Different generations, no matter how old or young, are all very different, and that's part of life's excitement. But the core teachings about success remain largely the same.
I have two sons, a daughter and several grandchildren. And I don't plan to retire anytime soon. In fact, I'm still running the same billion-dollar money management firm I've been at for decades, while also working>1. Ask the pro to (a virtual) lunch.
Knowledge about the past will help you so much with your future, which is why I always tell young people to seek out the oldest people in their company — or the>2. Never call or email a busy person>3. So you want to start a business…
A few important rules that will save you a lot of time and money (even if you're not an aspiring entrepreneur):
- Act fast. Forget the business plan. I've seen countless entrepreneurs invest months into research and spreadsheets. Rather, have a two-page plan that your grandmother could understand. Then proceed immediately to the next point.
- Get out there and sell your service! Collect the money. Get a client who will sing your praises, and don't worry too much about the margin you make. If you can do this, you'll have validation that someone in the world actually wants what you think they'll need.
- Start young. It gets harder as you get older. Some people fancy the of running their own business, but lack the stomach for it if starting too late, or simply can't afford the risk. You'll probably fail a few times, but a true entrepreneur will always power through.
- Study accounting. The course I took at Harvard Extension School turned out to be indispensable. And I don't mean finance or economics — I mean reading income statements and balance sheets. You'll be more effective in dealing with financial people, and be more credible with eventual partners and acquirers.
- Keep an eye>4. There are people you cannot save from themselves.
I learned the hard way that there are people who take and take, particularly of your time. It's like owning a stock you thought was a good idea to buy. And you buy some at $50, knowing it will be a winner for you.
But, for various reasons, the stock starts to go way down. You stay with it, feeling it cannot go below $45. Then, at $40, you can't believe what a bargain it is. Finally, at $20, having ridden it all the way down, you can't stand looking at it anymore and sell the stock.
You have to take your losses in relationships, as somewhat cruel as it sounds. But knowing the downside about relationships that sap your energy your pocketbook can be beneficial to your mental health.
5. Ask the right questions when you interview financial advisors.
Here are the questions almost isn't your least favorite word, it should be. I went to college with a group of attractive kids who were successful>7. The unusual aspects of your life can open doors.
I see hundreds of resumes a year from people of all ages wanting career advice. Almost all of them were plain vanilla: Education, work, history. Boring.
A young man who had little luck landing job interviews once showed me his resume. It looked fine, but had absolutely no life to it. I asked if he pursued any hobbies. "I'm a black belt in karate," he responded.
I got him to add that to his resume.
Within weeks, he had a strong response and several job offers from CEOs who, during interviews with him, spent the bulk of the sessions asking about the dedication and discipline it took to become a black belt.
The unusual aspects of your life can not only enhance and enrich your experience, they can open doors and keep them open.
