America's foremost business philosopher, Jim Rohn advises that we should spend more time on developing ourselves than we do on developing our business or career.



The traditional model of achieving success, i.e. studying hard in school, specialising and following a career has been espoused and followed, largely without question for the past few generations. As children we may have had dreams of being astronauts, sports stars, singers, artists and the like, yet we are persuaded to discount these dreams and talents as foolish childish fantasies and encouraged down the well trodden paths of conforming and security. But where do these paths actually lead? The promised land of milk and honey? I don't think so, certainly not in the majority of cases and certainly not in these most uncertain of times.

We are encouraged by parents, teachers and other well meaning influences to stay in school and get the best education we can. This system serves to filter us into colleges, universities and hopefully well paid careers. We then earn, spend, earn a bit more and spend a bit more. After all, don't we deserve a few of life's luxuries? All that study, the long hours, hard work and delayed gratification? So that new notebook computer or widescreen TV is more a reward than an indulgence, more a necessity than a luxury. So too cars, we want the best we can afford, it's more cost effective is it not to finance a new model rather than risk the associated repair costs or an older one? So begins the earn-spend-borrow-repay lifestyle cycle which has ensnared so many of us in the western world.

Robert Allen, best-selling author, likens it to walking up a down escalator. You have to keep moving just to keep still and if you should ever stop, the moving staircase will take you right back to where you started, i.e. the bottom. Or even worse, the basement.

I apologise for painting a bleak picture but maybe we all need a little reality check now and again. But what is the answer, the keys to success? How can we get ahead, switch off the escalator or ultimately turn it in our direction?

In the short term the answer is to spend less than you earn and save the difference - not very exciting but this alone will ensure that every two steps will result in only one step down. By frugally saving and investing relatively small amounts on a regular basis many people have achieved financial freedom and reached the top of their personal success escalators. Einstein considered compound interest as one of the great wonders of the world.

The Power of 72

In order to determine the time it would take to double your money, divide the current rate of interest into 72. For example if the rate you were receiving was 4% it would take compound interest 72/4 or 18 years to double your money. Consider however a much higher rate of interest such as 24%. At this level it would only take 3 years. Where can I see a rate like this you may be asking, well not on your savings but how about on your credit cards? Compound interest works both ways and at these levels you will double your debt in just 3 years (allowing for minimum repayments etc).

Spend less and save more may be the key to success – but it's hardly going to get your pulse racing and have you tearing down to the bank to open a savings account, especially with interest rates hovering around zero. But it's a start, an intention, the beginning of a good habit, the first steps on your road to success.

To turn the tide in your favour you really need to think about generating additional or multiple streams of income. Think about it, how would you like to generate a steady, regular stream of money coming into your account every week? Not from an extra job or additional hours but simple proven systems that with a little initial effort will add up to a major impact on your life for now and the future. So are you with me, are you excited by the potential here? Imagine a financially free future where you choose to work only when and where and crucially doing what you want to do. Maybe a chance to rediscover the childish fantasies or spend your time in the service of others or for a greater good. After all without the wasted energy and time of negotiating the downward moving staircase you are free to focus on the other goals and areas of your life.

So how then do we reach this desired state, this nirvana? JD Rockefeller was quoted as saying “I have ways of making money that you know nothing of”.

Earlier I mentioned bestselling author, Robert Allen – his outstanding book ‘Multiple Streams of Income' explains 12 simple, proven methods to begin to turn the tide and the escalator in your favour. Without doubt it is one of the most impactful books I have read in the past decade and cannot recommend it highly enough.

In essence he breaks down the most common ways of generating additional income as coming from four money mountains. Starting your own business, real estate, the stock market and the internet. What I especially like about this approach is that you can begin to learn while you earn in your current job and develop the multiple streams over time.

One great place to start your climb to success is to cultivate a success mindset. Read and listen to inspirational materials that will not only educate but begin to imprint the endless possibilities upon your subconscious mind. There is more material on the subject of success today than at any time in our history. So don't delay, when will now be a good time to get started? And always remember that it's your attitude that dictates your altitude!