The 7 Most Closely Guarded Secrets of the Super Rich

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2 The 7 Most Closely Guarded Secrets of the Super Rich

3 CONTENTS 1. THE SECRET OF LEVERAGE 2. SUCCESS Mentors and Coaches 3. THE THIRD POWERFUL SECRET Relinquish your control 4. THE MOST WIDELY USED SECRET Knowledge in a specific niche 5. The SECRET OF Due Diligence 6. THE SECRET OF SUCCESS The Habits of Success 7. THE MOST CLOSELY GUARDED SECRET Vision 1- THE FIRST SECRET

4 What is leverage? Leverage Why should we leverage? Leverage is really important if we want to excel and be able to do more in our 24 hour day. Let's be honest, regardless of whether you're extremely wealthy, or the average working individual, we all have the same amount of time within the day- 24 hours, and in those 24 hours, it is those that are able to leverage others and others' systems that are able to maximise their potential. This is the way of the super rich. This is something we are not necessarily taught. In any organisation there are a lot of smart, bright people who give their time and are leveraged by the super rich, and usually the rewards are money, or other sorts of material

5 benefits. However, if we can understand and work on using the tool of leverage, we immediately have one of the most powerful tools to become super wealthy, super rich. How do you leverage right now? Not tomorrow, not next week, not next month but right now? One excellent way is to model the super rich and do what they do. They have people who are much more knowledgeable than themselves in certain areas, in niche areas. They have people whose jobs are to take massive action throughout the day towards a particular project or goal. They have systems and procedures in place, so that other people can follow a particular path to a desired outcome.

6 So how can you do this? Well, you are obviously reading this report because you're interested in property. So let's use property as an example. There's three ways to build a property portfolio. The first option is, you could do it all by yourself, make all the normal mistakes, and learn from those and arrive to your goal if you're lucky in a really slow, monotonous, painful, time consuming way. The second option is you could leverage someone's knowledge and experience in property, and learn from them. When using this option, be aware of who provides the knowledge and practical help, we will cover this in much more detail later on in another section of this report. The third option would be to actually work with someone- leverage them. Leverage

7 someone who has the knowledge in property, has the expertise, has the contacts and is able to take massive action on your behalf. Although, the other person is doing all of the practical work, you are the person that is in charge, is the decision maker and is in control of the situation. You benefit from the results. By leveraging such people, your wealth creation and the portfolio that you are building will be extensively accelerated, and this my friends is the key. You can use them as a lever to lift your weight and reduce your stress. This decision of whether or not to leverage makes all the difference between success and failure. Between a life of struggle and mediocrity, to making your dreams reality. This is one major insight that has been overlooked by so many people, and yet is so simple in principle.

8 It is the idea of making things easier for yourself by leveraging other people's time and experience. The super rich use this on a daily and even on a minute to minute basis because they realise how important and how extrapolated the results are. LEVERAGE!!!

9 2- THE LITTLE KNOWN SECRET OF SUCCESS Mentors and Coaches To become extremely wealthy and to maintain that wealth, a time and tested strategy by the super rich has been to use mentors and coaches. So let's first look at the difference between the two. A mentor is someone who has taken the path you want to take. If they are a good mentor they have probably done things incorrectly in the past then learnt from their mistakes. They have taken the hard route and on their journey, they have worked out systems that work, gained further education, and obtained good relevant contacts and sources of knowledge. They are sure to have

10 mentors themselves and can be invaluable in making sure you avoid pitfalls that they may have come across themselves. If you're lucky enough to find someone like this you really have found a gem. Coaches on the other hand have a considerable amount of knowledge, and can keep you accountable but have not taken the path themselves. In property there are many mentors and coaches, however it is for you to decide if you prefer a mentor or a coach. If we compare the two and we take property as an example it's excellent to find a good coach who understands the concept. However it is the mentor who has actually lived the concept and knows the reality.

11 If you're anything like me, the following factors will be very important when deciding who to work with. Key factors to consider: Are they actually active in property themselves? What results are they getting? Are they available when obstacles arise? Concepts of how to deal with problems are fantastic; however it's overcoming those obstacles in practice that allows you to move forward. How ahead in property are they to you? Ideally you want to work with someone who is 3 to 5 years ahead of you. This allows you to get relevant knowledge and experience from them. Mentors too far ahead may not be the most effective, but they will definitely be good visionaries for

12 you, such as Donald Trump or James Caan. How accessible are they to you, can you send them an and get a reply from THEM? Can you contact them by phone? Are they willing to meet with you in person on a regular basis? Will they keep you accountable? Are they courageous enough to challenge you when you deviate from your path or you don't do what you have agreed to do? All of these factors will affect your results. If you are lucky enough to find the right mentor, it really is a significantly major achievement, my friends.

