Wednesday 1 November 2017

The Truth Shall Make You Rich

The author, Farrah Gray, refutes the fallacies that serve as the biggest obstacles to success or wealth. Contrary to popular opinion, money is not the only yardstick for measuring success. Money is subject to the Law of Diminishing Returns; it buys happiness only when it moves one out of poverty, but more money does not bring more happiness. According to him, a successful person has financial, emotional and spiritual security.

Farrah offers practicable recommendations on maximising one's potential. Being rich is being happy, knowing who you are and using your talents to the best of your abilities. Regrettably, we continue to hold on to false beliefs out of fears-fear of change, fear of taking risks and fear of failure. And all we do is fantasize about prosperity. Most of us live our fears not our possibilities-to put it succinctly. Developing our skills is an essential condition for success. Failure to make a distinction between skill and desire is a recipe for failure. Skill is what you are capable of doing while desire is a general interest or fascination.We are advised to get out of our comfort zone and show up for success.

In a world plagued by “get-rich-quickly” malady, this book is an indispensable guide for anyone who wishes to realise his dreams.



1.  The Born-Lucky Lie

Lie: I have to be born with connections or special talent to be rich.
Truth: Luck is showing up. You can't win if you don't play.

The born-lucky lie is one of the myths that permeate the society and impede the realisation of people's potentialities. We often attribute success to luck which, in our opinion, is getting something for nothing. But successful people are developed-not born.  These are people who continually learn and acquire skills in readiness for success. Farrah posited that luck is, actually, doing something. You are lucky when you build a fortune from inner integrity and fervent work. You cannot afford to leave your destiny to luck. If you choose to use your talent, you can do great things regardless of where or under what circumstances you were born.

The only road to success is working on enhancing your self-esteem.This helps you discover your real purpose in life. Money and material goods only mask your low-esteem. The solid foundation to prosperity is from the inside-out.



2.  The Work-Hard Lie

Lie: I have to work hard and be willing to make sacrifices to be rich.
Truth: Work less, make more. Find your area of excellence.

Work alone is not, necessarily, a guarantee of success, but a combination of skills, passion, drive and ambition does make a valuable guarantee.  According to the author, “If you are not working in your area of excellence, then you are working aimlessly”. You can only get to your real destination by working to make your talent flourish.You have to make an endeavour to do what comes natural to you and get the training for it.

Age is not a barrier to living your dream; you are advised to reinvent yourself in order to give people who spread the age lie an endless run for their money.



3.  The Celebrity Lie

Lie: I have to hit it big in the entertainment or sports world to be rich.
Truth: A celebrity is someone who is celebrated- someone who shows up to do something well.

Farrah maintained that celebrities are ordinary people who become extraordinary by virtue of their willingness to pursue their talents and show up. You will be noticed if you  devote  time and effort to what you are supposed to be doing.So concentrate on your own talents rather than getting  caught up in wanting to be a celebrity.



4.  The Money Lie

Lie: I have to have money to make money and be rich.
Truth: The path to millions starts with one dollar.

Many people, erroneously, believe that it takes a huge amount of money to succeed. But smart people know that the best things in life are free-requiring nothing more than investment of time and love. People will pay for your talents.

Successful people have some traits and habits that are worth emulating. You should live below your means and save about 10% to 15% of your salary.  Do not accumulate debt to support your lifestyle but to build assets.



5.   The Debt Lie

Lie: I have to have zero debt to be rich.
Truth: You must have debt to get rich. You must use debt to get rich.

Debt is a necessary step toward fortune. You can get on your way to wealth if used wisely. Debts that are largely spent have little to no value and cannot be used to invest in the future; Farrah calls them  “lie-abilities.”

Besides, your financial obligation should not deter you from going for what you are passionate about. Great businesses are not built on cash but on credit. You can turn your crafts into a corporation without reinventing the wheel. Investing in a chance requires great daring; playing it safe always will not provide safety in the long run. Conquer your fears- fear of failure, fear of making mistakes, fear of rejection and fear of debts. They do not exist; they are lies created by the society.



6.  The Google and Gates Lie

Lie: I have to be super-smart and invent something the world relies on to be rich.
Truth: Intelligence, wit, and inventiveness will only get you so far. Big things are born from satisfying small niches.

Success is no longer measured by being #1 or #2 in a field-it's finding a niche and creating something new or improving an existing product or service. Degrees alone do not make the money- you make the money based on your brilliant ideas and how well you can execute them. Dreams alone do not make the money; but the execution of dreams is a prerequisite for wealth. Surely, we all have the potential to be entrepreneurs; it is encoded in our cells as humans struggling to survive on earth.



7.   The Wall Street Lie

Lie: I have to know a lot about the stock market or work on the Street to be rich.
Truth: Returns on investments don’t come directly from Wall Street. They arise from within you based on what you know and love.

Indeed, most of the financial world revolves around Wall Street and the transactions that take place on the exchanges. Apart from stocks and real estate, you can make money collecting vintage like bottles, buying toys and dolls, or buying stock of a company that sells these products. Alternatively, you can set up your own company.

However, you can benefit from the same logic that a Wall Street investor would apply to buying stocks: doing research first.When you invest in what you are familiar with, you stand to gain a healthy return over time as your investment grows in value.

No comments:

Post a Comment

John Holt Plc: Trading At A Hefty Discount

Company Overview JOHNHOLT  which began the business of  distribution and exporting produce  in Lagos in 1897 has grown to a conglomerate ...