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Step 5-Find Abundance in a World of Scarcity

abundanceToday we’ll wrap up our series on abundant living. We’re tired of hearing about scarcity so we thought it was time to talk about the other side of things.

Before we introduce our fifth and final step, let’s talk about something we haven’t addressed yet in this series. You’ll see how it relates to this last step in a couple of minutes.

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Should you live abundantly? Would living abundantly make you feel guilty?

For some, it may because, especially today, we value frugality. Abundance has gotten a bad rap.

Some people equate abundance with excess, excess with greed, and greed with evil. Therefore, they think that seeking abundance is wrong.

In light of the current economic crisis, coming out of a period of conspicuous consumption, there may be a tendency to go too far the other way. But we’re really talking apples and oranges here and that’s an important distinction to make.

Bigg success is life on your own terms. In other words, to each their own.

As long as you’re not hurting anyone by having abundance, then enjoy it. And as we’ve discussed, abundance usually comes to those who find ways of helping others win as well.

So with all that in mind, here’s our fifth and final step to finding abundance in a world of scarcity:

Share more and you’ll have more

Want to feel like you're living abundantly? Then give something away!

Seems counter-intuitive, doesn't it?

If you can't afford to share, you're not seeing abundance. When you give your money or your time away, you're signaling to your brain (and your soul) that you have more than you need.

Research shows that sharing has benefits as great as receiving. Allan Luks, the Executive Director of the New York chapter of Big Brothers, Big Sisters, coined the phrase “helper’s high” in his book: The Healing Power of Good

Giving creates an endorphin rush similar to working out. This is the “helper’s high.

Give is a verb. Verbs mean action. So take action today … give!

You can’t afford it?

Can you give something you don’t use any longer? You may be able to give and de-clutter at the same time!

Do you have any canned goods you could donate?

Can you give your time instead? Give your attention to someone who’s lonely. Sometimes it’s not, “Buddy, can you spare a dime?” It’s “Buddy, can you spare some time?”

It’s funny how those who are most critical of people with abundance are often the last people to share any of theirs.

To twist a line from Seinfeld, can you spare a share? It’s the final step to finding abundance. That’s bigg success!

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Thanks so much for reading our post today. Please join us next time when we’ll talk about the crazy things people do to reach bigg success. Until then, here’s to your bigg success!

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Step 1-Find Abundance in a World of Scarcity

Step 2-Find Abundance in a World of Scarcity

Step 3-Find Abundance in a World of Scarcity

Step 4-Find Abundance in a World of Scarcity

Before Going into Business with Friends, Consider These 8 Scenerios

One thing people often don't think about when going into business with a friend is the relationship itself. You’re going into business as friends. You want to remain friends.

Business is full of surprises. Discuss the possible surprises upfront, before you mix friendship and business, so you can keep your relationship strong while you’re in business.

You may think your friendship is really strong … and you’re probably right. But when you go into business together, your friendship will be tested more than it ever has been before. It’s wise to prepare for it beforehand, so you already have a lot of the answers when you’re in the middle of a tough situation.

Look at it this way – a business partnership is like a marriage. You need a pre-nuptial agreement! So find a good attorney to draw up an agreement for you.

8 “What if …” scenarios to discuss with your attorney

#1 – What if the business fails?
According to statistics, if the business fails, it’s most likely that no one will be owed any money. But what if that’s not the case – what if the business does owe money? How will you resolve that?

#2 – What if it succeeds wildly?
That may not sound like a problem, but you’d be surprised. Sometimes when a business succeeds at this level, greed enters in. Then comes the power struggles. Discuss the dream scenario upfront to avoid a nightmare.

#3 – What if one of you is incapacitated?
What if one partner is no longer able to do his or her part? How will the others handle this? Will this person get bought out? Is there formula for the price? There’s a lot to think about if this unfortunate situation happens.

#4 – What if one of you dies?
Obviously this is even more extreme than the last scenario. There’s the human side – your friend has passed and you’re grieving. But you also have business to attend to; work still needs to get done.

Many of the same questions from Scenario #3 apply here. But there’s more. For example, does the deceased partner’s family now have an ownership stake? Or do you buy them out?

#5 – What happens when one of you gets married?
Or you may already be married. What say does the spouse have in the business? Can the partner’s interest be jointly owned with a spouse or do you want to restrict ownership to your original group?

#6 – What if one of you gets divorced?
The business interest may be a significant asset. You probably don’t want a former spouse having a say in your business – even as a minority stakeholder. It can really muddy the waters, as the saying goes. What restrictions will you place on ownership?

#7 – What if one of you wants out?
How will you determine a price? What kind of notice will you require? What is the process?

#8 – What if one of isn’t pulling his or her weight?
How will you determine that this is case? What can, and will, you do about it?

These aren’t pleasant things to think about, let alone talk about. However, you’re more likely to find good solutions now when you’re thinking logically than to try to work them out in the heat of the moment.

We can’t stress this enough – get a good business attorney.
Then sit down with your partners and your attorney and work through these issues. Your attorney will probably have even more situations to discuss. Work through these issues before you start – for the sake of your friendship … and your business.

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Does It Pay to be Greedy?

It’s okay to be stupid if you’re not greedy. It’s okay to be greedy if you’re not stupid. But it’s never okay to be greedy and stupid.

George said that’s why he’s never been greedy. A man has to no his limitations!


Bridge over troubled waters

But greed is a bit like confidence and cockiness. Picture a bridge … on this side of the water, we’re confident. But cross the bridge and we’re cocky. We adore confidence; we despise cockiness. And this bridge between the two can be very short. Of course, some people go way over to the other side. 

That’s also true with greed. There’s a short bridge between ambition and greed. It pays to get right up to the bridge … that’s where you’ll find bigg success.

But don’t go over it … that’s where mistakes are made.

This applies to our businesses, our careers, and our personal finances. If your goal is to achieve bigg things, you have to think and dream bigg.

But don’t cross the bridge, because greed is like a drug. Once a person starts, it’s hard to stop. Once they’re in deep, they start to do stupid things because they have to feed the addiction … the greed.

In this context, stupid means that someone isn’t thinking logically. They’re letting emotions rule the day, not making decisions based on the facts. They start thinking like a gambler, just rolling the dice and hoping for the best. 

A recent example

A great example is the most recent real estate boom. George has a friend who invests in real estate. During the boom, George saw some market data about returns on real estate investments. He didn’t think it made sense because the returns were projected at a lower rate than the known cost. So George asked his friend about it. His friend had an explanation that still didn’t make sense. They went around a few times. Finally George’s friend said that you had to count on someone being a bigger sucker than you (those are George’s words), but his friend confirmed it.

Look at what’s happened – a lot of people have lost small (even large) fortunes because of untimely real estate investments. We know the rest of the story. It all came crashing down.

What Warren Buffett says about greed

We’ve said that it’s okay to be ambitious, but don’t be greedy. But it appears that Warren Buffett may disagree with us. Warren Buffett, of course, is the great investor and chairman of Berkshire Hathaway. He says,

“Be fearful when others are greedy and greedy when others are fearful.”

So, according to Warren Buffett, there are times when it pays to be greedy. And apparently it pays well because he’s built his career (and his fortune) on being greedy when others were fearful. 

So we say it’s okay to be ambitious, but don’t be greedy. Warren Buffett says you should be greedy when others are afraid.

What do you think … does it pay to be greedy? Leave a Comment to share your opinion.

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