Managing Personal change is key in building wealth

Managing Personal change is key in building wealth In money habits of the wealth we introduced three things that you can pick up and be successful. 1. Saving 2. Investing 3. Giving Its clear that when you set your mind to become a millionaire you are in essence planning to save, invest more and give in large measures. Becoming a millionaire from scratch involves a mindset shift, an intricate mental change that involves three activities (a) Determination of your present financial status, where you figure out your position- finances and behavior- and what’s important to you. It involves developing a personal vision and setting lifetime goals. (b) Having determined what’s important to you, you must start working towards achieving it. Rising from ashes naturally involves creating income of any scale and keeping a portion of it as savings and for investment, in this way you start to overcome your “inner self “and eventually overcome Parkinson’s law – that expenses rise to meet income. Priority - Most people fail in step two because they are unable to connect their vision with reality. For example if you honestly want to build a house so you can stop paying rent and all you, can save is a block( sh 200) a day, you can achieve your dream by keeping aside one block a day without fail. However the house must first be IMPORTANT to you than any other enjoyment so that it takes a place of priority in your budget allocation every day. - The third action involves changing how you have been handling money by learning to deal with what has been SABOTAGING your efforts to be on top of your money. Arguably, the most difficult of the three traits involves dealing with your emotions by engaging logical thinking and action. It involves actions that HURT the people you LOVE, which you MUST overcome and remain strong. - How you execute savings at every purchase, investing and giving defines and separates the poor from the wealthy. Faced with the need to make personal change, the poor gets stuck at the emotional stage. The wealthy in the mind quickly engage logic and receive reinforcement from growing savings and investments from their actions. - My notes from ( Patric Wameyo, financial literacy coach and educator0 - Thursday May 22,2014 DAILY NATION>

What I need to go on

Except for a few things in my life I would not be happy. I grew up straight in a Christian family, a Ugandan mother and a Kenyan father. My past was free of knowledge of evil as one preacher would put it. I didn’t think for most of my teenage life that having friendship with the members of the opposite sex was anything great. I had learnt to pursue things that interested me most at an early age, among them being the obsessive passion to play with electronic gadgets. And so, at the age of eighteen I would find relationships as that bad staff, stuff, that bad “employee” that steals “company time” . In my little thoughts I think this was the most creative time of my life. I build a light system for my room and replaced a few things here and there that almost too many time in a row would breed trouble for me when mom would find out its Tim who’s been cutting wires! Am I happy today, twelve years after primary school? I don’t think am there, but I feel an overwhelming feeling in me to write about what puts up a smile on my face even when at times I cant literally afford to buy some rice. You see life isn’t all hard; it’s not an uphill task to find some money and get some good food to eat. It’s achievable. I think that so many people, so many times have never taken a look at what stuff would brighten their life and got busy chasing illusive fantasies in the name of happiness. This rolls me back to my campus life. My college years were only rough for a few of reasons that I knew best. I will tell you why. I never used to go out with girls, I had reasons for that. One, I rarely had enough money for myself, for the whole semester and coming to think about it, taking a classy lady out once might mean paralyzing my savings for the entire semester. I didn’t want to go flat broke on day one. The other reason is of course genuine, or so I think, I particularly didn’t want to waste a lot of time chasing girls who I would never end up with. If anything, most of the bad guys, weren’t sharp in the courses we shared. In my college mind, missing out on this essential part of my social life spelt a rough time, but I made it. Then there yet is a reason why am not as happy as I would have wanted be a couple of years after college. A few weeks ago I read a book titled WALDEN, or LIFE IN THE WOODS. Having placed my hands on this book changed the way I look at happiness. And, for the first time in my adult life, I began to discover that there are actually a few things that make someone happy. I literally took a pen and a note book and jotted down those things. I mean if those things really are making you happy, you could be suffering from a broken family, relationship, or you are fired but at least for most part of the time you use them, think about hem and own them, you remain strong to tackle and negotiate a higher level of happiness. To simplify this further, these things, attached to your life minus very other will make you feel up to abundant life. This list is not standard but at least for me, blessed and lucky, such puts a smile on my face. 1. Fellowship with God 2. A place to sleep 3. Some good food to eat 4. An opportunity and chance to travel and learn about life in other parts of the world 5. Reliable internet 6. My music( You don’t give away your music, not for a single day in your life) 7. Someone to love (I recently dropped my fiancée after realizing that for well over a year my feelings for her terribly degenerated. This can’t happen for you.) 8. Some art, coding, programming and intellectual content.

