Let’s talk about building your “money skills.”
Because most people want to build wealth … but they focus on all the wrong things.
Like I mentioned in the last article, you want to follow the Wealth Formula.
As a quick reminder, that formula is:
Value > Money > Assets > Wealth.
So the idea here is that if you focus on creating value, you’ll make money as a result.
Then, you take that money and accumulate assets … which then create more value and money … resulting in real wealth.
Now the question is – what skills will help you deliver greater value to people … so you can make a lot more money?
That’s where the “money skills” come in …
The 5 Key “Money Skills”
These are what I believe to be the 5 KEY skills you need to develop to build a strong foundation for success in the financial world.
Here they are:
Money Skill #1 – Master Your Language
Language helps define your reality. And, it’s what helps you communicate in a powerful way with others.
So this is the first building-block skill. Don’t let its simplicity deceive you. You want your language to be simple, easy-to-relate to, and meaningful.
For example, don’t use words if you’re not certain about their meaning. When in doubt, look it up in the dictionary and get crystal clear on what the words you use, mean.
Then, make sure to read great books by excellent communicators and notice how they use their language. Do you best to model them, in all your communications – especially written communication like emails, marketing materials, and more.
Finally, be aware of the language you use when talking to yourself. Is it positive? Negative?
What language do you use when it comes to money? Become aware of these things and start to change your language for the better!
Money Skill #2 – Master your communication
This is the next most important money skill. In order to deliver great value to people, you have to know how to communicate effectively.
This starts with your non-verbal communication – your voice tone, gestures, glances, etc. All the things that have nothing to do with the words you use.
When you speak, have rhythm, to your speaking and learn to use pauses effectively. Learn humor and be willing to take chances in your communication to be funny.
Engage people with stories, metaphors, and analogies.
You may be thinking, “Okay James – what does this really have to do with making money?”
My answer: EVERYTHING.
If you can’t communicate YOUR value to the world, there’s no way you’ll make the kind of money you are CAPABLE of making. You simply won’t reach your full potential.
Learning to become a better communicator is just as important (or even more important) than learning “tactics” like investment strategies and whatnot.
Money Skill #3 – Selling
Many people cringe on this one … but I believe if you are serious about becoming wealthy, then you MUST learn sales.
Now, I know that you might have some resistance to this one, simply because our society has placed a negative label on salespeople.
But here’s the truth:
There are two types of sales … 1) High pressure (using old-school tactics) and 2) Professional, or consultative selling.
These two are VERY different from one another. And the kind of selling I want YOU to be good at is the second one – professional selling.
This involves actually caring about people and seeing how you can help them with the solutions you provide.
There’s a great book to learn this, called SPIN Selling, by Neil Rackham.
I recommend you read it and study it cover to cover.
Essentially, the format for SPIN selling goes like this:
Situation – ask your prospect about their situation …
Problems – ask your prospect about the problems they’re having right now …
Implications – ask your prospect what the implications of those problems are for their life …
Need-Payoff – Ask your prospect what’s the payoff for getting this problem or need solved.
These questions give you a window inside of your prospect … and should give you more confidence to now sell them what you have.
It’s one of the best selling “models” I’ve seen. And I highly recommend you learn it, practice it, and MASTER it.
I bet you almost anything your income will start to go up once you know how to do this.
Money Skill #4 – Public Speaking.
Ask most people what their number 1 fear in life is, and they’ll say public speaking.
That’s because most people are afraid of being socially rejected. It triggers the same part of your brain where you feel physical pain. So most people avoid rejection at all costs.
And when it comes to public speaking, it could mean massive rejection by a big group.
But the truth is – learning this skill is WORTH it.
In fact, Warren Buffett – one of the richest men in the world and perhaps the best investor in the world – said it’s the most valuable skill you can learn.
And he’s right …
Being able to communicate your ideas in public, to others, is one of the best ways to convey the value you bring to the world.
So if you’re scared of this one, get working on it. Start small. Do 3 – 5 minute presentations at a networking event or join a group like Toastmasters and build from there.
Money Skill #5 – Marketing
Now, all these skills so far have been building up to this last one.
Because marketing is salesmanship to the masses.
It’s where you take all the other four skills I’ve told you about, and they come together to create powerful and effective marketing for the value you provide to others.
To learn everything you can about marketing effectively. And always remember that marketing is fulfilling the selfish need in the other person. It’s not about what YOU offer. It’s about THEIR needs.
The more you can drill this in you, and have it become second nature, the more money you’ll make, period.
A 6th “Money Skill”?
When you master all five of these skills, you’ll find that a 6th skill emerges naturally.
And that is the power to motivate, persuade, and LEAD other people.
When you can do that, you can create BIG change in the world … whether it’s in business or philanthropy.
So take a look at all five of these skills. Write down the skill you need to master first so that you can create massive value in this world and make the money you want to make.
Then make a REAL commitment to work on that skills for the next couple of months. Get a mentor if you have to. Read books, or get a program. Whatever you need to truly master it.
Then, move on to the next skill.
You’ll also find that these skills synergize, and with each one you master, your income will naturally start to grow higher and higher.