13 3-THE THIRD POWERFUL SECRET Relinquish Your Control What do the super rich do about control? Business people that are self employed seem to want to manage and control everything themselves. However, one clear distinction that the super rich seem to have from self employed or regular people is that they do not want to control everything themselves.. Although they have specific agendas, and specific delegated projects and goals, they do not tend to control the micro management of each of these projects or goals. They, as we have already discussed, leverage people with

14 knowledge in specific relevant fields and work with people who can take action on their behalf. In fact they look for people who are in their own sub niches and can do better than the super rich could do themselves. Rich people employ people who can spend a massive amount of time, knowledge and expertise on various tasks. The super rich would simply not be able to do all of this by themselves. The super rich leave the control to the people they delegate these specific tasks to. Yet control can be a very, very big hurdle to jump over for some people. But if you can get results much faster at a much faster pace, why would you want to be controlling everything yourself? Let's look at this from a property scenario. Why would anybody want to control the way they source the property, the way they actually manage the whole process of buying

15 the property, dealing with brokers, dealing with the each of the various different types of vendors; then after buying the property, dealing with the actual refurbishment, dealing with the process of finding a tenant, renting to a tenant and managing the whole process. Why not simply leave this control? Why not delegate out to other people, other parties and other organisations that would do a much more effective job? It is the same principle of starting a car. When you start a car you do not need to know how to reconstruct an engine to be able drive it. You simply turn the key, start the engine and drive. And this is how the superrich look at creating wealth. They simply turn the key, start the engine, and off they go. They just know that the internal working mechanics of the system are taken care of. How refreshing would it be if the average property investor

16 looked at investing property in this way? How refreshing would it be if they could actually control how they create wealth without having to actually tread through the whole process? So in effect, if you are looking to invest in property, how fantastic would it be if you could simply turn the key and have the results you desire. Is this possible? Well, yes! The super rich do this all of the time. When Donald Trump has a vision of a project and does the deal. He simply doesn't do everything himself. He leaves the control of the actual micro management to his team. How can you do this? How can you do this today- not tomorrow or next month or next year. How can you today be in that position? Well then the answer my friends, is much simpler than it seems. The answer is to start working with people who are already taking

17 massive action; start working with those who have economies of scale in the field (for example property) and are actually achieving results. There are services within the property sector known as portfolio building services which are offered to busy people who have funds to invest, yet could benefit from other people's: Experience Knowledge Expertise Economies of scale in order to drive down costs Power team consisting of estate agents, mortgage brokers, solicitors, letting agents, tradesmen, and builders and contacts within the public sector (organisations such as the local council.) With a good quality portfolio building service, you are able to have all the results of:

18 Buying property at a discount Equity in the property right now Each property cash flowing on a monthly basis after all monthly costs Fully managed letting service for you on a pre agreed term over a number of years Refinance option to release funds and reinvest in more property for you. Therefore, portfolio building services help you create a strong asset base, with income from rental cash flow and equity in the property. This is an ideal long term strategy for a pension or increased income from cash flow. This is an excellent option if you are in a career and want to invest in property. This allows you to have 'best of both worlds' i.e. the career and the property portfolio with ease.

19 However if you are put off of the idea of taking a huge burden off your shoulders, and your thoughts are you really want to be a full time property investor -doing it all yourself. I understand what you're saying, but if you're like me, you may want to recap section 2 of this report.

20 4- THE MOST WIDELY USED SECRET Knowledge in a specific niche Knowledge. What does it allow us to do? How can we benefit from it? Well, there are a lot of people who are knowledgeable out there. They have knowledge in subject area A, they have knowledge in subject area B, they have knowledge in subject area C. They seem to have a lot of all round knowledge. Now it's great to have knowledge. But I am of the opinion that what we really need to do is focus our knowledge into a specific niche area. What that allows us to do is become an expert in that specific niche.

