Having attended a few property networking events last year, I was interested to see some puzzled looks from people when they discovered that, despite there being one of the best buying opportunities in UK property, I was not currently buying.
You would think that a renowned shopaholic like me would never miss out on the property equivalent of the Blue Cross Sale. But I had chosen not to buy and with very good reason. It’s the same reason why I have shifted my focus in the property industry from being an investor and landlord to being a consultant and agent – and why I’m undertaking other entrepreneurial ventures.
The reason is that for me, owning property is not my path to wealth.
You see, in 2009 I met a guy called Roger Hamilton. Roger is half Scottish and half Chinese, a fascinating blend of Eastern and Western upbringing and values. Roger learned about the I Ching, the ancient Chinese book of philosophy which underpins many concepts now familiar to us e.g. Feng Shui. Applying the I Ching to business and wealth he realised that there are eight paths to wealth and that each of us is best suited to one of them. He called the principle Wealth Dynamics.
According to Wealth Dynamics, we all have a tendency to be either extrovert or introvert, and to prefer an intuitive or sensory way of thinking. By understanding our combination of these factors we can see which of the eight paths is the right one for us. I did the Wealth Dynamics assessment and came out as a Star profile with a strong Deal Maker profile backup.
Star profiles are extroverts, who are intuitive thinkers. They are into high level concepts and ideas and their extrovert nature allows them to communicate these ideas and get others to identify with and follow them. A Star profile’s route to wealth is by building a strong personal brand, building a following and leveraging that brand to recommend the products and services of other people in exchange for commissions and royalties. Think of Oprah Winfrey – a strong personal brand, instantly recognised, followed by millions. When Oprah has an author on her show and recommends his book, you can guarantee that book hits the bestseller list instantly. You can also bet that Oprah is on a commission from every sale.
Once I realised this, it made sense of a lot of things in my life. Why when I go on training courses and do group work that the group always want me to be the spokesperson to feedback to the room. Why, without trying, I tended to create a memorable impression on people so that I could go a few years without seeing them and still be remembered.
It also made me realise why, despite working very hard at my own property investment efforts, I wasn’t having the stellar success that some of my contacts with less experience were. They were on their right path to wealth and I wasn’t.
So part of the reason for creating my new life and business the way I have, is to ensure that I am following my path to wealth. When you are on the right path, life becomes easier. You get more results with less effort, opportunities open up that you never thought possible. You build wealth, and more importantly, you hang on to it. Donald Trump is a deal maker. When he makes deals, he makes money. As soon as he tries to do anything else, his fortune plummets. As soon as he goes back to classic deal maker activities he rebuilds his wealth faster than before.
So in my new capacity as a Star, I am building a strong personal brand (that’s why it’s MichelleMcDines.com and not MMInternationalProperty or the like) and building a following. That’s why I’m finding the right products and services that I can recommend with confidence to that following.
The other key aspect of Wealth Dynamics is that once you understand your profile, you can get a feeling for who you need to work with. For instance, as a high level concept thinker, I am not that great with detail. Yes I can turn my hand to the office admin but it’s not where I feel happiest. So for me I need to find someone with strong detail skills to complement what I do.
Understanding how the profiles interact and what their strengths are is a great way of building a team. When you know what job needs doing, you know which profile person is going to be your best choice to do it. Need a new filing system setting up? Get a mechanic. Need to get the team feeling loved and appreciated? Call a supporter. Needs some fresh ideas? Get a creator. Need to get a buzz going and get buy in to your new vision? Call a star.