association management

Are You A “Pre-Millionaire”?

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By Russell Riendeau, PhD and Jeannette Seibly

If you have no interest in becoming a millionaire, you can stop reading now. Continuing to read will make you uncomfortable. This is for business owners, executives, entrepreneurs and all people that want to influence change and secure a more vibrant financial life.

Have you been thinking about money lately? Do you talk about this topic with friends or family? How old are you? When were you planning to start preparing to become a millionaire? Do you have plans in place? Is your work and other life desires in alignment with who you are?

To qualify as a millionaire, means you have a net worth of at least a million dollars. Add up all the cash on hand, 401(K), Swiss bank accounts, mattress money, value of paid off cars, boats, planes, Harleys, big toys, equity in your home, resort property, cash value life insurance—the whole enchilada. Now, minus all your mortgages, car payments, credit card debit, school loans, loans to your brother-in-law, loans from your parents, bookies, timeshares at Disney, etc. If you are in the black by a million dollars—welcome to the Millionaires Club!

Every year, there are more millionaires being created than ever before. And not from inherited, “old money” or “East Coast Money” but money from smart work, patient investing, and pursuit of work that aligns with their real skills and goals in life. “Pursuit of a worthy goal,” Earl Nightingale once said, “was the most critical part of setting life goals.” You can dream or pursue a big goal, but if it’s not a worthy goal, if it doesn’t get you excited each day, the efforts required to support this financial objective will leave you exhausted.

Research shows:

  • Pre-millionaires are the kind of professionals that are aware of how to leverage money, how to protect themselves against excess debt for too long of a period of time. They learn and practice this art at age 19 and keep learning. (Remember, it’s never too late to get started, if the time is now!)
  • Pre-millionaires work smart, then hard. Simply working hard is not going to cut it today. We all know hard workers with no money in the bank. The smart ones hire coaches for themselves and don’t rely upon their employers to get ahead.
  • Pre-millionaires study and understand “delayed gratification” and why the pursuit of a goal carries simple and complex sacrifices that some people are not courageous or confident enough to stay true to. They have guts to do the right things now.
  • Pre-millionaires are fully aware of what kind of person they can and will become by devoting themselves to a worthy goal. These goals often include helping and supporting a worthy cause that is of service to others.
  • Pre-millionaires understand the time-value of money, compound averaging and disciplined savings. They understand it takes time for money to expand and for skills and patience to be learned. It can take 10, 20, 40 years to become a millionaire. It all depends on their work ethic, honesty with themselves, ability to be coach-able and the willingness to do it now.

What does a million of dollars of net worth create for you? A freedom to pursue other life interests, build a business, launch a special project, or simply become a beach bum – along with leverage, confidence and time to consider other life options. Money in the bank gives you choices that others don’t have. It takes courage to save money in a world that seduces you to spend, spend, and spend more than you have.

As you move forward in your career, in your business, in your on-going personal and professional development, here are a few things to constantly keep in mind if you want to accelerate yourself from Pre to Post-Millionaire status:

What’s your net worth today? Be honest with yourself and your analysis of your equity and savings to give you an accurate starting point.

  1. What day will you become a millionaire? Given your current income levels and your net worth, how many years will it take? Do the math now on your phone. Don’t despair if you’re over 45, you will simply need to accelerate the effort.
  2. What is your reason to become a millionaire? Do you have specific, worthy goals and motives to work smart and hard to achieve this status? Or, is it an inner desire and dream to live the “good life?”
  3. What will the money provide you? What will you do with the money? Are these in alignment with your inner values? If not, the conflict will win.
  4. What steps are required in your life starting now? Education? Self-awareness? Better job? Better vocabulary? Do you need to associate yourself with a different crowd of professionals you can learn from?
  5. Is your close circle of friends helping or hindering your goals of achieving wealth? Do they mock or ridicule you for setting high goals? Do they support you during failures as well as successes?
  6. Is your spouse or significant other in accord with your goals? If not, there will be trouble from day one.
  7. What skills will you need to acquire to earn the money you need to become a millionaire? What are the common traits you see in other wealthy people you know that you can emulate and transform to support you? Mimicking others will not get you ahead without clarity of who you are.
  8. What will you do if you don’t achieve your millionaire status in the time frame you set for yourself?
  9. What structures have you setup for yourself? Discipline is key. So is setting goals, saving money and learning how to be resourceful to get what you need and want.

