9)         Persistence is the key:

I am re-telling this story from an earlier Blog, but it is worth-while because the point is so critical.

True story:

In 1942, three prospectors journeyed deep into the jungles of Venezuela in search of diamonds. Raphael their leader cut their way high into the mountains where he was confident high-quality diamonds could be found, based on assayer’s records.

Deep in the Amazon jungle, the men spent months digging and examining stones. After months, their supplies running low, their clothes in taters, their hands raw and their bodies aching and tired, they had not found a single diamond.

Raphael sat on a boulder and called the men to him. He held up a stone and said, “this will be the 999,999th stone I have examined and not one diamond. If I pick up one more stone, it will make 1 million stones I have held, but what’s the point? I am tired, I give up. I am going home.

One of his men said “Raphael, why not pick up just one more stone? Make it an even million, then we can go.” Raphael reached down into the dirt. “Alright … an even million”.  He picked up the last stone and held it up to his men. “An even million” he said.

As he was about to drop the stone he noticed a sparkle. He examined it, brushing away the mud and the clay, revealing a diamond.

This diamond in its raw state turned out to be the largest and purest diamond ever found in history, up to that point. Named the “Liberator Diamond” it weighed 155 carats in its rough state and after months of study was cut into four smaller near perfect stones. The largest sold for $200,000 in 1944 … $2,775,000 in today’s value. – – – – – Mark Twain said: “90% of success is just showing up”. Persistence is the key. Keep “suiting up” and “showing up” no matter what and it no longer becomes a matter of “if” you succeed … it simply becomes a matter of “when”!

Accountability requires that the goals you set and the path you map out to get there become as much a part of you as your hand or eye.  Faith in your journey and absolute commitment must be unwavering and tireless.  As a leader, your own persistence and refusal to throw in the towel is what will motivate your followers to achieve greatness. The bottom-line secret to success: Keep digging.  Keep picking up stones,  The diamond is there for the taking … if you believe that it is.

8)         Make a commitment

Marriage is a commitment. Marriage requires sacrifice, compromise, patience and tolerance … and marriage requires a written contract issued by an authority (a marriage license). But most people today don’t get married. Living together without the benefit of marriage is popular for a variety of reasons. There is no danger of alimony after a break-up. There is no danger of having your individual assets attacked if your partner does something stupid and gets sued. There is no danger of becoming liable for your partner’s tax liabilities.

But if you look at all of the reasons people don’t get married; they all point to a lack of commitment. They point to an easy exit when things go wrong. They point to a quick way to get un-tangled when times get tough. A marriage is a commitment requiring the taking and sharing of risks, and making that commitment holds one accountable for the welfare and success of the relationship.

This is not a blog about the virtues of marriage though. This is a blog about accountability.

The reasons that people don’t commit to a relationship are often the same reasons that stand in the way of financial success … lack of commitment. If you are sincere in your desire to become a Prince or Princess, commitment which drives accountability is an absolute must. In your business, investments and personal finances, there are going to be tough times. There are going to be times when you make bad decisions, things go wrong or people or circumstances simply refuse to cooperate.

I sat on a plane next to a young woman who is married to a high earner. Despite the fact that the family produced an income of about a half-million dollars per year, she was concerned about their financial future. I asked if they had a written household budget. She said, “why would we need a budget if we are making a half-million dollars per year”? I then asked if they had any savings. She said, “No … and that is what worries me. Why can’t we seem to save any money”? I asked: “When do you plan on writing up a budget”? For her, having a written budget represented a level of commitment to saving that she was not willing to make.  A written budget is like a contract with yourself and your partner.  So, I said: “You realize that things are not always going to be this way … sooner or later your husband’s runaway income is going to cool off and you are going to have tough times financially”. She replied, “Oh, that won’t happen to us …”. Even acknowledging that the future could be uncertain was a level of commitment that she was not willing to make. I worry for her. I worry for you … the economy is a runaway train right now. But remember, things are not always going to be this way.

