Wealthy People Create Luck

Luck denotes something that seems to happen by chance rather than as a logical consequence. Many people believe in luck especially when it comes to being rich and successful in business. But is there really such a thing as good luck? Alex Rovira and Fernando Trias de Bes, conducted their own research and spoke to people who they believed were blessed with good fortune in order to determine what they have in common. Their findings ended in one conclusion: “We make our own good luck.” In their book, Good Luck: Create the Conditions for Success in Life & Business, they outlined five principles that make a successful entrepreneur:
1. Responsibility
Entrepreneurs are responsible for their own actions. When things go wrong or the outcome of any given situation is other than intended, they never point the finger or blame at external factors or other individuals. Instead, they look to themselves and ask, "What have I done for this to occur?" Then they act accordingly to solve the problem.
2. Learning from Mistakes
Creators of good luck don't see a mistake as a failure. Instead, a mistake is an opportunity for learning. Thomas Edison is the classic example. More than 1,000 attempts to invent the first long-lasting electric light bulb led to bulbs that only stayed lit for a few minutes. One of Edison's colleagues asked him, "Mr. Edison, don't you feel you are a failure?" Lacking any sense of vanity, he answered, "Not at all. Now, I definitely know more than a thousand ways how NOT to make a light bulb."
Sure enough, just a few days later, he turned his inspiration into a practical concept. By the way, the very first light bulb was invented by Sir Joseph Wilson Swan, who demonstrated the theoretical concept but gave up trying to develop a practical application after only three attempts. By contrast, Edison made his own good luck and designed a working light bulb.
3. Perseverance
Creators of good luck don't give up or postpone. When a problem or situation arises, they act immediately to either solve it without delay, delegate, or forget about it. This allows them to focus their energy on producing favorable results.
4. Confidence
The most powerful principle is often the most overlooked. Confidence is divided into two parts: confidence in yourself and confidence in others.
Confidence in one’s self is essential, and those who create their own good luck have high degrees of assertiveness and self-esteem. They keep to their purpose, persevere, and work to create the conditions that ultimately help them achieve success. Entrepreneurs are visionaries. They are very clear with their goals and work out ways to make them a reality.
Closely linked to assertiveness and self-esteem is trust in others and respect for them - seeing other people as major sources of opportunity. Building relationships with people and working with them makes a vision or goal more attainable.
Without confidence there is no way to "give yourself" to the situation. Without it, one would not open up and share an opinion or insight. There will be no opportunity to contribute to anyone.
5. Cooperation
Synergy is key. Trust in others leads to solid a network of work colleagues and friends, which, in turn, provides more resources to carry out projects than if they were managed alone. Think cooperation rather than competitiveness. At the most basic level, any project or undertaking takes place in the context of the broader group, and everyone should have the chance to emerge a winner.
As we have seen, whether or not one can create good luck basically depends on an attitude towards oneself, towards others, and towards life. It is also tied to the perception that the individual is much more of a cause than an effect. Above all, to the realization that one must make oneself the creator of the conditions that foster success and the achievement of specific, visualized goals.
We think of luck -- the sort that wins lotteries -- as random. It can be favorable or not, but it is always occasional, brief, and temporary. We have found that of the people who have won big sweepstakes prizes, many lose everything they gained, typically within four years to seven years of hitting the jackpot. Furthermore, their personal relationships with family, friends, and colleagues often suffer.
On the other hand, since those who create their own good luck owe success only to themselves and their own initiatives, not just to a random roll of the dice, they are acutely aware of the origins of their good fortune. Moreover, having seen it work before, they know how to repeat it.
The problem is that we often seem to forget old principles based on common sense, which basically says that we must work, be aware of our actions, and take responsibility for correcting them when the need arises. The person who grasps that wisdom is lucky indeed.

http://entrepreneurs.about.com/od/becominganentrepreneur/a/goodluck.htm
http://erclk.about.com/?zi=20/%5dOK
http://www.GoodLuckTheBook.com

The Power of Now

Being in action now is very powerful. It spells the difference between mediocrity and success. Humans are creatures of habits and since we live in a world of duality, there are habits of doing and not doing. Most of us habitually not act because of too many reasons. In doing so, we let great opportunities (and eventually the fulfillment of our dreams) slip away. To reiterate my point,I am re-posting part of Joshua Kennon's "Wisdom from Peter Drucker."

