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I Just Figured Out the REAL Secret to My Success...By
Thursday, July 18, 2013
I've finally figured out the REAL secret to my success. It's something I've unknowingly been doing my whole life.
I know I should have figured it out earlier. I'm in my 40s now... Just imagine where I'd be if I'd figured it out 20 years ago!
Unfortunately, many people never figure out the real secret to succeed. And I've never had a clear and simple way to explain it... until now.
One sentence from James Altucher's new book, Choose Yourself, sums up the secret to my success: The only way to create value for yourself is to create value for others.
This is it... this is exactly what I've done.
I've always defined it differently in my own life. For example, I've explained how I've become friends with my heroes...
What I do sounds simple... I offer enormous "value" to them when given a chance. Importantly, I don't ask anything in return.
A good example is with my hero, and now friend, Peter Churchouse. Peter is one of the best investors in Asia.
Peter has recently started publishing his own investment research. And I've gone out of my way to help him, without asking for anything in return. I flew Peter and his son to the U.S. so they could attend my publisher's private conference about improving our investment research business. I thought that it'd be great for the best minds in the industry to meet Peter, and vice versa.
As Altucher wrote:
So by connecting Peter to some of the best minds at S&A, I haven't just created value for him, I've created value for my "network," which has increased my own value. But I think the most important part of this quote is "even if it doesn't bring value to you in an immediate way."
Over the years, I've trained many people, investing genuine effort in teaching them everything I know. There was no apparent benefit to me at the time. But now some of these people run my business for me way better than I ever could.
The rewards to me, both personally and financially, have been better than I could have ever imagined or hoped.
By investing genuine effort in someone, even without an apparent benefit, you start to build the "network" Altucher talks about. And when things go well for the people you've sincerely helped, they remember you... They want to reward you with something – whether it's helping your business or giving you something else. Heck, sometimes the "something else's" mean even more...
A famous photographer (who I really respect) recently sent me a large photo of his from a gallery exhibition. He was thanking me for what I had done for him. I have never asked him for anything, he just chose to send it along with a note showing genuine passion and thankfulness. I hang it with pride in my home... Not only is it an awesome photo, I feel great about the reason it is on my wall.
For several years, I've been helping out one of the planet's best guitar builders, advising him about how to make good business decisions. I love his work, and I do it because I love it. I've never asked for anything in return, not even a discount on a guitar. He is not a wealthy man, but this year as a gift, he gave me his first prototype guitar. This guitar has been played and signed by some of the best guitar players in the world. To me, you can't put a value on this guitar. It is an incredible instrument with an amazing story, and it is something incredibly important to my friend... something he felt I should have.
Remember what Altucher wrote: "The only way to create value for yourself is to create value for others."
I didn't realize it until I read Choose Yourself, but that is exactly what I do, and it has always created value for me – both financially and personally.
So the real secret to my success is that I've continually created value for others... which has dramatically increased my own value.
If you want to increase your own success, both financially and personally, start looking for ways to create value for others. I am living proof that your good deeds eventually come back around...
Good investing,
Steve
Further Reading:
Over the years, Steve's "secret to success" has produced a wealth of insights and actionable advice. Learn more about those Steve has helped – and what they've taught him in turn – right here:
Seven Secrets of the Smartest Businessman I Know
"My boss is the smartest guy I know... he doesn't talk about himself, his wants, and his needs... at all. He talks about the benefits for the guy on the other side of the table." How to Retire with No Savings
"Tony has 'retired' with basically no savings. And yet he is happy, because he has set up the rest of his life to do what he loves..." Market NotesAN UPDATE ON AMERICA'S FINANCIAL BACKBONE Another week goes by... and XLF keeps rising higher. That's good for America.
Regular DailyWealth readers know we monitor the U.S. financial stock fund (XLF) to gauge the action in the banking sector. With large weightings in JPMorgan, Bank of America, Goldman Sachs, and Citigroup, XLF represents the backbone of the U.S. financial system. It rises and falls according to America's ability to earn money, save money, service debts, start businesses, and generally just "get along."
Like most assets, XLF suffered a major decline in 2011. This was when many people were worried the European debt crisis would crash the world's economy. But today, it's a different story.
As you can see from today's chart, XLF has climbed from its 2011 low of $11 per share to more than $20 per share. And just this week, shares reached a multiyear high. For now, it's a bull market in American finance.
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