Will you be committed to see things through and stay the course? Or will you look for the easy way out? Remember the blog about John Akwari? He made the commitment to finish the marathon and he did so, even though severely injured. Your race towards your Princely right is a marathon, not a sprint. Are you committed to finishing?  Write a contract with yourself.  Literally sit down and write a contract and sign as both parties agreeing that you are not going to quit when times get tough.  Keep it in a safe place and pull it out and read it when you need a push.

BTW … Interestingly, Thomas J. Stanley, Ph.D., whom I have quoted a number of times, reports in his work “The Millionaire Next Door” that almost 95% of American millionaires are married, and the vast majority of those have been married to the same person for their entire lives. Correlation? Of course! The ability to make a commitment and see it through.

7)         See yourself through another’s lens:

Self-image is important. Positive self-image can give us the confidence we need to take bold steps. Positive self-image allows us to deem ourselves worthy of receiving the rewards of our hard work. Self-image is often the measure by which we gauge our progress against our ideal. However, self-image can also lie to us.

I once went to a leadership seminar where the speaker told of a corporate executive she coached, who stood before his entire staff in a room, facing them squarely, feet spread apart, fists on his hips and a stern look on his face and he told his staff in a cold voice that they should come to him with any problems … that his door was always open. Was his self-image consistent with the image he projected to his audience? Was the reality a driver of success or fear?

Because our self-evaluation may lie to us, soliciting honest feedback from others and being willing to accept it without reprisal and meditate on it (and possibly make changes in ourselves) is a key to being accountable.

In our first Blog on accountability, we talked about being accountable to ourselves first. Here we have to acknowledge that a true leader is also accountable to his or her followers.

The true purpose of leadership is to enlarge one’s footprint on the world. To engage a team of followers that adopt your goals and agenda and push it forward because they believe in it. A team that is driven with the lash will never perform as well as a team that is driven by their desire to see your objectives succeed because they believe in them. Therefore, being accountable to those we expect to show faith in our leadership is an undeniable mandate. Those we lead must have faith that they will benefit by following our lead.

To accomplish this, we cannot be like the manager cited above. We cannot claim humility and approachability but project stern reprisal. We have to take the time to listen with a calm demeanor and sincerely consider the feedback we receive. Imagine a father is guiding his children and a mother takes him aside a suggests, based on her own intimate knowledge of the children, that another approach might be better. The father who sincerely wants his children to learn and grow and become independent and successful adults will seriously consider the observations of his wife. Isn’t that what all good leaders want? For their followers to grow and mature to the point where they themselves become good leaders in the cause, thereby increasing the footprint of the cause exponentially?

Seek out those “qualified” who can be trusted to give honest and frank feedback and encourage them to do so (i.e.: a father would not solicit feedback on where the family is to live from a five-year-old who cannot comprehend the big picture, but he might from an older teenage child). Create an atmosphere of trust with that inner-circle of advisors by acknowledging critique when doing so makes sense. Get the advisor to take ownership of their criticism by participating in creating the solution and teach leadership skills by putting that advisor in charge of implementing the solution, because it is equally important to our follower’s growth to understand that the freedom associated with offering criticism is accompanied by responsibility. After all, the fathers of the American Revolution did not write the “Declaration of Grievances” … they wrote the “Declaration of Independence” and took responsibility by creating the solution of Democracy.

6)         “Audentes Fortuna Iuvat” (Latin: “Fortune Favors the Bold”)

Another translation of this expression is “Fortune Favors the Brave”. Boldness, bravery and courage are the fruitage of accountability. They do not precede accountability, they are a result of accountability. Why do I say this?

There is another expression that I love: “Courage is not the absence of fear, but rather the determination that something else is more important than fear”. Several people are accredited with that quote, but whomever said that, the message stays the same. Courage is the result of a decision. Courage, boldness, bravery, do not happen spontaneously, they are a by-product of a conscious decision that something else is more important than giving in to fear or the possible injury that might be experienced by some action. Making this decision requires that we each make an honest and thorough accounting of ourselves and identify our “one thing” (see “Prince or Pauper – Think like the rich” … Chapter 6). Having identified that “one thing”, all other actions and decisions are simply a reflection of our commitment to ourselves that our “one thing” is more important than all other things … including fear. Having identified our “one thing”, we write a check to ourselves for that “one thing” and every action is a movement towards cashing that check. Our “one thing” holds us accountable. Our “one thing” demands bold moves, courage and decisive action. If our “one thing” is financial independence, freedom, world travel, celebrity, or whatever else is most important to you, the risk of making bold moves is justified by the prospect of success. Identifying that “one thing” and making the conscious decision to pursue it despite any risk also results in supreme self-confidence.

