I reblogged this because my best friend and business partner was just notified by his bank that $1million dollars was transferred to his start-ups account by his VC’s.
This is the first installment based on him reaching the mid-point of the agreement. His team needs to create a specific number of apps. When they reach the mid-point, an additional 1m will be wired. I now believe that it is possible to work hard and convince other people that you can execute. Following in his footsteps I wanted to remind myself and you about some things that will help us achieve our goals. Hope to see you there.
People always talk about why their not successful. They tend to point the blame on everyone except themselves. I will discuss five reasons on why most people are not wealthy.
1. Surroundings- You did not grow up around people that are wealthy. You don’t work around wealthy people. So your everyday life isn’t motivating you enough. Out of sight out of mind. I’m not saying quit your job and ditch your family. You just need to dedicate more time to listen to motivational podcasts or Cd’s, reading personal finance and entrepreneurial books. Whatever resources it takes to get your mindset towards wealth. I use to sometimes have coffee or a light lunch at a 5 star hotel and read the Wall St. Journal just to be surrounded around upper class people. The types of conversations that goes on there are truly amazing.
2. You never made the decision to be wealthy. You can be around wealthy people and take no action. You don’t make a connection or strike up a conversation when you are around them. You’re either scared or don’t know how to start. They are plenty wealthy kids that grow up not to be wealthy, because they are not interacting with wealthy people.
3. Procrastination. You always have a reason to put it off . Not the right time. The market is not right. You don’t want to give up security. You have to change your thoughts. Think where you want to be in five years? or three years? Do you want to be making the same income? same bank account balance? If the answer is no, then you must change what you’re doing.
4. Delay Gratification. You borrow too much, spend every cent that you make and everything that’s shiny and new attracts your attention. Start to spend less than you make and save and invest the difference.
5. Lack of time perspective. Do you spend time when making important decisions for your future. Sacrifice the short term for long term results.
Example: Jane and Sharon work at the same company and make the same amount of money. Both gave birth to sons. Sharon started right away contributing $50 a month to a college fund. Jane did not. When both boys turned 18 years old, Sharon had enough money to send her son to college. Jane had no money.
What happened? It wasn’t the money. They made the same salary. They had the same day to day expenses. The difference was that Sharon thought long term while Jane did not.
Sometimes you have to make small sacrifices to get big results. Jane started saving when her son was an infant and gradually added more money as her income increase over 18 years. She kept her focus on the long term instead of the now.
What is your long term perspective? Whatever it may be it will help you to make small sacrifices when you have the end goal in mind.
You must do all 5 to obtain wealth!
Find out what you want & go after it as if your life depends on it. Why? because it does!
Two of Color’s photo-sharing competitors, Instagram and PicPlz, exemplify the lean start-up ethos. They started with $500,000 and $350,000, respectively, and teams of just a few people. As they have introduced successful products and attracted users, they have slowly raised more money and hired engineers.
Color, meanwhile, spent $350,000 to buy the Web address color.com, and an additional $75,000 to buy colour.com. It rents a cavernous office in downtown Palo Alto, where 38 employees work in a space with room for 160, amid beanbag chairs, tents for napping and a hand-built half-pipe skateboard ramp.