Unlocking Wealth – Who Is Your E. F. Hutton’s?
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
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The Power of Active Listening
Who remembers the commercial- “When EF Hutton talks, people listen”?
We all have a friend who dominates the conversation—and most of us tone her out! But there are a few people worth actively listening to.
Most of us SUCK at listening because we cannot shut up! Those who master the art of listening to the right people unlock doors to opportunities, enhance relationships, and ultimately achieve financial success.
How To Actively Listen
Active listening involves fully concentrating, understanding, responding, and remembering what is said. It’s not just about hearing words but engaging thoughtfully in conversations. This skill is crucial in numerous aspects of life, especially in business and investment settings where information is critical.
Building Valuable Connections
In the world of wealth creation, relationships matter. Active listening fosters more profound connections with colleagues, clients, and mentors. When others feel heard and valued, they are more likely to share critical information, insights, or opportunities that could benefit your financial ambitions. This rapport can lead to collaborations, partnerships, and even valuable advice that can guide your decision-making.
Who I Listened To Mattered!
At the beginning of my career, Certificates of Deposit paid double-digit interest. {In early May 1981 the average APY for a 3-month CD was 18.3%}
While at lunch, a colleague asked what CDs I own. I replied, Michael Jackson, not realizing they were talking about Certificate of Deposits. Whoops – I had no clue what a certificate of deposit was. Although embarrassed, my new lunchmates were kind enough to teach me. They recognized this young, newly hired engineer had little, if any, financial competency. So they coached me on various investment topics, such as the importance of contributing, at a minimum, the company match in the 401K. How to select appropriate funds in the 401K and other investment topics. By listening to knowledgeable people and reading, I built my financial literacy.
Real Estate
My Uncle was a real estate investor. When I visited, he often took me to see a new property or home he acquired. He explained why he invested. If a rental house, he walked me through the necessary repairs or upgrades and why this was a good investment. It also turned out his wife was excellent at selecting long-term CDs. You guessed it- I listened.
Listening is about respecting others, but equally important, it is a great way to learn.
To learn, sit at the table with the smart people! I guarantee if you listen, you will learn!
THE POWER OF OBSERVATION
Peter Lynch is considered one of the best mutual fund managers. He got many ideas from observing the world, including the stores his kids shopped in. By honing your active listening and observation skills, you can spot trends or ideas others might overlook, whether a new market opportunity or a unique investment.
When I read that people were standing in line overnight to buy an Apple product (probably the iPod), I was curious to learn more about the company and its products. After doing my research, over 30 years ago, I invested in Apple stock. That investment paid for my daughter’s college tuition, and I sold some of the stock to invest in rental properties. I still own Apple stock today.
Observe the world around you. Most of us rush through spaces, our minds preoccupied and our eyes barely registering what’s in front of us. But there’s magic in paying attention, in being mindful of the small details that make every moment unique.
Conclusion – Listening: The Unsung Hero of Wealth Building
Unlocking wealth is not solely about having the right investments or financial plans; it’s also about communicating and connecting with others. Integrating active listening into your daily interactions allows you to seize opportunities, build valuable relationships, and gain a competitive edge in your financial journey. Listen more intentionally today, and watch as it transforms your pathway to wealth.
“When people talk, listen completely. Don’t be thinking what you’re going to say.” ― Ernest Hemingway
The paths to financial freedom are UNLIMITED. CHOOSE YOUR OWN!
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YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: https://www.stjude.org/
Wounded Warrior Project: https://www.woundedwarriorproject.org
Folds of Honor: https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: https://wcnkas.org
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https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/
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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 NC. 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, and 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.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
