There is an old African proverb that goes, “if you want to go fast, go alone. If you want to go far, go together.” Anyone can reach a level of financial comfort on their own with just a little bit of discipline, but if you want to achieve a level of wealth and financial independence that’ll last for generations, you’ll need to do that as part of a mutually beneficial team.
You don’t need to have business partners or employees to begin building a money team. In fact, one of the best ways you can begin benefitting from the collective knowledge and skills of others to achieve financial goals is by forming a MASTERMIND GROUP.
In Napoleon Hill’s classic book, Think and Grow Rich, Hill describes a mastermind group as “a friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.” You can think of a mastermind as your personal accountability group that ensures all its members receive help, support, and advice from each other to solve a problem or reach a goal.
So, what goes into creating a mastermind group?
First, what is it that you’re offering the group in exchange for their cooperation? This doesn’t have to be money, but people need to know why they should join your mastermind and what they’ll gain from putting in the work.
You should also let everyone know what’s expected of them. Everyone should bring their skills, knowledge and experience to the table. They should be eager to share whatever they bring to the group openly and freely – Anything less will handicap the mastermind and prevent its success.
Keep in mind that when you’re selecting members for your mastermind group, you should only select people that are comfortable with defeat and don’t give up easily. There will be many times when the group will stumble on the road to success, but the mastermind only fails when it quits. A setback just means the group needs to reevaluate its plans and make adjustments until it reaches its goal. Everyone must believe in the mantra, “a quitter never wins and a winner never quits” – Anything less will handicap the mastermind and prevent its success.
Next, you need to make sure that everyone in your mastermind has similar goals and aspirations. What that looks like will vary based on the members in the mastermind, but some examples of financial goals the group might set are:
- Committing to paying off their credit card debt
- Saving money for a home down payment or emergency fund
- Learning about personal finance
Only select people for your Master Mind group that are in COMPLETE sympathy and harmony with the goals of the group – Anything less will handicap the mastermind and prevent its success.
Notice a theme yet? If everyone isn’t 100% committed to the success of the mastermind and its members, then they’re holding back the group and shouldn’t be a part of the mastermind.
Lastly, your mastermind should meet at least twice a week until you have a plan of action that everyone agrees to. After that, meet at least once a week to discuss everyone’s progress and any other topics related to everyone’s goal. Keep the meetings focused and save social talk until after everyone has had the chance to share their updates and receive feedback.
Your group should be a positive place where ideas can be discussed without ridicule, and honest feedback is provided without judgement. When you finally connect with people that share similar money goals as you, the energy from the group will propel everyone towards success! P.S. If you never read Napoleon Hill’s book, Think and Grow Rich, stop everything you’re doing and go purchase a copy ASAP!
