In my contact with self-made millionaires I made several observations both about their general approach towards life that makes them such distinctive figures. These rare but doable characteristics further stencils the known fact that getting rich and enjoying a life of abundance is not luck; it is a designed plan.
The behaviour and characteristics of these men and women are so predictable that you can almost see the success formula in action. Today in MoneyMind we share prominent features that make the Millionaire Character. Features that if you adopt as your own you will become successful in what you do. The road to success is not secluded for a few, it is for everyone.
The question is do you desire to be wealthy, happy and are you in pursuit of happiness? In this article let’s get to the first steps of developing the Millionaire Character.
Desire The first step is to desire abundance and to recognize that there is nothing wrong with it. When you desire you begin to think in a positive way and attract circumstances and events in your life that takes you closer to your desires. The way nature works is that when you think intense positive thoughts, the universe reacts by giving physical equivalents of your thoughts. If you desire to be successful in your career, to create a long lasting legacy, an observation of the Millionaire Character show that desire is the biggest step towards a life of abundance. Desiring is different form wanting; desiring is a sustained burning sensation that drives both your emotional, spiritual and physical being towards the attainment of a goal. Wanting is not enough. Successful men and women have some much desire to be rich that anything else is unimportant. Extraordinary men and women all share a common basis; unlike many of us they did not want just to get rich but they desired it.
Find purpose Have you ever asked yourself the question why was I born? If you answer this question it will probably be the greatest self -discovery answer in your life. It will assist you to find purpose for your life. If you find your purpose nothing even the greatest adversity will sway you away from going after what you cherish most. You find one thing that you would rather die than not do. There is no right time to start finding purpose. But finding riches without purpose will not give everlasting fulfilment but then right order will be finding purpose and then your pursuit for life abundances become more purposeful. Nelson Mandela found his purpose committed to it even in the face of adversity but nothing swayed him away from his purpose until he achieved a free South Africa. Mark Twain sums it nicely, “the two most important days of your life are the day you are born and the day you find out why.”
Clarity When you have found purpose then you have inadvertently found clarity. Clarity is the ability to choose between actions or inactions that tally with your desire and purpose. You become so clear with what you want and desire that any other events do not matter. This is probably one of the most important observations made about the Millionaire Character. They have the power of clarity. They know exactly what they want to do and where they want to go. They spend most of their time chasing their dreams. They quickly excuse themselves from interactions that will not add value to their lives. They are so focused that it is amazing and they go through life with a game plan because they have clarity. You need to be clear on what exactly you want to achieve. The more clearer your vision the more likely you are to achieve it.
Goals Only 10% of the adult population have their goals written down. The Million Character has his/her goals written down. Goals are signposts and measures of movement towards the desired vision. Without goals you will get a surprise result at the end. Goals offer you an opportunity to take corrective measure midway. Your goals need to be specific and time bound and you will be amazed how much you will be able to achieve when your goals are clearer. Write down your goals at most five and every single day revisit them. By re-reading them you implanting them in your subconscious and the universe will react to your desires. The world seems to reward men and women with clearer goals.
Persistence Henry Ford insisted that he will have his V8 Ford even when his engineers insistently told him it was impossible. The Millionaire Character is endowed with a pinch of “stubbornness.” When other believes it will not work, they tend to believe it will work. They get stuck to their beliefs and work at it until it works. They do not give up at the first hurdle and persist until they achieve what they want.
Circle of influence Millionaire Character maintains a circle of peers whom they look up for advice, motivation and inspiration. They have role models. Bill looks up to Warren Buffet. The Millionaire Character has great influence because they create and maintain valuable relationships. They do not live in isolation but rather exist in powerful networking communities.
Sharing They believe in sharing and giving away money. They are usually approachable and are eager to tell their success stories albeit with great humility. They give away ten percent of what they earn to charity and sharing is a great priority. They are largely involved in charity works and generously share their wealth with less privileged.
Develop the Millionaire Character and change the world around you.
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This century is always looking at improving new super high speed technology to make life easier. On the other hand, beckoning as an emerging fierce reversal force to equally match or dominate this life enhancing super new tech, comes swift human adversaries which seem to have come to make living on earth even more difficult.
The recent discovery of a pandemic, Covid-19, which moves at a pace of unimaginable and unpredictable proportions; locking people inside homes and barring human interactions with its dreaded death threat, is currently being felt.
Member of Parliament for Kanye North, Thapelo Letsholo has cautioned Government against excessive borrowing and poorly managed debt levels.
