The Go-Giver is a fictional story about a struggling salesman named Joe who learns the Five Laws of Stratospheric Success through a mentor. As investors, we should search for asymmetrical returns with a built-in margin of safety. Being a go-giver essentially has a built-in margin of safety where you cannot lose and provides an asymmetrical return like no other investment. Following all five laws, ideally, you would first become your best authentic self in order to attract like-minded individuals and true valuable relationships. Subsequently, you would give as much value as you can while placing other people’s interests first and ultimately controlling your compensation. Lastly, being open to receiving keeps the cycle progressing.
The Five Laws are:
- The Law of Value
Your true worth is determined by how much more you give in value than you take in payment.
- The Law of Compensation
Your income is determined by how many people you serve and how well you serve them.
- The Law of Influence
Your influence is determined by how abundantly you place other people’s interests first.
- The Law of Authenticity
The most valuable gift you have to offer is yourself.
- The Law of Receptivity
The key to effective giving is to stay open to receiving.
Many people you meet could solely be takers instead of givers. That’s fine, avoid the vampires and bring the garlic. One important aspect to mention is to be excessively careful between giving false and true value. The idea is not to give and expect something in return, but to give genuinely. Giving with the intent of expecting something in return is a bribe. Giving genuinely without expecting anything in return is an act of kindness. So how do we provide immaculate value?
In order to add the most value for people, it is extremely valuable to be a really good and active listener. Throughout every encounter with people, strive to remember names most importantly, followed by significant details. Passionately listen for specific details like their spouse’s name, their children’s names, hobbies, interests, dislikes, occupation, habits, and goals. Avoid taking notes during a conversation because it can be somewhat rude, but document everything you remember after the encounter while it is still fresh. In today’s digital world, we’re habitually drawn to our phones, so make a conscious note to proactively keep it silent and out of sight. Give your guest your full, undivided attention, because they’re spending their most valuable asset with you – their time.
When learning more about people, ask open-ended questions like:
- How’s your family?
- What was the highlight of your week?
- What are you focusing on?
- What can I do to help you with your goals?
- What are you most excited about?
- What challenges are you facing?
Keep an extensive list of notes in your contacts list regarding what that specific person is focusing on and what you can help them with. This will help you to remember your previous conversations and whether or not you have an opportunity to help.
Lastly, utilize giftology, which is the practice of gift-giving. Avoid gifting only annually on Christmas, but rather unexpectedly when a gift provides value to your receiver. The science behind giftology is the creation of thoughtfulness and long-lasting relationships.
By practicing these tactics along with abiding by the Five Laws of Stratospheric Success, you’ll be able to add thoughtfulness and value to those around you. Good luck on your go-giving journey.
Tanh Truong is a pharmacist by day and an investor by night. A thoroughbred of Cincinnati, he invests locally in high-yielding assets and higher-yielding relationships.
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.