I'm a self-made millionaire, and here are the 10 best pieces of advice I can give you about money

I'm a self-made millionaire, and here are the 10 best pieces of advice I can give you about money

Steve Siebold

About six months ago my wife and I decided to turn our North Georgia summer retreat into our full-time residence.

We decided to make a few changes to the property now that we would be living in it year-round.

As I was getting into my car one morning, three of the workers paused from what they were doing and stared me down.

I stopped and asked if everything was ok and one of the men said, "It's not fair. You have this beautiful home and a nice car while we are stuck doing hard labor for just a little more than minimum wage."

I approached the men and we ended up speaking about building wealth for more than an hour. I shared with them that life wasn't always this good, and at one point I was $50,000 in debt and didn't know how I would climb out of it. The men shook my hand and thanked me for sharing my insights.

Fast forward to this morning and I was again about to get into my car. A man driving a truck down the street stops in front of my house and yells, "Mr. Siebold, I took your advice and started my own company. I have five employees working for me and business is booming. My family and I are experiencing freedom like we never thought possible."

He continued, "Please share your words of wisdom with others."

So moved that this man turned his life around, I'm now going to take his advice and share the takeaways from that conversation six months ago:

1. In a free market economy, anyone can make as much money as they want.

2. Your background, highest level of education, or IQ is irrelevant when it comes to earning money.

3. The fastest way to make money is to solve a problem. The bigger the problem you solve, the more money you make.

4. Don't listen to the naysayers who tell you that life is supposed to be a struggle and that you should settle and be grateful for what you have.

5. Expect to make more money. For this one you have to think big. $100,000, $500,000, or why not $1 million?

6. Lose the fear and scarcity mindset and start seeing money for all the good things: freedom, opportunity, possibility, and abundance.

7. Being rich isn't a privilege. Being rich is a right. If you create massive value for others, you have the right to be as rich as you want.

8. Don't wait for your ship to come in. You're not going to be discovered, saved, or made rich by an outside force. If you want a lot of money, build your own ship. No one is coming to the rescue.

9. Stop worrying about running out of money and focus on how to make more. Constantly worrying about money is no way to live. Dream about money, instead.

10. Stop telling yourself that getting rich is outside of your control. The truth is that making money is an inside job.

Just like the man working at my home six months ago who was frustrated over his finances and held a grudge against the rich, you too have the power to change your financial situation around. Maybe you've been living in debt for years or maybe you've just dreamed of having more; it's all possible if you make the decision and really set your mind to it.

Steve Siebold is author of "How Rich People Think," and a self-made millionaire who has interviewed more than 1,200 of the world's wealthiest people.

How to Grow From Great Idea to Profitable Business in 3 Steps

Becoming an entrepreneur is easier than ever. In the U.S., more than 600,000 new businesses are created each year. Sadly, about half of all companies go under before they turn 5-years old. To beat the odds, you need to think differently about what it means to run a profitable enterprise. Simply starting a website, creating your first product or getting a trademark is not enough. Fortunately, the secrets to success are not all that complicated.

Here are three quick tips to help you validate, pivot and grow your next startup.

1. Validate: Determine if the market exists.
To know whether your idea will work, first promote a landing page and invest in product development later.

Last year, serial entrepreneur and marketing expert Noah Kagan challenged himself to launch a business and earn $1,000 in under 24 hours. Kagan wanted to prove to so-called "wantpreneurs" that “there's no reason you can't start your business today.”

At the end of the challenge, Sumo Jerky was born. With $3,030 in sales with a cool $1,135 in profit, Kagan surprised the naysayers. Using just a domain, a newly crafted landing page, and a lot of hustle, Kagan built a profitable startup before he even produced his first product.

Other entrepreneurs can mimic his approach by brainstorming business ideas, selecting one or two to pursue, then developing a quick and easy landing page to measure consumer interest. Next, spend a few hundred dollars in paid advertising (on Facebook, Twitter, Google, etc.) to drive leads. Once you’ve validated your idea (either through a large-enough email list or product pre-orders), invest in delivering the goods or services you promised.

2. Pivot: It takes courage to change.
Albert Einstein is famously attributed with saying, “The definition of insanity is trying the same thing over and over and expecting a different result.”

There will likely come a point when you need to give up on your original idea. When your business plateaus, be prepared to move on. Entrepreneurs can be stubborn but to be successful, you need to muster up the courage to drop your first vision to pursue something better.

In an interview with Business News Daily, James Reinhart, CEO of thredUP, shared nine steps for a seamless pivot:

List your company’s strengths & weaknesses.

Initiate a company-wide conversation.

Call out threats and opportunities.

Consider alternative business ideas.

Think about the implications of each option.

Earn your team’s support.

Convince customers this is the right thing.

Strategize and execute your plan.

