5 Currencies of the Wealthy
Mitch: If you've been to one of my workshops, or you've read my best-selling book Mindset To Millionaire, you know that I have a heavy focus on the five currencies of the wealthy. Those currencies in this particular order are: time, knowledge, relationships, credit, and money.
You want to set money last. Now, most of us are trained throughout our entire lives to put money first as the most important currency, and that's not how the wealthy do it. That's how we were trained in our employee mindset, and in relationship to these currencies. I've been thinking about something recently, and I kind of had a recent epiphany about the definition that a lot of us put on failure, and I really think it's a miss-association. You see, when we think about failure, when we're trying something like real estate investing for example, failure as we define it in our minds, and as we naturally tend to define it, is we have a certain outcome that we expect. We expect A to happen and if B, C,or D happens, we consider that a failure.
Well, in my opinion, that definition of failure is man-made because regardless of what outcome you get from a specific action, you can either win or you can learn. So with that being the case, the only thing left that could possibly be failure is not taking action. When you are so scared of not getting outcome A, that you might possibly get outcome B, C, or D, and that paralyzes you. For a lot of us, the reaction is that we just stop taking action and that really is the only definition of failure that there is. So our reaction to what we think failure is actually causes true failure.
I'm going to go back to what I said earlier, and that is that whether or not you get outcome A, B, C, or D, you should still take the action because you're either going to win or you're going to learn. If you win, in the case of real estate investing which was the context that I brought it up in, you get the fifth currency: money. If you get outcome B, C, or D, you learn, which is the second currency: knowledge. You actually get a more valuable currency by getting an outcome you didn't expect because you will learn something from it, versus if you win, you get the fifth currency which is what you wanted, which what you set out to do in the first place and that's great.
But the failure to take action is what I'm trying to get you to avoid because that is true failure. Don't allow your fear of having other outcomes happen paralyze you from taking action. I was masterminding this today with my friend Trey. The guy's brilliant. I mean, he's got some amazing philosophies on business and on life, on spirituality and philosophy, and I want to I want to introduce you to him, this is Trey.
Trey: Hey there! Mitch I'm so grateful for, number one being able to share. I'm also grateful for the fact that you give me an opportunity to be able to share with you, but you're sharing with me information. I'm just able to reiterate back what it is you're already thinking and how it can work for you, and that's the most important part, because our true failure is when we think that something is expected to happen and we go for that expectation, and there's so much out there about setting goals which are very-very powerful. You can definitely set goals and you can go after them, but if you don't allow yourself the ability to receive the unexpected, the unexpected can use to have much more powerful for you. That's why I love the positive thought that I created for myself that just says - failure plus one equals success.
Think about that, failure plus one equals success. Do things give yourself a chance to go out there and make, ask questions, connect with people, and do things for yourself and with others, and then to see what happens. What's your goal? Is your goal some sort of expectation or is your goal just the opportunity? To ask the question, to connect with the person and make that happen, to me that's true success. Just asking, just learning, just creating, and just living that is indeed all part of living.
So, I'm grateful for all the things that you said. I love listening to the way you look at it and be able to share that perspective with you, to know that the real failure is just not allowing ourselves to receive the unexpected, the real failure for success is just saying that it has to be a certain way. Allow it to be some way that it can be, and don't tell yourself it can't be done. Just figure out what you can do and make that a part of your approach. What can you do? Reach out, ask questions, and that's what Mitch and I were able to do today.
I love that and I'm grateful for you Mitch, thanks so much for allowing me to share my feeling about failure, which does exist, but there's ways to overcome it.
Mitch: All right guys, you heard it from the man himself, have a great day we'll talk to you soon.