C02 - Money Impossible
Jill asked Jack, "What day is today?" Jack sheepishly grinned and said, "Well, I don't know. You got me." Jill looked at the newspaper in his hands and said, "Why don't you look at it and tell me?" Jack said apologetically, "I'm sorry, Jill, it won't help us a bit. It's yesterday's newspaper."
I heard this old joke in a radio program. Though most of us are not as ignorant as Jack in finding out what day is today, we do have Jack in us when it comes to making money. Even the simple thought of self-employment sends shivers through our otherwise strong spines despite the fact that we need money badly for everything and we know we have to be on our own to make money.
All your worries about risk, challenges and other obstacles are real and genuine. The author too has many thoughts and concerns about his own life. He perfectly understands your difficulties and feelings.
When you start making money, all these and other myths will be automatically cured by the sheer power of your knowledge that you too can earn.
Many of the problems are associated with the habitual way of our thinking, feeling and doing. Experts call it Conditioned Existence. Don't you think they should have called it Pathetic Existence?
The moment you decondition your mind, emotion and action, you will see that every achievement in your life becomes child's play.
Deconditioning means emancipating yourself from the clutches of habits.
It is easy and fun to decondition your conditioned mind using some mental methods.
Once you know the mental methods, it is possible to cure yourself of mental, emotional and physical habits using these mental methods, because the mind, the experts assert, has the power to influence and overrule emotion and action.
The purpose of the book is to enable you to make money with what you already have and not to reverse your personality. So, the book will tell you of one or two mental methods that can cure you of your negative thoughts and poverty habits later in this book.
You can easily find many great sources of helpful information on internet. Every positive thing can be acquired and every negative thing can be driven away, if you really want to. But, you must want it and you must do it.
Money Myth #01
Businessmen Are Born
All of us, without an exception, are born with at least one positive, saleable, marketable trait, skill or quality that can help us make money. Thus, we are all born business persons. We are not aware of our potential. That's our only problem. Other than this fact, no one is a born entrepreneur. It is true that certain innate qualities help you achieve results quickly and overcome obstacles easily. However, anything can be acquired if you really want to have it.
What matters is your willingness to work hard to acquire the success qualities. So long as one is unwilling to learn, one will have to resort to this excuse. Ken knows, you don't belong to that negative category.
Money Myth #02
I'm not after money
Fortunately, most of us don't belong to this category. All of us need money. Even if you don't, your family certainly needs it. There is a great difference between trying harder to earn more money and desiring harder to possess more money. However, some people try to mask their imaginary inability and real laziness with such funny statements. They try to deceive themselves and the world with the monologue, "I am not after money."
Next time someone tells you that he does not like making money, just keep away from that negative person. That will do immense good to you.
No-Money Movement
A bankrupt businessman truly believed that money is the root cause of all problems. So, he joined a new order, No-Money Movement, taught by a new philosopher. The bankrupt fellow worked hard to make this wonderful idea popular. After a month, the philosopher called for an emergency meeting of volunteers. He delivered an inspiring speech for hours and finally said, "Our idea must reach all the corners of the world. We have big plans to expand. I request all of you to find as much money as possible immediately."
Money Myth #03
Limited Resources
You can earn money, no matter what your present circumstances are. Do you think you will never be financially independent because your limited resources allow you to earn only a couple of thousands?
Or, do you think the opportunity is too small? Well, that's the perfect way to begin to build your prosperity.
When you drive a car, you can't start at the speed of 100 km/hr. If you try, the car will never start. You have to roll the wheels slowly, change the gears one by one and then gain top speed. Can you run at top speed and cover a long distance? If you try to run at top speed, you will not last for long. You begin to run slowly. When the body tunes to that speed, you increase the speed step by step.
So, your low beginning is the perfect way to start. In fact, having limited resources is a blessing. You will be forced to use your creativity and learn to develop innovative methods for maximum utilization of limited resources. That knowledge will give you superb control over future resources that you'll receive in floods.
