Do You Want To Be Wealthy? Keep On Reading! : ThyBlackMan

Wednesday, August 21, 2019


Do You Want To Be Wealthy? Keep On Reading!

April 22, 2019 by  
Filed under Business, Money, Opinion, Weekly Columns

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(ThyBlackMan.com) Let’s discuss a few of my hard-earned life lessons. I freely admit I’m on a continuous journey at getting better. Below I will cover

  • FEAR – FORGET ABOUT IT!
  • SIERRA TANGO FOXTROT UNIFORM – YOUR WHINING AND COMPLAINING!
  • MAP YOUR OWN DESTINATION – NOT MINE, NOT YOUR PARENTS – YOURS!
  • NEVER EVER LET ANYONE STEAL YOUR JOY – N-E-V-E-R!
  • FAILURE- A VERY TEMPORARY THING!
  • GET RID OF YOUR LOSERS!
  • FEAR – FORGET ABOUT IT!

Do you remember when you first started anything you normally failed.  Walking, playing chess, billiards, whatever, and you most likely failed in the beginning.  Did you stop trying?  Can you imagine if as children after falling down a few times we stopped trying to walk?  We would be a peculiar looking society.

Whatever your dream, you must believe in yourself.  You want to build houses, or be a brain surgeon (hopefully not the same day), go for it.  Timing will NEVER EVER be perfect.  We run into obstacles like money, or time, or some idiots standing in our way.  NEVER allow your fear of failure to stop you. You know that voice in the back of your mind.  {Mine has that annoying Daffy Duck like voice.  I tried to change it to John Wayne’s voice-did not work!}  The one telling us NO, HELL NO, STOPS RIGHT NOW.  I believe, Michael Jordan, Obama, Oprah Williams, maybe not Donald Trump) etc. all have their own unique voice of fear.  Successful people seldom listen to that voice so they are free to think and decide based on logic not fear.

Imagine challenging a good player in anything (let’s use Chess) to a match and you have NEVER played.  What are your odds of wining?  Unless the game involves a great deal of luck – ZERO.  100 years ago I wanted to invest in stocks. But I did NOT want to take the time to study the stock market and how to select stocks. Somehow I quieted Daffy, and made the DUMB decision to buy penny stocks.   Penny stocks are common shares of small public companies that trade at low prices (pennies) per share.   Investors are often lured by the hope of large and quick profits. 

Yes, I lost money.  I believe at least 50% of my investment.  Penny stocks are cheap for a reason and typically fall to close to $0.0. That and other losses encouraged me to build my financial literacy!

Do you believe Muhammad Ali or Michael Jordan ever suffered from fear?  Of course they did, BUT they did NOT allow their fear of failure to get in the way of their success.  One was dropped from his basketball team and Ali stood up to the biggest opponent of his boxing career- The United States of America Government!  Ali won and went to regain his championship not just a second time but also a third time.  Ali said “There’s nothing wrong with getting knocked down, as long as you get right back up.”

 

SIERRA TANGO FOXTROT UNIFORM – THE WHINING AND COMPLAINING!  NOW!

I asked my wife, do I still complain a lot.  I can read her answer before she said a word.  “Ah yes, but you are getting better.”  I have work to do!

Do you wake up Monday morning and complain about your boss, your job, co-workers, the traffic, and your sister-in law?  You get the point.  I still complain too much.  And I have NOTHING to complain about.

When my Dad was 10 years old, his father told him and his older brother, he could no longer afford to take care of the two boys and his three daughters and wife.  The boys were on their own.  Wow- at 10 years old!  I would have freaked out.  My grandfather was poor.  Not the poor you see today with big screen TVs, cars and stuff.  Their home was a shack.  No running water, no electricity, etc.  I know because my dad purchased a house for his Mom and he and my brother and I rehabbed it (long before I heard that word).  My Dad at the age of ten did take care of himself and his sisters and Mom!  He went to college in an era where few blacks could attend.  He left college, without graduating to join World War I.  After the war he utilized the GI bill to get his BS and later his Masters degree. I NEVER EVER heard my Dad complain.  I had a great childhood thanks to my family and never understood Dad’s hardship until after he died.  He did not complain, he conquered whatever he set his mind to.  He was a man that did not let fear or complaining rule his life. You can to.  Ask your friend, wife, girlfriend (suggest not telling your wife about the girlfriend-that’s between us) whoever you can to remind you when you start whining and complaining.  Complaining solves absolutely nothing.  It definitely solves nothing when I complain to my wife!  {You know a little sympathy sometimes would be appreciated!}  So when you think your boss should be taken behind the building and boiled in tar, instead transfer to a better job.  Use LinkedIn and other websites to get away from your lousy boss.  Start your own business.

