Resisting the irresistible and following your instincts are key to increased wealth
|Tan Chew-yen |
Wealth Dynamics master practitioner
Photo: Edde Ngan
For ordinary people, wealth on the same level as Li Ka-shing and Bill Gates often seems intangible. However, Wealth Dynamics master practitioner Tan Chew-yen at the Careers Times Seminar on "Wealth Dynamics for Career Success" notes that it is simply a question of "finding your flow, knowing your profile and applying strategies".
Created by Roger Hamilton, chairman of the XL Results Foundation communication network for entrepreneurs, Wealth Dynamics is a wealth profiling system that applies a psychometric test to assess people's personality, strengths, productivity, values and group behaviour, determining each individual's most natural path to building wealth. Ms Tan, an experienced trainer and coach, says there are eight essential components for creating wealth and Wealth Dynamics helps to discover the right paths to success.
When considering wealth the concepts of money, health, professional qualifications, happiness or something considered precious in life often spring to mind. Ms Tan said the definition of wealth in Wealth Dynamics however is not how much money you have. "It's what you're left with if you lose all your money," she explained.
The key successful people hold is that they are more willing to invest their time in the components of wealth rather than the pursuit of wealth per se:
- Wealth networks (the people they know)
- Financial fitness (knowing how to play the game)
- Clarity of their path (the path of least resistance to success)
"When wealthy people like Donald Trump lose all their money, they haven't lost their personal networks, mindset or clarity, and these make it infinitely easier for them to turn the money tap straight back on again," Ms Tan pointed out.
Many people do not find success in their careers because they do not employ the right strategy. Ms Tan described the common situation where individuals fail to nourish their own "gardens" and instead use their "nets" to fish for opportunities, wasting time and energy instead of maximising existing personal talent. "If you dedicate all your effort and time to nourishing your garden, the blossom in the garden will eventually capture butterflies. There is no need to use nets to snatch them," Ms Tan said. Likewise, when people focus on their job and concentrate all their efforts on their performance, opportunities for success will arise accordingly.
Ms Tan added that "work attitude" is also a significant attribute which drives people to make a difference in their work performance. "A career is like a football match. If you perform like a participant, you are more willing to devote yourself to winning the game. On the contrary, if you treat yourself as a spectator, you are out of the game and less focused on the result," she said.
Professional capability and passion also determine career success. Four situations feature below illustrating the varying degrees of career capability and their relationship with professional passion:
Ms Tan also stressed the importance of creating the conditions for success which she appropriately calls "luck" ¡X location, understanding, connections and knowledge. "Successful people do not create success. They create the conditions for success to occur. They are 'luck' creators," she explained.
- Development ¡X a state where people have higher passion but lower capabilities towards their jobs
- Stuck ¡X a state where people have both lower passion and capabilities
- Proficient ¡X a state where people have lower passion but higher capabilities
- Unique ability ¡X a state where people have higher passion and capabilities
In addition to luck, successful people are always in the "flow". This means they have embarked on the path of least resistance and discovered where they are best placed for success. The seven phenomena below determine whether a person is in the flow:
- Critical moments ¡X the moment that you will reach the peak of your performance
- Learning cycles ¡X opportunities or challenges in which you can strengthen your personal capacity
- Failing forward ¡X making progress or learning from mistakes
- Opportunities ¡X opportunities for further development and growth
- Strength of certainty ¡X clarity of objectiveness
- Power of perseverance ¡X persistence in reaching goals
- Magic of momentum ¡X full of energy and aspirations to take up challenges
Ms Tan said wealth profiling is a tool based on philosophies which help participants to identify how to utilise their natural talents and character to live in their "profile", and in the "flow". However, all wealth is built from "value" and "leverage".
Value is based on the way the brain is naturally oriented. Some people have a tendency towards high frequency "intuitive" thinking. They create value through innovation. The value is in something new, faster, smaller, bigger, cheaper, better. However, some people have a tendency towards low frequency "sensory" thinking. They create value through timing. The value is in time.
Leverage is based on an action dynamic which is the way people naturally translate their thinking into action. Some people have an internal action dynamic, where systems and numbers govern interpretation and action. They will leverage by being able to answer the question "How can this happen without me?" and to leverage they "multiply". Some people have an external action dynamic, relying more on people and communication to interpret and act. They will leverage by being able to answer the question "How can this only happen with me?" and to leverage they "magnify".
When people know their "wealth profile", they are in a stronger position to understand how they can best create value and leverage to build up their own wealth. Individual talents and strengths should be nurtured to fruition in order to achieve maximum career success and create the corresponding increased wealth levels.