Fantastic Growth
The worried accountant told a big businessman, "We are in trouble. We owe the bank 10 million dollars." The boss laughed. The accountant was upset and asked the elder angrily, "What is so funny about it?" The businessman replied with a smile, "Do you remember the day when we were not able to borrow $1000? In the past 15 years, we have grown beyond imagination. I am happy." After a pause, he made this humorous remark, "If you owe $1000, it's your problem. If you owe $10 million, it's bank's problem."
Money Myth #04
I'm Nothing
Do you feel you are nothing to do any constructive work and earn money?
Your grandfather threw an almost invisible seed out of the window into your garden years ago. Now, there stands a big tree. The power of the seed is nothing. Computer knows only two things, 0 and 1. People manipulate these two simple things to create complex software and send rockets to Mars. The power of two simple numbers is nothing. Recently, Ken saw the childhood photograph of Bill Gates on a website. At the age of three, he was thin, small, weak and fragile. This dreamy child is the richest man in the world. The power of the child is nothing.
You're nothing. Therefore you can earn millions, grow like a big tree and fly in the sky. Nothing can stop your growth because, you see, you're nothing.
Mr. Nothing
Murugan came from Ramnad to Chennai to work in a grocery shop. He knew nothing except packing groceries in old newspapers. After a few years, Vel, his employer, decided to go to Singapore and settle down there. He liked Murugan so much that he gave the shop as a gift and went to Singapore.
Vel returned to India after four months as he could not get visa. He did not have any income. Murugan gave back the shop to Vel and continued to work as assistant. Everyone was shocked, pitied that Murugan knew nothing and even told him that he was a fool.
After a year, Vel finally got visa and gave back the shop to Murugan. In the next 25 years, Murugan who knew nothing built an empire of 17 shops, 6 shopping complexes, 5 lodges and 34 apartments. The man who knew nothing is now worth more than Rs.15 crores.
Money Myth #05
No Education
The author knows hundreds of people who made money when they worked in occupations related to their education and then made more money and lived happier when they began to work in other occupations that they loved to do. These other occupations did not relate to their education in anyway.
Ken is a Certified Public Accountant. Do you know what gives him joy? Computers, software, books and internet. He has an accountant to write up his personal accounts. And, his accountant is actually a high court Lawyer with specialization in international law. She has quit her law profession and enjoys running her own eCommerce consulting firm.
Education is a great asset. No one can argue about it. However, to make money, you don't need this or that particular type of education.
When you build a house, do you really worry that you are not a civil engineer? When you buy jewelry do you really feel sorry that you don't have education in metallurgy?
To make money it is enough if you come up with a good practical business idea. You can always hire professionals to do the technical part that challenges your knowledge.
Ignorant Man
When a small businessman Henry Ford expressed his interest in manufacturing cars, his friends were shocked. A bosom friend tried to save him from the folly and told Ford, "Please, don't do it. You know nothing about designing and manufacturing cars." Henry Ford replied, "It's true. However, I know how to hire and manage engineers who know how to design and manufacture cars."
Money Myth #06
I know Nothing
This is the perfect way to begin. If you already know something about business, you would have developed fixed opinions, ideas and attitudes.
It is difficult, though not impossible, to reverse them. It is easier to write on a clean paper than on one that has already been used. You can draw Mono Lisa only on a clean canvas.
You will soon learn to develop a business concept from nothing and learn to earn a few thousand rupees. Once you achieve it, you will know the process of creation of business, process of growth and the process of accomplishment.
Once you have that knowledge, all you need to do is to apply the knowledge to bigger and more challenging projects and make big money.
Read the stories of people who believed they were nothing and they didn't have the qualities to make money. You will realize you are better qualified.
Money Myth #07
I Will Fail
A failure is often a first indication of great success. A failure is a prosperity lesson.
