Today’s success tip comes from Pat Mesiti.

Pat has spoken at some of the largest conferences in the world and his books and materials have sold over two million copies. He is a highly effective communicator, and most notably, an income acceleration coach.

What is a millionaire mind-set?

A millionaire mind-set is not about dollars. Prosperity is not about an abundance of stuff, it’s a way of living, a mind-set we create. Similarly, poverty is not the lack of stuff, it’s the mind-set around it. Let me give you an example. I’m involved in an organisation that looks after 5,000 children in Uganda - we feed, educate and clothe them. Those children take nothing and turn it into something.

I actually tell people that if they were given more, they would probably do far less because they don’t think broke - they don’t even know that they’re broke. They know that something is not right but they take what they’ve got, they turn it into something and they are not broke in their thinking. A millionaire mind-set is thinking prosperously - like having a generous eye. Where can I be generous to people?

Prosperous people play the money game to win. Broke people play the game not to lose. The millionaire mind-set says, ‘People are the reason I prosper’. The broke mind-set says, ‘People are the reason that I don’t prosper’. The millionaire mind-set says, ‘I’m in this for what I can contribute’. The broke says, ‘I’m in this for what I can get’.

I am constantly amazed in my role as a coach and as a speaker when the first thing people who are applying for a job ask is, ‘How much will I be getting paid? What are my benefits? When can I take my holidays? What are the hours?’ They haven’t even worked five minutes yet - their mentality is so wrong.

So, it’s really about getting people to think differently, to think prosperously and to get rid of the viruses they have. For example, why do we refer to people as an ‘Aussie Battler’, when they really aren’t?

Yes, we’ve had some struggles but we are not battlers, we are achievers, and if you look at our history as Australians we are a very prosperous and wealthy nation. I actually think the average ‘Aussie Battler’ is really the average ‘Aussie Whinger’, complaining about what they don’t have rather than being grateful for what they do have.
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Today’s success tip comes from Bakous Makari.

In 1997, Bakous started Makari & AMP; Co, a business founded on the principle of “We See Opportunities, You See Results”. In the last few years he has helped his clients save millions of dollars in tax. His work has attracted the attention of Jay Abraham, who has actively endorsed Bakous’s wealth creation service.

What do you think holds businesses back from maximising profits and achieving their full potential?

Inadequate cash flow. Many people are amazed to know that most businesses that fail are actually profitable. Unfortunately, the business owner becomes so focused on trying to do the best that he or she can that they lose sight of the cash that is coming into and going out of the business.

As a result they get caught in a cash flow squeeze, where they’re not getting enough money in time to satisfy creditors who are demanding payment. So frequently, the result is that they get wound up. This to me is one of the great tragedies of small business in Australia and all around the world.

Inadequate systems. Many people believe that having strong systems will stultify their business and hamper creativity. That is just not true. Systems make the routine, day-to-day running of the business so much easier.
Businesses without systems are disorganised - they spend a lot of time looking for things, losing things, and re-creating things because no one remembers when things were done before. As a result, they not only waste time but also drive up their costs. 

Limiting beliefs. This is probably the most important thing that holds businesses back. These beliefs can manifest into reality for people who think they will not be able to handle more than one or two employees, or manage any more growth, or be able to cope with competition from larger players.

There are many stories in the world about small businesses that have grown to be great businesses, successfully operating in the most competitive marketplaces because the owners truly believed in themselves and what their business stood for.
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Today’s success tip comes from Daniel Kertcher.

In 1998 Daniel became fascinated with the stock market and went on to develop a multi-million dollar trading account. Today, he is a teacher and educator having helped 70,000 people across 22 countries.

How do you think the stock market compares to other investment vehicles such as business or property?

I believe that the stock market is the single greatest business concept in the world today. I approach my trading in the stock market as a business. If you use the analogy of a store - you buy your stock at a wholesale price and sell it on at a retail price - in essence, that is what we are doing in the stock market. We are buying stock at a certain price and selling it on at a (hopefully) higher price. The benefit over other businesses is that we can trade the stock market with $1,000, $100,000, $1 million or more. There is really no limit to what we can do.

What’s more, there are strategies in the stock market which allow us to make profits in rising, falling or even sideways markets! So trading the stock market is a much more versatile investment arena than traditional businesses, or even real estate.

To be successful in a traditional business you have to have a good product, excellent marketing, and a competitive price, while also being a master of many different business skills such as leadership, management and finance - there are a lot of things you need to be good at in order to be successful. All you have to do to be successful in the stock market is spend time becoming educated on how the market works and how to protect your capital, and then start gaining experience. Start investing with a small amount of capital and build that up as you become more confident in your trading.

In the property market you only really make money when the market rises. You need a substantial amount of capital to get into the market, the rental income may not always cover the mortgage, and you may have an ongoing cash shortfall. If you want to sell your property it may take months for the property to settle and for you to gain access to the cash from the sale. In the stock market, you can close out all of your positions and have all of your cash back in as little as two business days! 

What’s more, the commissions and expenses for running property are huge compared to trading similar amounts of money in the stock market. The sale of a property worth $500,000 would cost tens of thousands of dollars in commission, not to mention the stamp duty upon purchase, rates, land taxes and so on. In the stock market, you can buy or sell a parcel of shares worth $500,000 and pay as little as $625.00.

There are advantages and disadvantages in the business and property markets; however I believe the overall advantages of the stock market far outweigh the risks and rewards of business or real estate.
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