Wealth Tip of the Day for Tuesday, October 24, 2006

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Hi this is Diane Kennedy. Today is Day 23 of the 30-day Coundown to the release of my new book, The Maui Millionaires™ that I co-wrote the book with David Finkel. The book is scheduled to be released on November 3, 2006, and from now until then I’ll be checking in every day with a Wealth Tip excerpt from the book, written either by myself or by my co-author, David Finkel.

Wealth Tip 23: Meet weekly or bi-weekly with Your Mastermind Team and Work Together to help each of You Become more Successful

A Simple Format to Run Your Mastermind Meetings

Here is the simplest format that you can use to run your mastermind meetings. First, I recommend that you meet regularly, at least once a month. You can meet in person or over the phone.

Next, divide up the time you have into equal parts so that each member gets a fair share of the time devoted to helping them accomplish their goals. For example, if you have a total of four mastermind members and you are meeting for one hour each week, give each person 15 minutes.

What to Do With the Time

  1. Give a 2-3 minute recap of the activities and results for the week. This should be in bullet points that were put down in writing BEFORE the meeting.
  2. Share the three things that went best about the week.
  3. Share one specific thing that you will do different next week that will have the greatest positive impact on your investing.
  4. For the final 5-10 minutes, get feedback from the group. This feedback can be in the form of questions or direct input.

One final Way to Use the Time

Use your mastermind group as a source of accountability for your actions. Have each member make concrete commitments for action steps they will take. Check in first thing the following week to see if they were done. I urge you to consider removing any mastermind member who consistently fails to meet their commitments. You cannot afford the luxury of catching their character.

I hope that all of this has given you some tangible ideas to use to try out creating a mastermind group of your own.

It’s made such a huge impact in my life. Early on the biggest benefit I got from my mastermind group was the faith to go after my dreams in business. Later my mastermind group helped give me the candid feedback I needed to fine-tune my action plans.

For more strategies and techniques to get the most out of your mastermind team, including a powerful technique to use your mastermind team to generate breakthrough wealth ideas see The Maui Millionaires™, pp.125-164.

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