'You've got to find what you love,' Jobs says

This is a prepared text of the Commencement address delivered by Steve Jobs, CEO of Apple Computer and of Pixar Animation Studios, on June 12, 2005. Video of the Commencement address. I am honored to be with you today at your commencement from one of the finest universities in the world. I never graduated from college. Truth be told, this is the closest I've ever gotten to a college graduation. Today I want to tell you three stories from my life. That's it. No big deal. Just three stories. The first story is about connecting the dots. I dropped out of Reed College after the first 6 months, but then stayed around as a drop-in for another 18 months or so before I really quit. So why did I drop out? It started before I was born. My biological mother was a young, unwed college graduate student, and she decided to put me up for adoption. She felt very strongly that I should be adopted by college graduates, so everything was all set for me to be adopted at birth by a lawyer and his wife. Except that when I popped out they decided at the last minute that they really wanted a girl. So my parents, who were on a waiting list, got a call in the middle of the night asking: "We have an unexpected baby boy; do you want him?" They said: "Of course." My biological mother later found out that my mother had never graduated from college and that my father had never graduated from high school. She refused to sign the final adoption papers. She only relented a few months later when my parents promised that I would someday go to college. And 17 years later I did go to college. But I naively chose a college that was almost as expensive as Stanford, and all of my working-class parents' savings were being spent on my college tuition. After six months, I couldn't see the value in it. I had no idea what I wanted to do with my life and no idea how college was going to help me figure it out. And here I was spending all of the money my parents had saved their entire life. So I decided to drop out and trust that it would all work out OK. It was pretty scary at the time, but looking back it was one of the best decisions I ever made. The minute I dropped out I could stop taking the required classes that didn't interest me, and begin dropping in on the ones that looked interesting. It wasn't all romantic. I didn't have a dorm room, so I slept on the floor in friends' rooms, I returned coke bottles for the 5¢ deposits to buy food with, and I would walk the 7 miles across town every Sunday night to get one good meal a week at the Hare Krishna temple. I loved it. And much of what I stumbled into by following my curiosity and intuition turned out to be priceless later on. Let me give you one example: Reed College at that time offered perhaps the best calligraphy instruction in the country. Throughout the campus every poster, every label on every drawer, was beautifully hand calligraphed. Because I had dropped out and didn't have to take the normal classes, I decided to take a calligraphy class to learn how to do this. I learned about serif and san serif typefaces, about varying the amount of space between different letter combinations, about what makes great typography great. It was beautiful, historical, artistically subtle in a way that science can't capture, and I found it fascinating. None of this had even a hope of any practical application in my life. But ten years later, when we were designing the first Macintosh computer, it all came back to me. And we designed it all into the Mac. It was the first computer with beautiful typography. If I had never dropped in on that single course in college, the Mac would have never had multiple typefaces or proportionally spaced fonts. And since Windows just copied the Mac, it's likely that no personal computer would have them. If I had never dropped out, I would have never dropped in on this calligraphy class, and personal computers might not have the wonderful typography that they do. Of course it was impossible to connect the dots looking forward when I was in college. But it was very, very clear looking backwards ten years later. Again, you can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life. My second story is about love and loss. I was lucky — I found what I loved to do early in life. Woz and I started Apple in my parents garage when I was 20. We worked hard, and in 10 years Apple had grown from just the two of us in a garage into a $2 billion company with over 4000 employees. We had just released our finest creation — the Macintosh — a year earlier, and I had just turned 30. And then I got fired. How can you get fired from a company you started? Well, as Apple grew we hired someone who I thought was very talented to run the company with me, and for the first year or so things went well. But then our visions of the future began to diverge and eventually we had a falling out. When we did, our Board of Directors sided with him. So at 30 I was out. And very publicly out. What had been the focus of my entire adult life was gone, and it was devastating. I really didn't know what to do for a few months. I felt that I