In my book “Wealth Magic” I explain the Key to Wealth – Knowledge Applied.
In my property book, “How You Could Build a $10Million Property Portfolio in Just Ten Years” I expand on the topic. Here is an extract for you. You can find more at Property Pay Day as well.
“They way I understood it was people are paid for what they know. The more you know the more you can earn. But not in a theoretical sense, because lots of people who know lots aren’t paid much or at least they don’t fulfil their potential. If you gain knowledge and have something to apply it to, and then actually apply it you can become wealthy.”
“Good. That’s a principle that has been talked about by successful and wealthy people since the beginning of time – the power of ideas. But there’s more to it than that isn’t there?”
“Yes, you told me that knowledge will protect me from being ripped off and that every problem that I have can be solved by gaining knowledge. I found a quote from Albert Einstein that illustrates what you were saying. He said, “The significant problems that we have today can not be solved at the same level of thinking we had when we created them.”
“Great, and what do you think he meant by that?”
“Well, I think he meant that all our problems were self created. That somehow we either made them up or at least contributed to them because of the way we think. I know that before I met you I had a lot of negativity. I still do I guess, but I know that negativity clouded my mind and limited my options. I thought I couldn’t achieve much. Even though I have managed to save money I didn’t think I could start investing because I didn’t know that I had enough. The new knowledge that Glenda gave me has actually solved my problem. I thought I didn’t have enough to start so I did nothing. Now that I know I can start I will.”
“Excellent, now you’re cottoning on. Once you understand the ‘Key to Wealth’ you start to experience its benefits. The first benefit is that knowledge applied solves problems.”
“So you mean every time I have a problem I just have to get more knowledge?”
“Yes, but remember, knowledge itself is only partially useful. It is always better to find somebody who has already solved the problem you have or a similar one and seek their knowledge. Remember, even though human kind is evolving rapidly the same issues and problems we face have been faced by many others, and some of them have found their own solution for them. People think they are alone. People think that they are the only person with the problem they have. This is why support groups are so popular. Because people are relieved that others share the same thing to overcome. The problem with support groups is when nobody there ahs actually solved the problem shared by everybody.
If you look at wealth creation there have been hundreds of books written on the topic. The more you read the more discerning you will become, and the less likely you are to be ripped off by the unscrupulous, unreliable or just plain incompetent. And there’s the second benefit of ‘The Key to Wealth’. Applied knowledge creates wisdom. And when you are wise you can become self guided.
Many people are trapped because they think they don’t know enough to get started so they seek out advisers. While some may be worthwhile many people have not actually done what is needed to be done to become successful. I’m sure you’ve heard the stories of the financial advisers who are having trouble making ends meet.
While all successful people have advisers, the person them selves is finally responsible for their actions and the only way they can judge what is good for them is through self guidance. Self guidance through wisdom creates a sense of security and self-esteem.
And when you have high self esteem you make good decisions and feel good about them.
Can you guess what the third benefit of the ‘Key to Wealth’ is?”
“I’m not sure, but since I met you and I have been reading and certainly since I met Glenda I am feeling much happier and more positive.”
“Excellent! And that’s the third benefit – Applied knowledge acts as a motivator. And unlike most motivation these days which is just hype, this motivation lasts. Applied Knowledge opens up a new future for you. And that future can be anything you want. I have found in my life that when I lack motivation I seek knowledge. Every time I learn something new that I can apply to my life I get a boost in motivation. This allows me to do more. When I actually apply that knowledge I get skill. This allows me to be more consistent. The more consistent I am the more successful I become. Real, internal motivation leads to success.”
“So let me check if I’ve got this right. The ‘Key to Wealth’ is ‘Knowledge Applied’. There are three benefits to the key:
- Applied knowledge solves all problems
- Applied knowledge creates wisdom which leads to self-guidance
- Applied knowledge motivates
Wow, I’m starting to understand how power the ‘Key to Wealth’ is. That means that as long as I can identify what’s wrong I can solve all my problems myself, AND build my self-esteem, AND motivate myself.”
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