ACHIEVING WEALTH BY MASTERING ACTIVE LISTENING
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
BUILDING YOUR NETWORTH – LISTEN, LEARN, AND PROSPER, AS “SPOCK” WOULD SAY!
To improve your chances of success, outlearn EVERYONE. You do this by shutting up and listening.
Active listening is an essential foundation for success. Find the right people for your inner circle, listen, and grow your knowledge. Then apply the lessons learned to your career, investments, and life.
Bill Clinton is a listening role model; that is his superpower! People who met the former President say he gives you his full attention when you speak. “It’s like you are the only person in a crowd around him.” So many inappropriate jokes come to mind.
When Clinton debated President George HW Bush in a town hall, Clinton would walk towards the person asking the question. He maintained eye contact, listened, absorbed the question, and spun it like a world-class politician. President Clinton’s superpower made an unknown Governor of a mostly ignored state, Arkansas, President of the United States. And a wealthy man today.
THE BENEFITS OF ACTIVE LISTENING
Wealthy people, including self-made billionaires like Warren Buffett, Jeff Bezos, and Bill Gates, spend quality time listening to those they respect. They meet with and read their words, gathering knowledge and insights. I and millions of people read Berkshire Hathaway Annual Letters to listen to Warren Buffett.
By actively listening to financial experts, mentors, or successful individuals, you acquire valuable insights and knowledge about personal finance, investment strategies, and wealth creation. Their experiences and advice help you make better critical decisions. YOU MUST PUT THEIR IDEAS AND ADVICE INTO ACTION!
I learned to invest in real estate by actively listening to two great mentors, Wendell Williams (The Best Boss I Had) and my Uncle, Nathaniel Boney. I listened and built know-how from their decades of successfully buying and managing rental properties. I put their advice to work!
BENEFITS OF LISTENING
- By paying attention to market trends, emerging industries {Artficial Intelligence, Electric Vehicles, etc.), or potential business ventures, you spot openings for investment or career advancement that can contribute to your financial well-being. At dinner Tuesday night, I noticed all four people wearing an Apple Watch. At class Tuesday, I looked around the room, and 17 of the 19 people wore an Apple watch. Is Apple stock an opportunity? Peter Lynch recommends you identify potential suitable stock investments by observing your surroundings.
- Identifies risk: Listening attentively also involves understanding and assessing risks associated with financial decisions. By actively listening to expert opinions or engaging in conversations with experienced investors, we gain a deeper understanding of their risk management strategies. We can make more calculated decisions and minimize potential losses by learning from their successes and losses.
- Build trust by genuinely listening to your FAMILY, colleagues, business partners, or clients. These connections can lead to collaboration, joint ventures, or referrals, positively impacting your financial prospects.
- Adapt your financial strategies by actively listening to economic trends, policy shifts, or market conditions. This flexibility helps you navigate challenges, seize opportunities, and maintain financial stability.
STRATEGIES TO BUILD YOUR ACTIVE LISTENING COMPETENCY
Active listening involves wholeheartedly engaging with another person’s thoughts, emotions, and experiences. By actively listening, we demonstrate respect, empathy, and a genuine interest in the other person. It allows us to understand their perspectives, deepen relationships, and build trust. When we truly listen, we create a safe space for open communication and foster an environment where authentic connections can flourish. Imagine if our politicians practiced this skill.
- “Be Here Now” is one of the most valuable recommendations from my hundreds of hours of workshops. Focus on the speaker and give your full attention. If someone is giving you the gift of their time, be engaged. Demonstrate interest by maintaining eye contact and nodding to indicate understanding. STOP MULTI-TASKING! Our brains are not wired to multitask. You are switching from Task 1: Listening to your spouse to Task 2: Reading your e-mails. Both tasks are less efficient, and one is downright rude! Trust me; I live with a multitasker!
- Practice Patience and SILENCE: After posing a question, allow the person time to reflect and respond. You do not have to fill the silence. Sometimes, profound insights emerge during these quiet pauses where you did not interrupt.
- Paraphrasing: Repeat what you’ve heard to confirm your understanding. This shows you are actively listening and provides an opportunity for clarification.
- Nonverbal Cues: Pay attention to the speaker’s body language, facial expressions, and tone of voice. These cues can offer valuable insights into their unvoiced concerns.
- Assume Innocence: Approach conversations with an open mind and avoid jumping to conclusions. Give the speaker a chance to express themselves fully before forming judgments.
- Practice Empathy: Put yourself in the speaker’s shoes and try to understand their perspective. This will help you connect on a deeper level and foster meaningful conversations.
- Seek Feedback: Ask for feedback from trusted friends or colleagues on your listening skills. Constructive criticism can highlight areas for improvement that you may not be aware of.
- Keep asking why. If someone tells you now is not the time to buy Nvidia, a stock that has increased almost 200% YTD 2023, ask them why. If they say because the PE is high, ask them what does this mean? Why is the PE high? Keep asking questions until you understand their logic. You are then using your critical decision skillsets to decide on this stock.
