<![CDATA[Andrew Piatek, RICP® - Blog]]>Fri, 16 Mar 2018 11:38:55 -0700Weebly<![CDATA[Danko & Stanley's The Millionaire Next Door]]>Wed, 25 Nov 2015 15:11:18 GMThttp://andrewpiatek.com/blog/danko-stanleys-the-millionaire-next-door
Danko & Stanley’s The Millionaire Next Door takes a survey of American Millionaires and distinguishes what sets them apart while also defusing common myths.  Some of the myths include living in affluent neighborhoods, driving expensive cars, wearing expensive suits, and making extremely high income.  The book describes seven factors that make a person more likely to become a millionaire.

7 Factors
  1. Frugal
    1. Live below their means
  2. Time, energy, and money
    1. Conduct these 3 in ways to build wealth
  3. Financial Independence
    1. Believe financial independence is more important than displaying social status
    2. you aren’t what you drive
  4. No EOC
    1. Parents did not provide them with economic outpatient care
  5. Dependents become independent
    1. Their adult children are economically self-sufficient
  6. Take opportunities
    1. Are proficient in targeting market opportunities
  7. Chose the right occupation
    1. what you like, your niche
    2. Self employed, high income

Main Takeaway:
Be FRUGAL! It’s not about how much money you make, but how much you keep.
<![CDATA[Daily Read: Giacomo Casanova's The Story of My Life]]>Sat, 10 Oct 2015 20:40:03 GMThttp://andrewpiatek.com/blog/daily-read-giacomo-casanovas-the-story-of-my-life
"You're a real Casanova." 
Few times in history does one person's name turn into an adjective to describe a certain set of characteristics.  Casanova is used today to describe a charming, smooth-talking, ladies man, but why?  Casanova's skill set and titles made him a true Renaissance man. He was a poet, philosopher, entrepreneur, and even a soldier at one point, so why do we know him almost exclusively as a seducer? The reason for this is also what separates the successful from the exceptional, the millionaires from the billionaires, the people who are widely known when they are alive from the people who are still remembered long after they have died.  

Vanguard of a Trait
Casanova was one of the first to popularize the romance genre.  Today the genre is huge, as evident from the popularity of the 50 Shades of Grey series, but in Casanova's day, it was taboo to be so revealing in writing.  Instead of following the norms, Casanova showed what others had not done before.

Unapologetic for their Unique Traits
Casanova was willing to discuss things others were not willing to reveal.  The most successful usually are not the most talented or skilled, they only have more will than others.  With this, Casanova does not try to fit a mold that others create, he remains himself and entices others to fit into his.  

Unique Traits are remembered
The bulk of Casanova's life and work had nothing to do with seduction, but it is what makes him stands out, and it is what people remember.  People are only remembered for their unique traits or what they have done that is different from everyone else.  The lesson to take away from this is if you are different, don't try to conform to societal norms (except if it is to the detriment to others).

Main Takeaway:
Casanova was much more than a seducer, but because he was a vanguard of the craft, and he stood out because of this, he is not only remembered in time, but used in modern day vernacular.  
<![CDATA[Daily Read: Manny Khoshbin’s Contrarian Playbook]]>Fri, 09 Oct 2015 19:01:59 GMThttp://andrewpiatek.com/blog/daily-read-manny-khoshbins-contrarian-playbook
Real estate is one of the best ways to invest your money into assets.  Real Estate, like other investments, gives the best returns to the people who make their money on the buy and act contrary to what other people are doing.  Manny Khoshbin outlines a successful path in real estate investing in his Contrarian’s Playbook.  The following are some of the most valuable points in his book.

Real Estate Investing
                Real Estate is good way to invest because market fluctuations are predictable, value usually goes up, and if the market goes into a deep recession, you still have a tangible investment to show for your money.

Contrarian Mindset
                To be a successful real estate investor, you need to act as a contrarian. Buy when others are selling, sell when others are buying, view properties as assets that should increase in value, and think outside of the box.