Example:         Alexander the Great was sent out by his father to wage a battle at the age of 19. The opposing forces outnumbered the Macedonian troops by a margin of 3 to 1. Alexander had long before made the decision that his destiny demanded bold and courageous action. As Alexander proceeded to evolve a battle plan, a long-time advisor to his father and accomplished General named Parmenio interrupted his work. Parmenio reviewed the odds with the young and inexperienced Alexander and said “I would not take this risk if I were Alexander”. Alexander replied, “nor would I, were I Parmenio”, in effect saying “you might fail, but you are not me”. Alexander’s single-minded determination demanded bold action to reach his goal. Arrogance? Perhaps, but the results speak for themselves. Alexander became one of the greatest world rulers in history.

If it is your determination to become a Prince or Princess, remember … fortune favors the bold.

5)         Keep your eye on the ball:

The road to success is almost never straight. There are twists and turns that could trip you up and there are side streets that will appear to be either shortcuts or possibly easier paths to take. Being accountable means keeping your goals in your sights, breaking through or going around obstacles and not deviating from the path you have laid out for yourself to achieve your station as a Prince or Princess. I discuss these principles at length in both “Prince or Pauper” series books.

First let’s talk about obstacles and pitfalls. In “Prince or Pauper – Prepare for the road ahead”, I discuss a principles that I have learned from my participation in motorcycle racing.  They are called “Looking through the Curve” and its opposite counterpart, “Target Fixation”. Since less than 3% of Americans own motorcycles and far fewer race motorcycles … this will take a brief explanation.

Looking through the curve means that as you race along the course of life, you don’t look at what is immediately ahead of you … instead you look at the end goal, or possibly an interim goal that is still in the distance. You are aware of the curves and obstacles in your periphery, but your focus is on the goal. If you look just in front of you, you cannot see disaster in time to avoid it. If you look just in front of your current position, you do not have enough information to make strategic decisions that will ultimately lead to success. Don’t be overly worried about today’s challenge. If your eye is on the ball, your instincts will bring your bat up to meet it. If your eye is on the finish line, you will instinctively make decisions and your brain will send messages to your limbs to make the proper adjustments to get through the curve as quickly as possible. The same principle is at work in “Target Fixation”. Only Target Fixation means you come around a curve and see an obstacle, possibly another rider who has crashed, and become so fixated on disaster that you steer right towards it like a moth to a flame. You have taken your eye off the ball … off the finish line … and disaster rises up to meet you like a tsunami. Accountability requires the Prince to have acute focus and self-discipline to reach for the goal.

The second component of this principle is your “One Thing”. In “Prince or Pauper – Think like the Rich” I discuss the critical importance of identifying and staying true to your “One Thing”. Your One Thing is the thing around which all other things revolve. It is the central paradigm around which you make all decisions. Just as there are curves and pitfalls along your road, there are also side streets, apparent short cuts and shiny objects meant to distract you. This world and our economy are completely based on distracting people from doing what is in their own best interests … convincing people to purchase things they don’t need, buy on credit, live beyond your means. Being true to your one thing means basing every decision you make around how that course will affect your ability to achieve your one thing … not getting distracted.

All of the above absolutely DEMANDS self-discipline. Accountability demands self-discipline … unwavering focus.

4) Freedom is not free. Neither is success.

Accountability means acknowledging the cost and being willing to pay it. Lot’s of people want wealth and success, but by far the majority of people do not want to pay the price. I work with a man who decided to start a business in an attempt to take control of his future. He made the investment in the equipment and truck to operate the business, but he would not quit his day job to ensure the business had the oversight and attention it required to get off the ground. Eventually, he had to fold the business and take a loss on the equipment resale. As a result of the loss, he has ever since been afraid to make the same “mistake” and continues works at a job he does not like and complain that he will never be able to retire.

