🌻My Multi-Millionaire Mentor Explained To Me Why People Get Rich (And Some Don’t).

“A good jockey with a mediocre horse can beat a great horse with a mediocre jockey.”

Struggling. Frustrated. Broke. That was my mentor at 28.

He had just started his own business and was on top of the world. Fueled by excitement and ego, he thought the money would never run dry.

Read also: 10 ways to start getting your life together

He was spending large and living even bigger.

But this was 1986. And Australia was experiencing one of the worse economic recessions in its history. He lost everything.

While his millions evaporated overnight, he regards this painful experience as the best business education he could have invested in.

Here’s what he told me.

No one is coming to save you.

He took the heavy loss on the chin. Dusted himself off. Wiped the blood and tears away and started again.

He never made any excuses. Blamed anyone else. Or played the victim. He just got on with it again.

He accepted no one can save you but you.

We are living in a time when anyone can play the victim. Throwing blame at politicians, the economy, interest rates, whatever it is.

If your entire life can be turned upside down by a change in a few percentage points or a politician, you’ve built a life on a house of cards.

This is good news. The competition is extremely low. While most people are wasting energy complaining, you’re getting on with it.

Your level of wealth will never exceed your level of self-responsibility.

Look at everything as an opportunity.

Devouring every trade magazine and attending every networking event he could, he discovered a new opportunity. An emerging trend before anyone else.

He told me:

“In business, you can take multiple shots, and you only need one of them to be right.”

Wealthy people see opportunities whereas others only see challenges. They’re always on the lookout. Observing. Taking notes. Asking questions. Focusing on trends.

I took his advice. With high-interest rates, rapid inflation, and rising business costs, I’ve repositioned my offer to help businesses leverage AI to create operational efficiencies in sales, procurement, and supply chain.

No one in my industry is even talking about AI, let alone implementing it. I can stand out and use my age as an advantage.

Wealth is created in the mind before your bank account. Without a growth mindset, you’ll miss valuable opportunities hidden in plain sight.

Skepticism makes you sound smart, but optimism makes you money.

Make yourself financially invincible.

My mentor lost all his money.

The one thing that saved him? His skills and experiences.

Money can be taken, stolen, or lost.

But skills and knowledge are with you forever. You could probably take all his money away and within 12 months he would be wealthy again.

“Don’t just invest in your financial security, invest in your financial ability to make money.”

“Sales, marketing, networking. These are the only skills you need to have to always be able to make money.”

Learn to identify a problem.
Gather data from potential customers.
Learn how to make an irresistible offer to solve that problem.
If you plan to get your wealth through only saving and being frugal, you are only one financial disaster away from losing it all.

But if you have the skills to make money, you’ll never have to worry about it again.

Back the jockey, not the horse.

Relationships are everything.

They are vital for your happiness, well-being, and of course, your wealth.

With every business idea he is pitched, my mentor is more interested in the people and team behind the idea.

Ideas are meaningless. Execution is everything.

“A good jockey with a mediocre horse, can beat a great horse with a mediocre jockey.”

If you can’t trust the people, don’t like being around them, or don’t align with their values, the business won’t work out anyway.

Read also: 4 simple rules to live your best life

People first. Execution second. Ideas third.

Never take these risks

My mentor took a lot of risks in his life.

But when I talk to him I realize he is one of the most risk-averse people I know. He isn’t some business maverick that gambles his business future on a roll of a dice.

He understands risks are necessary. But not all risks are created equally.

Some risks he told me never to take:

Anything that could ruin your integrity.
Risk of jail time.
Instead, he takes risks that have limited downsides. But unbounded upside.

“Exploit asymmetrical risks. They are everywhere.”

How did I apply that? Creating content on social media. I can’t get negative views. The worse thing that could happen is that the content flops.

The upside? I could go viral and attract my dream customers. My catalog of content also compounds and works for me 24/7.

I’ve recently been approached to join a start-up because they saw my expertise and knowledge through my content online.

Look for unexploited asymmetrical risks.

Bringing it all together

Luke Skywalker had Yoda.

Rocky had Mickey Goldmill.

Every hero has a mentor. A guide. Someone to light the way.

So while you might not have access to a multi-million mentor, you have access to the internet.

Millionaires. Billionaires. Tech entrepreneurs are putting all their content out there for free or in a book or course.

Binge on their content. Devour their knowledge. Follow them on every social media platform.

Learn from the best to be the best.

🟢Contributed by Michael Lim

For more information and updates join our WhatsApp group HERE

Follow us on Twitter HERE

JoIn our Telegram group HERE