money talks
Blog for future millionaires
paper chaser Keys
Is financially literacy really important? Well learning the right things about money and success can change your life. It makes the rich richer, and can take you from broke to rich. There are over 18,000,000 millionaires in America. And that number is growing exponentially each year. We are living in the greatest time in US history. More people are becoming wealthy and going from rags to riches than ever before. Now is the best time to finally acquire the life and amount of money of which you desire for you and your family. We have to take advantage of this abundant blessing and the opportunity. Though financial freedom is not an overnight process, an overnight change of perspective can surely substantially propel you forward on your path to wealth. So it's time to change your perspective and master the money game. It’s time to paper chase!
4/500: Defy The Odds
Gems from TIAA CEO Roger Ferguson
Roger Ferguson is one of the 4 African American CEOs for a Fortune 500 company in the country. That is a .008 percent chance to achieve that extreme honor. However, it is evidence that it can be done! I was shocked to see that Roger Ferguson took the opportunity to do a Breakfast Club interview with DJ Envy, Angela Yee, and Charlamagne tha God. I immediately found the interview and tuned in at work. It was an extremely impactful and insightful interview which covered Roger Ferguson’s upbringing and road to a CEO as well as a deep hitting message on his 3 keys to closing the wealth gap between people of color and our counterparts. If you would like to view the interview, you can do so at https://www.youtube.com/watch?v=4F7aRz1ps6A .
After watching the interview I felt extremely inspired and also grateful and proud to have a man of color as the lead of my company. This feeling of gratitude led me to send an email of appreciation to Mr. Ferguson praising the interview, thanking him for all his hard work, and telling him one day I would love to meet him. I thought surely my email would get lost in his extremely long list of people constantly reaching out to him and there was no way he would reply back but it was still worth thanking him.
To my surprise, Mr. Ferguson emailed me back 20 minutes later thanking me for my kind note and saying he didn’t even know the Breakfast Club was a big deal. (lol) He followed by having his assistant schedule a meet with me on June 3 during a scheduled Charlotte visit. What a blessing! I truly felt honored to be in an entry level position at the company and having the CEO take some time out to sit and chat with me. However, due to COVID-19, Mr. Ferguson did not end up coming to Charlotte. But luckily he stuck to his word and the date, and scheduled an online skype meeting with me. We discussed family, the issues our country is currently facing, his path to CEO, leadership, and purpose. It was truly a pleasure to pick his brain and I would like to share some of the knowledge he bestowed upon me. Of course, I will not include his answers in totality but I will share some of his key points.
Me: “What do you feel was the most difficult part about your journey to CEO as an African American man?
Mr. Ferguson: “Risks of feeling insecure. I go through the same struggles as other blacks. People mistaking me for a soup can stacker in grocery stores. Funny things are going to happen all the time. But its’s about not being angry. Anger is a very destructive emotion. You have to keep your head about you. The most important thing we can do as black people is not let the stupidity of the world undermine our self-confidence. Listen to the positive voices and drown out the stupidity.”
Me: “Why finance?”
Mr. Ferguson: “I wish more black people understood the power of finance and were not afraid of it. The Benjamins really do matter. Black folks lack of financial literacy causes more of our struggle than we are aware.”
Me: “What advice would you give your 24 year old self?”
Mr. Ferguson: “I’ll tell you the advice I gave my 24 year old self. Look at every opportunity as a learning opportunity. Do a lot of reading and be a continuous learner. A lot of people feel they can stop learning after they graduate but you should always strive to continue growing your knowledge. Keep a curiosity about you and always try to soak up knowledge. Become an expert at what you do.”
Me: “What do you feel your purpose in life is?”
Mr. Ferguson: “No one has ever asked me that so I’ve never thought about it until now. There are only 4 Black CEOs so I am an example. The world needs to see black people know something about finance. I help people get their finances in order and deal with the ups and downs in life. I also help them deal with something that is very scary and confusing to them. I help people keep their dreams in life by keeping their finances thriving.”
Me: “Did you always think you’d be a CEO?”
Mr. Ferguson: “Never once. I don’t even think I knew what it was for a while. Not until somebody called me from a NY number (TIAA Headquarters) while I was in London.”
Me: “Did you have roles that you felt were not fulfilling and, if so, how did you persevere through roles you did not feel fulfill your calling?”
Mr. Ferguson: “Yes, of course. We all go through roles like that. Figure out what part of the role you like and focus on that and what else might be out there. Then work to position yourself to be in a fulfilling role. And you should constantly be looking for new ways to learn and grow in your current role.”
Me: “What are character traits and things you’ve done to separate yourself have allowed you to get to where you are today?”
Mr. Ferguson: “Hard work. People notice if you’re working hard. Be chipper and upbeat. Be easy to work with and look to solve problems. A positive mindset should shine through. Be the person you would want to be around. Copy and mimic the things you want and like about others.”
