Tuesday, January 27, 2015

Solutions to Income Inequality

Solutions to Income Inequality

Learn how to become a victor, not a victim of your circumstances.

We often hear and read about the increasing gap between the incomes from those that have and those that have not. Today we will take a look at what you can do to change the direction you are going and start moving towards one of those that have. I am sure you have heard before, we all do the work of a millionaire in our lifetimes, so we might as well learn how to become one. How come then some have fruits on their trees and others don’t? In the subsequent 7 days we will drill into each of the 7 areas to help you understand what it takes to be a person of value, having results from the work that you do, providing and making the lives of others better.

1.    The right education. The traditional education, based on credentials, developed during the industrial age, is fast losing its edge. The self-education, a principle based education or a classical education as known a century ago and some still today, is the right education for any economic era, is ideal for the times we are living in. In the information age, the cost of a self-education pales in comparison with a traditional education. One of the keys to get the most of a self-education is to have a coach or a mentor that has done what you are about to do. This is absolutely critical to success, no matter what endeavor we pursue.

2.    Business ownership. The traditional education focused on training individuals to get out of school and get a job, become an employee. The self-education focuses on life education to equip the individual to take full responsibility for life and/or business ownership. There are many advantages of owning a business. What used to be a safe bet in the industrial age, get a secure job with a big corporation, is not the safe thing to do today. Security today is found in getting a real education while building a business.

3.    Entrepreneurship. No matter what we do, where we work, we better think and behave as entrepreneurs if we want a shot at prosperity. Constant change and improvement is a must. Personal growth is NOT optional. Entrepreneurs take full responsibility for their futures developing persistence, ingenuity, tenacity, creativity, and becoming innovative so they can often release new version of themselves.

4.    Financial education. Having a solid financial education is a must no matter what line of work we are in. It does not matter where the money starts, it matters where the money ends. When we trade time for money we will never have both. We must take full control of our personal finances if we want a shot at living an abundant life. The haves not often violate the basic principles of personal finance and are ignorant about the basic rules of money. The haves learned how to invest time and money where the haves not keep on spending their time and money. True financial security is not developed until we develop income from business systems. Applying the three overriding principles of wealth creation (long term thinking, delayed gratification, and the power of compounding) is paramount to financial success.

5.    Success thinking. Our thinking determines where we end up in life. Faulty thinking often leads to a victim or a dependent mentality. Most of adults today are product of the industrial age thinking. New thinking is required to succeed in a new age. We cannot take our old selves into a bright new future. We must learn from the past, live fully in the present, and lead ourselves and others into a better future. Success thinking starts with defining what we want out of life, learning from those that have what we want, and under guidance, applying a proven process to produce the results we want. Using our imagination is critical to success into the future. Learning the art of things is more important than the science of thing. Proper thinking and mastery of relationship, friendships, and salesmanship; yes, salesmanship is the basis for having results in life.

6.    Leadership. Leaders know their purpose and have a clear vision for where they are going. How can we hit a target we don’t have? We don’t lack potential, we don’t lack talent; we lack faith. Truly successful people believe before they see; they see before they do; they do to improve, and they improve to succeed. Who is willing to take the time to detect their purpose, develop the vision, and be willing to stick to a proven process until they succeed? Very few and that is why so many never succeed. The hardest thing in life is to explain the lack of results. The haves not often quit and blame others for their lack of results. Leaders become masters at achieving results, develop powerful relationship, and are constantly working on their character. Leadership is a choice; it is not given, it is taken. Become a true leader and you will have more fruit on your tree than the branches can hold. Become a pro instead of just dabbling as an amateur. Be a jack of all trades and a master of one. Be a finisher in a world of starters and quitters.

7.    Gratitude and generosity. Be a giver in a world of takers. Many haves not had opportunities presented to them and they either rejected or did not see the opportunity. The future will always belong to the givers. Generosity is a common trait of successful people. Abundance thinking leads us to a multiplier mentality instead of a subtraction mindset. We are all hit with things that can knock us down. The haves get up, knock the dust, and keep on going towards their vision; the haves not become victims of their own circumstances. There is no time to waste when we are in the pursuit of great dreams. Whatever we send out into the world we get it back multiplied, either for the good or the bad; it is always our choice.

Thank you for reading and reflecting on today’s nuggets. Share them with others.   
We make a living by what we get; we make a life by what we give. Be a giver in a world of takers.

Be blessed and be a blessing to others.
Carlos Fontana, President of Phalanx
Co-author of the book Follow to Lead (The 7 Principles to Being a Great Follower)

Author of the book PRICELESS (Sixty-Six Simple Stories of Reflection, Love, and Legacy

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