I was at the National Achievers Congress on Friday and the first speaker is Jordan Belfort – ‘The Wolf of Wallstreet’.
Jordan Belfort is an American author, motivational speaker and former white collar criminal who spent 22 months in jail for offences related to stock market manipulation. He became notorious in the 1990s for founding the brokerage firm Stratton Oakmont which functioned as a boiler room, and also for his hard-partying lifestyle, which included a serious drug addiction. He was indicted in 1998 for securities fraud and money laundering. After cooperating with the FBI, he served twenty-two months in federal prison. Reportedly sober for thirteen years, his life-story is currently being turned into a motion picture by Warner Brothers, with Leonardo Dicaprio set to star and Martin Scorsese set to direct. Filming is set to begin in 2010. He has toured internationally as a motivational speaker, discussing how to achieve success without sacrificing integrity and ethics.
During his short 90 minutes session, he shared on the 10 reasons why people are broke.
#1 – They are unable to manage their state
Are you easily angered when being provoked? Are you reactive to things that people say and do? The more often and the greater your reactivity, the less emotionally mature you are. The key is to know under what circumstances you are reactive and to start using your awareness to collect information to manage your emotional state because it is the responsibility of each of us to manage our own emotional state.
#2 – They set impotent goals
People who are broke either set goals that are too low and they hit them or set goals that are too high and they miss them. Set a goal that is an inch above your comfort zone, achieve them and stretch another inch. The worst goals that I have set are goals to help others achieve thier goals at the expense of myself. That’s why I am broke then….
#3 – Visualisation vs Action
The poor subscribe to the world of Visualisation without subscibing to the world of Action.
#4 – They have limiting beliefs.
The poor believe that they are creatures of circumstances and the rich believe that they are the creators of circumstances. Do not always blame on circumstances, trying to justify why you are right and keep on complaining about an issue. Remember, whatever you focus on expands.
#5 – They choose the wrong mentor
My friends and I are laughing away at ourselves when we hear this. This is one of the main reason why I am broke and went into liabilities. Find the wrong mentor, all the best. I have been through that and I know how lousy it feels. You can have different mentors who are an expert in different areas. Books can be great mentors! Find the right ones!
#6 – They are controlled by fears
Fears are barriers between you and your dreams. Manage them in 3 ways: Pretend that they don’t exist, act in spite of fear, embrace it and let it motivate you.
#7 – They try to re-invent the wheel.
Is there a need to create new systems when there are proven successful ones out there?
#8 – They are lousy at business
Not everyone are great entrepreneurs the moment they start businesses. The formula to success it to fail and fail and never give up. “Stay Foolish, Stay Hungry!” That’s what bring Steve Jobs to where he is today.
#9 – They are uncomfortable with words like sales and persuasion
You are selling yourself every single moment even to your parents when you are trying to persuade them to let you stay out late for the night. Learn to be an effective persuader!
#10 – They slave their lives away for paychecks
Are you willing to sell your time away for money? I don’t. How much time can you sell a day? How much money can you earn? Isn’t better to buy other people’s time using your money?
Rate 1 to 10 for each of the reason given. 10 being the most like you and 1 being the least like you.
Score 75-100: You are broke!
Score 50-74: You are still broke!
Score 25-49: You try to get out but yet to get results.
Score 10-48: You are on the road to richness! Congratulation!
Hope that you are on your journey to Richness now!