Million Dollar Consulting® Mindset
From Alan Weiss
Volume 5 Number 4
Our mission is to spark new thinking and ideas for creating a thriving business and rewarding life.
Playing with House Money
I enjoy gambling in casinos, but I approach the experience as one of entertainment, not financial success. I can spend money on the theater or a trip and then decide if I've enjoyed it enough to want to do it again. Almost all of us do this within some budget.
When I visit a casino, my wife and I have a set amount of money to spend, and we don't go beyond it. When it's gone, we stop, and we have dinner or go home or see a show. We consider that our investment in entertainment that evening. Of course, sometimes we win, but what happens then? How do you know when to stop and when to keep playing with "house money."
"House money" is what you've won beyond your original stake. The time to bet more heavily is with house money, because you can afford more risk. But eventually, if you don't stop playing, you will lose it all. So, when do you stop, having had fun and retaining a profit.
My system is simple. When I win, I put aside a third of the winnings each time. (You may use a tenth or a half, depending on your boldness or conservatism.) I'm still playing with house money, but a third of it has become "my money," and is now no longer in the game (along with my original stake, which is no longer needed).
This is how I manage to go home with winnings on a few occasions.
Your Development and House Money
Many people in my communities have grown more than they ever anticipated. Some of them feel they have enough success to stop reinvesting, even with house money, and they are complacent to drop out and simply coast along. Their growth journey is over, and their current plateau inevitably erodes.
The smart people keep investing house money in their own growth. The want continual coaching, ongoing experiences, uninterrupted contact. They know that they're keeping most of their "winnings" but investing some back to stimulate more winnings. It's far easier, more profound, and much more dramatic (in terms of ROI) to invest with significant profits as a success than to scrape money together while struggling.
Don't stop investing in yourself because you've won a few hands or spins or rolls. Use part of that to improve your odds still more. That's no longer a gamble, that's just a great investment.
© Alan Weiss 2015
© Alan Weiss 2015. All rights reserved.
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