Tag Archives: success

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Notes on Earl Nightingale’s Recipe for Success.

“We are all self-made, but only the successful will admit it.”

Earl Nightingale

What follows are notes I took while listening to a recording of Earl Nightingales‘ on his Recipe for Success.

1. Our rewards in life will always be in exact proportion to our contribution, our service.

The money you are paid by the company you work for will always be in direct ratio to the need for what you do, and the degree of difficulty involved in replacing you.

2. The Goldmine: The key to every human being’s success lays in his mind, the goldmine between his ears.

One idea can make you rich.

A lot of good ideas can move you steadily upwards in the work you do.

Nothing is now being done as well as it must be done in the future.

Think deliberately and with a purpose.

Begin by thinking at a special time every day.

How will my business be conducted ten years from now? Try to do it now.

a) Start getting up a little earlier than you are accustomed to.
b) Write your financial goal at the top of a blank piece of paper (the amount of money per year you intend to earn soon).
c) Think about your goal and what it would mean to you and your family.
d) See how many ideas you can come up with to help you reach that goal, ideas to improve what you now do for a living, ways of increasing your contribution to match your income goal.
f) Think of ways of improving what is now being done.

Try for five ideas every morning and write them down.
Save those sheets of paper in a special ideas file.

Try to develop a feeling of expectancy. Try to develop a feeling that the goal you are shooting for is a sure thing and that it is only a matter of time before it is realized.

TRY NOT TO THINK OF THINGS OUTSIDE OF YOUR OWN LINE OF WORK OR WHATEVER IT IS YOU ARE MOST INTERESTED IN.

TO THINK WELL AND PROFITABLY YOU MUST DISCIPLINE YOUR THINKING. KEEP IT ON COURSE, CONTROLLED. KEEP IT IN ONE FIELD. SPECIALIZE!

3) The Word: ATTITUDE.

Human beings can alter their lives by altering their attitudes and mind.

WE BECOME WHAT WE THINK ABOUT.

Your total environment is a reflection of you as a person.

Beginning now, begin to act as would the person you most want to become.

That is:

IF YOU WERE ALREADY IN POSSESSION OF THE GOAL YOU ARE SHOOTING FOR, HOW WOULD YOU CONDUCT YOURSELF AND ALL OF YOUR AFFAIRS?

Well, do it now, and tomorrow and the next day.

BEGIN NOW TO ACT THE PART OF THE PERSON YOU MOST WANT TO BECOME and you will end by becoming that person, subtly, in little ways, in the way you dress, in the way you talk, in the unfailing courtesy you show to every person to whom you come in contact.

Begin to act the part of the person who has already achieved that which you are shooting for.

Before you can do something, you must first be something.

When you behave like the person you most want to become, the things that person would have tend to come to you. It is simply cause and effect.

Don’t be in too big of a hurry. It takes longer to build a skyscraper than to build a chicken coop. Build slowly, steadily, and well. Then when you make it, you’ll keep it. You’ll stay on top.

It’s your attitude toward the people with whom you come in contact with, that will determine their attitudes toward you.

Practice your attitude every day, every waking hour.

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Notes From Rich Dad Poor Dad

Investment risk comes from not knowing what you are doing.

The government taxes the income you work hard for more than the income your money works hard for.

IMPORTANT: The key to becoming wealthy is the ability to convert earned income into passive income or portfolio income as quickly as possible.

TYPES OF INCOME:

1. Ordinary earned
2. Portfolio
3. Passive

Don’t play it safe, play it smart.

Action always beats inaction.

Small people remain small because they think small.

Most people look for what they can afford, so they look too small. Think big.

PROFITS ARE MADE IN THE BUYING, NOT IN THE SELLING

For there to be profit in a deal, there must be two elements: a bargain and change.

It is repetition that causes to see slight differences.

MAKE OFFERS, SOMEONE MIGHT SAY YES!

Copying or emulating heroes is true power learning.

A common bad habit is “dipping into savings”.

Savings should only be used to create more money, not to pay bills.

1. Don’t get into debt. Keep your expenses low.
2. Don’t dip into your savings or investments
3. Use financial pressure to come up with new ways to make money.

Personal self-discipline is the number-one delineating factor between the rich, the poor, and the middle class.

You become what you study.

The reason you want to have rich friends is because that is where money is made. It’s made on information.

Wise investors buy an investment when it’s not popular.

Invest first in education. Each of us has the choice of what we put in our brain. First invest in learning about investing.

STEPS TO GET STARTED

1. Find a reason greater than reality: the power of spirit. Deep-seated emotional reasons born out of wants and don’t-wants provide the energy to do the work.
2. Make daily choices: the power of choice. Our spending habits reflect who we are. Choose to be rich. Dedicate time to take actions and to learn. Invest first in education.
3. Choose friends carefully: the power of association.
4. Must a formula and then learn a new one. The power of learning quickly.
5. Pay yourself first: the power of self-discipline.
6. Pay your brokers well: the power of good advice.
7. Be an Indian giver: the power of getting something for nothing. When you invest, ask yourself: how fast do I get my money back?
8. Use assets to buy luxury: the power of focus.
9. Choose heroes: the power of myth.
10. Teach and you shall receive: the power of giving.