21 Let's apply the idea of knowledge in a specific niche to an example career path- say an accountant. How much money would you be willing to pay a book keeper who looks after your records and understands the accounting system? Someone who actually qualifies to the next stage becomes a general accountant. Would they have more knowledge about accounting? Yes they would! How about an accountant who focuses only on, let's say, property? So their niche is now property. If you are a property investor and have the choice of either having a general accountant or an accountant specialised in property, who would you choose? Providing all things being equal, surely you would choose the property accountant. Why? Because they are much more knowledgeable in that specific niche. This accountant would probably get more

22 business from property investors because they are focused within a niche. Now what if they then focus themselves further as a tax expert within property? Surely they are more of an expert within their niche of property. They have the knowledge that an accountant who specialises in property has, as well as a more refined knowledge in the tax aspect of property. So in such cases the knowledge is important but as you've noticed within these stages as the knowledge becomes much more focused within a niche, it is much more in depth. It is specifically focused knowledge; so much time and effort has been attributed and the area is their speciality. So why use experts in their niches? Because they are much more knowledgeable in their areas of expertise. Have they actually done anything specifically different? All will have the same amount of

23 amount of time in a day. The only difference would be that the expert would have used their time more on a specific area. So knowledge alone is valuable, but to go one step further and use the services of people with knowledge in specific areas is very important. So let's apply this to building a property portfolio first of all you'd need to decide which type of property type you want to invest in. Is it for example Commercial or Residential. You then need to decide what you are looking to achieve, income, long term growth? and if you find it daunting and overwhelming would it be a good idea to find someone that has specific knowledge in that area? An excellent way to getting in to property is residential buy to let and is an area in which

24 having a team with specific knowledge in various niches is so valuable and can really accelerate the wealth of individuals. 5-The SECRET Of Due Diligence I cannot emphasise enough how important it is to do your due diligence. This is where most amateur investors get stuck because they get really excited about a project and go and do it without really doing their due diligence. Although it's not really an exciting part of creating wealth it is definitely what the super rich do which brings them to the exciting part and make sure that the projects get done. So what do we mean by due diligence? Well, we've talked about leverage we've talked about not controlling on a micro level so what is due diligence? what do you look for? and

25 what is the best way to go about it? Well first of all you need to check whoever or whatever organisation you decide to work with, you need to make sure that they are what they say they are. What I mean by that is, you need to check their track record. Are they achieving what they say they're achieving. Are they achieving the returns that they say they're getting? It would be an excellent idea to visit and see what they're doing just to get an idea to see what is possible and make sure that the people that you are dealing with are real. Because my friends, everyone can talk a great game but how many people are actually playing the game and doing what they are say they are doing. So my number one rule would be do your due diligence on the person, or the organisation that you're looking to deal with. Make sure they are real and are doing what they say they are doing. Secondly, what

26 the super wealthy do is they always check out their asset class and make sure it performs and it is the right time for it to perform. What I mean by that is, there is no point, for example, investing in umbrellas in a country where it doesn't rain 364 days of the year. That would be the wrong type of market. Similarly check to see if property is a good asset class in the U.K When I did my research, I was astounded to find that on average property in the U.K has typically doubled in value approximately every 10 years since the doomsday book in Wow!! Although I would like to make it quite clear when we invest for ourselves or build portfolio's for our investor clients we are making sure we are buying for today, what I mean by that is we make sure we buy property at a discount and make sure there is

27 positive cash flow each month after all costs. However what a fantastic bonus if your property price happens to double over a period of time.

28 6- The Habits of Success for the superrich When we analyse many super rich people: Richard Branson, Donald Trump, the great kings of the past, we come to realise is that they all have the same traits: the traits of the super rich. These traits my friends are so simple- and yet are so effective. If we are able to use these traits to our advantage, and we are able to drill down and focus on these in our lives we too can be super rich if we desire. Or we can be financially abundant to the extent that we require. Although, I can't go into detail about these traits in this report we can take a brief look at them. So what are these traits? What have we found? Well firstly, it has been found that people need to have faith. They need to have faith in something or someone- in some way.