Two things here:

1 – Think of how many times on Shark Tank there is a pitch from an entrepreneur for a product or invention that the sharks like, but the presenter won’t quit his day job to ensure the success of the business. The sharks are all “out”. They demand 100% of the attention of the entrepreneur if they are going to put their money into something. They demand that the presenter must be willing to “pay the price” of success by risking failure.

2 – Robert Kiyosaki writes at some length in the “Rich Dad” series of book about the fact that most people are more afraid of losing than they are motivated to win. He points out that mistakes (such as the one my associate above made) are not a bad thing, they are in fact a good thing. Once you make a painful mistake, you are very unlikely to make the same mistake again. So, when a plan fails, don’t shrink back into a hole in the ground, understand that one way or another, everyone pays for their education. Some education comes from books, and some comes from experience. A failure is just one step closer to a win.

Everything comes at a cost, whether in time, resources, money or experience. The ONLY price you should not be willing to pay is your health. When you want success enough to pay the price, then and only then will it be within your reach.

3) Accountability means being “All-In”.

Being “All-In” means that you are not “dabbling” in your efforts to become wealthy. You are not “Toe-dipping”, ready to pull out at the slightest discomfort. Being “All-In” means not finishing is not an option.

True story: In the 1968 summer Olympics, held in Mexico City, Tanzanian runner John Akhwari experienced what most would consider a crippling series of events during the running of the Marathon. Early in the race he cramped up due to the high altitude. At about the 19 km mark, in a pack of runners jockeying for position, John was hit and went down. He dislocated his knee (that’s right, dislocated a knee during a running race) and severely injured his shoulder. 18 other runners did not finish the race due to the high altitude, but John continued to run, despite both the altitude and his terrible injuries. He crossed the finish line one hour and five minutes after the winner … but he crossed the finish line.

When asked why he continued to run after receiving such crippling injuries, John said, “My Country did not send me 9,000 miles to start a race, they sent me 9,000 miles to finish a race”. While he did not win (he came in last), today, fifty years later, no one talks about who won the race, they talk about the determination and heroism of John Akhwari, the last place finisher.

Being All-In means that not finishing is not an option. To be clear, we are not saying that a failing business that was a bad idea in the first place should be kept open at all costs and ruin your family’s future.  (I can hear Kevin O’Leary saying “take it out back and shoot it”)  A business that does not work out may be the injured shoulder. An investment that goes bad may be the cramping due to altitude. A bankruptcy may be your dislocated knee. But, don’t give up on your life. We are talking about your personal finish. We are talking about your quest to become a Prince or Princess. This journey may take you many places and through many ideas or business endeavors to realize your goal. If you are “All-In” you will continue running and eventually reach the finish line.

“Accountability” – 10 Steps to Success (#2):

2) Never take “NO” for an answer:

I used to think that I am not very creative. I do not play an instrument well. I do not draw, paint or sculpt well. I definitely cannot act. I am not what most people would consider an “artist” in any mainstream form.

But the truth is, my canvas is a business plan. My chunk of granite is a financial obstacle that would crush most people, but which makes me get up an hour earlier every morning to “work the problem”. My symphony is the hum of hundreds of people working to execute a vision that I have impressed upon them for the sake of a client. And while I may not be able to act … I sure as hell can direct. In truth … I am very creative.

As a Prince or Princess, your path to success and happiness will be littered with obstacles, some of which may seem overwhelming. Will you let them shut you down? Or, will you rise to the challenge and become creative to find a “work-around”, a “way through”, or simply break down the walls (or glass ceiling)?

I remember exactly where I was and what I was doing on the day the Berlin Wall was torn down by people who would not take “No” for an answer. It took them 40-years … but the oppressed and displaced people or East Germany (and the Soviet Union in general) found a way to achieve their dreams. They wanted freedom, prosperity and the opportunity to control their own destiny and they over-threw a political super-power to get there! Eventually, they did not just over-run their oppressors … they convinced their one-time enemies to come over to their side and became unified as a people.