Make your Money on the Buy
                Part of being a contrarian is making your money on the buy, opposed to on the sell, when most people try to get the return on their investments.  Investing in general you should buy when the price is low, and sell when the market is doing great, or you increased the value of the property.  

Residential vs Commercial
                Residential properties are easier to obtain when just starting out, but a real estate investor should eventually move towards higher earning, commercial properties.  Khoshbin offers many bits of advice when investing in both types of properties, and if your planning on investing in real estate, READ his book.

Become an Agent
                Khoshbin advises the reader to get their real estate license as an agent to have access to materials and tools the average investor doesn’t have access to.  One of these resources is a multiple listing service which has properties listings available for agents that are not open to the public.  If nothing at all, you will easily get your return on investing in a real estate license because when representing yourself in real estate transactions, you will get the commission on the sell! The decision of becoming an agent for a real estate investor is a no-brainer.

Build Your Team
                Your success as a real estate investor will be highly dependent on the strength of your team.  Your real estate team will consist of advisors, agents, lawyers, contractors, and other people who will help you get the highest return on your investments.  Pay these people well, and it will repay you!

Main Takeway:
Being successful in real estate investing comes down to having a strong team around you, and investing as a contrarian.  
<![CDATA[Daily Read: Neil Rackham’s SPIN Selling]]>Fri, 09 Oct 2015 03:13:45 GMThttp://andrewpiatek.com/blog/daily-read-neil-rackhams-spin-selling
The best-validated sales method was developed from empirical data from over 35,000 sales calls.  The study conducted by Rackham debunked many widely believed sales myths and produced the most effective sales method; SPIN selling.  If your job or business involves sales in any way, this is a must read.  This is a longer read than most sales books out there, but this is one of the few that is backed up with empirical data and is PROVEN.

SPIN is an acronym for Situation, Problem, Implication, Need-payoff.
Sales Truths:
  • Asking more implication questions leads to more sales.
  • Price is not as important as value.
  • The less objections, the more sales.
  • Better objection handling does not leads to more sales.
  • The the use of closing techniques is to the detriment of larger sales.

Main Takeaway:
Obtaining more and larger sales is due to finding problems, growing value with implications, and supply those needs to benefit the customer.  
<![CDATA[Daily Read: Allen Wong’s Lifehacked]]>Thu, 08 Oct 2015 02:39:53 GMThttp://andrewpiatek.com/blog/daily-read-allen-wongs-lifehacked
People are spending more time online through mobile apps than any other medium.  One of the most successful individuals to produce multiple highly successful apps on the Apple Appstore is Allen Wong, the creator of 5-0 Scanner and Police Scanner+.  His story alone is worth the read of his short auto-biography, but I value his knowledge and bits advice much more.  The following are the lessons I found most useful.

Failure is Not Defeat 
                What do Eminem and Walt Disney have in common? Eminem was booed off stage at his first shows. Disney was fired from a job for lack of creativity.  Others may be discouraged from these failures but they found reason to push harder.  Failed experiments give better lessons than successful ones.

Something from Nothing
                Wong’s family is another story of an impoverished family eventually becoming wealthy.  Anyone who carries the myth that they can only start investing or open that business they’ve been delaying once they have enough resources should take note of history; many millionaires and billionaires are self-made from nothing at all.

Invest Wisely
  1.                 Purchase assets before liabilities
  2.                 Live frugally
  3.                 Diversify investments
  4.                 Avoid paying for free advice, get-rich-quick schemes

Marketing advice
Wong presents some great marketing advice in the form of app development tips.  Although he intended them for apps, they can apply to other forms to generate business and revenue.
  1.                 Presentation is key
  2.                 Position ads carefully
  3.                 Tailor to different types of costumers
  4.                 Learn how to interact with your users
  5.                 Treat customers like they are the only ones left in the world
  6.                 Figure out what’s lacking internally and externally
  7.                 Reviews and feedback are very important

I’ve learned much more than this in Wong’s book, like additional revenue through other companies affiliate programs, so if this information applies to your business or piques your interest, give this book a read!

