Wealth Network (30 min)

Other relationships are intentional in nature and designed to bring mutual benefit as each party strives to follow their passion and use their skills to meet their goals.  These Wealth Network relationships are created precisely because of common passion, complimentary skill sets, mutually agreed goals, or ability to exchange resources.  Wealth Network relationships are mutually beneficial and usually minimize intimate personal connection to maintain a semi-professional relationship.

The most important thing to remember when developing a wealth network is to begin by sincerely asking about the other person’s passion and goals and then exploring what you can do for them.  People don’t care how much you know until they know how much you care.  More importantly, where their needs compliment your passion and skill set, an opportunity exists for you to benefit.  Therefore, always offer to help the other person with their needs before asking for their help.

The caveat here is that you must be selective in building the most effective network that you can because your physical and mental capacity to maintain a large network is limited.  If your passion is buying distressed property and fixing it up for re-sale, it might be beneficial to know a realtor, but may be more beneficial to be on the same charity board as the managing broker for a 20-person real estate office.             

The purpose of this exercise is not to provide a right or wrong answer.  Relationships are complex and we tend to bring personal bias to the assessment.  The purpose of this exercise is to provide a framework to get you thinking about your relationships relative to your personal goals.

Think About It

Have you ever intentionally evaluated the relationships in your life in a structured way like this?

  • Evaluating relationships makes you think deeper about yourself and others.
    • Personality type
    • Personality traits
    • Skills
    • Dreams and ambitions
    • Compatibility
  • Relationships change over time and can become toxic if not managed.
    • Being taken for granted
    • Building dependencies
    • Suppressing personal goals with other’s goals
    • Creating busyness instead of productivity
  • Evaluating relationships creates opportunities for communication.
    • Learning about self and others
    • Collaborating on commonalities
    • Setting boundaries
    • Building safeguards for personal freedom

How did it feel to objectively evaluate the effectiveness of your relationships?

  • Excitement – Did you feel excited about some of the potential opportunities to develop more productive relationships?  Good!  Keep up the great work and look for concrete ways to make those thoughts a reality.
  • Surprise – Did you feel surprised that there aren’t more positive relationships or if they are positive that they don’t necessarily help you progress toward your goals?  This is natural.  You just need to keep working to build and direct your relationships.
  • Betrayal – Did you feel like you betrayed the other person’s trust even though they weren’t there?  Realize that a healthy relationship where both parties receive benefit can stand scrutiny.   
  • Guilt – You may be feeling like you don’t give as much as you get.  Ask your relationships what you can do to help them.  Start giving.  If needed, ask them for forgiveness.
  • Anxiety/Fear – Did you feel anxious or fearful that some of your relationships are already toxic?  Building self-confidence, building new relationships, having crucial conversations, and distancing may be in order depending on the situation.  Professional guidance may be needed.

What have you learned about these relationships?

  • If you don’t know the goals, skills, and personality types of those within your inner circle, then spend time learning and helping them explore those if needed.
  • Work on closing the gap between the network you have and the one you need.
  • Don’t be afraid of having crucial conversations geared toward better understanding, bringing closure, or redirecting the relationship.  Seek first to understand and then to be understood.    

Take a moment to go to your Action List and fill in at least 3 action items that you will take to improve your existing relationships.  These might include:

  1. Have a crucial conversation with X to clarify that I need more support and less criticism.
  2. Provide more support and encouragement to Y.
  3. Spend more time with X and Y who emotionally support me and fill my energy tank.
  4. Learn more about X and Y’s goals and skills.
  5. Build two new relationships with people with skills that compliment mine.

Wealth Network - Think About It

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