It’s impossible to build and preserve wealth without a millionaire mindset. In Think and Grow Rich by Napoleon Hill, he introduces the concept of a wealth mastermind as a powerful one that can really change your relationship with wealth.
According to Hill, the mastermind principle allows you to achieve in one year what you, alone, might never be able to accomplish in your entire life.
To see Napoleon Hill himself introducing the concept, check out this YouTube video.
Napoleon Hill’s book was commissioned by Andrew Carnegie back in the Depression, and provided the first great insight into millionaires and their mindsets. Think and Grow Rich has been heralded as one of the greatest and most honored formulas for success that has ever been developed.
Even though the book has been in existence for 75 years, and has sold over 70 million copies worldwide, the concept of a wealth mastermind is still very current.
A wealth mastermind group allows people to discuss challenges, create accountability, and making the most of the collective intelligence of others.
A mastermind is, essentially, a group of people who assemble and agree to support each other to be successful in a particular endeavor. There are business masterminds and women masterminds and even knitting masterminds, although the latter almost never call it that.
Many masterminds are comprised of colleagues, peers, and mentors–folks a bit further ahead on the road to success—but in Hill’s book, the mastermind group can even be conceptual and include people who lived somewhere else in time.
Each individual spends time discussing their progress toward a stated goal, and then each member of the group offers their advice, connections, mentoring, and referrals.
If the mastermind group is conceptual because your group members are either celebrities or have passed away, the individual who calls together the mastermind engages in a kind of meditation process or a reading and reflection process that allows the written words of the members to contribute their wisdom to the process.
My best tip for growing your affluence intelligence is this: set up a wealth mastermind. Make a place in your regular thinking for the role of money in your life.
Find the words that really work to encapsulate what you mean when you think about your own financial well-being.
That’s what wealth is to me—it’s well-being.
In your mastermind, invite the power personalities that exemplify who you want to be with money, affluence, intelligence and effectiveness.
Some female money role models you might consider inviting in to your millionaire mindset are Sheryl Sandberg, Anna Wintour, Sara Blakely (the founder of Spanx), Ellen DeGeneres, Oprah Winfrey and Michelle Obama.
If your group contains celebrities or others who cannot be present, assemble them in a collage or a special place in your office or a room in your house.
Make sure to read everything they write about their relationship with money.
My wealth mastermind consists of people like Warren Buffet. He’s got a Midas touch when it comes to money, and I use what he says and how he thinks and how he invests to model my own money mindset.
His letters to shareholders are a wealth of knowledge.
When you’re ready for a wealth mastermind, you can enter into any of the private Facebook groups I offer where we’re opening the dialogue about money.
If you’re in my programs, you have lifetime access to the material and the private Facebook groups I offer can be your mastermind.
Alternatively, I also host a public group (it’s closed, though, so it’s secure) where I offer exclusive content and masterminding. Click here to request to join Profit Boss® on Facebook.
These are now your advisory team—people also on their road to wealth and peace of mind that will share the journey with you. Sometimes you’ll give them what they need, and sometimes they’ll give you what you need, but together you’ll create momentum. This can be a powerful place to help you stay on your path, and share tips, advice and best practices along the way to wealth.
Offer your experience, strength and collaboration to one another as generously as you can—and all without judgment as we are all on our own place on the path.
Here are 5 Benefits of Creating Your Wealth Mastermind:
1. You’ll Surround Yourself with Good People.
Once you are involved in a wealth mastermind, that feeling of being alone while running your business and sorting out your financial future is gone. You are not alone.
There are many brilliant people who come up against the same hurdles, trip into the same potholes and find their ways over, though and into the financial freedom they dream of. Sharing the journey makes encouragement and perseverance possible.
Also it is said that we are the average of the 5 people we spend the most time with , so you’ll likely be bringing your own average up.
2. You’ll Maximize Your Collaborative Brainpower.
Everyone in the mastermind has a unique skillset, with a wealth of experience, education and connections.
By interacting and sharing your challenges, inspirations, favorite books, ideas and philosophies, it’s certain that someone in your mastermind will spark your own genius.
Together, through collaboration, solutions, and opportunities you’d never be able to construct on your own, breakthroughs will surface to transform and inspire you.
3. You’ll Find Ways to Collaborate and Be More Profitable.
In your mastermind, you’ll likely learn more than you ever could from a typical kind of business networking group.
Over time, you’ll form lasting friendships and discover synergies between your business and the businesses your mastermind colleagues run.
This opens up the opportunities to co-market and do good business together—it’s like sweet music, but more profitable!
4. You’ll Powerfully Expand Your Network.
Joining a mastermind expands your network exponentially. You see this on social media—when you make a new friend, you have access to their community of friends and soon you see more and more friends in common. By sharing openly and powerfully with your mastermind, you build trust and rapport and can earn introductions to your mastermind partners’ networks.
5. You’ll Grow as a Leader.
Creating a wealth mastermind involves extending invitations to people whose experience and insight you find valuable.
You’ll honor them with your invitation, and even if they decline the opportunity you’ll find it shifts the relationship.
As you find yourself extending more and more compelling invitations, you’ll grow in your ability to create opportunities that people accept—and what could be more powerful?
Also, in your role as leader, your mastermind members will be looking to you to create the ground-rules and procedures that enable the group.
It’s a fantastic opportunity to build leadership skills that will benefit you in all areas of your life.
Masterminds expand your horizons, help you think bigger and reach further and do more than you, alone, can imagine for yourself.