Tag: growth

On competition and motivation

I hear people say all the time that you only should focus on “running your own race” and not worry about what anyone else is doing. I agree that you need to turn your attention inward to be happiest with your effort (and, if applied correctly, with your results).

BUT we’re human and most people thrive on competition among other similarly-skilled individuals. If you’re working out with someone or next to someone, you’re much more likely to push yourself a little more to keep up with or to beat that person.

Having intrinsic motivation will lead to better consistency (like getting out of bed and going to the gym when you don’t feel like it). External motivation will lead to better results (once you’ve gotten to the gym). So while you shouldn’t rely on always needing to have external motivation, it’s a nice way to enhance your results.

Money principle #1

Pay yourself first…make sure that you have automatic payments set up to invest in yourself. Ideally, you want this set up going to a low fee index fund. Time and compound interest will be your best friends. The earlier you can start regularly contributing to this fund, the better off you’ll be. The best part about having it automatically set up is that you don’t have to remember to keep investing every month. If you want to invest more, you can. But here, it’s basically like a subscription model (set it and forget it).

If you’re saving up for a specific purchase like a vacation, a new car, a house, etc, set up a separate account and automatically transfer money to that account. Have it set up for every paycheck. If you don’t “see the money” in your regular checking account then you’ll be far less likely to spend it. This will help you actually hit your saving goals and then you won’t have to use credit to purchase your consumer goods.

A hedgehog or a fox?

Are you a hedgehog or a fox? This is based on Stephen Covey’s writing…

While it is naturally appealing to be a fox (to be good at many things, but not world class in anything), should our goal be to become a hedgehog (be laser focused on mastering one thing, being world class at it, and benefitting from it)?

The idea here is to go deep in one particular subject. Read about it, write about it, talk with others who have already done it (mentors), talk with others who are on the same path (mastermind), listen to books and podcasts, and teach it (to those “behind” you on the path and to those who are not yet traveling on that path).

Learn even more by experiencing it yourself…You’ll make mistakes along the way, but as long as you take the time to figure out what went wrong (or what you think went wrong) and then get back up and try again – you’ll be better for it. In fact, some people think failing quickly and failing often is the key to success.

Because we are amateurs when we first set out to do anything, we don’t know what we don’t know. Nothing will ever be perfect and if we wait for perfection to get started then we’ll never get started. There is no perfect time. The “perfect” time to get started is right now…

If we do finally decide to take action, despite all of our preparation (aka procrastination), we will still make mistakes. So it’s best to get those mistakes out of the way and “fail” quickly! Because, in reality, it’s only a failure if you give up. Otherwise it’s only a bump in the road.

Go deep. Master one subject then try to expand to other related areas after you’ve truly grasped one. If you spread yourself too thin, you might be able to become a Jack of all trades and a master of none. But that will take a long time. If you focus on one (like a laser), you can “quickly” master it and move onto another subject if your heart desires.

Leadership and development

The way to develop the best that is in a person is by appreciation and encouragement.
“The way to develop the best that is in a person is by appreciation and encouragement.” – Charles Schwab

If you want to bring out the best in people, you must work on how you communicate with them. Here are some quick tips:

Be firm, but fair.

Be gracious.

When they do something good, reinforce that behavior by praising them for their effort.

Show your appreciation for them and provide encouragement.

Help them develop a growth mindset, not a fixed mindset.

If they haven’t done something right, it’s a learning experience, not a failure.

They can get to where we need them to be with the right attitude, practice, and learning from their mistakes (and the mistakes of others).

Occasionally, you may need to push them a little. People like their comfort zone. But if they want to reach their full potential, they will need to go outside of it.

Hold them accountable. If they say they’re going to do something, check in with them to make sure they’re on track to complete it. If they need help, you can help them brainstorm, but don’t just give them the answer. If you do this then they will always bring their problems to you and not try to think of solutions on their own.

Not all readers are leaders, but all leaders are readers

“Not all readers are leaders, but all leaders are readers.” – Harry Truman

Why do you think this is? Well, it’s because if you’re taking the time to read, you’re doing the following:

⁃ Working on self-improvement/learning…books are condensed versions of life lessons taught by others more experienced than yourself (or at least with different experiences than yourself). If you can read about someone else’s failures, you do not have to suffer that same hardship and can propel yourself to greater heights more quickly.

⁃ Making your mind work…a lazy mind will not go far in life. Reading is to the mind what exercise is to the body.

⁃ Dedicated enough to read when you could be doing something easier (like watching tv or napping). Those with enough dedication, determination, and will-power to do what they know will help take them to where they want to go are far more likely to succeed.

– NOT all readers are leaders partially because it also depends on what you’re reading. If you’re reading romance novels, that is less likely to translate to a position of leadership compared to if you’re reading a book on business, relationships, leadership, parenting, etc.