Nothing holds more credibility in wealth creation than a good education and continuous learning. Indeed, the U.S. Bureau of Labor Statistics validates this with data that shows workers with a professional degree earn, on average, a significantly higher salary than those with bachelor's or master's degrees. However, the journey to extraordinary wealth often requires an ingredient beyond academic achievement - street smarts.
Even among our clientele, constituting individuals with a net worth of at least $500 million, we find that their phenomenal success is only sometimes attributed to academic brilliance. This isn't to question their intellect, but to underscore the importance of their street smarts, a trait often overshadowed by conventional wisdom.
Having observed many of the self-made Super Rich, street smarts, contrary to its widespread perception, aren't about manipulation or deception. Instead, it centers around a sharp understanding of people, perceptive analysis of situations, and astute negotiation skills. Our clients consistently demonstrate these attributes, often leading to robust business results. They listen attentively, hold independent perspectives, and perpetually align actions with their goals.
An integral part of the street-smart arsenal is "low cunning," a technique where you carefully craft scenarios to appear in favor of your business counterparts, subtly benefitting you. For instance, during high-stakes negotiations, low cunning helps convince the other parties that the terms are in their best interest, not yours. As a preeminent wealth advisor, I want to point out that using low cunning, while effective, should be done selectively and ethically. Its aim should be a win-win scenario where all parties involved gain something rather than a zero-sum game.
Another critical attribute of self-made multimillionaires is their negotiation prowess. Their skill lies in the strategic fusion of perspective, purpose, preparation, and process, which collectively boosts their performance in business dealings. They can secure outcomes that align with their goals by maintaining a focused mindset, visualizing desired results, adequately preparing, and skillfully navigating the process.
In your journey to wealth creation, here are a few steps you can adopt:
- Be discerning about your business counterparts: Refrain from assuming that success in one area implies competence in others. Gauge their capabilities objectively.
- Do your homework: Understanding the personal and professional circumstances of the other party can give you leverage at the negotiating table.
- Acknowledge your vulnerabilities: Recognizing your weaknesses can prevent others from exploiting them to their advantage.
- Collaborate with professionals: Honing street-smart skills requires practice. Working with seasoned professionals can give you the necessary exposure and experience.
In conclusion, while intellectual insights are indispensable in wealth creation, integrating them with street smarts can accelerate your journey toward success. As you traverse this path, remember that success is not just about accumulating wealth but also about understanding people and their motivations and leveraging this to create win-win situations. As the adage goes, it's not just about the destination but also about the journey.