Main Takeaway:
Wealth can be made from nothing as evident in Allen Wong’s story, especially in today’s tech and internet heavy marketplace. 

<![CDATA[Daily Read: Peter Drucker’s Managing Oneself]]>Wed, 07 Oct 2015 21:51:43 GMThttp://andrewpiatek.com/blog/daily-read-peter-druckers-managing-oneself
Before you begin or go any farther in your career, you must first manage yourself.  The greatest achievers of mankind have managed themselves. To manage yourself, you will learn when and how to change the work you do. 

Finding Strengths
Feedback analysis

1)      Before key decision or action, write down what you think will happen.
       a)      After period of time, compare results with prediction
2)      Put yourself where strengths will produce results
3)      Improve your strengths
4)      Find where you are intellectually arrogant causing disabling ignorance.
5)      Remedy bad habits.

How do I perform?
1)      Reader or listener?
       a)      Rarely both, try to be one you’re not, you will suffer.
2)      How Do I Learn?
       a)      Reading, listening, writing, taking notes, doing, or talking?
3)      Work best as subordinate, on a team, or alone?
4)      Produce results as decision maker or adviser?
5)      Work better in stress, or highly predictable environment?
6)      Best in large or small organization?

What are My Values?
                Mirror test
                Individual’s values must be compatible with organization’s

Where do I Belong?
       Know your strengths, method of work, and your values.

What Should I Contribute?
                What does the situation require?
                How can I make the greatest contribution to what needs to be done?
                What results have to be achieved to make a difference?

Responsibility for Relationships
                Accept that others are individuals as you are.
                                They have their own strengths, ways of doing, and values.
                Take responsibility for communications, ask questions.

The Second Half of your life
                Midlife crises are usually from boredom, reaching peak of career.
                Build second career.
                                Start one by moving from one place to another.
                                Develop a parallel career.
                                Social entrepreneurs or nonprofit. 

Main takeaway:
Find your strengths, method of performance, and values to manage yourself and get the most out of your career.

<![CDATA[Daily Read: Blanchard & Johnson’s One Minute Manager]]>Tue, 06 Oct 2015 04:22:00 GMThttp://andrewpiatek.com/blog/daily-read-blanchard-johnsons-one-minute-manager
The shortest and most critically acclaimed management method is found in One Minute Manager.  The One Minute Method can be used to manage people, systems, or even your own tasks.  The theory is simple and easy to implement.  This method brings together many principles people have put forth to over complicate things, but they all boil down to; do more with less.

One Minute Goals
1)      Agree on your goals.
2)      See what good behavior looks like.
3)      Write out each goal on a single sheet of paper (brief)
4)      Take a minute every once in a while to look at performance.
5)      Does your behavior match your goal?

One Minute Praisings
1)      Tell people upfront that you are going to let them know how they are doing.
2)      Praise immediately.
3)      Be specific.
4)      Tell them how good you feel, and how it helps the organization/others.
5)      Pause for a moment to let the “feel” how good you feel.
6)      Shake hands or initiate contact to show your support.

One Minute Reprimands
1)      Reprimand the behavior, not the person.
2)      Reprimand immediately.
3)      Be specific.
4)      Tell them what they did wrong and how you feel about it.
5)      Encourage the person to do better.
6)      Shake hands for support.

Main takeaway:
Set goals, be brief, review performance, praise/reprimand behavior immediately, repeat for highest efficiency.  

<![CDATA[Daily Read: Julien Smith’s The Flinch]]>Sun, 04 Oct 2015 23:18:51 GMThttp://andrewpiatek.com/blog/daily-read-julien-smithsthe-flinch
Built within everyone there is a mechanism that is no longer useful to us; the flinch.  The flinch holds us back from realizing our full potential.  You could know you need to lose weight, quit a bad habit, talk to your crush, but there’s something holding you back. This is your flinch, and once you recognize it, you can master it.