Stay lean and flexible

Remember that failure is always an option. Sometimes, it is the most noble one. Entrepreneurs who can shift their priorities to tackle bigger and better challenges have a greater chance of building hugely successful businesses. Companies that stubbornly do the same thing over and over again become irrelevant.

3. Grow: Agonize over opportunity cost.
Often, the smartest business decision seems reckless. That is because the best entrepreneurs regularly divert resources away from a "good thing" to pursue initiatives they believe will be a game-changer for their company.

If you could spend $100 on ads and generate $100 in profit, why wouldn’t you? Most people would and, in fact, they’d try to spend $100,000 to earn an extra $100,000. It’s practical and it’s profitable. But strong leaders realize when a "good thing" can be even better. They think about the long-term opportunity and invest their money in ways that will produce the highest return possible.

When we launched Amerisleep, it was a retail operation with lots of local customers and healthy margins. Six months after we introduced our ecommerce site, we closed our flagship location even though our revenues were strong and the store was profitable. Believing that the Internet would revolutionize the way people shopped, we focused exclusively on perfecting the customer experience online. At the time, other business owners mocked us for taking such a big risk. Looking back, it was one of the best decisions we ever made. We couldn’t have scaled as quickly as we did if we were locked into multi-year leases for our showrooms.

For us to grow faster, we had to be willing to sacrifice stability and short-term gain to free up cash so we could invest heavily in ecommerce. Although retail was profitable, it was a costly distraction. To scale a massive business, entrepreneurs need to carefully consider their opportunity costs and spend every dollar wisely.

3 Truths Wise Entrepreneurs Learned the Hard Way

3 Truths Wise Entrepreneurs Learned the Hard Way

Whenever we encounter the story of a successful entrepreneur, we wonder how they got to where they are. Success -- whatever success means to you -- isn't a mystery. Success, also, isn't something we have to be skeptical towards.

Maybe it's society's conditioning, or maybe it's negative experiences in our past, but many entrepreneurs are skeptical of what is possible in their business. When you are doubtful of success, you can't get to a place in your mind that allows you to take the necessary action. You have a defeated mindset that will keep you stuck.

Wise entrepreneurs aren't skeptical because they have learned these three truths through hard work and unwavering focus. They have mastered the "basics" and have a long-term vision for their business. Here is what they know, but don't talk about.

1. You can't wait for permission.
When it comes to any big change in life, too often we wait for permission. We wait for validation or an influencer to tell us it's OK to do what we want to do. We do the same thing with important decisions in our business. We wait for circumstances that may never fall into place. If you wait for permission, your business will not grow.

Wise entrepreneurs realize no one will ever give them permission. They understand if their business is going to be successful, they are the ones that have to do something about it. They have to take action without waiting for all the stars to align.

2. You should set trends, not follow them.
It's an easier path to copy a successful entrepreneur. You see it works for them and figure you can get the same results if you do what they do. Everywhere you look, especially in the online world, you'll see carbon copies of successful entrepreneurs.

Wise entrepreneurs don't want to be like every other business owners. They don't accept commonly spouted advice as "law." They don't want their business to be the clone of someone else. They look for new and original ways to reach their present and potential customers.

Wise entrepreneurs model success, they don't copy it. They see what works and how they can add their unique spin. In a world full of the same, people are looking for what stands out.

3. Saying 'no' frees you.
By nature, we are people pleasers. We want to say 'yes' to requests, especially if we think they'll help our business. We say "yes" to requests and end up working for free, or worse, wasting our time on things that don't help our business.

When I started my business, I coached 127 hours for free. I was told free coaching would lead to testimonials and eventually, business. It didn't. After all that time, I learned that people don't respect what they get for free. When money is spent, they have skin in the game and take action.

Wise entrepreneurs are more likely to say 'no' before they would think about saying "yes." They value their time and realize it's the most precious part of their business. In saying "no,'' they leave room for the things they care about and will benefit their business.

Before you say "yes" to anything, evaluate how it fits into your plans and life. Time is the one thing we'll never get back, so it should be spent wisely.

You can build a business and life you love without waiting for permission and following traditional advice. Learn to value your time and say "no'' when you have to. In the last three years, my online business has grown from side-income to a six-figure a year business that supports our family living in Maui, Hawaii.

Life is short and time is the one thing we'll never get back. Treat your time accordingly, especially in your business. Learn these three truths and take action on the kind of life and business you want to have.

