Habits of Wealth

Achievers, despite appearing similar to others outwardly, have distinct qualities that set them apart internally. They possess a unique perspective and have the courage to express themselves through their own actions. While achievers possess individual differences, there are common traits that allow us to create a reliable profile of their personal and professional instincts and habits. Typically,...

This episode discusses the importance of a good banking relationship that serves both the bank and the customer. A credit request is seen as an opportunity for the bank to maximize profits. To convince a bank to grant a loan, it is crucial to be professional, prepared, and well-informed about the industry or niche. Additionally, understanding the emotional bias in the banking industry can open doo...

In this episode, we discuss the importance of selecting a good bank for entrepreneurs and the adversarial relationship that often exists between bankers and entrepreneurs. We emphasize the need for capital and the role of a bank in providing financial support. To find the best bank, we suggest sending a questionnaire to entrepreneurs to grade their banks and make suggestions for improvement. We ad...

In this episode, we discuss the important distinction between risk-takers and risk-wishers in the world of entrepreneurship. Many people are attracted to the idea of being an entrepreneur but may not have the qualities necessary for success. Risk-wishers are dreamers who simply go with the flow and don't take the necessary steps to prepare for the risks involved in starting a business. On the othe...

In this episode, we discuss the importance of sending professional and well-written letters. Sloppy letters can give the sender a cheap and unprofessional image, so it's crucial to make sure your letters are up to par. As a letter dictator, the host shares their personal experience of receiving poorly written and dictated letters. They encourage listeners to cut unnecessary words and avoid using p...

In this episode, we discuss the importance of clean, well-written, and personalized correspondence for both entrepreneurs and organizations. Personalized letters are a priority and show that the recipients are important to us. The host shares that they personally sign batches of two or three hundred letters a few times a year, despite some questioning the use of their time. They believe that every...

In this episode of the podcast, we dive into the topic of luck and explore the idea that luck is not just a random occurrence, but rather a result of preparation and hard work. Quotations about luck are everywhere, and we all yearn for a streak of luck, especially if it brings us money. However, when luck is involved, it is not a random selection. The lucky individuals are often those who have pre...

This episode explores the concept of "financial speeding" and the consequences that come with it. The early '80s saw a period of inflation that made many individuals and sectors think they could continuously borrow and leverage without limits. However, this led to several high-profile bankruptcies, including Merv Griffin's Resorts International, Bill Farley's West Point-Pepperell, Robert Campeau's...

In this episode, we explore the story behind the Tri-State Neighbor, a regional magazine that defied all odds and thrived during a time of farm depression in 1983. Despite being a one-man show for the first nine months, the founder's commitment and belief paid off as the magazine became successful and continued to grow steadily. The magazine filled a unique niche, offering valuable opportunities f...

In this episode, we explore the question of whether it is better to be too early or too late when it comes to implementing a new idea. Achievers, who are more aggressive and innovative by nature, often face risks when they are too early to the starting gate. Many suffer setbacks because they were ahead of their time and didn't have the financial resources to wait for the market to develop. Unlike...

In this episode, we explore creative marketing strategies that go beyond traditional advertising methods. We begin by discussing the distribution of the Tri-State Neighbor magazine, which covers a four-state area. The magazine boasts a highly productive advertising and news staff that covers a lot of territory. One unique aspect of their marketing approach is the use of a fleet of silver station w...

In this episode, we delve into the topic of forgetfulness and its impact on our effectiveness. For many of us, forgetfulness can often feel like a plague, causing stress and worry. However, there is a simple solution that can significantly enhance productivity: writing things down. We explore how this habit can boost efficiency by ensuring that important information is not lost. Beyond its effecti...

In this episode, we meet the non-collector. Similar to the low-pricer, the non-collector is someone who works hard but fails to make adequate profit. It's like selling hard without having an effective accounts receivable system in place. While having extraordinary sales ability or attracting talented individuals to your organization is commendable, it may not be enough. In order to truly profit, o...

In this episode, we explore the importance of pricing in business and the impact it has on working people. The host begins by stating that the worst crime against working people is a company that fails to operate at a profit. Many individuals work hard but fail to keep an eye on the bottom line, often saying that while business is good, they can't make any money from it. The episode features a con...

In this episode, we explore the relationship between product quality and profitability. It may come as a surprise, but various studies done in the '80s confirm that the most profitable companies over the medium- to long-term are those selling goods and services of high quality. This is further supported by the fact that higher priced products tend to yield a better return on sales and investment t...

In this episode, we explore the concept of value and its role in achieving success in business. We begin by emphasizing that the ability to achieve is tied to providing a product or service that is perceived as valuable. It is important to note that this perception of value may exist solely in the consumer's mind, but it is nonetheless real. If the buyer believes there is value in a product or ser...

In this episode, we discuss the importance of keeping two sets of books, drawing inspiration from the practices of successful entrepreneurs and even the mafia. Financial statements can often be clouded by personal perks and extraordinary items, making it difficult to accurately assess an organization's true operating results and earning power. To overcome this challenge, we introduce the concept o...

In this podcast episode, we explore the concept of compounding and how starting early can lead to significant earnings in the future. We start by looking at a scenario where a 30-year-old founder's company earns $50,000 a year and grows at a modest six percent annually. By the time they turn 45, their earnings will increase to $120,000. Next, we consider a situation where earnings increase at a hi...

In this episode, we dive into achieving Habit 6, which is about understanding the importance of the right numbers in your business. While sales, cost of goods, labor, and profit numbers often receive the most attention, there is one number that holds more significance than any other - cash flow. Cash flow acts as the financial umbilical cord of a business and is a critical factor in its success or...

In this episode, we explore the importance of numerical intuition and the significance of numbers in determining whether you're on the right track. Numbers serve as a road map and are a key factor in driving your company in the right direction. Achievers understand that numbers are their second language and must be spoken fluently. Your financial goals and vision for the future are represented by...

In this episode, we discuss the importance of being cautious when starting a new business, especially when facing competition that is too dominant. Hindsight is always 20/20, and it's crucial to consider the strength of the major player in the market before proceeding. If the market leader has more than 25 or 30 percent of the market, the chances of survival for newcomers dramatically decrease. It...

In this episode of the podcast, we explore the importance of carefully examining your motivation before going into business. Many entrepreneurs start their ventures with the goal of building their net worth, but often end up in financial quicksand. If you are simply looking for a job, you may find yourself trapped in a self-employment opportunity with little room for growth. On the other hand, if...

In this episode, we explore the concept of achieving habit 2 - a commitment with conditions. Achievement does not happen by chance, it is caused by commitment. However, some individuals struggle with committing to anything because they lack the belief and motivation to do so. Achieving entrepreneurs, on the other hand, understand the importance of commitment to a cause they believe in. There are t...

In this episode, we explore the importance of setting clear goals and committing to them in order to achieve success. We begin by discussing how a winner is someone who not only sets goals but also actively pursues them with determination. IBM founder Tom Watson serves as an example, as he started the company with a clear vision of its future success. We then shift our focus to the analogy of comm...

In this episode of the podcast, we dive into the world of achievement and wealth creation. We start off with a quote from Walter Gagehot about the pleasure of doing what others say you cannot do. We then introduce a hands-on journey through 111 wealth-creating and achievement-oriented concepts and strategies that you can implement at work starting tomorrow. These habits of wealth will not only enh...