There's one skill one skill that every rich person will say has led to their
financial success and in today's video I will share with you the most important
skill in becoming rich and if you're new to the channel then hit the subscribe
button below for more a life-changing content there was once a young man named
Matt Matt was very ambitious and his goal was simple to become rich so that
he could support his parents who had always put his needs above their own Mao
was also an avid reader and in his research into becoming wealthy learn the
value of mentorship soon after Matt was connected with one of the richest men in
a city one Saturday Matt was meeting with his mentor and
asked mentor what is your secret to becoming rich his mentor smiled and said
to him figure out how to work a thousand hours every day and you'll be richer
than you ever imagined and I thought his mentor was joking as there are only 24
hours in any given day he then asked how on earth can anyone work a thousand
hours in a single day his mentor looked at him and said well the only reason
poor people exist is because they don't know how to solve this puzzle and if you
figure out how to solve it then you'll have more money than you can ever spend
when people think about what it takes to become rich certain traits come to mind
like being a risk-taker or having a higher than normal intelligence level
and while these traits can certainly help an achieving financial success I
can tell you that they aren't the most important skills to have in fact I
learned the skill at all rich people have four years ago when I was just
starting my career so let me share with you exactly how I came to learn about
the skill and how it can be used to work thousands of hours a day a few years ago
I was working 50 plus hours a week in a management consulting firm and from what
I could tell I was doing a great job however when salary increased time
rolled around I received in infuriatingly small raise leaving me
rather displeased which i've always said my manager he calmly said to me that
only the founders make a lot of money and that I should be happy with whatever
raise I could get this conversation made me realize two things number one working
for a paycheck will never make me rich and number two I need to find out what
skully's founders had that were earning them
so much money so for the next few years I analyze how the top executives ran the
consulting practice during that time the business was growing exponentially
and we were hiring new employees every single week we were growing fast because
we kept winning project after project and while some of these projects slide
outside her area of expertise the founders always found a way to hire the
right people to get the job done then one random workday I was walking down
the halls of my office and it struck me just how many new faces our team had
since I had started working there just a couple years before in essence I saw her
office double in size and expanded to numerous service lines like business
management security and data analytics just to name a few
then it cooked in my mind the one skill that our founders had that made our
companies so successful and then personally very rich the skill was being
resourceful you see when it comes to life in general the rich and the poor
have very different mindsets the poor think in terms of what they have and
whatever they don't have cannot be used for instance broke people tell
themselves that they have 24 hours in the day 8 hours for work 8 hours for
sleep and 8 hours for other non work activities therefore each and every day
they work their nine-to-five jobs and collect their paychecks unfortunately
this method of earning income will never make them rich even if you extended
yourself to work 12 or 16 hours a day you still can't produce the outcome
required to make you rich the problem is that they are thinking in terms of what
they have which is 8 hours a day they can allocate to making money like a
friend mat they fail to realize that the key to becoming wealthy is by being
resourceful and exponentially increasing the amount of hours they can work every
single day up until not that long ago I too had the same ideology that your
hours of work are limited by the 24 hours in a day in fact not a lot of
people know that the key to becoming rich is by being resourceful and this is
probably because it was never taught in school unfortunately school teaches
these things like how to find the slope of a line or how to write in cursive but
it never teaches you how to be resourceful and leverage other people's
time money and expertise therefore unless you have family friend or a
mentor who can bestow upon you the importance of making money then you'll
be destined to trigger limited time for minimal money for the
rest of your life and this is where the rich separate themselves from the poor
at some point in each rich person's life they come to the realization then
working 24 hours a day will never make them wealthy and ask themselves how can
I work more hours in a day how can I get the hours I don't have and how can I use
the hours that are not mine this little change in mindset is the difference
between someone who earns $50,000 a year and someone who runs 5 million dollars a
year as having been taught this key trait for my money mentor I also came
across it when reading the book Rich Dad Poor Dad by Robert Kiyosaki in the book
Robert outlines the three main management skills for success and they