This morning, with a black fountain pen in one hand and a cup of coffee in another, I found myself pouring over a copy of Peter Drucker's famed treatise Management. Despite the almost incomprehensible amount of books that I've read over the years, it's amazing when a great piece of wisdom presents itself and has the power to change your life. Drucker makes an observation so basic in its truth that if you truly grasp it and put the idea into place in your own life, it can help you achieve everything you want - from learning to play the piano to building a $20 million portfolio.

Here's what Peter Drucker taught me this morning:
"But it is meaningless to speak of short-range and long-range plans. There are plans that lead to action today - and they are true plans, true strategic decisions. And there are plans that talk about action tomorrow - they are dreams, if not pretexts for non-thinking, non-planning and non-doing."

Think about that. It does and means nothing for you to say, "I'm going to build a fortune," or "I'm going to get in shape." Instead, it only matters the actions you take today. He goes on to say that one of the primary goals of management, both in business and of yourself, is to identify the resources that you need to commit today in order to achieve your goals, accomplishments, and dreams tomorrow. But he points out, it all comes back to what you can do now. Not tomorrow, not next week, not even in ten minutes. What you can do now. That is extraordinarily powerful. It's life changing.

What can you do now about your credit cards? Your investments? Your debt levels? Your education? Your art collection? Your children? Your friends and family? Your health? What can you do now?

Hitting Platypus Bottom

By three methods we may learn wisdom:
First, by reflection, which is noblest;
second, by imitation, which is easiest; and
third by experience, which is the bitterest.
-Confucius

I read Scott Allen’s article on the platypus bottom, a metaphor used by stock market analyst Art Cashin on CNBC referring to the current market meltdown. According to Cashin, "The trouble with this one is this isn't a normal-looking bottom. It might be a platypus bottom. It might just be something strange we've never seen before."

What’s with a platypus bottom? To start with, a platypus is an unusual animal. It's a mammal, but it lays eggs, has webbed feet, a body like an otter, a bill like a duck, and it spends most of its time underwater. A paradox, as Allen puts it. So a “platypus bottom” is something unusual or out of the ordinary. Something we have never seen or experienced before.

It’s when your teacher tells you that your project is outstanding then gives you a failing grade, that’s platypus bottom. When you have just finished a 100-page dissertation then your computer breaks down - platypus bottom. It’s when you have invested your whole life savings in a company then it suddenly closes taking your money down the drain with it, you’ve reached platypus bottom.

Allow me to tell you my platypus bottom: I resigned from my teaching job to explore new possibilities as an entrepreneur. I was doing it part-time for awhile and decided to expand it further by going full-time. It was not as easy as I thought. Being an employee is miles away from being an entrepreneur. The first few months were alright since I still have enough money to sustain my needs. I worked on my business the way I did while I was still employed. But my circumstances became more intense and my clients became scarce. The “old way” does not work anymore. Worse, my “survival money” is nearing zero. I was tempted to give up but I refused to. That’s when I realized that I have to grow myself and transform if I want to succeed. The faster the better. Suddenly, I desired what I have been afraid to embrace - change.

My mentor always says that when you’ve reached “rock bottom,” that’s when your mind starts thinking of ways to get back and breakthroughs occur. I believe she’s talking about platypus bottom. It’s when you experience situations that you’ve never been before and you are pushed to create ways to get through.

Hitting platypus bottom is uncomfortable and often painful but that does not mean that we should avoid it. It can actually be empowering. Take it as a learning experience and an opportunity for change and personal growth. As Allen says, “the sooner you can recognize it… and start exploring new solutions, the sooner you will get out of it, rather than wallowing in it for months.”

Let's Play CASHFLOW!

"Our thoughts shape our lives"-Robert Kiyosaki

For those who still haven't registered for the Cashflow 101 Gathering, register now and let's have fun learning. The details of the event are as follows:

Cashflow® 101-Financial Literacy Interactive Workshop Gathering

October 18 & 25, 2008, Saturday, 8:30 AM
Place: THE VENUE, Pearl Plaza, Pearl Drive, Ortigas Center, Pasig City
Fee: Php 400.00 (includes lunch and workshop materials)
Avail a discount. ONLY Php 200.00 if you register on or before October 16, 2008 OR bring bring at least ONE (1) of your friends to join you in the workshop.