had let the previous generation of entrepreneurs down - that I had dropped the baton as it was being passed to me. I met with David Packard and Bob Noyce and tried to apologize for screwing up so badly. I was a very public failure, and I even thought about running away from the valley. But something slowly began to dawn on me — I still loved what I did. The turn of events at Apple had not changed that one bit. I had been rejected, but I was still in love. And so I decided to start over. I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life. During the next five years, I started a company named NeXT, another company named Pixar, and fell in love with an amazing woman who would become my wife. Pixar went on to create the worlds first computer animated feature film, Toy Story, and is now the most successful animation studio in the world. In a remarkable turn of events, Apple bought NeXT, I returned to Apple, and the technology we developed at NeXT is at the heart of Apple's current renaissance. And Laurene and I have a wonderful family together. I'm pretty sure none of this would have happened if I hadn't been fired from Apple. It was awful tasting medicine, but I guess the patient needed it. Sometimes life hits you in the head with a brick. Don't lose faith. I'm convinced that the only thing that kept me going was that I loved what I did. You've got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle. As with all matters of the heart, you'll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don't settle. My third story is about death. When I was 17, I read a quote that went something like: "If you live each day as if it was your last, someday you'll most certainly be right." It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: "If today were the last day of my life, would I want to do what I am about to do today?" And whenever the answer has been "No" for too many days in a row, I know I need to change something. Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure - these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart. About a year ago I was diagnosed with cancer. I had a scan at 7:30 in the morning, and it clearly showed a tumor on my pancreas. I didn't even know what a pancreas was. The doctors told me this was almost certainly a type of cancer that is incurable, and that I should expect to live no longer than three to six months. My doctor advised me to go home and get my affairs in order, which is doctor's code for prepare to die. It means to try to tell your kids everything you thought you'd have the next 10 years to tell them in just a few months. It means to make sure everything is buttoned up so that it will be as easy as possible for your family. It means to say your goodbyes. I lived with that diagnosis all day. Later that evening I had a biopsy, where they stuck an endoscope down my throat, through my stomach and into my intestines, put a needle into my pancreas and got a few cells from the tumor. I was sedated, but my wife, who was there, told me that when they viewed the cells under a microscope the doctors started crying because it turned out to be a very rare form of pancreatic cancer that is curable with surgery. I had the surgery and I'm fine now. This was the closest I've been to facing death, and I hope it's the closest I get for a few more decades. Having lived through it, I can now say this to you with a bit more certainty than when death was a useful but purely intellectual concept: No one wants to die. Even people who want to go to heaven don't want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because Death is very likely the single best invention of Life. It is Life's change agent. It clears out the old to make way for the new. Right now the new is you, but someday not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it is quite true. Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma — which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary. When I was young, there was an amazing publication called The Whole Earth Catalog, which was one of the bibles of my generation. It was created by a fellow named Stewart Brand not far from here in Menlo Park, and he brought it to life with his poetic touch. This was in the late 1960's, before personal computers and desktop publishing, so it was all made with typewriters, scissors, and polaroid cameras. It was sort of like Google in paperback form, 35 years before Google came along: it was idealistic, and overflowing with neat tools and great notions. Stewart and his team put out several issues of The Whole Earth Catalog, and then when it had run its course, they put out a final issue. It was the mid-1970s, and I was your age. On the back cover of their final issue was a photograph of an early morning country road, the kind you might find yourself hitchhiking on if you were so adventurous. Beneath it were the words: "Stay Hungry. Stay Foolish." It was their farewell message as they signed off. Stay Hungry. Stay Foolish. And I have always wished that for myself. And now, as you graduate to begin anew, I wish that for you. Stay Hungry. Stay Foolish. Thank you all very much.

