If you haven’t heard about mastermind groups, you will soon if you consume advice from millionaires. So I thought it’s useful to tell you the truth about mastermind groups, the good and bad, so you’re prepared.
What is a Mastermind?
A mastermind is a concept developed by Napoleon Hill, a man who spent 20 years studying 500 of the wealthiest people in the world at close range.
Mr. Hill went on to write a few books about wealth, including Think and Grow Rich, which went on to sell over 15 million copies and make thousands of people into millionaires.
A mastermind might help you get wealthy. Or even more wealthy, successful, and fulfilled, if you already are rich.
Let’s get to it:
I’ll tell you what’s NOT a mastermind:
It’s not when a group of people each pay a $10,000 monthly fee to one person so that this person can meet up once a month and coach these people, while mostly letting the participants help each other.
That’s called a coaching business.
Yet, this seems to be the general idea of what a “mastermind group call” is for a lot of online businesses: people paying a monthly fee ($1,000 or $10,000 or $100 per month) for help.
It’s epidemic in the internet marketing world.
And maybe you’re not in that world, but it also seems to be true for a lot of niches that use the internet: let’s say, just as an example, you have a blog on making wooden sculptures. If you look for help on how to make your blog better, and you go deep enough online, you will find advice.. eventually from people in the internet marketing world. And what happens is the wood-making niche now starts up their own masterminds.
I have stumbled across numerous people in the online marketing world, some of which were good, some bad, some veterans, and some fairly new in the market.
It seems to be a rather re-occurring theme with many of them to have this “Mastermind.”
And some people make a very good income off of it.
In fact, some of the people in the “wealth creation”, “abundance”, or “millionaire” niches online, also have this skewed idea of a mastermind.
However, I don’t think that’s a real mastermind according to how the great Napoleon Hill would describe one.
A real mastermind is one where no one is paying a cent to anyone else. This removes any pressure or distorted feelings, perceptions, or dynamics of the situation.
A mastermind is supposed to be a collaborative effort where successful people come together to help each other. It’s something where your peers can cover your weaknesses.
Here’s an excerpt from Napoleon Hill illustrating this concept with one of the wealthiest people in the history of mankind, Andrew Carnegie, someone he studied closely for decades:
A Mastermind Group is not to be confused with a paid, monthly coaching call that has stolen the name “Mastermind.”
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