***For those residing in Alabang & Southern Manila, we also have a simultaneous Cashflow gathering at Gilligan's Island at Festival Mall, Alabang***


E-mail us for registration with your complete NAME, AGE, OCCUPATION and CONTACT DETAILS at abbiepaji@CreateAbundance2020.com and we will e-mail you back the payment instruction and area map of the place.

NOTE: Please be informed that we only have limited seats for participants. We only have ten (10) remaining slots left. Should we reach the maximum number of participants by the time you contacted us, we will inform you on the next event schedule for you to reserve your slot. Thank you very much.

To know more about our community, please visit: www.Createabundance2020.com

CASHFLOW® 101 is an educational program that teaches accounting, finance, and investing at the same time and makes learning fun. The game was invented by bestselling author of Rich Dad Poor Dad, Robert Kiyosaki. It was created for the sole purpose of teaching financial literacy hands-on.

"The reason most people stop and turn back from their dreams is because the tiny person found inside of us, beats the person that is bigger". RICH DAD

Know Who You Are

Our laundrywoman’s six-year old daughter, Yandi, called Chooey “pangit” (ugly). To this Chooey responded with an angry bark and bit her leg. Well, more like opened her jaw and placed Yandi’s legs in-between. Chooey is a toy dog and hates raw meat. Yandi wasn’t scratched but that incident gave her a lesson on why being rude is considered bad manners.

That was the first time Chooey attacked a human being inside the house. She is such a sweet and gentle dog and her behavior that day surprised us. The way I look at it, Chooey knows who she is and was just making a stand. At least Chooey knows that she is not pangit and was willing to fight for it. Many of us just allow others to define who we are just to avoid ridicule and conflict. How many of us can truly say that we know who we are and are willing to stand for it?

Your 24 Hours

This is an eye-opener on how we use time. I got this from my business partner, Ferdie(Thanks Bu..:D). Try it.

1. List down what you usually do with your 24-hours
2. Determine whose dreams you’re fulfilling with every time usage or who profits from that activity.

Here is a sample:

Time Who profits/whose dreams gets fulfilled:
6 hours – sleep > me, bed manufacturer
4 hours – travel > bus operator or puj driver
8 hours – work > boss, company owner
2 hours – watch tv > network owners, showbiz personalities, ads
3 hours – etc > too many to mention. (CR, eating, texting, falling in line, etc)
1 hour – family time > me,loved ones

3. After listing it down, consider whose dreams you want fulfilled then device a plan on how you could increase the number of hours spent in fulfilling that dream. For instance, if you want to increase your family time, you can opt to either decrease your sleeping time or give up watching tv. If you want your dreams fulfilled, look for something you could do to support this.

It’s actually up to you. Find out whatever works and keep doing it.

Cashflow Game: Persistence

Never...Ever...Quit.
I believe that there are many things to understand to succeed at the game. But, for me, the most important is: NEVER, EVER, EVER, EVER QUIT -- ON YOURSELF! No matter how you feel, NEVER QUIT!
– Kathleen M

Step Out of Your Comfort Zone.
CASHFLOW 101 is so powerful because it reflects your true behavior and allows you to take risks in a safe environment. Step out of your comfort zone, and do things you may not feel comfortable doing in the “real world.” You’ll be amazed at how it changes your perspective.
– Jack N

Focus on Your Goals.
I found that while playing the game, I would focus on the 'negative' spaces – "Baby" or "Downsized" – and hope not to land there. I was focusing specifically on what I didn't want, and, oddly enough, landing on those spaces most often. I began to repeat the numbers I WANTED to have come up, and just as oddly, those numbers seemed to come up more than mere chance would support. The lesson is simple: focus on your goals, not on what may go wrong.
– Hugh C

Lessons from Cashflow 101

I have been moderating Cashflow 101 games for a few months now. Every game is a learning experience. I am posting some of the learnings and "tips" I got from those who already played the game.

