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Mindset

What Do You and Millionaires Have in Common?

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Author of bestseller book ‘Rich Dad, Poor Dad’ and American entrepreneur, Robert Kiyosaki says: “The world is full of smart, poor people.” Arguably Robert Kiyosaki is telling you and millionaires have a lot of things in common such as smartness. In this blog article, we list a few commonalities as well the core reason why millionaires are where they are in life.

There are quite a few things that you and millionaires have in common. Let’s explore some of these elements and allude to what may be holding you back from also being a millionaire.  Changing your mindset can make a world of difference to your current position and get you on the right path to becoming a millionaire.

Opportunities

Every human on this planet gets ample opportunities to become a millionaire, but most of us don’t know how to achieve it.  Also, for many people, there’s comfort in the status quo, living like the majority and more specifically, the people around them, i.e. family and friends.

Millionaires are attuned to analysing opportunities, weighing up the risk and reward.   This action takes hard work and discipline which millionaires thrive on, and most people avoid.

Earning Ability

Another area of commonality between everyday people and millionaires is the need to earn money.  Both parties need to work, but for very different reasons.

When a millionaire ‘needs to work’ he is doing it to grow his wealth.  He will pay himself first (before paying bills etc.), and this money is put to good use, i.e. it’s invested for the long term.

Whereas everyday workers earn to get through the week or month. Paying the bills, and having some money left over for socialising is their core goal.  Saving money each month is usually an afterthought, and most of the time will not happen as there is always a reason to ‘spend’ it.   There is a saying “you get what you focus on”.

Once again, this is your mindset.  What separates millionaires from the rest is how they think of and view money.  Wealthy people find money is attracted to them with it easy to attain, and keep.  For most people it’s the opposite; earning money is hard work and impossible to keep in their bank account.

Saving Money

Saving money for a raining day, is what we’re all taught, so while we may all save money, it’s where we put it that makes the difference.

When millionaires save, they’re making their money work for them. Millionaires have the mindset to take calculated risks, and they look longer term at their ‘savings’ investments.

Most people are saving to buy something or go on holiday.  Parking your savings in long term investments is the millionaire’s mindset.

Social Life

There is a saying ‘you are who you mix with’, your friends will be of similar financial position.  Self-made millionaires will consciously change who they mix with socially.   It’s not easy to step outside your existing social circle but to reap the rewards of networking with successful people, is why millionaires do it.

Reading Habits

Wealthy people spend a lot of time reading and physical books.   Mark Zuckerberg, Bill Gates and Peter Drucker say they love books, and they’re not usually reading fiction.  They’re looking for inspiration and ideas.  Reading a novel is better than not reading at all, but consider what you may get from an autobiography or biography.  What you’re trying to achieve has been done before, and a lot of experience and knowledge can be gained vicariously through reading about successful people and businesses.

 

Spending Money

We all spend money; however, when it comes to paying bills, millionaires don’t just pay them without further thought.  Wealthy people analyse statements, and they double-check every expense for accuracy. Then they’ll think about the payment and whether their money is well spent. This attention to detail will curb unnecessary expenses, whatever the cost.  Being deliberate with spending money is an action that shows respect for money and millionaires will spend their time respecting money, so it is spent wisely.

24-Hours/ 365 days

Time is said to be much more precious than money.  No divine power or human being can buy back the past time or add extra hours to a day. Nor can we subtract from the 24-hour day and 365 days year. If you’re serious in utilising your time effectively, you can become a millionaire in as less as 12 months. Millionaires, billionaires and you have time in common.

Millionaires know time is indeed money, and it needs respect. Spending wisely and investing in activities that ensure their financial security and status.

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Mindset

How Einstein Quotes Inspire Business

Einstein

Many great thinkers, both alive and dead inspire people to ‘do better,’ i.e. set higher goals, work smarter, think differently about challenges in life and business. Albert Einstein was famous as a theoretical physicist, not as a business owner or entrepreneur. His quotes, however, infer a state of mind, or mindset that is ideal for entrepreneurs and creators who also need to do the extraordinary in much the same way Albert did with his inventions.

In this blog article, we consider some of Einsteins quotes and how they reveal his mindset and how they can be interpreted to motivate startups, businesses and nonprofits to ‘do better’ by fighting apathy and submission.