Students: You Are Probably Not Mark Zuckerberg, So Stay In School

Instead of another boring lecture, last week my students at UC-Berkeley got quite a treat: a lively discussion with TechCrunch founder Mike Arrington. I once described Mike as a cross between Oprah Winfrey and Howard Stern; so I was ready for a little controversy. But he ended up lighting such a big fire, that I’ve been bombarded with questions from students about their education and careers. The questions aren’t just coming from Berkeley; after the discussion was posted on TechCrunch, students at Duke asked me to discuss this at a keynote I am giving at their entrepreneurship symposium on Wednesday; and students at other schools, from as far as India and Singapore, have asked for advice. So I’ll just respond here in the hope of quenching this fire. At the UC-Berkeley Distinguished Innovator Lecture Series, last week, Mike and I discussed a variety of topics. We agreed on most subjects—except on the importance of education (and dearth of women in tech—which is a battle I’ll fight another day). When I brought up my TechCrunch post on the importance of MBA degrees, Arrington questioned why students needed to get any degree or go to college at all. He talked up the success of tech CEOs who had dropped out of college—Zuckerberg, Gates, and “countless high-profile entrepreneurs including Larry and Sergey” (Mike: Larry and Sergey both have undergraduate degrees and were completing PhD’s). Despite being interrupted by Berkeley professor Ikhlaq Sidhu (who I was afraid would come on stage and strangle Mike before he could finish his sentence), Arrington said that he didn’t learn much from college; gaining admittance to a Berkeley or Harvard is the only certification a student needs; dropping out from college doesn’t carry a stigma anymore; so “the best thing in the world is to go to Harvard for a year and drop out because everyone knows you were smart enough to get in”. Arrington told students that the kind of person who wants to increase his chances of success by getting a masters degree isn’t an entrepreneur; older entrepreneurs have no chance of raising money (so they’re a lost cause); success means building a billion dollar business and making a lot of money—it’s not good enough to build a good lifestyle business that pays the bills and brings you happiness. So they should “ready-fire-aim” and go for the big prize rather than thinking small. Here is the problem with Arrington’s logic: students may come up with great ideas and start a company, but they aren’t going to be able make it big unless they have the educational foundation. Maybe Zuckerberg lucked out by being at the right place at the right time, but he wasn’t born with the knowledge of how to grow a business. To build a business, you need to understand subjects like finance, marketing, intellectual property and corporate law. Until you have been in the business world for a while, you don’t know how to negotiate contracts, deal with people, manage and nurture employees, and sell to customers. Most importantly, if students don’t learn the importance of finishing what they start, they will never achieve success—this requires perseverance and determination. And by dropping out of college, they won’t have the alumni networks that they need to help them later in their careers and in business. The harsh reality is that for every Zuckerberg, there are a thousand who drop out of college and fail. Many get discouraged after their failures and move to other professions which require less skill and education. Some universities do readmit students who dropped out for a short period of time, but most students end up burning through their savings and loans from friends and relatives, and can no longer afford their education. Some give up and look for jobs in big companies, but big companies don’t generally hire people without degrees—because they want employees who have the discipline to finish what they start; who won’t jump ship and chase every rainbow. Plus, if you look at the backgrounds of the people who actually built Facebook—the executives and employees of the company—you’ll find that they aren’t college dropouts; they are highly educated. Facebook, Microsoft, and Apple—all started by college dropouts are the most selective in hiring; they are the most fussy about degrees. My advice to students is to get all the education they can, while they can. Complete at least a bachelors and get a masters degree if you can. The degree doesn’t have to be from an elite college like Harvard or Stanford; any education will carry you far. As this chart shows (based on an analysis of the backgrounds of the founders of 652 successful technology companies), there is a huge difference in the size and revenue of companies founded by people with college degrees. But there is only a small difference between those with ivy-league degrees and the average (which includes all startups). After you graduate, you should gain some practical work experience and learn the realities of the business world before making the plunge into entrepreneurship. Work for a big company for a few years; learn about how the corporate world works; get good at people management, project planning, and teamwork. Then join a startup—which will probably fail as most startups do. But you get to fail on someone else’s dime and learn all the valuable lessons. In his talk, Mike Arrington said that he got little from his education. He also said that he wished he had gotten an MBA instead of a law degree. But what Mike didn’t seem to acknowledge was that he needed the law degree to become a lawyer; when he was a lawyer, he gained an in-depth knowledge about the tech world and its problems —which led to his startups; and this education gave him the knowledge to take on unethical companies and question unethical practices—all of which have helped make TechCrunch the world’s leading tech blog. Does anyone think that Mike would have been able to build TechCrunch if he was a college dropout? In our discussion, Mike joked that instead of doing the law degree, he wishes he had learned to play the guitar in junior high—“maybe he would have become a rock star”. I have no idea if Mike has any musical talent, but a smaller proportion of guitarists become rock stars than techies who become CEOs. by @wadhwa