MAP YOUR DESTINATION, NOT MINE, NOT YOUR PARENTS!  {HECK BUY A CHEAP GPS}

So what is it your REALLY want to accomplish?  Not what are you settling for, but your dream accomplishments?  For my brother, who obtained a PhD in Toxicology (yeah I had to look up Toxicology when he first started school) and a VP for a major pharmaceutical company, his destination was to become a published author.  And he did.  He faced tons of obstacles, more than I even know.  He knocked, went around, kicked and did whatever he had to get around those obstacles and has published two books. {He’s my best friend and brother, so YES I am plugging his books!  The Pharm House: A Harding Family Story https://www.amazon.com/dp/B014I833S0/ref=cm_sw_r_cp_tai_XCYHCb702XR3H and

The Torch Is Passed: A Harding Family Story https://www.amazon.com/dp/B01AB3A3Z2/ref=cm_sw_r_cp_tai_cFYHCb317FBFE}

NEVER EVER LET ANYONE STEAL YOUR JOY!  GO FOR IT!

Recently I posted a picture taken in South Africa.  See below

A friend stated she hopes to go one day.  I responded:  Enjoy life while you are young.  Tomorrow is NOT promised.  I have been frugal all my life, but not at the expense of enjoying life.  But within reason.  I do not buy new cars because I refuse to buy something that expensive that loses 15% or more value the second I drive off the lot.  I do try and take my family on nice vacations so they can experience the wonders of this plant.  I have been blessed and because of my career I have worked in about 30 countries.  I have taken my family to several countries on vacation. The world is simply amazing.   Whatever brings you joy go after that.

FAILURE- A VERY TEMPORARY THING!

What emotion do you experience when you fail?  I tend to over analysis and cannot sleep for several nights.  Always thinking what if? It is healthy to allow yourself some time to feel the humiliation, embarrassment, anger, or WHAT THE FRUITCAKE emotions that come with buying penny stocks, receiving a negative performance evaluation, getting fired, and a long list more.  Allowing your emotions to exist helps you get beyond the failure faster.  The first time I did a real estate flip, we made a HUGE profit of < $2,000.  When you add our time, we were making less than $1 per hour.  I worked for a consulting firm that billed my time out at $5,000 per day.  So this rehab was a failure, but one that taught me several key lessons.

I mapped out what went wrong, and improved the next time. As you unearth the weak points that caused your failure, write those lessons learned down.  If you intend to repeat the process, create a checklist, system, or other formalized process to prevent making the same mistakes.  Stupidity is to keep doing the same thing over and over and failing.  I have been there and it is NOT fun!  Especially when losing YOUR HARD EARNED MONEY!  If necessary recruit the people you need to make things right.  Associate with people who make you a winner!

GET RID OF THE LOSERS!  RIGHT NOW!

Recently I was politely listening to some “Woe is me” people.  I excused myself and moved on as quickly as I could.  Strive to surround yourself with people who inspire you; people who want to help you become stronger and a success. Anyone who makes you feel uninspired and causes you to sit still is making you more like him or her.  Cut free of losers!  Life is WAY too short!

CONCLUSION

A few simple facts to keep in mind, majority of U.S. millionaires do not have a college degree.  So drop the education excuse.  Majority of millionaires make their money doing simple tasks that provide services or products that other people need.  I recently called a plumber twice in the last 30 days.  He charges $100 to drive into my driveway!  There are many services and products that people pay for (Plumbing Builders, Construction, Landscaping, Food, Entertainment, and many others).  Most of us cannot and never will be Bill Gates and Elon Musk, but WE CAN BECOME WEALTHY.  The above life lessons are not rocket science, but when you couple those lessons with financial literacy, competency, knowledge, etc, you can build YOUR wealth.  I never define what wealth is, YOU DO!

Let me know what you think or if you have other life learning’s you want to share

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DISCLAIMER

I am a proud nerd (my beautiful wife and daughter told me so) investment and finance blogger, with University Rutgers, MBA and Harvard University, Advanced Management education.

I started my first business at ~13 years of age.  I am a successful investor in equities and real estate and happy to share my personal finance and investment lessons learned with you.  I am NOT however, a licensed financial advisor.  Please do not construe my suggestions on this blog, as recommendations for your personal situation.  For individual finance advice please seek your own licensed CPA or financial advisors.

Staff Writer; Styron Powers

One may visit this brother over at; Powers Investments Management and also connect via LinkedIn; S. Powers.


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