Entrepreneurism

Was Einstein an entrepreneur? No, he wasn’t; however, Albert was influenced by his father Hermann who spent his life’s work involved in running businesses. With some successes, i.e. Hermann is said to be responsible for bringing light to Munich Germany, he also had his share of failures including his attempt to bring light to other cities in Europe.

Hermann also had other business failures which disrupted family life for Albert. Staying with friends and relatives during his father’s startup failures may have deterred Einstein away from the business world, but it was never far from his mind. Albert still had an underlying interest in business and “the devotion of time to practical work”.

Here are some of Einstein’s quotes that reveal his mindset and why they’re used to inspire creators and innovators.

Quotes For Creators And Innovators

In business, as in life invention is fundamental for growth. There are many Einstein quotes that inspire confidence in people to think and do things differently to get a different outcome including:

Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.

Have you ever been reprimanded for daydreaming? Well, we need ‘daydreamers’. It’s the people who day-dream who are the creators and innovators. Their imagination provides solutions in business and everyday life. Albert’s quote infers it’s okay to take time out and have the confidence to enjoy your imagination. Use it to provide solutions in your business.

The important thing is to not stop questioning. Curiosity has its own reason for existing.

As Einstein says curiosity is very powerful and there is a reason for its existence.

We cannot solve our problems with the same thinking we used when we created them.

There are many great thinkers of our time and John Kehoe is among them. His book ‘Mindpower’ is an introduction to solving problems using your subconscious mind. John’s focus is also on mindset and using it to get what you want in life.

It’s not that I’m so smart, it’s just that I stay with problems longer.

There are many reasons businesses fail and one that’s not mentioned in the top five reasons for failure is ‘giving up’ or given in too soon. The top five reasons for business failure according to Forbes are:

  • No market – The market for the product or service no longer exists
  • Lack of capital – The funds for working capital and grow have dried up
  • Wrong team – The team is no longer suitable and therefore not providing value to the business
  • Competition – Competitors have taken the business’s market share
  • Pricing – Inaccurate pricing for the products or services

Maybe the sixth reason should be ‘giving in’ too soon’? For lack of seeing a way out, a business closes down, often without going far enough to exhaust all options to remain in business fully.

However, for creators like Einstein, the focus is always on finding a solution no matter how long it may take.

Businesses going through tough times can find inspiration in Einstein’s quotes as they show his determination to succeed no matter how long it may take.

Summary
We all need encouragement to work smarter, aim higher and stop mediocrity or indifference being our state of mind. There is no doubt that it’s easier to be average and the same as everyone else. It takes something special to be extraordinary and quotes from thinkers like Einstein can help push an aspiring inventor, or a creator to reach their pinnacle.

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Mindset

A Brief Guide to Becoming an Expat

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To travel and work abroad is a dream for many people and there are many reasons why. You see, becoming an expat opens new doors for anyone who dares to become one. A broader scope of career opportunities, a taste of travel, and finding romance are some of the biggest reasons why being an expat seems to be the right choice. But what exactly does it mean to become an expat?

Defining “Expat”

The word expat came is a combination of Latin words. “Ex” is a prefix that means “out of,” while “Pat” or “Patria” is a noun which means native country. Based on its original definition, an expat is someone who lives in a different country instead of settling down in their home country. An expat can either choose to stay temporarily or live permanently on the land that they prefer.

Most expats leave their country because of more significant opportunities outside. Although similar to this reason, there’s quite a difference in how an immigrant and an expat work.

Expats who look for expat jobs can choose to stay in a country without having the final decision whether they will reside there permanently or temporarily. On the other hand, immigrants are people who travel to another country for long-term work and permanent residence.

Qualities of A Successful Expat

If you want to succeed in finding expat jobs or quench your thirst for traveling, you will have to maintain the following qualities. These characteristics will help you achieve any goal you have as an expat:

  • Thirst for Knowledge. If you want to become an expat, you must have the willingness to learn new things. It includes the country’s culture, traditions, history, and more. You also have to familiarize yourself in the area if you plan to stay for a longer time.
  • Independent. You need to be an independent person if you choose to become an expat. Since you’ll either be living alone or new to the area, you will have to do things by yourself. You will be responsible for household chores, buying necessities, and maintaining a well-paying job.
  • Sociable. Being sociable is an excellent trait for an expat to have. Despite being independent, you must also learn how to interact with other people to help you feel at ease. You can try to socialize with other expats as well. That way, you can relate to people faster.
  • Open-Minded. As an expat, you must be willing to understand and respect other people’s way of living and tradition. You travel to different places, and those places can have different opinions or lifestyle. If you do find yourself in an area that has an unfamiliar culture to you, always keep an open mind. By doing so, not only will you show them respect but discover new things as well.

