Wealth by Design

038: Catapult Your Success With A Mastermind Group!

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Description

The term "mastermind" was originally coined by Napoleon Hill in 1925, but small groups of people have been meeting to discuss business ideas, philosophy and untold other subjects for hundreds, if not thousands of years! Today, Dustin R. Granger, CFP® and I talk about the rich history of mastermind groups, and why you should absolutely join one (or start one)!

Here's What You'll Learn

[1:45] Using the power of a small group to catapult your life

[2:45] The definition of a mastermind group

[5:45] What sort of group should you join?

[9:00] Drink a beer and share ideas

[11:30] 7 reasons to join a mastermind group

[14:45] How to find the right mastermind group

[18:00] Toujours Worth It Financial Planning

[20:00] Worth It Inspirations

What is a mastermind group?

By definition, a mastermind group is a peer to peer mentoring concept used to help members solve their problems, with input and advice from other group members. Napoleon Hill, the author of "Think and Grow Rich," says a mastermind means two or more people coming together in harmony to solve problems. The group size can vary, but the most successful groups usually consist of 2-8 members. This group size allows everyone a chance to share, encourage, challenge and celebrate!

Books and Booze: The rich history of Mastermind groups

Even though "mastermind" may seem like an unattainable title (you either have to be a master of something or a genius), the execution of these groups is often much more simple. Many of the great authors, speakers, and influencers actually made a habit of meeting at a local pub to discuss their ideas over a brew! C.S. Lewis and J.R. Tolkien met at The Eagle And Child in Oxford, England, Ernest Hemingway frequented the El Floridita in Cuba, Lord Byron was frequently seen at the Pedrocchi Cafe...and the list goes on! The place where your mastermind meets is less important than the people who attend, but if you find yourself in a local pub with a small gathering of friends, you will be carrying on a rich tradition!

7 reasons why you need to be in a mastermind group

  1. The first great reason to join a mastermind group is the exclusive community it provides. You can be selective about the kind of people you meet with, and the subjects that are discussed.
  2. Masterminds also allow you to share and receive advice from trusted colleagues. These will be the people who are motivated, have similar interests and will support you!
  3. A mastermind means collaboration. You may have an idea that you need some help or clarity on, and this group is probably the ones best positioned to help you, and if not, they may know who can!
  4. As stated above, mastermind groups can help you extend your network.
  5. There are always new learning opportunities!
  6. Mastermind groups allow cross-promotion. When you know what the members of your group are passionate about, and what skills they have, it becomes easy to recommend them. That trusted recommendation can go a long way!
  7. Last, mastermind groups help you to think bigger!

Start your own mastermind group

By this point, we hope you can see the value of mastermind groups! If you can't find one that caters to your needs or interests, we recommend starting your own! Dustin says the key is consistency. Pick a place, and find a few friends or associates who share a few interests, then decide on how often to meet. It won't be long before you are sharing ideas, encouragement, and advice!

Resources & People Mentioned

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