It makes you conscious of your steps so that you rise to higher levels. Have you ever seen a flawless business or a flawless man?
Everyone fails in the beginning or at times, only to make quick progress. Only those who keep worrying about such silly failures stagnate.
Two Failures
A small company tried to develop Japan's first electric rice cooker and failed miserably. That failure forced the company to look for other opportunities. The name of that small company is Sony Corporation.
Another small company manufactured welding machines and weight reduction machines. It learnt hard lessons that forced the company to look for other opportunities. The name of that small company is Hewlett Packard.
Money Myth #08
No Money
A recent survey on labor force distribution says that 21% of the labor force works in manufacturing and farming activities and 79% of the labor force works in service and professional activities. 50% of the service labor force is self-employed.
With more and more automation of manufacturing and farming activities, more and more people are coming to service sector.
Many financially successful people work in service sector. What is service sector? In most cases it means dealing with people. You need values, skills and knowledge in some useful occupation to deal with people.
You don't require any money to work in this sector. Most of the high income consultants started their business without any financial investment. Many of them just had an excellent idea, a telephone and a few business cards.
Do you know there are businesses that require neither technology nor special knowledge but just values?
There are millions of occupations that actually don't require any investment. One of them will make you achieve your financial objective.
If you really want to be in product business, you can always make a small start and then grow. If you are creative, you can come up with many ideas to attract investment. However, if you are not experienced, it is a good idea to keep away from debt and others' money.
Money Puller
When an Indian commoner Sameer Bhatia identified an opportunity and wrote a business plan, he did not have any money. He had only the knowledge, will to succeed and determination to work hard. His business concept was so good that Microsoft bought his business for Rs.400 crores.
The name of his company was HotMail.com.
After his grand success, with Rs.400 crores in his bank account, Sameer Bhatia worked hard to develop another big project, Arzoo.com. It did not take off.
What does it mean? Without money, it is possible for a man to succeed if the concept is good. With tons of money, the same man can fail, if the idea is not good.
Money Myth #09
No Time
Do you think you will not be able to carry on an income generation activity because of social or family commitments? Dedication is an important attribute you require in every walk of life. Dedication does not mean 24X7 commitment. You can always find projects that will honor your time commitments.
Busy Woman
Ken's wife used to watch a television serial everyday for 40 minutes. It was a 'mega serial'. It had 400 episodes. One day, he made a calculation and showed the shocking result to her. She spent 16,000 minutes - 33 full workdays - to watch that serial. She immediately gave up watching television serials and now has plenty of time to do useful things. She doesn't say any more, "I don't have time."
Money Myth #10
I Know None
Ken knows many great personalities including Bill Clinton, Mel Gibson, Bill Gates and Garry Kasparov.
The only problem is none of them knows Ken. Does it really matter who you know or not? Do you really believe all the rich and powerful people have the only mission of helping you?
It is true that one in a million receives help from great men and progress. It is not an everyday event. And, all great men have become great without knowing other great men.
You will, like all other businesspersons in the world, make money by dealing with people you don't know personally. When you run a successful business, all your satisfied customers will be your good friends. These are the people who will help you really succeed by giving you referrals and word-of-mouth advertisement.
Sometimes, knowing too many people will actually be a hurdle for many reasons. Even if you spend a few minutes on non-business issues with each of them a week, that will be a strain on your productivity.
Movie stars make millions by the support of the audience that the stars will never meet.
To succeed, it's enough if you know your business well. It's true for every business and profession.
Money Myth #11
Me Too, Me Too
We always prefer to do what all others do as it makes us feel safe, comfortable and confident. Sometimes it works, many times it does not. The reason is simple. Others do it for different reasons and have different attitudes, resources and circumstances.
When you see an opportunity in what others do, certainly you must consider it carefully and evaluate it thoroughly. It's common sense. Yet, most of us jump on to the me-too wagon easily.
