Start Doing Business

Recent Articles:

Chinese Labor and American Unemployment
How To Make Money Doing What You Love
Why “Patience” Means “As Fast As Humanly Possible.”
What Every Small Business Needs to Know

More Articles:

Why “Patience” Means “As Fast As Humanly Possible.”
What Every Small Business Needs to Know
The Power of Automation
The Midas Touch Mentality
Staying Motivated – Leveraging Past Successes
Launch a Website Fast and Affordably | Elegant Themes
How To Make Money Doing What You Love
Getting "Outside" Your Business

You are likely familiar with King Midas from Greek mythology.

According to the myth, Midas gained the ability to turn everything he touched into gold. He became extremely wealthy as a result, but also to the detriment of his friends and family.

In this article, I will show you how you can adopt the Midas Touch Mentality and its role in building wealth, and also how to strike the correct balance in pursuing wealth and maintaining the important relationships with family and loved ones.

What Is The Midas Touch Mentality?

The Midas Touch Mentality is a term I created to describe the attitude of capitalizing on everything you do.

Another term I use to describe the same thing is “Monetize my life.”

The idea is to take inventory of all of your day to day activities and find ways to profit from doing them. Here are some examples:

If you are into cooking, keep track of all of your favorite recipes for 3 months. At the end of those 3 months, create a book called “My Favorite Spring/Summer/Fall/Winter Recipes” post this on your blog or Facebook. People will immediately begin to see you as influential even if you don’t initially sell anything. What’s important is that you now have a product that you could sell given the right opportunity.

Are you into fitness? Document your trips to the gym. If you have a weight loss goal document this as well. Before, during, and after pictures that include training and diet is very valuable information to people who have the same goal.

Do you read a lot of books? Start a blog where you give away your notes, summaries, and highlights of the books you read. Make sure you have a way for people to subscribe or to stay in touch through email. An immediate opportunity is to offer an affiliate link of the books you are reading. What’s important is that you have contact with your following so that you can offer a product or opportunity to them later on.

These are just a few examples of the Midas Touch Mentality, and there are many more. The key to successfully adopting the Midas Touch Mentality is to strive for excellence in everything that you do, while documenting it in a way that is presentable to others. Not only will this allow you to excel at everything you do, everything you do will be available and valuable to other people.

Supporting friends and family by adopting the Midas Touch Mentality.

Lastly, according to the myth, Midas tragically lost his loved ones by turning them into gold. Don’t let this happen to you.

If you’ve ever been approached by a friend who is experimenting with a business that makes its true profit through signing up individuals, such as certain MLM’s etc. you probably are aware of the distancing effect this has on relationships. No one likes to feel like another person is pretending to be their friend just to get money out of them. By avoiding businesses that don’t offer true value you avoid ever taking advantage of your friends.

The great thing about friends and family is their ability to be your safety net when life falls apart, and your ability to be theirs, free of charge. You would never want to damage this. The downside is many people who are starting out in business don’t know how to approach their friends and family with products that are no longer “free of charge.”

A great way to maintain the value of a friendship or family relationship while still being able to move forward in business is to offer discounts designed specifically for them. Friends and family discounts are very common and they protect the special relationship and are often a rewarding way to give back to your friends and family while still being able to run a profitable business.

Share Your Success Using The Midas Touch Mentality!

After you’ve applied the Midas Touch Mentality to one of your activities, we’d like to hear about!

Stop letting opportunities pass you by. You’d be surprised at what you can achieve simply by training yourself to adopt the Midas Touch Mentality.

Try it, then come back here and share your successes and results in the comments below!

  • Scott Wiser

    What an important topic – on both capitalizing the strength of the assets we already have – and preserving our most valuable asset – our relationships. I have sadly seen the effect of gold-hungry decisions sacrifice love for treasure and I’ve also met great people who succeed both financially and in relationships. It can be done…look at you, Marshall and Zach. You’re shining examples of this!

  • Amanda Howell

    Okay…I really like this idea. I’ll be honest. I have ZERO idea how to implement this right at the moment. But I’ll be letting this spin around in the back of my head, and as soon as I get some inspiration, I’ll come back and share! Cause I really, really love this idea.

    I’m glad that you left some additional prompts to not let this ruin relationships. I’ve seen that happen far to many times. And it’s the most tragic when it comes from someone who was actually very well meaning, but just didn’t handle it correctly.

© 2012 Powered By AgileHG, LLC