By KIMANZI CONSTABLE
CONTRIBUTOR
Author, coach, blogger at KimanziConstable.com

Nigerian-born Washington University scientist Samuel Achilefu wins annual St. Louis Award for his cancer-seeing glasses

Nigerian-born Washington University scientist Samuel Achilefu wins
annual St. Louis Award for his cancer-seeing glasses

As head of the Washington University optical radiology laboratory —
where researchers study how to use light to improve diagnosis and
treatment of disease — Samuel Achilefu heard from surgeons
frustrated by the difficulty of removing every remnant of a patient’s
cancerous tumor.
Before surgery, imaging tests involving big, high-tech machines can
create detailed pictures of a person’s cancer, Achilefu said, “but
when a patient is in the operating room, it’s like walking in the
dark.”
Achilefu wondered, what if he could take imaging technology and
make it wearable like night-vision goggles used in the military so
surgeons could see the cancer while they are operating?
The technology would be extremely difficult — some even thought
impossible — to miniaturize and make functional and wearable for
hours. But after dedicating five years to the project, Achilefu created
cancer-visualizing glasses that were successfully used in surgeries
for first time last year.
On Wednesday, the Nigerian-born scientist won the prestigious St.
Louis Award for 2014 for his work in creating the technology, which
could affect the outcomes of cancer patients across the world.
At the awards ceremony, Achilefu, 52, told the crowd his work was
driven by the question: What if? “ ‘What if’ is really telling us that we
should not be focusing on the problem,” he said, “but the potential
solution for it.”
Foster pride
Achilefu is the 87th person to receive the annual award since it was
established in1931 — the worst of the depression years — by
prominent philanthropist David P. Wohl. The shoe company owner
anonymously founded the award to recognize a St. Louis area
resident who “performed such a service as to bring greatest honor
to the community.” Wohl hoped to foster optimism and pride in the
city he loved.
Award committee president David Kemper, chairman and of
Commerce Bancshares Inc., praised Achilefu for “putting St. Louis in
the spotlight for advancements in optical imaging technology that
have pushed the boundaries of cancer treatment.”
Even under high magnification, it’s nearly impossible for surgeons
to tell where a cancer tumor ends and healthy tissue begins. To
make sure they remove all the cancerous cells, surgeons remove the
tumor and neighboring tissue. The samples are sent to a lab and
viewed under a microscope. If the surrounding tissue contains
cancer cells, a second surgery is performed to remove even more
tissue. Among breast cancer patients, about 20 to 25 percent who
have cancerous lumps removed require a second surgery.
The glasses were used for the first time during a breast cancer
operation on Feb. 10 at Barnes-Jewish Hospital and have since been
used on more than two dozen people with breast cancer, melanoma
or liver cancer.
A commonly used contrast agent is injected into the patient’s
tumor. When viewed with near-infared light, the cancerous cells
glow blue. Tumors as small as 1 millimeter in diameter (as thick as
about 10 sheets of paper) can be detected.
Breast surgeon Dr. Julie Margenthaler is encouraged. “Imagine
what it would mean if these glasses eliminated the need for follow-
up surgery and the associated pain, inconvenience and anxiety,” she
said.
Achilefu started his research into the eyewear using funds from the
university and the Department of Defense’s Breast Cancer Research
Program. He assembled a team that included engineers and video
game specialists to further refine the glasses. After successfully
using the technology in rodents, his team received in 2012 a $2.8
million federal grant, paving the way for use in patients. The results
will soon be used to seek FDA approval of the device so other
surgeons across the country — who have already been calling — can
start using it.
Try very hard
In 2001, Gill Jost, former chair of the radiology department, was
searching across the country for an optical chemist to lead the
laboratory at Washington U. It turned out, the best candidate was in
St. Louis. Achilefu had since 1992 been working here for
Mallinckrodt Inc., rising in the ranks as a star chemist.
As one of the top five students in Nigeria, Achilefu won a
scholarship from the French government to study at the University
of Nancy. He excelled and went on to earn his post-doctoral degree
at Oxford University.
He came to St. Louis at the urging of his mentor, who was hired by
Mallinckrodt to start a new research department. Despite being
recruited by research institutions across the world, he chose to stay
in St. Louis when he made the switch to academia. Married with two
young children, Achilefu said he had come to love the city and see it
as his home.
Jost said what makes Achilefu a great scientist is not only his
diverse expertise in chemistry, cell biology, biomedical engineering
and even genetics, but an intense curiosity that makes him delight in
any challenge.
Achilefu also fosters that same determination in those who work in
his lab. “It’s such a joy to watch how he nurtures people,” Jost said.
His team is always pushing the boundaries of what is possible.
Achilefu is also seeking FDA approval for a promising new contrast
agent he helped develop. The agent selectively enters cancer cells
anywhere in the body and stays there for up to a week, causing all
different types of cancer cells to glow the same. The agent could
help deliver toxic drugs directly to cancer cells, avoiding healthy
cells altogether.
While the St. Louis Award recognizes a significant contribution by
the winner, Achilefu said it was more about acknowledging values
that can shape the city’s future.
“I’m fortunate to be at an institution where this is encouraged,” he
said, “and to be a part of a community that encourages people to try
very, very hard.”
2015 ...increase your value!

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