 With the modern world, we have today; it’s not surprising that many people try to live as an expat. After all, there are so many things we can discover from different places around the world.

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Mindset

Why the best business leaders care about philanthropy

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Corporate philanthropy makes sense and more businesses than ever are involving themselves and their employees in charitable activities. But it doesn’t stop there.

Many of the world’s top business leaders have made philanthropy part of their lives; entrepreneurs such as Sukhpal Singh Ahluwalia of Dominvs Group, Leonard Ainsworth of Aristocrat Leisure and Sir Stelios Haji-Ioannou of Easy Jet, to name just three.

But why do great business leaders care about philanthropy, especially when they’ve reached the top? Here are just a few reasons why giving back is something that the best entrepreneurs genuinely care about.

The world is changing and their support is needed fast

Often business leaders are some of the first to understand that you can only affect real change by tackling the root causes of a challenge. That means many are focused not just on supporting disadvantaged people but understanding issues such as climate change, its effects on our environment, and its long-term impacts on the people’s everyday lives.

Australian companies gave $867m to charity last year, and in fact, according to the CAF World Giving Index, Indonesia, Australia and New Zealand are the top three giving nations on earth. So it should come as no surprise that some of the world’s top individual philanthropists are living in the region.

Business leaders who do step up to the plate worldwide are impressive. One such philanthropists is Sir Stephen Tindell, founder of New Zealand’s largest retail group. His foundation is helping to reconnect New Zealanders to their natural environment. Since its foundation in 1982, the fund has donated more than $145m and supported initiatives including donations to develop sustainable farming and plant millions of trees.

We sorely need more people like Sir Stephen right now because when you look across the board, environmental philanthropy lags way behind other forms. In fact, it’s estimated that in the UK, only 3% of all giving goes towards the environment.

Giving back as a duty and responsibility

Many business leaders are self-made and have been on a very long journey to success. Some were immigrants who fled violent regimes as children; others worked their way out of extreme poverty.

These experiences often give them a sense of duty and responsibility to help others and the planet. John Paul DeJoria is one of the world’s richest people but his early life was a huge struggle. In foster care, in street gangs and homeless, one point he was so poor that he lived in his own car. But despite the odds he went to build a series of successful businesses including John Paul Mitchell Systems, Patron Spirits Company and the House of Blues nightclub chain.

DeJoria says: “People say you give away all these millions, but I don’t give them away. I invest it, in people,” he says. “I don’t mean I get the money back, but our planet will. We have to take care of one another. And that’s what we do.”

Setting an example for their peers and the next-generation

One of the most fascinating developments over the last 10 years has been the number of ultra-rich who are prepared to talk openly about their philanthropy. It’s easy to speculate about why they have begun to do this, but one of the reasons is likely to be that family business owners especially are looking to inspire the next generation along with their peers.

The Giving Pledge is the most visible example of this. Created in 2010 by three of the world’s most outstanding philanthropists, Bill and Melinda Gates and Warren Buffett, it encourages billionaires to sign a pledge to give away the majority of their wealth over their lifetime. To date, 204 of the world’s wealthiest individuals, couples, and families have signed the Pledge including Elon Musk, Brian Chesky and Mark Zuckerberg.

One signatory to the Giving Pledge is long-time Scottish philanthropist Sir Tom Hunter, a self-made entrepreneur who started his first business by selling sports trainers from the back of a van. He built the business up to be Europe’s largest retailer. His written public pledge reads: “We don’t want to be the richest guys in the graveyard we want to “do good” while we are still alive. Why let others have all the fun? For those who are thinking about this. All I would say is seeing a project we have helped work is a bigger sense of achievement than any business deal I have ever done.”

Business leaders give vast amounts of their own money to good causes for a huge variety of reasons but it’s clear that the majority do so because they care a great deal about using their business experience and wealth to help others and the planet. For business leaders, philanthropy makes sense not just on a corporate level but on a personal one too.

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