Me: “What do you think is the key to leadership?”
Mr. Ferguson: “You have to understand the business. You have to be able to get people to follow you. Treat people with respect and earn their followship. Have a vision of where you want to go and certain level of fortitude. You need to be able to stand when things get tough. Expertise, empathy, vision, and lead when things get tough.”
Me: “Do you struggle with your work life balance?”
Mr. Ferguson: “We all struggle with that a bit. You’ll begin to realize family is the most important thing. But putting in the extra hour was never hard because I love what I do. What’s the point of being on Earth if you aren’t going to make difference?”
After talking with Mr. Ferguson he was extremely thankful for me reaching out and even described speaking with me as an “inspiration to him”. He stated that it uplifted his heart and gave him a sense of fulfillment to know he was being an inspiration to someone else. We look to stay in touch more often going forward. Overall, I learned a simple email can take you a long way!
key takeaways from
21 Success Secrets of Self Made Millionaires By Brian Tracy
1. Dream Big Dreams
Create a vision for yourself for what you want your life to look like and a plan of how to get there. Allowing yourself to dream big dreams raises self-esteem and causes you to like and respect yourself more. Dreaming big dreams is the starting point of financial independence.
“Dream big dreams; only big dreams have to prove to move men’s souls.”
2. Develop a Clear Sense of Direction
You eventually become the things you think about most often. Successful people think about their goals most of the time. Leading them to continually move toward them. From now on, think and talk about your goals often. Ponder and discuss ways you can achieve your goals as well as how others can achieve theirs.
“A person with a clear purpose will make progress on even the roughest road. A person with no purpose will make no progress on even the smoothest road.”
3. See Yourself as Self-Employed
Accept 100% responsibility for everything you are and everything you will ever be. The wealthiest Americans see themselves as self-employed no matter who signs their pay checks. You will always be the president of your own personal service corporation. Keep an entrepreneur’s mentality.
“I am the captain of my soul; I am the master of my fate.”
4. Do What You Love to Do
Doing what you love to do is one of the great secrets to financial success. Find out what you really enjoy doing, what you have a natural talent for, and throw your whole heart into doing that particular work. If you won a million dollars, tax free, tomorrow, would you continue doing what you are doing?
“When you start doing what you really love to do, you’ll never work another day in your life.”
5. Commit to Excellence
No matter what field or niche you are in, set a goal to be a top 10 expert in that lane. All top 10 percent experts started off as the bottom 10. Your life only gets better when you get better. And since there are no limits to how much you can get better, there are no limits to how much better you can make your life.
“The quality of your life will determined by the depth of your commitment to excellence, no matter what your chosen field.”
6. Work Longer and Harder
The 40+ Formula = 40 hours per week for survival + any extra hours over 40 for success. Every hour worked over 40 hours is an investment in your future. Self Made millionaires in America work an average of 59 hours per week. Many work 70 or 80 early in their careers.
“The harder I work, the luckier I get.”
7. Dedicate Yourself to Lifelong Learning
You have a virtually unlimited capacity to learn and improve in your field. You are smarter than you could ever imagine so you must continually grow. Keys to lifelong learning: 1. Read 30 to 60 minutes each day. Reading is to the mind as exercise is to the body. 2. Listen to audio programs in your car as you drive from place to place. Turn your car into a learning machine. A university on wheels. 3. Attend every course and seminar you can possibly find that can help you to be better in your field.
“Continuous learning is the minimum requirement for success in any field.”
8. Pay Yourself First
You should be your first bill at the beginning of the month. Pay yourself before any rent, debt, or other bill. Resolve today that that you are going to save and invest AT LEAST 10 percent of your income. Practice frugality. A major reason for retiring poor is impulse buying. Try not to let your expenses rise as your income and savings rise.
“A part of all you earn is yours to keep, and if you cannot save money, the seeds of greatness are not in you.”
9. Learn Every Detail of Your Business
Your goal should be to become an expert in your chosen field by learning every single detail about how to do your work better and better. Read magazines, books, courses, and seminars in your field. Set a goal for yourself to become the very best in your business or profession.
“If you become very good at what you do, there is nothing that can stop you from getting paid more and promote faster.”
10. Dedicate Yourself to Serving Others
Your rewards in life will always be in direct proportion to your service to other people. All self-made millionaires have an obsession with customer service. They continually look for ways to better the lives of others. So seek the extra mile for others. There are never any traffic jams on the extra mile.
“You can get everything you want in life if you just help enough other people get what they want.”
11. Be Absolutely Honest with Yourself and Others
The most value and respected quality you can develop is a reputation for absolute integrity. All successful businesses and relationships are based on trust. Character is the most important asset you’ll develop in your entire life. First key to integrity is be true to yourself. The second key to integrity is to be true to the other people in your life.