To best utilize this article, write out your answers to every question in this piece. (Studies have shown that writing engages the brain, which engages the rest of you!) Make a copy and keep it where you will see it every day. If you do this, you will be in the top 1% of people who will commit to achieving their goals. Very likely, your first million dollars! Without a written goal and a good reason, you will be tempted and your energy will become scattered chasing shiny distractions that promise value, but don’t deliver on their promise.

About the authors:

Dr. Russ Riendeau is senior partner of East Wing Group, Inc. – a search firm specializing in management, marketing and sales executives. He’s a psychologist and author of 7 books on talent management and success in business. Dr. Riendeau has also taught at Northwestern University’s School of Continuing Studies and speaks nationally on peak performance. He can be reached at 847-381-0977 or russriendeau@gmail.com.

Jeannette Seibly has been an international business and executive coach for over 20 years, and is a published author. She has guided the creation of three millionaires. Are you the next one? She can be reached at http://SeibCo.com/contact to talk about what it will take for you to become a successful business owner, executive or entrepreneur.

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What does it take to become a courageous leader?

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    1. Break outside the constraints of how it’s been traditionally done – required to achieve amazing results.
    2. Build on everyone’s ideas — listen and listen some more.
    3. Provide unbeatable service to internal and external customers — each time.
    4. Express your thoughts and feelings responsibly — apologies work wonders.
    5. Manage your ethics and integrity – the impact can last forever.
    6. Oversee your projects for the human experience — not just the product creation and execution.
    7. Enjoy gratitude for everything and everyone – regardless of the circumstances.
    8. Being respected usually outlasts likeability — people’s feelings can be fickle.

Jeannette Seibly has been an international business coach for over 20 years. She has guided the creation of three millionaires. Are you the next one? http://SeibCo.com/contact

What Do You Allow to Stop You?

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You have goals, dreams, desires and wishes. Too often, you allow fears, doubts, lack of self-worth, and other circumstances to stop you! They get in the way of your commitments. You find excuses for not moving forward. Some people create black and white expectations of what must happen first. There are times these demands work, but usually they get in the way of seeing new ways to pursue your future. As a result, you are usually left feeling limited and your real potential is not fully realized.

What is stopping you from taking action? Take a few minutes. Create a list of your top five fears and write down the reasons why they are fears.

You could have the:

  • Desire for a promotion and your fear is leaving your current employer.
  • Goal to earn more money and you doubt your ability to find a better job.
  • Dream to live in a particular geographical area and you’ve never been there for fear of moving.

The challenge for many of you is that you are waiting until your children get older, or you no longer have to be a caregiver for others. So you use them as the excuse to not take action.

Regardless of the seemingly valid reason, create your list. Now, turn it around! What are the top five reasons it could work! Then, list ideas to bridge the gaps between now and achieving your results. Talk them over with a committed coach, friend or acquaintance to see where you are making it harder than it needs to be.

Jeannette Seibly has been an international business and executive coach for over 20 years. She has guided the creation of three millionaires. Are you the next one? http://SeibCo.com/contact

Why wait? Do It Now!

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Goals, dreams, desires and wishes. We all have them. They could be related to business, professional, personal, financial, spiritual, etc. Yet, we love to wait, talk about it and think some more before we do anything. Many times, after years of contemplating, we talk ourselves out of it!

Recently a friend let me know she had bought a RV. She’s in her 50’s and has wanted to travel for many years – however, her husband doesn’t like leaving home. Then, she shared with me her progress: the places she had scheduled to visit, notification to her employer of her last day and letting her husband know of her plans. She was excited and nervous. She would be travelling solo; however, she would continue the part-time retail business she had created during the past couple of years to earn money while on the road!

It reminded me of a time when my mother wanted to go to Hawaii. My dad didn’t. So, my mother finally purchased tickets for herself and a good friend. They went and had a great time. My dad never let my mother travel again without him!