- Create a Safe and Non-judgmental Space: How often have you avoided telling your boss the truth? If you are a boss, do your employees feel safe delivering bad news? We must encourage people to express themselves honestly and without fear.
- Use Open-ended Questions: Sometimes, when people ask me a question, looking for more information but phrase it so I can reply yes or no, I respond with a single word. Why, some days just being a jerk! Along with asking why, use open-ended questions to prompt further exploration. These questions cannot be answered with a simple “yes” or “no” and encourage the speaker to elaborate on their thoughts, feelings, and experiences.
CONCLUSION – ACHIEVING FINANCIAL FREEDOM WITH YOUR EARS WIDE OPEN
Improving listening skills is an ongoing process that requires patience and consistent practice, practice, practice! Listening helps you build knowledge, identify opportunities, build relationships, avoid mistakes, manage your finances, and adapt to changing circumstances—ultimately contributing to your path toward financial freedom.
Active listening requires the utilization of a seldom-used muscle. The muscles that keep your mouth shut. It would be fun if there were an app we could use on others!
One final piece of advice, to achieve and maintain your financial freedom, listen to your spouse. Otherwise, kiss 50% GOODBYE!
WHAT SUBJECTS DO YOU WANT TO READ NEXT? WHAT QUESTIONS CAN WE ANSWER? UNTIL NEXT TIME!
LET’S MAKE SOME MONEY! – CRYPTOCURRENCY, ANYONE?
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE!
I GIVE BECAUSE I CARE!
St Jude Hospital: The mission of St. Jude Children’s Research Hospital is to advance cures and means of prevention for pediatric catastrophic diseases through research and treatment. Consistent with the vision of our founder Danny Thomas, no child is denied treatment based on race, religion, or a family’s ability to pay.https://www.stjude.org/
Wounded Warrior Project: An American charity and veterans service organization that offers a variety of programs, services, and events for wounded veterans of the military https://www.woundedwarriorproject.org
Folds of Honor: Providing life-changing scholarships to the spouses and children of America’s fallen or disabled military. And now, our mission expands to the families of America’s first responders. On our watch, those who protect our freedoms and our families will know they are not forgotten. https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: A N0-Kill shelter that is a top-rated non-profit. They compassionately care for all their animals. https://wcnkas.org
Tunnel To Towers: Since 9/11, we have been helping America’s heroes by providing mortgage-free homes to Gold Star and fallen first responder families with young children and by building specially-adapted smart homes for catastrophically injured veterans and first responders. We are also committed to eradicating veteran homelessness and helping America to Never Forget September 11, 2001. https://dogood.t2t.org/give/320847/#!/donation/checkout
TRUST ME – YOU WILL LIKE THE BELOW BLOGS!
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TO CHANGE THE WORLD, BILL GATES SAYS TO READ A LOT! – A RAINBOW OF ROLE MODELS {WEDNESDAY SERIES}
Self-Made Billionaires Train Themselves to be Smarter – BY -THOMAS OPPONG
MY FAVORITE ANNUAL LETTER – BERKSHIRE HATHAWAY INC. 2021 SHAREHOLDER’S LETTER
Jamie Dimon, Chairman and CEO JP Morgan Chase and Company, 2021 Letter to Shareholders
NEW SERIES – CRITICAL THINKING – BY: DR. JAMES LEEMANN
USING CRITICAL THINKING IN PURSUIT OF POST-HIGH SCHOOL EDUCATION – CRITICAL THINKING SERIES – PART 2
CRITICAL THINKING – TOP TEN IN-DEMAND SKILLS FOR MANY EMPLOYERS! – CRITICAL THINKING PART 3: WHAT ARE THE UNIVERSAL STANDARDS OF THINKING?
CRITICAL THINKING – WHAT LEVEL OF THINKING ARE YOU? CRITICAL THINKING PART 4
THINKING IS DRIVEN BY QUESTIONS, NOT ANSWERS – PART 5 CRITICAL THINKING SERIES: WHAT QUESTIONS DO THE BEST CRITICAL THINKERS ASK?
WHAT {DO YOU, AS A} CRITICAL THINKER, DO TO LEARN? – PART 6A – CRITICAL THINKING SERIES
WHAT DO YOU AS A CRITICAL THINKER DO TO LEARN – PART 6B – CRITICAL THINKING SERIES
WHAT HABITS DO CRITICAL THINKERS USE WHEN READING AND WRITING? PART 7A – CRITICAL THINKING SERIES
PART 7B: SUBSTANTIVE WRITING: WHAT HABITS DO CRITICAL THINKERS USE WHEN READING AND WRITING? – CRITICAL THINKING SERIES
WHAT DOES IT MEAN TO BE A FAIR-MINDED CRITICAL THINKER? – CRITICAL THINKING SERIES – PART 8
WHAT DOES IT TAKE TO DEAL WITH YOUR IRRATIONAL MIND? – CRITICAL THINKING SERIES – PART NINE (9)
WHAT STAGE ARE YOU IN CRITICAL THINKING DEVELOPMENT? – FINAL CRITICAL THINKING SERIES – PART 10
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
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