“Thought is the original source of all wealth, all success, all material gain, all great discoveries and inventions, and all achievement.”
12. Determine Your Highest Priorities and Concentrate on Them Single-Mindedly
Setting priorities and concentrating single-mindedly, you will be able to accomplish virtually anything you want in life. Core strategy is the prime reason for high income, wealth creation, and financial independence. By continually setting priorities and concentrating on high value tasks, you soon develop a habit of high performance. Once it becomes an automatic habit, it virtually guarantees great success.
“A double minded man is unstable in all his ways. Do what comes to your hand to do.”
13. Develop a Reputation for Speed and Dependability
Time is the currency of the 21st Century. People will change providers if they offer faster service and everyone is in a rush to get rich. Your job is to develop a reputation for speed. Develop a “sense of urgency”. Move fast on opportunities. Move quickly when you see something needs to be done. People who have a reputation for moving quickly attract more opportunities and possibilities to them.
“Do your work; not just your work and no more, but a little bit more for the lavishings sake, that little more which is worth more than all the rest.”
14. Be Prepared to Climb from Peak to Peak
Your life and career will be a series of ups and downs. Life is a process of two steps forward and one step back. Business is also made up of cycles and trends. Make sure it is trending upward. Plan 2, 3, and 4 years into the future. Don’t get on an emotional roller coaster due to short term ups and downs of daily life.
“Winning is not a sometime thing; it’s an all the time thing.”
15. Practice Self-Discipline in All Things
Self-discipline is the most important single quality for success in life and in becoming a self-made millionaire. If you can discipline yourself to do what you should do, when you should do it, whether you feel like or not, your success is virtually guaranteed. The key to becoming a self-made millionaire is having a long-time perspective combined with an ability to delay gratification in the short term.
“Self-discipline is the ability to make yourself do what you should do, when you should do it, whether you feel like it or not.”
16. Unblock Your Inborn Creativity
Your ability to develop ideas to help you succeed is unlimited. Meaning your ability to succeed is unlimited. Your brain and its creativity are an elite muscle. The more you use it, the stronger and more effective it becomes. The more you focus your mind on achieving your goals and solving your problems, the smarter you become and better your mind works later in life.
“Imagination is more important than facts.”
17. Get Around the Right People
The quality of your life is going to be determined by the quality of the relationships that you develop in your personal and your business activities. Successful people make a habit of building and maintaining a network of high-quality relationships throughout their lives.
“You will be the same person in five years except for the people you meet and the books you read.”
18. Take Excellent Care of Your Physical Health
Make a goal to live at least 80 years and assess whether your current living habits will get you there. Three keys to living a long, happy, healthy life are: Proper weight, proper diet, and proper exercise. If you have a goal to be a millionaire, your health goal should be to live as long as possible to enjoy a wonderful lifestyle with your money.
“The key to happiness is a sound mind in a sound body.”
19. Be Decisive and Action Oriented
One quality of a self-made millionaire is that they think carefully and then make decisions quickly. They discipline themselves to take action and carry out decisions they’ve made. Unsuccessful people are indecisive. When you become decisive and action oriented, you shift your entire life into high gear. You actually tap into a higher source of energy, enthusiasm, and motivation that ultimately leads to more happiness, fulfillment, and success.
“Take arms against a sea of troubles, and in so doing, end them.”
20. Never Allow Failure to be an Option
The fear of failure is the greatest single obstacle to success in adult life. Self-made millionaires are always willing to take calculated risks in the direction of their goals to achieve greater rewards. Your job is to commit yourself to becoming a self-made millionaire. Your job is to set specific goals for yourself, write them down, and work towards them every single day. Failure is not an option! This attitude, more than anything else, will guarantee your long-term success.
“There is nothing to fear but fear itself.”
21. Pass the “Persistence Test”
Persistence is the iron quality of character and goes hand in hand with success. Resolve with yourself early in life that you will never give up, no matter what happens. The courage to persist in the face of adversity will lead to the guarantee of success. The only factor you can control is how you respond to difficulties and setback. Responding in a positive, constructive manner, makes you stronger and better and more capable of dealing with upcoming difficulties. Eventually you become unstoppable and a force of nature. You become the kind of person who never quits, no matter the difficulty.
“Life is 10% what happens to you, and 90% how you react.” -James Sherrod
“Success is predictable.” By practicing the principles that you have just learned, you will move to the front of the line in life. If you consistently and persistently do the things that other successful people do, nothing in the world can stop you from becoming successful in your own right. You are the architect of your own destiny. There are no limitations to what you can do, have, or be except the limitations you place on your by your own thinking. You can easily be a self-made millionaire.