I had an interesting conversation a while ago. I had been listening to a recording by LIFE Leadership founder Claude Hamilton about some of the thinking he used to be successful. It reminded me of something I’d heard before, so I tried asking the person I was talking to about it.
I asked, “Which would you rather have, a penny a day doubled daily for 30 days, or $1 million?” The person I was talking to said $1 million. Unfortunately, because that person doesn’t know the rules of success I’ve learned, they answered as most of us would, which sadly is wrong.
Many of us start out in life thinking success is for people who have talent, or who are “lucky,” or smart, or “born on the right side of the street,” or whatever. And yes, while there are a few who do win life’s family lotto and are born into wealth and seemingly instant success, most of the rest of those who succeed do it in largely the same ways. I don’t mean they use the same paths of occupation. Hang with me, and I’ll explain.
Best-selling author Robert Kiyosaki points out in his Cash Flow book series those who win life’s birth lotto are born into families who have learned the secrets of success, and pass these on to their children. These families account for about 1% of the population in the West. Any family in this group that doesn’t teach success to their children and grandchildren loses its wealth, no matter how immense and painfully accumulated, in a generation or two. 20th Century Industrial Age history of families who were successful show these concepts quite clearly.
The rest of us, not born in that 1%, account for about 95% of the Western population. However, I’m sure you’ve noticed there is a math discrepancy, which can be easily explained. The final 4% or so are those who were born into the 95%, but who through diligent work, study, learning and application of a few simple success principles launched themselves into the rarefied air of the 1%, making that total about 5%.
Kiyosaki goes on to explain, among other things, there are three concepts which make up the means by which “ordinary folks” can employ to attain the kind of success of which I speak. These are:
- Long Term Thinking
- Delayed Gratification
- The Power of Compounding
In the next few posts I will further discuss these concepts in detail, as I understand them. While I have learned much about them, I will be the first to admit my understanding is still incomplete. If you want to know more, you may refer to information available through LIFE Leadership, where I learned it, for further study.
Oh, and in case you were wondering when I was going to explain how that person was wrong in their math in the story which started this post, stay tuned and be patient, please. I will get to it in a future post in this series, I promise. 😉