Clear Vision And Goal Setting
When Arnold was a young boy, he said that he wanted to be a professional bodybuilder. His parents tried to dissuade him from pursuing his dream, but he didn’t give up. Later, once he became a celebrity, he would remember this as a good lesson for setting goals. When he was training for bodybuilding competitions, he said, “I stopped thinking about how much I was hurting or tired or hungry, and I concentrated on the vision of myself winning the competition.” This ability to visualize the future and push through obstacles to achieve a goal helped him to go from being a struggling actor to being a global celebrity. He had the clear vision of what he wanted to accomplish and persevered to get there.
Become an Expert Salesperson
Slick Selling, by Arnold Schwarzenegger, is a must read for any entrepreneur. His book provides advice on how to talk to others, deliver your pitch, and effectively negotiate. Yes, the book is written in the 1980s, but it is still relevant today.
All entrepreneurs know they need to sell, but they aren’t always sure how. Selling is perceived as sleazy, slimy, and manipulative. In order to sell, you must overcome this negative stigma and sell with confidence. This book will help you do just that.
The book is divided into three parts … Self-Promotion, Customer Relations, and Negotiation. Through his stories and anecdotes, Schwarzenegger shares the ways in which he confronts adversity and takes risks. He shares his strategies for overcoming the resistance to change. Schwarzenegger also writes about the importance of studying the craft of selling and using sales techniques that fit the product you are selling and the target market.
There is a reason why some salespeople are consistently able to generate and land new business. It comes from following Schwarzenegger’s advice and embracing his philosophy. (You can find more information about the book here).
Psychology Is Critical to Success
When investing, it is all about psychology. It’s important to keep your emotions under control.
If you start thinking of financial dealings as a game, you are more likely to be successful at it!
Quoting a real life example, one Stephan Schmidheiny whom was recently convicted for crimes against humanity, says that he loves looking at the market different. He states that while a lot of people see a forest, he sees all the individual trees. He mentions having learned this from a fellow trader who underwent a remarkable conversion to environmentalism after making vast profit from the recession in the 80s.
Whereas most business that start off very big begin to lose value and money, this isn’t the case when it comes to Schmidheiny’s business.
The business has always been run on a smaller level, which to this day, keeps them all in the black. The business continues to grow more each year, while most other businesses their size are beginning to lag.
The key he says is looking at the market from a different perspective.
Business owners spend a lot of money on television ads and radio ads, which can be a bad idea. Economic times have changed, and most people do not have the amount of money to spend that they used to have.
“To Be Successful… You Must Be Brutal With Yourself and Focus on the Flaws.”
"There's an incredible scene in ‘Pumping Iron' where Arnold gets his body fat tested. He's at the gym, and they say he has ‘twelve percent body fat.’ Then, he gets a phone call from the guy doing the test and Arnold learns that he's actually at 18 percent, which is considered obese! Arnold is devastated. He had always wanted to be a perfect ten. I know many of you who are reading this have that same goal as well, and Arnold's story is a great lesson. Be brutal with yourself and be honest about your flaws. “
"You can’t fix something if you don't know it's broken. I’m not saying this to discourage you, but to help you. You can't get to the 10 percent level, or even the 20 percent level, until you admit to yourself how much work you have in front of you. “
Research Before Investing
In the first chapter of his biography, Arnold Schwarzenegger outlines the five principles that he recommends following when investing. He calls on the importance of thorough research.
It may appear that Arnold Schwarzenegger is incredibly successful in all fields. The reality is more pragmatic. Arnold Schwarzenegger has committed a great deal of time to research. He has invested the time to learn and acquire the knowledge and skills necessary to become successful.
You cannot learn enough about investing. You must learn as much as you can. You must read, read, and read. Learn about investing and the different markets. Be familiar with the different choices that you have, and understand the risks and rewards attached to those decisions.
With thorough research, you can make more informed decisions and ultimately save you a lot of money. Take the time to examine options, and make a choice based on your own experience and research. A very successful investor has said:
Don't Listen to Nay-Sayers
One of the most important lessons Schwarzenegger learned from the time spent with his dad was his reaction to naysayers.
Whenever he would discuss a project that he had in mind, he was often brushed off by people around him. They’d say things like “You can’t handle that, Arnold.” or “You’re not big enough to pull that off.” He was always told that he was too young or too inexperienced to handle whatever he was trying to do. And again; he was told this by everyone.
And yet he pushed on, and again and again, he proved those naysayers wrong by succeeding in whatever he set out to do. Schwarzenegger’s career proves one thing; if you truly want to do something in life and spend the time and effort into setting it up right, you will succeed.
This can be applied to investing as well. If you want to succeed, you have to set a goal and put yourself in a position where your risk/reward ratio is justified. Then you will win.
Reps, Reps, Reps
Before you even think about the gym, you need to train your brain.
My friend Michael Collett, who was one of Schwarzenegger’s personal trainers, talked about how Arnold Schwarzenegger trained for his book.
Collett describes several times Schwarzenegger dedicated days or weeks to training his brain. This training involved reading books, playing chess and memorizing speeches. It might sound psychotic, but it helped him transform his life.
The reason is obvious: Schwarzenegger was an unknown bodybuilder in America training in a foreign country. He couldn’t go to the sport’s big events without knowing the language. He couldn’t interact with anyone in the industry without being on his A game at all times. He couldn’t succeed without a massive network of contacts.
So he spent hours every week in front of a mirror, repeating lines in a foreign language. He spent hours reading books on strategy and science.
That’s right: This titan of business had to start in the weeds for hours every day because he lacked the language and tradeskillset to succeed without them.
It's Not How Much You Make; It's How Much You Keep
One valuable lesson from Arnold's biography is that earning millions of dollars is a lot easier than keeping it. After Arnold became famous, he starred in many movies that taught him how to manage his money. The vast majority of actors and actresses end up broke. .. Melissa Ethridge is one of the few celebrities who has managed to become wealthy after retirement. She has been able to keep the money she made and stop acting for roles that will get her in trouble.
Arnold's successes in the acting industry made him one of the most bankable stars of all time. He used this fame and the money made from it to start his own business empire.
He slowly stopped acting and focused his entire attention on his franchises. He was able to keep the majority of the money he made and only made the movies he wanted to make. He used only a small percentage of the huge checks he got from the movie to build his empire.
The story of Arnold's finances has had a great impact on other celebrities' approach to money and their personal lives. Many of Arnold's friends and family members have seen how he has made his money since the 1970s, and they have tried to emulate his success. He began to focus his efforts on the chains that he created with great success.