? Perhaps for you lifestyle matters more? Let us know via the comments below.

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How to make money from investing in stocks and shares

How to make money from investing in stocks and sharesOnly buy something that you’d be perfectly happy to hold if the market shut down for 10 years. ~Warren Buffett

Arguably, Warren Buffett is one of the greatest investors of all time. Certainly he has delivered an above average return to investors in his company Berkshire Hathaway consistently over many, many years.

And when people are successful we should listen to them. If their approach has been successful for them, it can be successful for us too. So it’s a good idea to listen and learn.

Warren Buffett’s investment philosophy is essentially quite simple.

If you’re buying stocks and shares then the ideal investment is a company with a range of good quality products which everyone needs; with strong cash-flow and little or no debt; broad international exposure; and which pays solid, sustainable dividends.

Buy the asset at fair value and you will have an income stream you can rely on regardless of any short or medium-term market volatility.

Choose the right stock and you should enjoy some capital appreciation over the long term as well.

Too many people are speculators rather than investors. They hope to time the market to gain a quick buck. However that’s hugely difficult and most amateurs will lose money with that approach, unless they are very, very lucky.

Whereas invest in good companies at fair value and over time you’ll have an excellent chance to make very good return.

Please share with your friends:

If you found this article useful then please share it on social media with your friends. When you share, everyone wins. So please share now. If you do, I will be ever so grateful. Thank you.

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© Roy J Sutton and Mann Island Media Limited 2018. All Rights Reserved.