Written by K.C. See, Author, International Speaker, Trainer & Coach
You can learn a management skill, how to close a sale and may be a new Microsoft application software program in three days but learning how to create wealth is a lot more sophisticated than that. And it is certainly going to take more than three days. But there are many three days seminars around; on how to make money on stock options, forex trading etc. and I am sure they are all very very good.
So how does learning to create wealth works?
In my case I did not learn these things, just from my sifu, Robert Kiyosakis seminar and certainly not in three days. It is the on-going dialogue with Robert over two years; the questions and answer sessions, the observations and his Mentorship that helps me make the shift; shifting from what I called the Making Money concept to the Wealth Creation concept. From becoming a Money Making Machine to building Money Making Machines.
Learning how to create wealth is more than just attending seminars. It is a good start but you need more than that. One of the most powerful platforms for my learning was the mastermind group that I formed back in 1995. Our mastermind group meets for three years every month without fail. We focus on one thing; how we can apply what we learned to help each other improve our business and income. Much of my personal shifts comes from the sharing and learning with this group. The results that we get are substantial. However masterminding only works if the member understood and practise one principle; to receive you must be willing to give.
I call this whole arena of learning wealth creation; the Wealth Pot.
Learning how to create wealth is like learning how to pour more water into a pot and over time create a big Wealth Pot for yourself.
There is therefore two parts to it. You must first learn how to pour a lot of water. This means you must learn how to create Multiple Streams of income. The more income sources you have; the more water you can pour into your pot. BUT POURING MORE WATER INTO A SMALL POT OR A POT FULL OF HOLES WILL NOT CREATE THAT WEALTH POT FOR YOU IN THE LONG RUN.
So other than pouring lots of water, you need to learn how to build a bigger pot and make sure that your pot is not full of holes. Otherwise these would be fruitless efforts. I know; I spent ten year pouring water into a leaking small pot.
What is the Wealth Pot? This is your foundation of Wealth. This is your money habits and your money beliefs. You need to ensure that you hold productive and good money beliefs and habits in order for all your efforts to bear fruits.
NOTE: IT DOES NOT MATTER HOW MUCH MONEY YOU MAKE, IF YOU HAVE POOR MONEY HABITS AND POOR MONEY BELIEFS YOU CAN STILL BE POOR.
And for most people money habits and beliefs cannot change in three days. Can you? What are some of the things you need to learn to create a BIG Wealth pot? You need to learn how to manage, multiply and protect your Wealth. So is there a place for all these money making seminars? Certainly but we need a lot of help, from learning some money-making ideas to making it work for us and ultimately making money and creating wealth. So what do we need?
We need the following tools: 1. A mentor or a process coach to challenge our old paradigms and to help us make the shift. A good process coach would kick us in the butts when we need a kick and pad our backs when we need a pad. 2. A pool of experts, advisors or what I call an expert coach to show us to get there faster and avoid all the possible pot holes. These are the content experts; people who has done it, make all the mistakes and show us how not to do it. 3. A mastermind group to support us and help us make the journey together, rather than alone. 4. A community to whom you are a part of and from where you can attract the support you need. 5. A resource base where you can have access to systems and tools such as template, work sheets, processes and check lists.
Pouring Water is a question of choices making a decision on which income streams to put your efforts on is a critical decision. So many has went into all kinds of income opportunities only to find out that it is not what they really like to do or good at. Here is the key; if the income source is not passive; it is important that it must be a passion. The only exception is if it is only a short term venture to create cash flow. Unfortunately many people are not too clear what their passion is. This is an important first step. If you are making money doing what you don’t like to do. Well may be you should find better use of your most scarce resource TIME.
Find your passion then find the money to do what you want to do, meanwhile build passive income sources.
The other issue is we need to have absolute clarity as to what kind of income that we need to build. If we use the metaphor of pouring water and borrowing the concept from another mentor of mine, Burke Hedges; you either build bucket income or pipeline income. In other words you can pour water using a bucket or you build a pipeline. Some people can’t differentiate them and as a result end up carrying a lot of buckets.
In the short run you may need some bucket incomes but ultimately we should shift to pipeline income. Obvious reason is; we cannot carry too many buckets for the rest of our life. The only bucket income that you want to carry forever is your passion. Unfortunately many SMEs business model are bucket carrying.