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Steve's note: Want to get rich? Nobody has thought more about HOW to succeed in business and in life than my friend Mark Ford... I've never seen anyone "dissect" every aspect or "model" every behavior to the degree that Mark has. It paid off... Mark is now an incredibly successful and wealthy man. So I asked him to share one simple "secret" about his success with us today... How Every Decision You Make Can Make You Richer – or PoorerBy
Tuesday, May 22, 2012
You go to lunch with a colleague. Everything is good. When the waiter puts the bill on the table, the total is $26.
Do you pick it up? Do you wait and hope he does? Or do you suggest you split it?
On the surface, this is a minor decision. But in truth, it is one of a million chances you've had, have, and will have to become wealthier.
A cheapskate might look at it this way:
If I pay the whole bill, I'll be $26 poorer.
If we split the bill, I'll be $13 poorer.
If I can get him to pay it, I'll be $13 richer.
To the cheapskate, the best decision is obvious. So when the bill arrives, he gets up to "go to the bathroom," hoping he'll be $13 richer when he returns.
But I have a different view. Wealth building, like quantum mechanics, often operates according to laws that seem contrary to what is "obvious."
Paying the tab, in other words, might actually make you richer. Because the $13 you spend on your lunch partner might give you a return of much more than $13.
Your generosity might signal to him that you are the kind of person he can trust. It might tell him you are someone who is willing to give first without demanding recompense. If he sees you in that light, a relationship might be seeded by this small investment on your part. A year later – it is possible to imagine – he might recommend you for a promotion when he himself gets promoted to head up your department.
It depends on your assessment of his character.
If he impresses you as a person who believes – as you do – in reciprocity, you will know that the $13 is a wise investment. If, on the other hand, he shows you that he is a person who believes in exploiting others, the wise move might be to pay only your share of the bill and not develop the relationship any further.
In either case, you are richer.
In the first case, you are richer in a potentially lucrative business relationship. In the second case, you are richer in knowledge – knowledge about him that can help you avoid trouble or seize opportunity in the future.
I am making two points: First, almost every event in your life is an opportunity for you to become richer. And second, by seeing every situation as a wealth-building opportunity, you can take the actions that will gradually make you very rich.
The people I call "instinctive wealth builders" understand this on a gut level. They see every transaction – social, personal, or business – as a wealth-related opportunity. They are always angling, even subconsciously, to increase their wealth.
Most of us aren't born with that instinct. For us, a casual conversation is just a casual conversation. And choosing to join a club or hire or fire an employee is that and nothing more.
But the moment we put this principle into practice, we see the world very differently. Its potential is no longer limited. It is enormous, maybe even infinite. And we view every action we engage in as a chance – big or small – to increase or diminish our wealth.
Train yourself to ask the following four questions – keeping in mind that every situation, big or small, is an opportunity for you to become richer...
Look at every situation you find yourself in as an opportunity to make yourself richer. And I do mean every situation, even the most mundane. This includes:
Some of your opportunities will be small and some large. But by asking yourself these four questions first, you will bring your batting average way up...
If you make it a habit to approach every situation this way, it will soon become automatic. And before you know it, you will have seized hundreds – even thousands – of wealth-building opportunities... each one making you a littler richer.
Regards,
Mark Ford
Further Reading:
Read more wealth-building tips from self-made multimillionaire Mark Ford here...
Becoming a multimillionaire takes years. But breaking the chains of financial slavery can be done relatively quickly…
"This idea is a key part of the simple money-management system I've used to generate more than $50 million in wealth... And it can work for you too if you commit yourself to it..."
"Contrary to popular modern belief, it is still quite possible for the successful individual to make his million – and more."
Market NotesTHE AMAZING WAL-MART RECOVERY Despite a giant bribery scandal, Wal-Mart keeps chugging along... thanks in part to the "dividend momentum" trade we've been writing about.
Over the past few years, we've stressed the importance of dividends and high-quality stocks dozens of times in DailyWealth. We practically went to your house and made you buy them. Our colleague Dan Ferris even coined the term "World Dominating Dividend Growers" to drive the point home. In a world full of risk and fraud, getting paid steady cash dividends is one of the market's best strategies.
Many times this year, we've highlighted how more people are recognizing the power of basic dividend-payers. With interest rates low, the fashionable thing on Wall Street will be for fund managers to say, "I own blue-chip dividend-payers."
You can see this idea in action with a one-year chart of Wal-Mart. Wal-Mart is one of world's elite dividend-raising stocks. Last month, Wal-Mart suffered a huge selloff as news broke that it had bribed Mexican officials. But as you can see below, shares have staged an incredible recovery... and just struck a new 52-week high. The rush for dividends continues...
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