29 Many say there is an infinite intelligence; they need to tap into this infinite intelligence. Many believe that this infinite intelligence is a higher power; call it the universe, call it God, call it the earth, call it energy- call it what you may. However, no matter what you call this higher power, if you can start to understand that there is a bigger game being played and you can start to understand your place here, success will surely come. They also need to be good leaders. A good leader isn't someone who barks orders at everyone! Effective leaders themselves have many traits. For example, a good leader must be a good listener- only then can they improve by acting on feedback. As well as this they need to have a mastermind group: a group of people who is leveraged. They need to have a real burning passion and desire to

30 succeed. They need to be consistently persistent even if they fail. They need to be in good health which means keeping themselves in the best health they can physically be in. These people do not procrastinate; there is zero procrastination. They make decisions, of course they do their due diligence but they come to their decisions very quickly, very clearly. The clarity and focus brings along zero procrastination, which allows a life of happiness and fulfilment. As well as being a good leader, you need to make sure that you are using strategies that have been tried and tested. It's great to find the newest fad; it's great to find new way of doing things. However, if you're anything like me, you want to do something that has been done before and is proven to work. Because you then learn from the mistakes that have been made and you can build on what

31 worked and is still working now. So for example, in property, I would recommend keep everything simple. Learn one or two great strategies that really work well for you and keep those consistent. Many people make the mistake, of always looking for the new fad always looking for the new thing, however from experience you need to master one or two strategies and keep everything really focused. We help our investment partners who invest joint venture funds with us, and clients that we build hands free property portfolios for. Our strategies are to buy properties at a really good discounted price. We add value by refurbishing the property. We then either hold on to the property and rent it for the long term on a yearly tenancy agreement or we sell the property for a profit. This is the basic concept of what we do. Where the

32 properties are such great deals we rent them, refinance them and are able to take out the equity that's already in the property,to buy more property. This is a way of buying property on a consistent basis, and increasing your income. There are set strategies and guidelines which we adhere to, taking out the emotion from the buying process. So we safely continue to buy in the right way for ourselves and our clients. 7- THE MOST CLOSELY GUARDED SECRET -VISION Everything comes down to having a vision, my friends. Having a huge dream- a vision, and the determination to make that vision reality

33 is what I believe separates rich people from the working class. Having goals in life is a start. It's great to want to achieve financial abundance and financial freedom... it's great not to work for a living and just have that passive income stream constantly coming in. However I am of the opinion what separates the super rich, from a regular individual is the capacity to have a vision and never ever be deterred from achieving that dream. Of course the path may change, the landscape may change and the route to the vision may change. However the ultimate goal is always there. An asset class such as property is simply one path to this greater vision. Property gives a constant passive income on a monthly basis. But there is a bigger goal than this for the

34 superrich. Of course money is so very important, and if you're like me, you want to have more of it, and you want to have more of it in abundance. But the superrich are already financially free- they already have financial abundance, so what actually drives them? What is it that actually makes them extremely successful? Are they just simply chasing money? Do they simply just want to have more income? Or is there something bigger and stronger than the desire for money alone? There are days that are hard, are difficult, are grey, are monotonous but how do you get through those days, how do you get through those moments. It is by having a vision not just a goal. Maybe this means having a greater purpose to help others in need of help.

35 Really comes from your why. Your 'why' is the reason behind your desire to succeed. Why is it that you want to achieve wealth? Why is it that you want to achieve financial security? Why is it that you want to achieve financial freedom? Well, let's be honest. If we really drill down it's all about emotions. It's about what the financial abundance can ultimately bring you- happiness. Being happy with yourself. Although I would agree that the money is definitely helpful and may move you forward in your goals, what should really fuel you is why you're doing this. Because your purpose in life, on the bigger scale of things, is going to make you achieve your goals on those dark and dismal days, and drive you towards your greater vision. So the reason why you're doing this is going to drive you. That is going to make you successful. To have that vision of

36 where you're going and what you want to achieve will get you where you want to go. Some people may call it just dreaming. But this is where the super rich separate themselves from the average working class person. They always have that vision: that great dream- that greater self purpose. They never let go of that- they never lose sight of that. That my friends, is what drives the super rich to achieve the massive gains that they do. Because what do you do when you get to the goals that you want to get to? You simply create more goals! The question is have you actually enjoyed the journey? Vision- having that greater purpose. Doing more, doing more for others. If you're like me, you make it your own purpose to live by the rule of adding value to everyone around

37 you- to add maximum value to anyone who comes in contact with you. If you want to add value to anyone who comes in contact with you; if you want to give as much as you possibly can, in terms of knowledge, help, kindness or love, the universe has an amazing way of giving you more than you can ever expect. The universe is always giving. Always. You just need to believe and have that vision. Did we expect to come to this at the end of this report? Or may be its simply just a beginning? I hope this report has added some value to you, provoked some new ways of thinking and maybe has helped you to take some positive action in your lives.

38 Thank you for reading and please let me know if I can be of any help to you. Kam Dovedi Kam@kamdovedi.com