When you have identified your “One Thing” (see Prince or Pauper – Book 1: Chapter 6), and you make the conscious decision that nothing and no one is going to stand in the way of you achieving your goal of becoming a Prince, you will find a way to reach your goal. You will “create” a business plan that gets you there. You will “convince” the bank to loan you the money. You will be “all in” and take the leap of faith, quit your job, do whatever it takes, to realize your potential. There will be “no excuses” for quitting. You will have become “accountable” to yourself.

Determination and the refusal to take “no” for an answer will drive you to be creative in ways you may never have thought yourself capable of. Your life depends on it.

Accountability: 10 steps to success

There are many valuable traits we need to cultivate to be successful leaders, but first and foremost is: Personal accountability.

Feeling victimized by shortcomings and circumstances, many people believe they cannot possibly change their lot in life or that they must rely on someone else to do it for them. They spend their entire lives waiting for a “break” instead of creating their own opportunities.

While running several Facebook ads, I received a few of angry comments from people out there who insist that the only way to become wealthy is to inherit money. That is dangerous and false thinking that absolutely must be smashed. It is also a bold-faced lie. The fact is that 85% of today’s millionaires are “first generation” millionaires and almost 90% of inherited family wealth is gone by the 3rd generation. The VAST majority of wealthy people did NOT inherit their wealth.

Don’t let your circumstances define who you are and what you do. You are not a “victim”. Take charge of shaping your own circumstances, and with the right attitude, good things will start to happen for you. In fact, chapter 14 of our first book “Think like the rich and beat the system that’s rigged to create a peasant class” examines the work of Dr. Richard Wiseman who has documented proof that people with a positive attitude are “lucky” in that they see and take advantage of opportunities that others either don’t see or see as obstacles.

Let’s examine 10 steps to improve our personal accountability:

1) Redefine accountability. 

Does the mere mention of the word accountability make you shudder? To many, the definition of “accountability” means having to report to others, to explain oneself or justify one’s actions, but the real definition of accountability is to measure oneself against a goal.

Even while reporting may be a component of being accountable, it should not be seen as a negative. The fact is, we all have to report to someone, even if it is to Uncle Sam come tax return time. If we are entrepreneurs, reporting may be required to our investors, shareholders, etc. But the most important reporting we do should be the reports we give to ourselves, our score-card on how we are doing against the goals we have set for ourselves. One form of this is having a written household budget. A Gallop poll shows that less than 30% of households have a written budget. Why? Because writing your budget down means you have to report to yourself. You hold yourself accountable (or maybe your spouse does).

The truth is, being held accountable is the very first step in becoming a success. If you are serious about becoming a Prince instead of a Pauper, start by measuring your progress and holding yourself accountable.

The invaluable quality of “Persistence” can make the difference between being a Prince or a Pauper:

True story:

In 1942, three prospectors journeyed deep into the jungles of Venezuela in search of diamonds. Raphael their leader cut their way high into the mountains where he was confident high quality diamonds could be found, based on assayer’s records.

Deep in the Amazon jungle, the men spent months digging and examining stones. After months, their supplies running low, their clothes in taters, their hands raw and their bodies aching and tired, they had not found a single diamond.

Raphael sat on a boulder and called the men to him. He held up a stone and said, “this will be the 999,999th stone I have examined and not one diamond. If I pick up one more stone it will make 1 million stones I have held, but what’s the point? I am tired, I give up. I am going home.

One of his men said “Raphael, why not pick up just one more stone? Make it an even million, then we can go.” Raphael reached down into the dirt. “Alright .. an even million”.  He picked up the last stone and held it up to his men. “An even million” he said.

As he was abouth to drop the stone he noticed a sparkle. He examined it, brushing away the mud and the clay, revealing a diamond.

This diamond in its raw state turned out to be the largest and purest diamond ever found in history, up to that point. Named the “Liberator Diamond” it weighed 155 carats in its rough state and after months of study was cut into four smaller near perfect stones. The largest sold for $200,000 in 1944 … $2,775,000 in today’s value.
– – – – –
Mark Twain said: “90% of success is just showing up”. Persistence is the key. Keep “suiting up” and “showing up” no matter what and it no longer becomes a matter of “if” you succeed … it simply becomes a matter of “when”!