are the management of cash flow management of systems and management of
people in alter we relate to how leverage can make you rich these
management systems were the exact reason that the founders at the consulting firm
I worked for were ridiculously wealthy you see by completing projects they were
increasing their cash flow they then use this cash flow to hire people to work
for them which allowed them to increase their output and ultimately their
revenues finally the simpler processes they were leveraging systems by
automating other business activities like client invoicing to further
increase their output all these systems working together allowed the founders to
output thousands of hours of work a day which like I said earlier is the key to
becoming rich now you may be thinking to yourself what are the different ways
that being resourceful can make me more money well let me break down this
concept a little bit further in essence being resourceful comes down to
leveraging other people's time money and expertise illustrate just how powerful
leverage can be let me share with you an example let's say you're the only an
employee in your business and you build your clients $100 an hour for your time
if you build all eight hours of a normal workday
you would generate $800 in revenue now if you took the same situation and out
in the fact that you have five employees who each cost you $200 a day and build
the same $800 that you do then all of a sudden you were realizing $600 in
profits per employee for an extra $3,000 in revenue these earnings only multiply
as you hire more and more people and this is a
exactly how the founders that my consulting firm were becoming rich but
it's not just my old employer that uses this technique to become rich the same
concept is used by all the biggest companies in the world
for instance Amazon employs more than 600,000 people and Microsoft over a
hundred thousand this amounts to millions of hours being worked every
single day by these organizations and it's no coincidence that the founders of
these companies Jeff Bezos and Bill Gates are two of the richest men in the
world now the secondly to be resourceful in
business is to leverage other people's money we see it all the time we're
started stool pitch their business ideas to investors and use the investors money
to finance their business but if you aren't a start-up founder how does this
relate to you well if you own a home then you yourself are probably someone
who has leveraged someone else's money you see when you took out a mortgage to
buy your home you were borrowing other people's money to put a roof over your
head and if you were to do the same thing with a rental property
all of a sudden leveraging other people's money will be helping you
generate income in fact even students who take out student loans are using
other people's money to generate income when you think about it take no debt to
finance your education relies on the same principle you are effectively
borrowing money from the bank in order to acquire the skills that will get you
a good-paying job the final way you can be resourceful is by leveraging other
people's expertise like I explained earlier my old boss is used to bid on
projects even if our team didn't have the required skills because they knew
that they could find someone who did this mentality is really what separates
the rich from the poor and I will use another example to prove my point let's
say we have two people Jeff and Steve both want to start a graphic design
business which will require setting up a website marketing their business and
completing client work both men get started on their new business venture
and in the early stages of their endeavor
Jeff realizes that making a website is challenging and has no idea how he can
market his business to clients Jeff only focusing on the skills he has besides
that since he doesn't possess the skills he needs to make the business work on
his own then he will cut his losses and quit Steve like Jeff is not very
computer savvy but instead of focusing on his deficiencies asks himself who we
know that can help him set up his website he
remembers his friend talking about setting up a blog a few years ago and
decides to reach out for help then Steve begins to Google marketing techniques
and finds a freelancer online to help him rank his website on Google after
getting a site ranked on the first page Steve now has more clients than he can
handle and has even hired on a few employees to help them manage the demand
now what separated these two men one word resourcefulness if there's one key
takeaway from this video it's this opportunities exist all around you and
your level of resourcefulness will not only determine how much you take
advantage of these opportunities but how much your wealth grows as a result as
you've come to learn there can be more than twenty-four hours in any given day
it just depends how resourceful you want to be in expanding that time you have
available you now know that anything you don't currently have you can get there
are no excuses so you don't say you don't have the money to start a new
business or that you don't have the skills you need to become successful
instead ask yourself how can I get what I need and that boss is the most
important skill in becoming a rich thanks for watching if you want to go
from the life you have to the life you deserve then hit the subscribe button
now
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