This is the first book I will not make a complete summary of for three reasons;
1)      The book is very short.
2)      It is important for you to conquer the flinch. 
3)      ITS FREE (download link below)

People who should especially read this;
1)      Lack confidence
2)      Hold some reservation or fear that is unreasonable
3)      Lack control
4)      Are not in a desired position.

Main takeaway:
The flinch is real, limiting, and CONQUERABLE.
<![CDATA[Daily Read: Robert Kiyosaki’s Rich Dad Poor Dad]]>Sat, 03 Oct 2015 19:31:51 GMThttp://andrewpiatek.com/blog/daily-read-robert-kiyosakis-rich-dad-poor-dad
Becoming wealthy is not about earning more money, but about changing your mindset.  Robert Kiyosaki displays the myths the poor believe that keeps them poor in his book Rich Dad Poor Dad.  Being wealthy comes down to financial literacy and how much money you keep.

1)      Make Money Work for You
       a)      Don’t work for money; stay away from the rat race.  Money is a tool; use it to work for you.

2)      Financial Literacy
       a)      Learn P and L statements, cash flow, and what assets and liabilities really are.
       b)      Your home is NOT an income earning asset. 
       c)       Buy assets first that will pay for liabilities.

3)      Mind Your Own Business
       a)      Even if you work for someone, make sure you have something to show for it.

4)      Tax Advantages
       a)      Wealth doesn’t come from how much you earn, but how much you keep.
       b)      The rich use Corporations to pay taxes after their expenses are paid.

5)      Invent Money
       a)      Myth: you cannot create money from nothing.
       b)      Myth: I need resources before I can follow my dream.

6)      Work for Knowledge, Not Money
       a)      Learn management skills; cash flow, systems, and people.
       b)      The best-selling authors aren’t the most skilled writers, but the best SELLERS of their book.

7)      Overcoming Obstacles
       a)      Overcome fear, cynicism, laziness, bad habits, and arrogance.

Main takeaway:
Being wealthy comes down to financial literacy and not how much you earn, but how much money you keep.

<![CDATA[Daily Read: Jeffrey Gitomer’s Little Red Book of Selling]]>Fri, 02 Oct 2015 20:46:43 GMThttp://andrewpiatek.com/blog/daily-read-jeffrey-gitomers-little-red-book-of-selling
Selling is an important skill for anyone, not just sales people.  Whether you are learning to better sell yourself, or are going into a sales role, this is a great book to start.  The key to being more effective in sales is to find out why people buy.  Gitomer’s book successfully asks this question along with outlining the philosophy of what it takes to be a successful salesperson.

Why people buy
1)      I like my sales rep***
2)      I understand what I’m buying
3)      I perceive a difference in the person and the company I’m buying from
4)      I perceive value in the product
5)      I believe in my sales rep
6)      I have confidence in my sales rep
7)      I trust my sales rep
8)      I am comfortable with my sales rep
9)      I feel my needs fit the product or service
10)   The price seems fair, even if its not the lowest.
11)   I perceive this product will increase productivity
12)   I perceive this product will increase my profit
12.5) I perceive the sales rep is trying to help me with my business in order to get his.

Principles of Sales Greatness
1)      Kick your own ass; no one else will do it.
2)      Prepare to win, or lose to someone who is.
3)      Personal branding IS sales, who knows you.
4)      It’s all about value and relationship, not price.
5)      It’s not work, its network.
6)      Get in front of the real decision maker.
7)      Ask the right questions.
8)      If you can make them laugh, you can make them buy.
9)      Use creativity to differentiate and dominate.
10)   Reduce risk and you convert selling to buying.
11)   Don’t brag, when someone else says it about you its proof.
12)   Raise your senses, confidence, and anticipation.
12.5) Manage only yourself, not others, they’re not within your control.

Why you?
The two most important words in selling. YOU.  Before you sell any product, you must first sell yourself.  WHY.  Why you? Why them? Why ask?

Main Takeaway:
The most important question you can ask in sales is not “how do I sell,” but “why do people buy.”