In this episode, Scott Becker shares ten powerful mantras on wealth preservation, asset allocation, discipline, communication, and leadership.
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Full Episode
This is Scott Becker with the Becker private equity and business podcast. Today's discussion is about mantras, concepts, and thoughts. I'm going to give you 10 more mantras, concepts, and thoughts, and see if you like these. We have a webinar on this coming up May 7th. So if you want to join this, we of course would love to have you join us as well.
So the first mantra today is it takes tremendous discipline, Once you get wealthy to stay wealthy, just like it takes tremendous discipline and effort to stay the leader in something. Once you become the leader in something, for example, Lululemon, we see this sort of the shine coming off the rose there, but it is what it is.
But in contrast, you look at Apple, Epic, Amazon, Walmart, who work so hard to stay the leaders in what they do. The second concept we'll talk today is about asset allocation. Asset allocation is critical. It's both optimal for optimal finance. It's also optimal for your behavioral finance. Don't get bullied by an advisor into more aggressive allocation than you could live with.
Third concept today, don't quit your job during a recession. And again, this may go without saying, but don't do it. If you're in a recession, keep your job, do what you can. Fourth, every business meeting or meeting of any sort, show up early. So that's one. Second, if you are organizing a meeting, it should almost always be shorter or short than is the norm. Always make them shorter.
Fifth, and this goes sort of along with the last mantra, 80% of success is showing up every day on time. The rest is bright drive and personal skills. Sixth, constant communication is everything. You almost cannot over-communicate unless you're annoying as heck, but generally you can't over-communicate. The next concept, there's this concept of how you do anything is how you do everything.
And people like to say, if you're highly disciplined in this, you'll be highly disciplined in that. And I'm, at the end of the day, a half believer in this. You need to pick in some ways where you really want to excel and to give yourself a break in other areas. So I'm not necessarily a total believer in this concept of how you do one thing is how you do everything else.
The eighth mantra for the day, and some of these come from other people, and sometimes I forgot to attribute who they come from because I don't have it in my notes, but life is a game. It's not all about winning. You also better have fun while playing, and I'm just a big believer in that as well. The ninth concept goes to marketing versus sales.
Marketing without a sales team or a sales effort is often a waste of time. The real focus should be on sales, sales, sales. We believe you build sales teams first, and marketing provides air support. When people get way out in front on the marketing but don't have a sales team, it's really negligence and stupidity. Finally, the tenth one for today is marketing. Don't upset the apple cart.
Don't create conflict where it's not needed. Some people are really good at this. Some people can never let go of an argument and keep on fighting, keep on arguing, and so on. But that's the concepts for today. Ten mantras, concepts, and thoughts that we work with. I hope you enjoy this as much as I enjoy recording it. Again, if you have another mantra or idea, feel free at any time.
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