4. Master a formula and then learn a new one: the power of learning quickly
In order to make bread, every baker follows a recipe, even if it’s only held in their head.
The same is true for making money.
Most of us have heard the saying, “You are what you eat.” I have a different slant. I say,
“You become what you study.” In other words, be careful what you learn, because your mind
is so powerful that you become what you put in your head. For example, if you study
cooking, you then tend to cook. If you don’t want to be a cook anymore, then you need to
study something else.
When it comes to money, the masses generally have one basic formula they learned in school
and it’s this: Work for money. The predominant formula I see in the world is that every day
millions of people get up, go to work, earn money, pay bills, balance checkbooks, buy some
mutual funds, and go back to work. That is the basic formula, or recipe.
If you’re tired of what you’re doing, or you’re not making enough, it’s simply a case of
changing the formula via which you make money.
Years ago, when I was 26, I took a weekend class called “How to Buy Real Estate
Foreclosures.” I learned a formula. The next trick was to have the discipline to actually put
into action what I had learned. That is where most people stop. For three years, while
working for Xerox, I spent my spare time learning to master the art of buying foreclosures.
I’ve made several million dollars using that formula.
So after I mastered that formula, I went in search of other formulas. For many of the classes,
I did not directly use the information I learned, but I always learned something new.
I have attended classes designed for derivative traders, commodity option traders, and
chaologists. I was way out of my league, being in a room full of people with doctorates in
nuclear physics and space science. Yet, I learned a lot that made my stock and real estate
investing more meaningful and lucrative.
Most junior colleges and community colleges have classes on financial planning and buying
traditional investments. They are good places to start, but I always search for a faster
formula. That is why, on a fairly regular basis, I make more in a day than many people will
make in their lifetime.
Another side note: In today’s fast-changing world, it’s not so much what you know anymore
that counts, because often what you know is old. It is how fast you learn. That skill is
priceless. It’s priceless in finding faster formulas—recipes, if you will—for making dough.
Working hard for money is an old formula born in the day of cavemen.
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