Aqua Gold
Ten years ago, researchers in India predicted that aquaculture would be a great money spinner. Whoever carried on the business wisely and carefully made money.
Thousands of me-too individuals, who had a small piece of vacant land, without doing their homework, just dug a big pond, filled it with water and started business. Most of those businesses perished along with their fish.
The business concept was good. Market was good and the idea of bagging the opportunity was good. But, the preparation was inadequate.
Money Myth #12
Not For Me, Not For Me
Five years ago, Ken gave his notebook that had information on emerging computer opportunities to Matt. Ken thought it would help him as he was looking for a job then and had no income. Matt took two days to read it and told him, "Wonderful! I think this information will be useful to Maria. She badly needs money."
The author appreciates your goodwill. If you want to pass on the information to your friends, please do it but make sure that you also use it.
A tale of two boys
Rajaram was a practising Chartered Accountant in Chennai. He had many brilliant assistants. Two of them, Babu and Raghu, were polite, intelligent and talented. Though they had only Plus Two Certificates, their work would be better than the work of many professionals.
In 1992, when the iron doors of Indian Economy were opened to foreign companies, a Korean company opened an office in Chennai. Rajaram asked Babu and Raghu to apply for jobs in that company. Rajaram told them that foreign companies employed people who would perform, whether they had certificates or not.
Babu applied for a job in the Korean Company for any suitable job. Raghu applied for a job in an Indian firm for a typist job. Both of them got jobs. Now, Babu is in Singapore working as an Assistant Manager of Singapore Branch. The salary figure is left to your imagination. Raghu is a computer operator in the same firm in Chennai drawing Rs.4,000 a month. Strangely, Raghu does not regret his wrong decision even now. He believes he has done the right thing.
Money Myth #13
Shortcut Methods
Ken has already told you that because of his profession, he came across hundreds of people who made big money.
Not even one of them was involved in any dishonest or ignoble business. He talked with many of his friends who were Certified Public Accountants. They shared exactly the same view.
So, next time when you meet a money magnet, try to inspire yourself with his example.
Some other people believe that only super fast 'get rich quick' methods like gambling and lottery can make them rich.
Most people actually lose money in these areas. A handful of people who make money initially lose it shortly afterwards. There are a very few successful people who make money from games and speculation.
But, these people have different types of skills and are successful for different reasons. However, for every single success, there are one million failures and disasters. So, forget them.
If you step onto this wrong path, only a miracle can save you. Keep off from shortcuts always.
Money Myth #14
I am too old
The older you become, the richer you will be in experience. Your knowledge of the world will be wider and outlook will be broader than the young men.
These advantages and the mental and emotional stability will make you succeed in any venture. If you tell others that you lack energy, it is understandable.
There are ways to generate energy. If you do that, you will excel young men with your hands down.
Retired Clerk
Ramachandran retired as a senior officer in 1972, after 35 years of honest service in a private company. He received a check for Rs.10,000, a packet of sweets and a garland. He had to repay a few loans. So, by the end of the month he had only Rs.1,500. Suddenly, he realized how foolish he had been for the past 35 years.
He looked for income opportunities. Someone told him about a company that sold household articles on hire purchase basis and made handsome profit. He immediately bought a few fans and other household articles for Rs.1,500 and offered them on hire purchase to his friends. Within three days, he made Rs.400. He felt better than Tatas.
Ramachandran worked hard for the next 26 years to build a big business. Now, he owns 6 houses in Coimbatore, 4 cars, 7 showrooms, 2 hotels, innumerable shares and bank deposits. He provides employment to 143 young men. Though he is 91 now and not active in business, every Saturday his managers and his sons meet him and give detailed reports.
The author hopes this chapter on myths on making money clears some obstacles within you.
The next chapter about identifying scams and fake opportunities gives you protection against scamsters. The chapter ensures that you are safe and comfortable on your way to prosperity.
