Understanding Business

Are you interested in success principles?   Are you an aspiring entrepreneur?  Do you dread failure and setbacks?   This episode is informative as well as inspiring.  It encourages a growth mindset.   Learn how your money can work for you. 
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Transcript

WISE TALK

DONOVAN BENTANCOURT, C.E.O.  – INAMI MANGEMENT SERVICES LIMITED

PRESIDENT -  DINTHILL ALUMNI ASSOCIATION JAMAICA 

“You should not put yourself down in a scripted path”, said  Donovan Betancourt on Living Above Self.     He wanted to be a doctor, until he failed Chemistry.      But today he owns a medical complex and employs doctors.   Life has taught him to be patient.     In response to the question regarding failure, Donovan Betancourt said he doesn't see things as failures.  He sees them as “challenges and setbacks”.     

 In memory of the passing of his son Mikhail Betancourt some years ago,  a foundation was established in his honour to assist the Early Stimulation Centre in Portland.    It’s a school for students with special needs.   Donovan Betancourt believes in giving back.   As he puts it “no man is an island”.      

 In reference to his employees and suppliers, Donovan Betancourt said “If you are not fair with people you will not get the right trust; the right commitment”.

As president of the Dinthill Alumni Association he stated that he benefited from the benevolence of others, including the school community.    With regards to entrepreneurship, he advised that many businesses failed because there are entrepreneurs who believe that working for themselves gives them more time. 

According to Donovan Betancourt, the discipline that is applied as an employee is required even more as an entrepreneur.    

THE GROW YOUR MONEY  FEATURE

American inventor and philosopher Franklin Benjamin said “An investment in knowledge pays the best interest”   Billionaire Warren Buffet said the most important investment you can make is in yourself”.   

When it comes to investing, educating yourself about money is very important.    That is why Living Above Self introduces the Grow your money feature.    Welcome to grow your money.  

Do you know the difference between saving and investing?     Saving is storing up money to be used at a later date.     Investment is putting your money to work for you.   Many of us were taught to get a good education and then get a good job.    Investing is about having a growth mindset, it is your ticket to financial freedom.      Having a good job, will have us working for money.   But what do we do with the money we earn?  Are we putting our money to work to create financial freedom, to create wealth? Investing add purchasing power to your money.      Savings is good as an emergency fund, as interest rates are low and is losing value daily due to inflation.   Robert G. Allen, entrepreneur and bestselling author of the One Minute Millionaire asked the question “How many millionaires you know created wealth by investing in a savings account?  You will not earn enough interest in a savings account to make you wealthy.    Is your money working for you or is it losing value? Do you want to outlive your money or have your money outliving you?  

Warren Buffet started investing at age 11 and became a millionaire at age 56.  Here is a financial rule that we all should use as our guide it’s called “The rule of 72”  It’s a financial rule that determines how many years an investment takes to double.    So, if you are earning 2% on your investment, you divide 72 by 2, that’s 36 years for your money to double.   

Investor and entrepreneur Robert Kyoski says “ "It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." — Robert Kiyosaki

Here are ways to grow your money:

1.     Buying stocks  2.   Real Estate 3.  Invest in Foreign Currency

Living Above Self challenges us to grow our money and grow ourselves. 

NUGGETS OF WISDOM

 Albert Einstein once said “Try not to become a person of success, but rather try to become a person of value” .    You are listening to Living  Above Self Podcast and this is our Nuggets of Wisdom segment.  (Living Above Self introduces you to our Nuggets of Wisdom feature)

 This week we share the inspirational story behind the hit song by Rachel Platten entitled Fight Song.   This song was penned at a very low point in Rachel Platten’s musical career.   It was written to remind her to believe in herself  and that she still had fight left in her.    She needed hope.      The song was not written for the world to hear.   She had invested a decade of her life trying to achieve success in her musical career but success seemed elusive.    But 72 hours after hearing her song on the radio, she was signed to a major label.   Rachel Platten said everything she dreamed came true that year.      What if the world didn’t hear that song?   That’s what Living Above Self is about.    What is your fight song?   We all need a fight song.    The lyrics says  “I don’t care if nobody else believes.   I still have a lot of fight left in me.”   Let’s dream big.    Muhammad Ali says  “If your dreams don’t scare you, they aren’t big enough”.    

Thank you for listening Living Above Self, your podcast about personal development and growth mindset.    Remember:      Someone is sitting in the shade today because someone planted a tree a long time ago.    (WARREN BUFFET) Please recommend Living Above Self to your family and friends and tune in next week for another insightful episode of Living Above Self.