Learn From Others.
Take note of fellow players’ winning game strategies. Next time, test them out for yourself.
– Cheridan S

Overcome Fear.
Fear isn’t the problem; it’s how you handle fear: specifically, the fear of losing money. Losers are defeated by failure. Winners are inspired by it.
– Jorge T

Always Look For Opportunities.
No matter where you are in the game… always be on the lookout for opportunities.
– Elle J

Reflect on Lessons Learned.
Always think about what you can learn from the game you just played. You may not always have time to reflect on the game as it is played (and sometimes it is more interesting NOT to play, but to just observe!), but you should always take time later to think about the game and what it taught you. This is part of the educational process and so it should be savored. You can learn a lot about how investing works, how well your investment strategies pay off, and what it takes to exit the real Rat Race.
– Dave G

Always think,”WIN-WIN”
I negotiated a deal that earned me a lot of money but did not benefit the other person as much. After that my co-players didn’t want to have a deal with me anymore. I realized I was greedy and that I should always think about how others might benefit also. – Cy

Reasons You're Not Rich

I came across this article by Jeffrey Strain entitled,"10 (More) Reasons Why You're Not Rich." I chose five of the reasons he wrote about and added some insights of my own.

1. You care what your car looks like: A car is a means of transportation to get from one place to another, but many people don't view it that way. Instead, they consider it a reflection of themselves and spend money every two years or so to impress others instead of driving the car for its entire useful life and investing the money saved. (Not just your car, it could be your clothes, your house, or any other stuff you use to impress people.)

2. You feel entitlement: If you believe you deserve to live a certain lifestyle, have certain things and spend a certain amount before you have earned to live that way, you will have to borrow money. That large chunk of debt will keep you from building wealth. (There is good debt and bad debt. Good debt are used to buy assets. Bad debt are used to buy liabilities.)

3. You lack diversification: There is a reason one of the oldest pieces of financial advice is to not keep all your eggs in a single basket. Having a diversified investment portfolio makes it much less likely that wealth will suddenly disappear. (As what we say in our wealth course, "create multiple streams of passive income." The only secured investments are investments in yourself, your personal growth and your education.)

4. You don't like to learn: You may have assumed that once you graduated from college, there was no need to study or learn. That attitude might be enough to get you your first job or keep you employed, but it will never make you rich. A willingness to learn to improve your career and finances are essential if you want to eventually become wealthy. ("If you're not growing, you're dying." Enough said.)

5. You fail to take advantage of opportunities: There has probably been more than one occasion where you heard about someone who has made it big and thought to yourself, "I could have thought of that." There are plenty of opportunities if you have the will and determination to keep your eyes open. (Opportunities abound everywhere. We have to train ourselves to recognize them. Playing Robert Kiyosaki's Cashflow 101 is a good way to do this )

Read the complete article at:

http://finance.yahoo.com/banking-budgeting/article/105934/10-Reasons-You%27re-Not-Rich

Dream Stealers

Achieving our dreams is our responsibility. The indication when a dream is worth pursuing is when dream stealers start to gather around you. Dream stealers are not bad people; they are mostly those who love us (Although there are those who hate to see us succeed). They are just concerned that we might get hurt or fail. I had several of them when I declared that I am going to be an entrepreneur so I could put up a free learning center for kids. It was tough in the beginning because these people are the ones I’m counting on for support. I am also not used to being questioned (read: interrogated) for the choices I make.

I stepped into the unknown world of entrepreneurship in faith. Since the day I made my choice, I never looked back. I admit there are times I get tired and think of quitting. But my dream of putting up that learning center brings me back to my senses. Today I have grown a lot personally because of that choice. I still don’t have that learning center but I know I’m getting there. It’s just a matter of time. My dream stealers? They’re still there, watching and waiting. I have learned to coexist with them. All I know is that I’ll pick every stone they throw at me and use it to build my learning center.

