Ten Secrets About Money That the Top 1% Don’t Want You To Know
As Lisa Nichol puts it, “success lives close; we just don’t try hard enough to get it.”
If you have ever asked yourself these questions:
Then, you belong here — with me.
Stay with me as we explore some secrets about money that the top Gs are hiding from the rest of the world.
1. Having Money Doesn’t Make You Rich
Early one beautiful morning, my friend Mike called me on the phone.
“Mike, you make such a terrible farmer,” I said.
“Don’t tell me you just finished eating, haha.”
“Oh, yeah!” I replied with a slight chuckle. “Breakfast was a glass of milk and small chops.”
Mike continued to giggle lightly before he groggily stopped. I detected an unease in his tone.
“What is it, Mike?” I enquired kindly.
“Fru, I’m broke,” he responded.
“Mike, what did you say?” I questioned because I wasn’t sure I heard him correctly.
He said, “I’m out of cash and need money.”
You may wonder why Mike would run out of money in under two years. The answer is simple: having money won’t make you rich.
A little backstory.
Mike had won a talent award worth $500,000 only two years ago. Two years later, he is broke and back to his mental capacity.
Being rich and remaining that way goes beyond having money. If you lack the right mindset, you will never make it.
2. Develop Your Mind Financially and Learn How Money Works
To make money and become wealthy, you need to train your mind.
Mike had not developed the mental capacity to accommodate and grow the amount of money he won. So, he misspent it and ended up where he was before it.
Regrettably, the traditional educational system does not teach us about money in school. Robert Kiyosaki makes a clear comparison in his book Rich Dad Poor Dad.
He shows the difference between his educated father and his uneducated father. His real father, the educated one, knew so little about money and was the poorer of the two dads. While his best friend’s dad (whom he also calls his father) had very little formal education but understood so much about money and was the richer of the two dads.
Becoming rich doesn’t happen accidentally, except you stumble into wealth through birth. Most people have to work their way into the top 1%, which requires a conscious effort to understand how money works.
3. Monopolize a Niche, and You Will Earn More Money
There is a saying, “a jack of all trades is a master of none, but often better than a master of one.” However, it does not hold ground when one lacks the requisite knowledge to be an expert in any particular subject.
While working at Smother Loans Limited as a founding staff member, my role was unspecified. I was always willing to give a helping hand wherever I was needed. I found it puzzling, however, that I had never received praise for my contributions, talk less of promotion to full-time staff.
The vice president would move to another company in three months, so she tendered her resignation. She needed my assistance the most during this period of transition. So, I wondered if she was preparing me to succeed her.
The vice president could concentrate on whatever she thought was essential for a smooth handover because I ran all the errands.
Having a salary raise as a result of the promotion was something I eagerly anticipated. I thought, finally, I’ll get a great reward for all my effort. I was thrilled.
The vice president soon left. She suggested that one of the company’s new hires fill her role. I was devastated when the company promoted the new girl and raised her pay.
I could not contain myself, and I stormed the president’s office to ask why I hadn’t received a promotion after all these years.
“A promotion?” the president retorted. She appeared shocked that I asked.
“Yes, ma’am,” I replied, “this company has employed me for a long time; others get promoted, but I don’t.”
“What impact do you make here? And how does the business profit from your work?” She asked.
Her question instantly made me realize I was replaceable. Therefore, whether or not I was present didn’t matter.
I was not an expert in any field where I could be considered really valuable or bargain for a raise.
4. Get Comfortable Taking Calculated Risks
If you have a low-risk tolerance, you will most likely never make so much money.
In 2009, an anonymous techie published a whitepaper. The document described some peer-to-peer, trustless, decentralized digital currency, and he called it Bitcoin.
Bitcoin gives people the power to be their own bank and control their wealth. There is no need for third parties (banks, issuers, or government) to perform transactions with others.
Who dared to challenge the system? Well, Satoshi Nakamoto did!
Given that Satoshi Nakamoto chose to remain unknown after weighing the risks of his invention, he undoubtedly has a sizable fortune at the moment.
The “fortune,” according to Sam Wilkin, is not the stuff of posh cars and a vacation home. Yachts, private helicopters, diamond-encrusted light fixtures, majestic houses, and remote islands are the stuff of the “fortune.”
5. Be an Early Starter
Don’t get me wrong, do due diligence, weigh the odds, and don’t put your life savings into an emerging field if you lack understanding. Nonetheless, be an early mover.
In 2017, when I first learned about Bitcoin, my friend who introduced me to it had some mining rigs and urged me to get involved or at least acquire some Bitcoin.
At the time, I was sceptical. Sure, I barely understood Bitcoin and the magic behind blockchain technology.
I don’t need to convince you about what works or what you should be paying attention to. But, experience has taught me that being an early mover in emerging trends has some excellent advantages.
6. Make Money Work for You
If you learn only one thing today, it should be this: financial freedom becomes a reality when you put your money at work for you.
Just as my brother’s wife was putting a set of twin sons to bed two years ago, he lost his job.
My brother lived in New York and worked as an investment banker at a Wall Street investment firm. He and his family led quite a wealthy existence on a private island.
His wife was the epitome of Hollywood glamour, and he was delighted to pamper her with all the vanities that her soft heart desired.
The board of directors fired him when one of his shady deals made it to the New York Times headline.
Given his way of life, it was easy to think he wouldn’t endure another six months without a job.
But, he had invested in more than a dozen tech startups in the Bay Area and usually received annual dividends from all of them.
He had put his money (while he had it) to work for him, giving him the freedom to live even when he had no job.
7. Take Your Focus off the Money
Continuously thinking about money is not helpful. Although it may sound counterintuitive, concentrating on money can lead to anxiety, stress, or mental health problems.
According to Maslow, on his hierarchy of needs, the need to satisfy man’s basic needs inhibits the ability to achieve the conditions of the upper cadre, where creativity belongs.
Money is a by-product of one’s success and competence, not the objective or motive.
8. Shadow a Mentor
According to Robert Greene, author of Mastery, it takes roughly 10,000 hours of focused study to become an expert in any particular profession. That is about three years or more.
You can quickly get the same results and even more with mentoring.
In mentorship, the mentee builds on the shoulders of those who have achieved success in their field of interest. They can ask questions, get advice and learn.
Without mentorship, it may be possible to reach a goal, but the process would be unstructured and highly time-consuming.
Use mentors to gauge development and optimize growth.
9. Track Your Progress
You’re more likely to miss your financial goals if you don’t keep track of your progress.
It is easier to reach your goals when you keep track of your accomplishments. Else, what indicator can you rely on to be aware that you’ve attained success?
Growth of any kind, no matter how small or substantial, has a propensity to trigger intrinsic motivation, the most effective form of inspiration.
Tracking progress need not be difficult because actions are measurable. Metrics for measurement could include:
10. Stick to a RoutineRoutines are the unnoticed secret ingredient behind the success of many financially free people.
A routine is an activity that’s done repeatedly. At some point, it becomes a habit — when done without much thought or unconsciously. At that point, you see the magic, especially when it aligns with your financial goals.
Setting goals is vital, but fulfilling them is more crucial. Figure out what works, make it a routine, and stick to it.
Why?
Having a routine is some sort of guarantee that your efforts will help you attain your financial goals.
Let’s say you start reading a voluminous self-help book. You get bored every time and put it down after a few pages.
Reading it from chapter to chapter may be ideal. However, the secret lies in developing a reading routine and immersing yourself in knowledge all the time. So, it would be better to read just the parts or chapters that interest you.
Over time, you’ll notice that you’ve become a library of information. On which you can leverage to improve your financial situation.