Have you ever heard that a lack of money can be a problem? What do you think? Lack of funds is never, ever, ever an issue. That is, a lack of money is a symptom of a problem, but it is not the cause of the problem.
The problem really is a lack of skill. Have you ever heard of lottery winners who suddenly found themselves with a windfall of millions of dollars, only to find themselves broke and bankrupt a few years later? Actually, they were sometimes worse off financially. Why? What happens? They have money, but not the skills of the wealthy.
A lot of people become wealthy. Not because of their money, but because they started with nothing. Most of the time, they are in debt during their early days. Hundreds of thousands of dollars in debt. Because of their abilities, they became wealthy. So, today we will discuss the seven skills that we must master. If you want to be wealthy, I believe you should understand and master these seven skills.
Now, as we go through each skill, I want you to ask yourself the question, comment below, and rate yourself from 0 to 10. Zero means you’re terrible, and ten means you’re fantastic. So, here we go.
Skill #1: Closing skill
The ability to persuade customers to buy from you. That is what I refer to as closing skills. Do you know how to close it? Can you explain the worth of what you do to potential clients? Do you know how to ask compelling questions that persuade people to buy? Are you at ease speaking with strangers, presenting your ideas, and demonstrating your product or service?
If you want to be wealthy, I believe one of the most important, if not the most important, skills to master is closing. You’re closing when you’re talking to customers. When speaking with vendors, try to persuade them to give them better terms. You are closing.
You are closing when you speak with your employees. So that’s the first skill.
Skill #2: Public Speaking skill
The ability to speak in front of groups is the number two skill that will make you rich. That is what I mean by public speaking ability. Do you know what the most common fear in people’s lives is? It’s not a snake, nor is it death. The most common fear of most people is public speaking.
Now, why are so many people afraid of speaking in front of large groups? Most of the time, they are concerned about whether they will sound stupid, how they will appear, or whether they will say something incorrectly. All of these things, but when you look at great leaders, almost all of them are great public speakers, such as Steve Jobs, right?
Tony Robbins and Warren Buffett are two examples. Public speaking is one of the skills that has changed my life.
Through public speaking, I gained confidence and self-confidence. So, are you afraid to speak in front of large groups? Do you know how to present your ideas in front of a group? Can you communicate with conviction and certainty?
Can you interact with your audience? You may experience sweaty palms. Perhaps, like me, your face will turn pale at first, and your knees will be locked. That’s all right.
Public speaking is a skill that can be learned, but it is one of the most valuable skills that you must master if you want to be wealthy.
Skill #3: Ability to Communicate with words
The ability to communicate with words in print, or what I call persuasion in print, is the third skill that will make you wealthy. That is referred to as your copywriting ability. Take note that I said copywriting ability. When I say copywriting, I don’t mean being grammatically correct, though that is important; I mean what you learn in school, academic writing; I mean communication.
I’m referring to your website or video. I’m referring to your e-mail. How do you communicate with written words? Now, why is this so important? Because, in day-to-day communication, the emails you send, all of your social media posts, the agreement, the contract, your lending post, or your blog.
A lot of that is written communication, and knowing how to communicate effectively through written words gives you a tremendous amount of leverage. Let me give you an example:
Let’s say you created a social media post and you have a decent amount of following, that gives you leverage because what you see and what you write, is seen by hundreds of people, thousands of people. In my case, it could be millions of people.
In fact, copywriting is the very first skill that I learn, and that’s the skill that changed my life. How I went from losing money and not making enough money to earning $10,000 a month, in my early 20s. So, copywriting. Now that is not taught in school. School taught us writing, but it did not teach us copywriting, so that’s skill number three, the ability to communicate with words in print.
Skill #4: Leadership skill
The ability to communicate clearly and effectively with your team is skill number four. I’m referring to your ability to lead. To be an effective leader, you must be able to communicate effectively. Do you understand your company’s vision and do you communicate it to your team members? Do you communicate your vision to your team clearly? Do you know how to create a positive culture in your workplace?
All of that, you see, is leadership ability. Business is not a one-man show. Not only is business an intellectual sport, but it is also a team sport. It is an organization. You are only as good as the people on your team.
It is important to cultivate leadership skills in order to inspire, motivate, and lead your team.
Skill #5: Time Management
The ability to manage and organize your time for maximum results is skill number five. Some people call this time management. That is referred to as priority management because we all only have 24 hours a day, seven days a week, and 365 days a year. You cannot actually manage time because we all have the same amount of time. What you can control, however, are your priorities.
What are the most important things you need to concentrate on? One of the most important things that will help you get closer to your objectives. The issue is that school never taught us how to manage our priorities, did it? You do your homework, take exams, take care of your family, and do a variety of other things, but most people never take the time to slow down and look at what we do and ask themselves, okay, why am I doing this at all?
What are the benefits of these activities? We never ask ourselves such important questions, and, in the end, priority management is truly self-management. How do you keep track of yourself? And, if you can manage your time efficiently and effectively every day, and focus on just a few things, those two or three things you know will get you the results you want if you do it consistently.
Rich people understand this and recognize the value of their time, which is why they avoid what I refer to as minimum-wage activities. We delegate if someone can complete the task for less than the value of your time. That concludes skill number five.
Skill #6: Financial literacy skill
The sixth skill is the ability to read financial statements. That is what I mean by financial literacy. This skill is not currently taught in schools. How do we assess our performance in school? Your school cards. Are you getting “A,” “B,” or “C”? In the real world, we look at financial statements.
Your financial statements are your scorecard. It tells us how well you are doing financially. How well are you managing your money? Now, you may be thinking, “Well, Okey, are you asking me to be an accountant, or take an accounting course, or be a bookkeeper, or things like that?
No, but you must understand financial terminology. Financial literacy is the language of money, and it explains how money works.
Your balance sheet, income statement, and cash flow statement are all important. When you look at the statement and see the numbers, you might think, “Oh my God, man, I don’t know what’s going on,” or “I’m not making enough money this year, in this poll,” or “I’m having a loss this year in business,” or can you read between the lines? What does it mean? What is the narrative? Isn’t that how I manage my money? And you must understand the fundamentals of some financial terms, such as credit score, return on investment, profit and loss, capital gain, capital loss, and depreciation.
That is what you must understand about many of these words. Nothing can be improved if it is not measured. So, financial literacy is an extremely important skill to master if you want to be wealthy.
Skill #7: Positive Mindset
The ability to manage your own mind is the most important skill of all. That is referred to as your mindset skill. Frustration, negativity, fear, envy, depression, limiting belief, and procrastination. How do you handle your emotions? How do you manage your mind?
You see, you can get all of the other six skills right, and you can master all of the other six skills, but if you don’t have the right mindset, it won’t work. I’ve said it many times, in Napoleon Hill’s book, Think and Grow Rich, part of thinking is managing your mind.
What are you feeding your mind? How many times have you known exactly what you needed to do to achieve your goal, but you couldn’t bring yourself to do it because of procrastination? How many times in your life have opportunities passed you by and you have been unable to motivate yourself to step up and take action due to a self-limiting belief?
How many times have you known that other people believe in you but you don’t believe in yourself because of a self-limiting belief? That’s all mental ability.
So there you have it: the seven skills that will make you wealthy. If you want to learn more about this topic, check out the category section above.
Lao Tzu said it best: knowing others is intelligence, but knowing yourself, that’s true wisdom. Mastering others is strength, but mastering yourself, that’s true power.