strong team working together

New Rule of Money #7 - Life is a team sport. Choose your team carefully.

Determining the players and who they play for determines your success

This is the seventh in a series on the new rules of money. I lay the foundation for this series in my post “ The Real Reason You Feel (and Are) Poorer ”. I highly suggest you read that post in preparation for this and the following posts on the new rules of money.

Millions of people go through life repeating what they learned in school, taking the test of life on their own, not asking for help, and being bullied or told what to do by big and powerful organizations.

Their mantra is, “If you want something done right, you have to do it yourself.”

On the other hand, my rich dad said, “Business and investing are team sports.” The reason why most people struggle financially today is because they go onto the financial playing field as individuals, not as a team.

The greatest individual performers in the world understand that they are nothing without a team. Take, for example, this quote by Babe Ruth, arguably one of the greatest baseball players in the history of the game: “The way a team plays as a whole determines its success. You may have the greatest bunch of individual stars in the world, but if they don’t play together, the club won’t be worth a dime.”

Who do they play for?

But a problem does occur when it becomes hard to figure out who is or should be on your team and who is playing for other teams. For instance, when a young couple goes in to meet with a financial planner, odds are that planner is playing for the other team—the mega-financial corporation he or she works for. Every credit card you have is playing for the other team. Your mortgage plays for the other team. The world is full of people who are employees and self-employed turning to businesses and investors to help them financially. The problem is those people and those tools all play for the businesses and investors—not for you.

Oftentimes these other teams have millions of dollars to throw at influencing individual players who don’t know any better. But the good news is there’s a way to fight back. And that’s by building your own team.

Choosing your team

If you want to be successful in life, you need to have experts that are on your side that you can turn to for advice.

Key players for your team include an attorney, a CPA to help with accounting and taxes, an objective and well-vetted broker, various experts in your chosen investment and business areas, mentors, and coaches. Additionally, it never hurts to have athletic trainers, life coaches, and a strong network of friends and family who keep you sane.

Be picky. Be wise.

The key is to choose wisely. Be picky. Don’t settle for people who you’re not sure if they play on your team or for other teams. At the end of the day, the person who chooses his or her team the wisest is the person who will win.

So, who’s on your team?

Original publish date: July 06, 2016

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