In my ongoing research of exceptionally wealthy and valuable people, I have found a few common denominators that is consistent amongst the majority of these individuals. Not fairly consistent, not maybe consistent; but absolutely consistent! This lead me to look at formulas of success – is there a proven way to become harmoniously wealthy? To enjoy life, relationships, vacations, toys, etc, etc.?
It seems like there is such a formula! I was watching a presentation that Canadian Billionaire Michael Lee-Chin delivered to a banquet of top-notch investment advisors and he blurted out the best summation of the absolutely consistent common denominator I mentioned above:
1. Find a wealthy individual whose success you respect the most.
2. Find out their Recipe for Success. Keep digging, calling, reading, and learning, until you find the foundational recipe.
3. Implement the recipe exactly in your own life.
4. Most important step: DON’T CHANGE THE RECIPE!!
See what I found amongst so many wealthy individuals is that they followed a strategy like this! And they learned from the mistakes and success of other people. You’ve undoubtedly heard about the term “OPM” – other people’s money. The same principle applies here: “OPL” – other people’s lessons! The wealthy individual saw what they wanted; they found who currently excels in doing what they wanted to do; they learned the habits, state of mind, mistakes, struggles, successes; they executed the same steps (except all the mistakes); and they didn’t change the Recipe!
How many times in your life have you tried to cook something (even something as simple as frying eggs) and you learned the recipe from someone who makes that type of food extremely well. But when you tried to replicate it, maybe you added a bit too much salt, or pepper, or mushrooms, or heat, or water, and the list goes on… And now you gave up on trying again because you may have said to yourself, “I just can’t do it like that other person”.
It’s easy to see how in our lives we have access to many recipes, but our brain gets in the way sometimes, and fills us with over confidence. So we start to think that maybe we can re-create the wheel and make it better without any practice or learned lessons from the experience of others. And we change the recipe.