Your network is your net worth. To grow your network is to increase your net worth.
Our CEO, Scott Royal Smith, reminds our clients that their network IS their net worth. You can find many success gurus and experts who have similar beliefs.
Entrepreneur, author, and speaker Porter Gale, author of "Your Network Is Your Net Worth," says: "I believe that your social capital, or your ability to build a network of authentic personal and professional relationships, not your financial capital, is the most important asset in your portfolio."
Recently, Scott sent out a newsletter to our clients. In it, he shared, "Many entrepreneurs work within a vacuum, often wearing many hats and spreading themselves too thin. When you leverage your network, you are tapping into collective wisdom that would otherwise take you years to acquire on your own. The result is you'll be more quickly equipped to solve complex challenges unique to your situation."
There are no secrets, but you must network to increase net worth
I don't know about you, but when I hear the phrase build your network, all I can think of is the dreaded practice of NETWORKING! Here's the catch, establishing, solidifying, and growing your network does not come naturally nor easily to most of us, including me.
Yet, what I learned over time is that building your network is not about going to events and forcing your way into awkward small talk conversations. It is about finding ways to make genuine connections.
Connections with other people are your greatest asset when done with the right intention. Finding the right people to collaborate with along the way is just as crucial as finding the best investment property.
Networking is a critical step to increasing your wealth
Let's examine that question, shall we?
You can't succeed alone. Trust me, I tried. My success came from my expertise, actions, and hard work for much of my career. However, my success stalled over time, and my stress levels increased. I had to do some solemn self-examination to get to the root of this dilemma.
Do you know what I found? As much as I thought I was Wonder Woman and could do it all, I was WRONG. If I genuinely desired massive success, I needed other people to help me. When I realized this truth, it forced me to look beyond myself.
Use these questions to establish and plan your network:
If so, it's time to let go and let others help you achieve more productivity.
Your network is your biggest asset and a way to add value
Others have what you need and need what you have. It helps to remember that building a network is not a slimy or needy one-way connection. Your relationship creates value if there are advantages for both of you.
It is essential to be clear and confident about what you need and what you can give. For instance, if you are a natural connector who enjoys introducing people to one another, find people who need a connector in their network.
On the other hand, many connectors are not good with the details. So, the best person to look to add to your network is one who can help with more information AND needs a connector. Success does not simply come from creating value; it comes from finding people who want to work together using their God-given talents and abilities.
Work with allies who share your vision
The right network brings you joy. In her book, "Joy at Work," Marie Kondo says: "Build a network full of people you enjoy spending time with and helping, who care about your development and success. Believe that you can have a more fulfilling life and contribute more to the lives of others when you're comfortable. Then say goodbye with gratitude to any relationship you no longer need and nurture those that you decide to keep."
I frequently find people with large networks but feel no joy or energy from having them. When they are honest with themselves, they discover that their networks drain them. Perhaps, that's because they created a network with a misguided intention of only taking or only giving instead of the common practice of giving and receiving.
When you focus on building your network as a collective, providing others what they need and receiving what you need, and finding people who bring you joy in collaborating, your net worth will increase.
Networking helps increase net worth
Remember these critical things about networking because it:
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Scott Royal Smith is an asset protection attorney and long-time real estate investor. He's on a mission to help fellow investors free their time, protect their assets, and create lasting wealth.
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