We all have dreams that have been percolating for a long time. It took me years before I finally decided to move to Colorado from Michigan – I had been talking about it for years – I had setup my business so I could live anywhere – yet, it took time before I finally said, “yes.” I remember driving down Highway 69 and still contemplating turning around!  However, after I arrived, I noticed an inner confidence that naturally developed after making the move – it boded well for achieving my next set of goals.

So, whatever it is you’re thinking about doing … do it now!

Jeannette Seibly has been an international business coach for over 20 years. She has guided the creation of three millionaires. Are you the next one? http://SeibCo.com/contact

Self-Reliant Superstars – Slow Down!

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True future executives and budding entrepreneurs have a strong self-reliance and resourcefulness that many of their peers do not possess. Many times they will surpass their bosses in taking initiatives and achieving results!  They crave freedom to make their own mistakes, yet, ironically, are afraid of failure. In their quest to be able to say, “I did it myself,” they will ignore overt instructions from their bosses.

If you believe you are one of these future business leaders, slow down.

Before you rush forward, learn the skills that you will need for your next position! While you may focus on developing your technology, sales and financial savvy, the two places where most fast-rising-stars sabotage themselves is in people and project management.

Here are questions to get you started. Use them as a starting point for your executive development. Answer them yourself, and, then, ask (and listen) to your boss’s and coach’s input. A qualified 360-degree feedback assessment could also be very helpful.

How do you:

  • Motivate yourself when you become bored?
  • Listen and hear what your employees, customers and bosses are saying?
  • Correct mistakes?
  • Engage others when they are not on the same page?
  • Keep the team spirit alive when plans are not being followed?
  • Accept criticism?
  • Share the recognition and rewards?

Being a successful self-reliant superstar means others are willingly following you! Take the time now to learn how to work well with anyone, anywhere. For faster results, hire an external coach.

Jeannette Seibly has been an international business coach for over 20 years. She has guided the creation of three millionaires. Are you the next one? http://SeibCo.com/contact

Want to advance quickly?

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Learning how to work with bad bosses is a must. Recently I was talking with a fast-track employee. She loved her job, but, was bored. What was missing? She was shocked to learn she needed to take the initiative. Instead, she blamed her last two managers and referred to them as “bad bosses.” She felt this perception justified her lack of advancement.  And added, “Everyone else thinks they are bad too.” One of my clients had very similar circumstances; however, he ended up with a very different result. He hired me as his coach! His first assignment was to get on the same page with this “bad boss” by having a conversation face-to-face! He made the comment, “If I had known I needed to do this, I never would have hired you!” My response? “ Good thing. Because now you can have the upward mobility you’ve been craving!” He did the work. Received the praise and was slated for a huge promotion by the CEO! The truth is you will always work with and for others that you don’t like, and won’t do it your way. Labelling them “bad bosses” only hinders your advancement for the next job, promotion or pay increase. Jeannette Seibly has been an international business and executive coach for over 20 years. She has guided the creation of three millionaires. Are you the next one? http://SeibCo.com/contact

Fail Well for Success

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You’ve often heard the phrase, “Failure is not an option.” The truth is failure does happen and it does happen often. Particularly to people that who take risks, people that focus on expanding their opportunities, implementing bigger ideas, and following their own paths, not paths designed by others.

We’ve all done our best to avoid failure or minimize it – yet, it shows up over and over. Our inability or unwillingness to address these life lessons makes it harder for us to succeed. Every achievement has a story of what didn’t work behind it – unfortunately, media doesn’t often share those struggles and what was learned during the process.

As business leaders, it’s important to learn how to handle mistakes and learn from them. Trying to cover them up, deny they happened, blame others, or allow our confidence to wane are not good choices. There’s no magical way to deal with or get past failure. Each person needs to work through their challenges one day at a time.

Why do failures hang around? There are failures that simply happen (e.g., the economy) and failures we could have prevented (e.g., implementing quality control procedures). We’ve created stories to minimize their impact or excuses to justify why they happened. Emotionally we hang onto the sadness, guilt and negativity, while failing to forgive ourselves and forgive others. Often, we continue to indulge in bad habits or stay in situations that are not healthy. The key is to recognize a potential problem and resolve it proactively.

