The 3 K’s of Success

by Krantcents · 19 comments

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The 3 K’s of Success is the eleventh in a series of articles to help you reach your goal.  What are your goals?  I know you thought about it!  You know, it is your dream, wish or resolution you made!  Before you can get to where you want to be, you need to know where you are going.  You wouldn’t get on a bus, train or plane without knowing where it was going.

Background

When I was small, I was always at my parent’s businesses.  Saturdays were at my mother’s store or my father’s factory where they kept me busy by doing things.  Little did I know that I was in a training program?  Not in the usual sense, but I was learning facts, information and skills that I will use someday.  I learned firsthand what was involved in running a business, although I did not know it at the time.  In school, I learned communication skills (written & oral), math skills (organization, logic & judgment), physical science (inquiry & investigation), social science (human behavior), foreign language (communication) and a variety of specialized and elective (application of skills) classes.  It was my acquisition of knowledge.

Savings was always a big part of my life.  You know the normal kind when you save up for something to buy, invest or for your future.  When I was in business, I had savings because economic cycles and other things just happen.  I used savings to invest in rental property and businesses.  Planning for the future retirement in a traditional company is a 401K or IRA.  When you have your own business, there are a few more initials or other retirement accounts to learn about such as Simple IRA, SEP IRA and Keogh Plan.

When I was very young, I remember having a Joe Palooka punching bag.  I remember hitting it and it kept coming back.  It was an inflatable image of a comic strip boxer. No, I was not in training for the Olympics or Golden Gloves.  It was supposed to be a toy that you just played with a little physical activity.  I think I learned something else from this toy.  It taught me to keep going despite any obstacles.

Knowledge

Knowledge is a familiarity with someone or something, which can include facts, information, descriptions, or skills acquired through experience or education.  Formal or informal education is very important to give you the knowledge you need to succeed.  When you are in school, you are investing in knowledge that will help you in the future.  In many cases, you do not know how it will help you, but you must learn it anyway.

Another important part of knowledge is experience.  Experience may be the application of what you learned in school and acquisition of more facts, information and skills.  You learn by additional training and doing various tasks in your career.  It doesn’t stop there because experience covers your waking hours and perhaps more.  You should learn from your experience and make better decisions based on education and experience.  This is also called knowledge.

Keogh

A Keogh Plan is a retirement plan for the owner of the business.  It allows a higher contribution for retirement.  Employees can generally contribute $16,500 similar to a 401K.  The employer can contribute an additional $32,500 for a total of $49,000.  A Keogh can be a defined benefit or defined contribution.  A defined contribution is a set percentage or fixed sum per pay period.  Defined benefits can be profit sharing and you draw a set amount based on contributions to the plan.  There are more limitations and additional costs for a Keogh, but it is a choice.

Keep Going

Does it take courage to keep going when you face resistance?  Resistance can be you want to refinance your mortgage and the banker says no.  Do you stop trying when you get one rejection?  You apply to your first choice for college and they reject you.  Does this mean you do not go to college?  If you always take the easy solution, what have you accomplished?  Life is much more rewarding when you go after the more challenging choices.  This may require you to push the limits!  You will have a much richer life, if you keep going when others stop.  Successful people fail often, but keep going.

Final Thoughts

This is the eleventh article in the series about success; I expect to publish throughout 2012.  There will be twenty-six (26) of them, one for each letter of the alphabet. The 3 K’s of success are knowledge, Keogh Plan and keep going..  I think everyone wants success in life; business and career; however it takes a concerted effort to reach success.  The difference between the impossible and the possible lies in a man’s determination.” Tommy Lasorda sums it up much better than I can!

I started this series because I run into so many people who have difficulty reaching success.  They want to know my secrets!  So I thought I would share them in a format that will be most helpful.  I also think this format may make it more interesting and easier to use.  My goal in these articles to provide useful and interesting information that will help you succeed.  The 3 K’s of Success is now a series.

Photo by:  thinboyfatter

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{ 14 comments }

Miss T @ Prairie Eco-Thrifter March 26, 2012 at 7:14 am

I am definitely with you on the knowledge piece. Knowledge is empowering and very powerful. The more you know, the better you can make a decision about the task at hand. Results often turn out better when we make an informed decision. I try to research as much as I can about something before I take a leap.

Krantcents March 26, 2012 at 12:04 pm

I believe in education as the preparation for your career. Education trains your brain and the workplace is where you apply that knowledge. That combination will help you become successful, if you make good decisions and choices.

Ella March 26, 2012 at 10:56 am

Knowledge in a broader definition like you mention is really the key. As you write “You should learn from your experience and make better decisions based on education and experience.” Amen. :-)

Krantcents March 26, 2012 at 12:05 pm

I have seen well educated people make big mistakes and others with common sense do better than the so called educated ones. Just exposure to something does not mean knowledge, it is what you do with it.

Hunter - Financially Consumed March 26, 2012 at 2:21 pm

The Keogh plan is reason enough to start your own business. To be able to save that much money on a tax advantaged basis is a great opportunity for people that want to retire one day.

Krantcents March 26, 2012 at 3:07 pm

Remember,you have to earn that much in profit before you can defer that amount. You are right, it is an incentive for self employed people.

Miiockm March 26, 2012 at 10:47 pm

First time I’d heard of the Keogh plan, thanks.

Krantcents March 27, 2012 at 6:41 am

It has been around for a long time, but it doesn’t get much notice.

Untemplater March 26, 2012 at 11:19 pm

I heard of a Keogh once before but didn’t really know what it was so thanks for the clarification!

I think I had a Yogi bear punching bag as a kid, but that actually seems weird now that I think about it. Why would anyone want to punch Yogi? He’s a good guy! :)

Krantcents March 27, 2012 at 6:43 am

At least Joe Palooka wa a boxer! I agree it is a little wierd to punch Yogi.

Elizabeth @ Broke Professionals March 27, 2012 at 3:35 pm

I’ve never heard of a Keogh plan… then again, I’ve never owned a business! It makes sense, though, that a business owner would have a higher max for their contributions. Thanks for educating me! (I have to say, though, I was hoping one of your three K’s would be about Mike Krzyzewkski :)

Krantcents March 27, 2012 at 4:32 pm

Since Duke lost, what can I say. Since you are a basketball fan, I got to meet and see John Wooden (Ex UCLA Bbasketballcoach) quite often because he was my Mom’e neighbor for 20+ years. If you don’t know who he is, he had more championships than any other (male) college basketball coach.

Karunesh @ chase-a-dream.com March 29, 2012 at 11:10 pm

Knowledge makes a person win. It makes a person earn more. Keep going would make him win every time

Krantcents March 30, 2012 at 8:29 am

Understanding what it takes to become successful is key to your success. If you study successful people there are many things we can emulate.

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