Who Becomes Wealthy?

I’m currently reading a book by Thomas J. Stanley titled The Millionaire Next Door: Surprising Secrets of America's Wealthy. The book is based on more than a thousand individuals participating in a survey spanning for almost a year. The survey questions target areas such as household budgeting, financial fears, acts of kindness, purchasing and more. There were a total of 249 questions all together. “Who becomes wealthy?” Stanley asks. “Usually the wealthy individual is a businessman who has lived in the same town for all his adult life. The person owns a small factory, a chain of stores, or a service company. He has married once and remains married. He lives next door to people with a faction of his wealth. He is a compulsive saver and investor. And he has made his money on his own.” Stanley gives emphasis to that “Eighty percent of America’s millionaires are first-generation rich.” Stanley explains his discoveries as “building wealth takes discipline, sacrifice, and hard work.”

I find this book to be very interesting in the fact that many of my clients state initially that they are working very hard and sacrificing a great deal to their business. They feel like they are giving as much as they can and don’t seem to be getting anywhere. They often describe it as “being a prisoner to their business”. They sometimes wish they had a “job” instead of “owning a business”.

No matter what industry you are in, you should not be a prisoner to your business! If you are, you have it backwards. Your business should serve you and your dreams. It should give you greater freedom, not less. In fact, your business, properly designed, should function practically without you, not because of you. It should run predictably and automatically whether you are in the office or not, in the store or not, out in the field or not, on vacation or not. Your business should not depend upon your presence, personality, problem solving and perspiration for its daily survival. If so, your business does not work, you do!

Bottom line, you should run your business; it should not run you, your family or your life. Your business should work harder so you don’t have to. It should be systems-dependent and not owner-dependent or expert-dependent for its success. It should have its own heart, mind, and soul – it should not steal your vital organs and spirit!

Stop for a moment and think of the consequences. If everything in your business flows through you and is dependent upon you, then you are restricting dramatically the growth and profits of your company. As a single human being, there are natural limits to the amount of work, transactions, problems, and decisions that can flow effectively through you in a given day. Stop being a bottleneck or clog. Otherwise, you will continue to restrict the potential of your employees and business and ensure your persistent exhaustion. Stop missing out on greater personal freedom, money and happiness.

Let me be very clear, you are the expert in your business and industry. I am not and will never claim to be. My expertise is guiding business owners to unlock greater potential in themselves and their businesses. I coach and mentor owners/managers, like you, to define clearly and then reach their business and personal goals. To implement the changes they desire. I guide owners to become more effective, focused, productive and strategic. To face reality, identify solutions, and help them stay on track. I help overwhelmed owners/managers to work “on” themselves, “on” their businesses, and “on” their specific issues, opportunities and goals.

If you would like to achieve greater freedom, fulfillment and financial returns from your business, and move closer to becoming “The Millionaire Next Door”, please contact me.