It Takes Money to Make Money and Other Falsehoods

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Seems like it is getting tougher and tougher to make ends meet.  Companies don't pay like they used to.  Working hours are longer and expected by most companies. The cost of food is going up.

There is a lot in life that is outside of our control, no question.   But there is a lot that is still within our control.

I was chatting with a neighbors, 19-year-old daughter.  She was frustrated with never having any money despite working a part-time job and living with her parents rent free.  The only things she is responsible for is her car and cell phone.

Towards the tail end of our short chat she says to me, “I know it takes money to make money.”  I was horrified that she would have such a belief when I think about all the rags to riches stories.

It got me thinking, how many self defeating sayings there are and what do some people do to go from a no money situation to a well off beyond imagination situation?  

This is what I learned…

It Takes Money to Make Money

There are so many examples of people that started with nothing (or less) and built an empire…

Dale Carnegie started out emigrating to the US with his parents and lived in a one bedroom apartment.  His dad found himself often begging for work.  Dale vowed to never find himself in the same position.  With each job he would make himself indispensable – giving himself his own version of job security.  He also worked at his communication skills with coworkers and management.  He would make friendships with influential people learning all he could from them.

Lessons Learned:

1. Never let your situation today define what your life could look like tomorrow.

2. Make friends with people who have already achieved what you want for your own life and learn from them.

3. Manage your finances learning to always hold back a percentage of your income.

4. Build multiple streams of income, so that if one income is lost you wont find yourself begging for a job.

Being an Overnight Success

Before Richard Branson became Richard Branson, he was the son of parents with meager beginnings.  Everything  Richard has was built slowly over years starting from nothing.  Today, he has a multi-media conglomerate.  Always keeping a positive attitude and knowing that all things are possible for anyone with a strong belief in themselves is the foundation on which Richard built his empire.

Lessons Learned

1. Age doesn't matter when on the road to success.  He started his first business when he was 16.

2. Work for free, get paid in building portable skills.  Skills like, leadership, communication and being flexible and adaptable in an ever changing world have been skills Richard has leveraged through out his own career.

3. Diversify.  Never have all your eggs in one income stream.  Once an income is established, look into expanding into another area.

Opportunity goes only to the wealthy

We all have the same 24 hours in a day.  Opportunity is hard work in disguise.    If you are not in the drivers seat of your own life, life will drive you with no plan or destination.

Jim Carrey's family life was less than ideal, at one point his parents lost their home and lived in their van.  Jim eventually dropped out of high school to take a job and help with the family finances.  His strong mental attitude and daily practice of focusing on his dream while taking steps to work toward them is what makes Jim Carrey who he is today.

Lessons Learned:

1. Don't take life too seriously.  Today may be hard but tomorrow is unwritten and up to you on how your life story will unfold.

2. Take responsibility for your own life.  We reap what we sow.

3. Never doubt your own potential.  Believe in yourself and your dream.  Take steps daily to work towards that dream.

When I read these stories and countless others, these are the things that stand out the most.

Mindset Change

If you are going to go around saying “It takes money to make money” and you have no money… that is exactly where you will stay… with no money.  Its a defeating mindset.

“If your dreams don’t scare you, they are too small.”  

Have a Dream

Every morning start your day thinking about your dream and make a plan.  What can you do today and tomorrow to be a little closer to making your dream a reality?

Success does not happen over night for anyone.

Learn to Manage the Money You Do Have

This one habit will literally be the difference between growing your net worth and not.  Think about all the people that have won the lottery – only to spend it all and more to end up a year or two later with thousands or worse millions of dollars  in debt.

Winning the lottery is not a curse, but us seem that way because of the countless people who spend it all or worse spend more than their winnings.  If they had taken the time to pay themselves first and appreciate what they currently have, they would have a joyous life.

Build out the multiple streams of income to not only protect yourself but give your that peace of mind and move forward with confidence.

Love the Life You Have Today

Appreciate the little things.  Find joy in your life today.  If you don't have that, you will never be happy.

Communication

Knowing how to talk to people is an important skill set, but to be an exceptional communicator requires listening.  Learning how to talk to peers, management and even giving presentations is a critical skill set that companies are always on the lookout for.  Not only that, its one that you will take with you and grow through your entire career.

Knowing Who You Are

Today you have friends.  As your success grows, those around you may not always support you.  Remember that is a “them” problem, not a “you” problem.  What I mean is when you start to have success in your life, some of those around you will become fearful and scared.   Success is not something familiar to all.  That fear in them will try to bring you down.

It may come at you in the form of “Who do they think they are, being all better-than-me?”  Remember, life will throw you all kinds of curve balls, but the biggest choices begin and end with you.  Ultimately you decide the direction your life will go.

Always do the right thing… you will be rewarded with the same.  Or as Newton's third law of Motion states, “for every action there is an equal and opposite reaction.”

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