He was speaking in Parliament on Tuesday delivering Parliament’s Finance Committee report after assessing a motion that sought to raise Government Bond program ceiling to P30 billion, a big jump from the initial P15 Billion.
Government Investment Account (GIA) which forms part of the Pula fund has been significantly drawn down to finance Botswana’s budget deficits since 2008/09 Global financial crises.
The 2009 global economic recession triggered the collapse of financial markets in the United States, sending waves of shock across world economies, eroding business sentiment, and causing financiers of trade to excise heightened caution and hold onto their cash.
The ripple effects of this economic catastrophe were mostly felt by low to middle income resource based economies, amplifying their vulnerability to external shocks. The diamond industry which forms the gist of Botswana’s economic make up collapsed to zero trade levels across the entire value chain.
The Upstream, where Botswana gathers much of its diamond revenue was adversely impacted by muted demand in the Midstream. The situation was exacerbated by zero appetite of polished goods by jewelry manufacturers and retail outlets due to lowered tail end consumer demand.
This resulted in sharp decline of Government revenue, ballooned budget deficits and suspension of some developmental projects. To finance the deficit and some prioritized national development projects, government had to dip into cash balances, foreign reserves and borrow both externally and locally.
Much of drawing was from Government Investment Account as opposed to drawing from foreign reserve component of the Pula Fund; the latter was spared as a fiscal buffer for the worst rainy days.
Consequently this resulted in significant decline in funds held in the Government Investment Account (GIA). The account serves as Government’s main savings depository and fund for national policy objectives.
However as the world emerged from the 2009 recession government revenue graph picked up to pre recession levels before going down again around 2016/17 owing to challenges in the diamond industry.
Due to a number of budget surpluses from 2012/13 financial year the Government Investment Account started expanding back to P30 billion levels before a series of budget deficits in the National Development Plan 11 pushed it back to decline a decline wave.
When the National Development Plan 11 commenced three (3) financial years ago, government announced that the first half of the NDP would run at budget deficits.
This as explained by Minister of Finance in 2017 would be occasioned by decline in diamond revenue mainly due to government forfeiting some of its dividend from Debswana to fund mine expansion projects.
Cumulatively since 2017/18 to 2019/20 financial year the budget deficit totaled to over P16 billion, of which was financed by both external and domestic borrowing and drawing down from government cash balances. Drawing down from government cash balances meant significant withdrawals from the Government Investment Account.
The Government Investment Account (GIA) was established in accordance with Section 35 of the Bank of Botswana Act Cap. 55:01. The Account represents Government’s share of the Botswana‘s foreign exchange reserves, its investment and management strategies are aligned to the Bank of Botswana’s foreign exchange reserves management and investment guidelines.
Government Investment Account, comprises of Pula denominated deposits at the Bank of Botswana and held in the Pula Fund, which is the long-term investment tranche of the foreign exchange reserves.
In June 2017 while answering a question from Bogolo Kenewendo, the then Minister of Finance & Economic Development Kenneth Mathambo told parliament that as of June 30, 2017, the total assets in the Pula Fund was P56.818 billion, of which the balance in the GIA was P30.832 billion.
Kenewendo was still a back bench specially elected Member of Parliament before ascending to cabinet post in 2018. Last week Minister of Finance & Economic Development, Dr Thapelo Matsheka, when presenting a motion to raise government local borrowing ceiling from P15 billion to P30 Billion told parliament that as of December 2019 Government Investment Account amounted to P18.3 billion.
Dr Matsheka further told parliament that prior to financial crisis of 2008/9 the account amounted to P30.5 billion (41 % of GDP) in December of 2008 while as at December 2019 it stood at P18.3 billion (only 9 % of GDP) mirroring a total decline by P11 billion in the entire 11 years.
Back in 2017 Parliament was also told that the Government Investment Account may be drawn-down or added to, in line with actuations in the Government’s expenditure and revenue outturns. “This is intended to provide the Government with appropriate funds to execute its functions and responsibilities effectively and efficiently” said Mathambo, then Minister of Finance.
Acknowledging the need to draw down from GIA no more, current Minister of Finance Dr Matsheka said “It is under this background that it would be advisable to avoid excessive draw down from this account to preserve it as a financial buffer”
He further cautioned “The danger with substantially reduced financial buffers is that when an economic shock occurs or a disaster descends upon us and adversely affects our economy it becomes very difficult for the country to manage such a shock”