Thursday, March 05, 2009

Some parts extracted from Adam Khoo’s “The Million Dollar Interview” that I thought are pretty good. Enjoy~ :)

What is the first piece of advice you give someone that wants to be successful?


Learn to sell.

Number one is you got to learn how to sell. I mean if you can sell, you can succeed in any business.

You got to learn to sell, you got to learn finance, you got to learn how to read numbers, you must love numbers, I’m sorry, you got to love numbers, you got to be very good at cash flow management things like that, because if you cannot manage your own personal cash flow, forget about managing the cash flow of a business. You have to learn these fundamentals.

So marketing, sales and marketing, you got be very good at that, very good at numbers, yea then of course the motivation is obvious; you got to be very motivated and driven and do something you love to do.

Do something which is in line with your passion.

Because when you do that then your motivation is automatic. You don’t have to be disciplined anymore because you’re doing it for fun already. You don’t have to motivate yourself.

Like you don’t have to motivate a kid to play computer games.

What is the most important lesson that you can teach someone if he wants to be wealthy?

Save money! Serious. Yeah.

In Secrets of Self-Made Millionaires, I describe wealth as an equation and I would say the equation is like this: 30% is making the money, 30% is saving the money and the other 30% is learning how to invest the money.

So a lot of people when they think of making money, they focus on the first 30%, and they ignore the 60%, so no matter how much money you can make, if you spend more than you earn, which is what a lot of my friends do, I know them personally, then at the end of the day you’re not going to become rich.

You’re only going to have high income, and high income doesn’t last forever. Because no matter how good your income stream is, it’s not going to last.

Because we’re in an era of globalization and competition where you think you’re in a very good business, two years from now someone’s going to overtake you.

So you better have that savings, so that when someone wipes out your income stream, you have the ability to create another stream.

So what if these people set their goals but they don’t meet them, what happens then?

Well again it depends on what you mean by don’t meet them.

I always say that when you set a goal, success is not about reaching your goal, because most of the time you don’t reach it.

But success is moving towards it.

So if you set a million dollars and you hit $700,000, did you fail?

To me you didn’t, to me you are still progressing. So it depends by what you mean when you fail. If you don’t get where you want to go, then it’s a question of going back and changing your strategy.

Either changing your strategy or taking more action and finding out what happened.

So sometimes changing strategy could mean, changing your marketing? Changing your target market? Changing your product? Or changing your whole business.

Sometimes if you change everything and it doesn’t work, then it may mean you’re in the wrong business!

How important is it for someone to overcome their fears in order to be
wealthy?


Very important because I think everyone has fear.

But again to me I think a lot of their fear is perceived fear. And that fear comes from not knowing what they’re doing.

Like most people are afraid of investing, because they are afraid of losing money, and that’s because they lack the competence of how to invest. Its like if I ask you to climb a mountain, would you be scared?

Well it depends, if you never climbed one before in your life, you would be scared!

But if I put you through a 10 week mountain climbing training, that fear is reduced.

So that’s the thing, you can reduce your fear by being competent in what you do.

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