How can we learn from failure faster? Hire a trusted advisor who can help you clarify what worked and what didn’t work. Take time to acknowledge that things didn’t work out as expected. Many times the actual outcome does not match up with our perceptions of “what should have happened.”

How do we fail well for success?

  • Write down your thoughts and feelings when the incident(s) happens. Don’t share your private journal with anyone. The act of writing can be cathartic when you simply express your thoughts on paper without concerns for grammar, punctuation, and word choices.
  • Walk it out. It’s hard to be depressed when you’re in action.
  • Talk it out with a few select confidants – don’t go it alone. Be clear these conversations are not designed as pity sessions. Their purpose is to help you develop compassion and wisdom from your lesson(s) learned.Remember, there will be more opportunities to fail and succeed – life gives you lemons or lemonade – it’s your choice to work through the challenges or succumb when mistakes happen! The key is to fail well so that you’re not repeating the same life lessons.

 

Jeannette Seibly has been a business advisor and facilitator for over 20 years; she guides the creation of new solutions for business challenges. Learn more about these and other successful leadership techniques by visiting her blogs posts on: http://SeibCo.com and get your copy of, “5 Simple Steps to Improve Your Results (and Enjoy Being a Leader Again)” http://ow.ly/ysgYQ

Are your next leaders ready?

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Many companies today are starting to feel the squeeze of needing experienced leadership and looking for it in all the wrong places. It starts with vetting and onboarding your future leaders now and providing them the learning opportunities they need to build business acumen. (Read more on this topic is my eGuide “Companies and Executives Need to Vet and Onboard Each Other!” http://ow.ly/qYzMB)

Onboarding your leaders in new jobs require:

    • An inside mentor and outside business advisor (or executive coach)
    • Building upon strengths and providing opportunities to develop and grow
    • Developing initiative, resourcefulness, and an ability to work with and through others to achieve results through collaborative opportunities
    • Very importantly, coachability. Hiring know-it-alls will only limit their ability to grow, be promotable and your company’s ability to attract and retain top talent.

Use a strategic hiring process to ensure the candidate can do the job now and appears to have the objective ability to be promoted in the future. Qualified selection and coaching assessments along with qualified 360-degree feedback can make a significant difference in selecting and developing the right person, one with executive potential, regardless of past work experience. (http://SeibCo.com/assessments)  

When interviewing candidates for employment or promotions, drill down—most candidates are adept at telling you what you want to hear. Ask the right tough questions and listen to their responses and examples. Many times candidates truly believe they can handle job responsibilities and don’t take into consideration other life commitments, a different work culture, or different expectations required in the executive office. Devise a structure to ensure that if candidates fail, they aren’t automatically fired. You’ve invested a lot of time and money in employees’ success—simply restructure their upward movement in a lateral direction. (For additional insights in how to interview, get your copy of Hire Amazing Employees: Second Edition (http://BizSavvyHire.com)

Learning Opportunities Can Be Priceless

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As a leader, it’s important for you to be receptive to new ideas generated through collaboration between different work groups. They foster teamwork and can bring about cost-effective and competitive-edge systems, procedures, and off-the-wall solutions. Create a safe structure for employees to take their ideas and run them through the company’s business model – doing so enables employees to understand how business decisions are made.  Include budgetary and other market-driven concerns in their learning repertoire. Remember, some of these innovations will work and some won’t— it’s how you handle the debrief that will provide priceless learning opportunities and encouragement.

(c)Jeannette L. Seibly, 2013

You Are a Champion

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In many companies, employees are expected to “dummy down” and not share their accomplishments. Statistically women, more than men, have a very difficult time sharing their achievements, since most were taught as children that it’s impolite to brag. The result? Because employees don’t give voice to their successes, they don’t receive the promotions, pay increases, and business recognition deserved. Business owners don’t get the contract bids and industry reputation required to succeed because they don’t tout their accomplishments. There is an art to learning how to brag in a business-savvy manner. Get your copy of It’s Time to Brag! and complete the five simple exercises. Share your successes, and experience increased success. (http://TimeToBrag.com)

(c)Jeannette L. Seibly, 2013