"Tuparin ang mga pangarap. Obligasyon mo yan sa sarili mo. Kung gusto mo mang kumain ng balde-baldeng lupa para malagay ka sa Guinness Book of World Records at maipagmalaki ng bansa natin, sige lang….wag mong pansinin ang sasabihin ng mga taong susubok humarang sa'yo.” - Bob Ong

Break time Confrontation

During break time, a co-teacher once asked me, “do you see yourself teaching until you grow old?” Without batting an eyelash I said, “No.” I gave her that blank look that I have perfected over the years to signal her that I want our conversation to end right away. She didn’t get it. Weak signal reception, I thought. She was waiting for me to say more. There was no way she’s ending this conversation just like that. “How about you?” I asked. “Yes,” she answered, “I see myself in this profession ‘til I grow old.” She then started talking about how she loves being a teacher, why she chose to be a teacher, etc. I just stared at her and imagined her as the stereotypical old teacher with eyeglasses and the killer stare inside the same classroom. It was scary. “That’s great, I’m happy for you,” I said and made an excuse to get out of the room. Break times are supposed to give you a break, not stress you out.

This happened three years ago. I just realized that what stressed me out that time was not the thought of being the stereotype old teacher but the fact that I don’t know what I really wanted. Our conversation confronted me. I actually envied her for knowing exactly what she wanted to do for the rest of her life. I don’t have the same clarity in me. What I am sure about is that I am not going to grow old in the academe. Don’t get me wrong, I love teaching and I enjoyed my profession but I know it’s not what I want to do for a lifetime. Looking at my life now, it turns out I am bound to teaching after all. Not in the four-walled classroom like her but in the University of Life. I now empower and mentor people about faith, finances, and life as a whole. The world is my classroom. Learning can occur anywhere: in a coffee shop, while riding the bus, while waiting for a cab - ANYWHERE. My students are not limited by age, gender, culture, status or lifestyle. In the University of Life, I am both the teacher and the student. I still follow a curriculum but I am not limited by it. I am a work in progress and every moment is an opportunity to learn and unlearn. There is no promotion but growth. And your break time? It could still be study time.

Breakthrough!

I had an “aha!” moment when the person I was facilitating the course for told me, “Buti ka pa, you got me.” We were trying to figure out where a limiting money belief started. He told me a specific childhood experience then he stopped abruptly. Sensing that that was it, I summarized his story into one sentence and asked him if I got it right. His eyes widened and agreed. That was my “Aha!” moment – my breakthrough. His statement actually surprised me. I finally got it. I was finally listening.

I was listening with the intent to understand beyond what is being said. Not merely listening to come back with a smart answer. That moment, I took out everything that is cluttering my mind to give this stranger the space to dump his garbage. I was in “the zone.” I smiled. Deep in my heart, I want more of these moments. He’ll never know the breakthrough his comment gave me. I am grateful for it. Thank you. Thank you. Thank you. I hope you got that.

Minding Your Own Business

“Peter asked Jesus, ‘What about him, Lord?’ Jesus replied, ‘If I want him to remain alive until I return, what is that to you? You follow me.”
John 21:21-22

This conversation took place during one of Jesus’ appearances after His resurrection. Jesus just told Peter the kind of death that he will experience. Upon hearing it, he looked around, saw John and asked what his future would be. To this Jesus answered, “What is that to you?” In effect, He was saying, “mind your own business.”
Like Peter, we often compare ourselves with others. We wonder why a classmate who never seems to study gets higher grades. We question why we do the hard work and someone else gets the dough. We do exactly what a friend is doing and wonder why we get different results. We always ask, “what about him?” Sometimes we go to the other extreme and make sure that others get their job done. We have become self-appointed watchdogs. The outcome often turns sour because as other people go about their own business, we don’t have our own. We make sure others accomplish their mission for we don’t know ours.
God created us uniquely along with specific purposes. It is our responsibility to find out what our purpose is and live it. We have no business if someone else is living out his/her purpose or not. That is up to them. What matters is that we are living ours.
Try asking yourself, “What are you living for?” I ask myself this question, especially when I don’t feel like getting out of bed and work. I always get the same answer: I am here for others (my family, my friends, my community, the world). I am God’s vessel and instrument of faith, joy, and love. Being reminded of what I am living for gives me energy to get up and live. So mind your own business. In the end, God will not be asking how many people we knew accomplished their purpose. He will be asking what we did to accomplish ours.