People use arrogance to hide ignorance.

Whenever you find yourself avoiding something you know you should be doing, ask yourself: “What’s in it for me?” Be a little greedy.

You overcome laziness with a little greed.

The most common form of laziness is laziness by staying busy.

Staying busy as a way of avoiding something they do not want to face.

I don’t-wants hold the key to your success. (I think he means that what you fear most or don’t want to happen is a great motivation to keep you productive.)

INVESTING IN REAL ESTATE

An obstacle to invest in real estate is the time it takes. The solution is to hire a competent property manager.

A great property manager is the key to success in real estate.

SUCCESS

Diversification means playing it safe. Focus means to contrate on one thing until success.

Failure inspires winners. Failure defeats losers.

People don’t win financially because the pain of losing money is far greater than the joy of being rich.

Obstacles to Success:

1. Fear
2. Cynicism
3. Laziness
4. Bad habits
5. Arrogance

The primary difference between a rich person and a poor person is how they manage fear.

Be able to give as well as to receive. Be a good teachers as well as good students.

You must manage three things in order to be successful:

1. Cash
2. Systems
3. People

The world is filled with talented poor people.

Fear of failure and rejection are the main reason people are unsuccessful.

Get over your fear of failure and rejection.

GOOD INVESTORS:

1. Find an opportunity that everyone else missed.
2. Know how to raise capital outside the banking system.
3. Hire people who are more intelligent than you are.
4. Manage risk instead of avoiding it.

Good investors create investment opportunities through knowledge and research.

It’s not the smart who get ahead, it’s the bold.

Wealthy people own nothing. They control everything but own nothing.

FINANCIAL KNOWLEDGE

1. Accounting: the ability to read numbers.

2. Investing: creative strategies and formulas of making money from money.

3. Understanding Markets: the science of supply and demand.

4. The Law: tax advantages of incorporating. A corporation can pay expenses before paying taxes. Protection from lawsuits.

If you work for money, you give the power to your employer. If money works for you, you keep the power and control it.

REAL ASSETS

Businesses that do not require your presence (if you have to work there it’s not a business, it’s a job).

Stocks.
Bonds.
Income-generating real estate.
Royalties from intellectual properties.
Anything else that has value, produces income or appreciates, and has a ready market.

Keep expenses low, reduce liabilities, and diligently build a base of solid assets.

MINDING YOUR BUSINESS

To become financially secure, a person needs to mind their own business. Your business revolves around your asset column, not your income column.

There is a big difference between your profession and your business.

The rich focus on their asset columns while everyone else focuses on their income statements.

The rich buy assets.

The poor only have expenses.

The middle class buy liabilities they think are assets.

Wealth is a person’s ability to survive so many number of days forward—or, if I stopped working today, how long could I survive?

Invest in income producing assets.

When it comes to money, high emotions tend to lower financial intelligence.

An intelligent person hires people who are more intelligent than he is.

More money seldom solves someone’s money problems. Intelligence solves problems.

Cash-flow tells the story of how a person handles money.

More money will often not solve the problem. In fact, it may compound the problem.

Money only accentuates the cash-flow pattern running in your head.

ASSET V. LIABILITY
An asset puts money in my pocket. A liability takes money out of my pocket.

RULE 1: You must know the difference between an asset and a liability, and buy assets.

Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.

It’s not how much money you make, it’s how much money you keep.

Be an observer, not a reactor to your emotions.

People’s lives are forever controlled by two emotions: fear and greed.

It’s easier to change yourself than everyone else.

If you think someone else is the problem then you have to change them. If you realize you are the problem, then you can change yourself.

Money is one form of power but what is more powerful is financial education.

I don’t work for money! Money works for me.

There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.

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Notes From The Go-Giver

What you focus on is what you get.

1. Your true worth is determined by how much more you give in value than you take in payment.

2. Your income is determined by how many people you serve and how well you serve them.

Your compensation is directly proportional to how many lives you touch.

Being broke or being rich are both decisions.

Survive, save and serve.

3. Your influence is determined by how abundantly you place other people’s interest first.

Focus on the other person’s win.

Watch out for what other people need, with the faith that when you do, you’ll get what you need.

Givers attract.

A genuinely sound business principle will apply anywhere in life.

Fifty-fifty is a losing proposition.

You can excel by adding value. If you need money, add value.

4. The most valuable gift you have to offer is you.

You are your most important commodity.

No matter what you think you are selling, what you are really offering is you.

Receiving is the natural result of giving.

Every giving can happen only because it is also a receiving.

5. The key to effective giving is to stay open to receiving.

The point is not what you do. Not what you accomplish. It’s who you are.