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HerWealthy Club Newsletter: Edition 7- "Your Network is Your Net Worth"

Just back from the 8th W50 (“ Women50 Board members of tomorrow” ) reunion in Mallorca, I'm buzzing with excitement and utterly exhausted. It’s a whirlwind of joy and connection, a great commitment and investment with an indescribable human ROI. As the song goes, “Money, get away. Get a good job with more pay and you’re okay.” But in our case, it’s not just about the pay; it’s about the invaluable experiences, support, and inspiration we've gathered over the past eight years.

As I celebrate our W50’s 8th reunion, it’s worth mentioning the number 8 meaning: the number 8 is associated with power, strength, ambition, efficiency, discipline, reality, money, finances, truth, integrity, abundance and prosperity. It sets the tone for this newsletter’s edition as we explore how the right connections can elevate your financial standing, drawing insights from influential books, successful entrepreneurs, and notable influencers.

The Power of Networks

"Your Network is Your Net Worth"- This phrase underscores the essential link between the relationships you cultivate and your financial success. Books like Napoleon Hill's Think and Grow Rich and Morgan Housel's The Psychology of Money emphasize the role of networks in building wealth. Successful entrepreneurs often highlight the importance of surrounding oneself with like-minded, ambitious individuals.

Napoleon Hill suggests that the "Mastermind" principle, the collective power of a dedicated group, is crucial for achieving great success. For instance, many successful business owners attribute their ability to secure funding, often in the range of $50,000 to $500,000, to connections made through their networks. Similarly, Housel discusses how our financial decisions are deeply influenced by our social circles. Influencers such as Gary Vaynerchuk and Marie Forleo consistently advocate for the power of community and networking in achieving financial goals. For example, Gary Vaynerchuk often shares how his network has helped him identify key investment opportunities in companies like Twitter and Uber, significantly boosting his net worth. Marie Forleo emphasizes the importance of surrounding oneself with supportive, ambitious individuals. She credits her network for providing the encouragement and resources needed to launch her successful online business school, B-School.

The Psychology Behind Networking

Increasing oxytocin through positive social interactions not only boosts our mood but can also enhance our overall well-being, indirectly affecting our financial success. When you engage in networking, your brain releases oxytocin, which fosters trust and strengthens social bonds. This biochemical response plays a crucial role in building lasting and fruitful relationships.

A personal anecdote highlights this: a colleague (I won’t revel the nationality) once asked me about my seamless networking skills. At first, I couldn't explain, but then I realized it came naturally to me as a Spaniard. However, over time, I understood the concept of hardwired transactional relationships and experienced it firsthand through years in EU diplomacy and international relations. The wealth of knowledge and joyful experiences I've gained from networking events like W50 reunions could certainly be valued as an IPO. The emotional benefits of having a safe space to be oneself, exchange ideas, and find inspiration are immeasurable. These experiences can lead to personal growth and increased motivation, often pushing individuals to pursue new ventures and achieve higher goals.

Investing in Your Network

Investing time and energy into your network is essential. While there might not be a direct correlation, there's an undeniable indirect link to improved health, happiness, personal growth, and ultimately, financial success.

Consider these examples:

- Increased Revenue: Networking can lead to business opportunities and partnerships that significantly boost revenue. For instance, connecting with a mentor or business partner can help refine your business model, resulting in a 30% increase in revenue. For some businesses, this can translate to tens of thousands of dollars annually.

- Investment Opportunities: Many investors find opportunities through their networks. By attending networking events or joining investment groups, individuals have accessed investment deals yielding returns of 15-25% annually, significantly increasing their net worth over time.

- Career Advancement: For professionals, having a strong network can lead to job promotions or new job opportunities. Studies have shown that referred candidates are 15 times more likely to be hired, often leading to salary increases of 10-20%. Over a career, this can amount to hundreds of thousands of dollars.

Podcasts like The Tim Ferriss Show and The Tony Robbins Podcast provide valuable insights into leveraging networks for financial gain. Articles from Forbes and Harvard Business Review discuss strategies for effective networking, emphasizing the importance of authenticity and mutual benefit.

Highlights from the W50 Women's Network

The W50 Women's Network, supported by Santander Universities, is a shining example of the power of networking. This prestigious network connects women leaders across the globe, offering invaluable opportunities for personal and professional growth. Over 700 women from 11 countries have already benefited from the W50 training program, which focuses on equipping female leaders with the skills and knowledge to excel in their careers. Here are some highlights:

- Leadership Development: The W50 network focuses on developing leadership skills through executive education programs at top institutions like UCLA Anderson. These programs are tailored to enhance strategic thinking, decision-making, and global leadership abilities.

- Global Connections: Members of the W50 network come from diverse industries and countries, fostering a rich exchange of ideas and best practices. This global perspective is crucial for driving innovation and addressing complex challenges.

- Knowledge Sharing: the W50 network provides platforms for members to share their expertise and insights. These events are instrumental in keeping members updated on the latest trends and developments in their fields.

- Supportive Community: Beyond professional development, the W50 network offers a supportive environment where members can share personal experiences, challenges, and successes. This community fosters a sense of belonging and mutual support. The emotional benefit of having a safe space to express oneself without any expectation of return is invaluable, often leading to renewed energy and motivation.

During this recent W50 reunion, we had some fun brainstorming slogans to pitch for Board of Director positions. Imagine walking into a board meeting with the confidence of "We Will, We Will Rock You" echoing in your mind. Our network brings not just expertise but also joy and commitment to every boardroom. Other slogans like "All I do is win, win, win, no matter what" encapsulate our drive and dedication.

Go Find your Net Worth

In conclusion, your network truly is your net worth. The connections you cultivate play a pivotal role in your financial journey, offering support, knowledge, and opportunities or opening other lines of thought in your career that you might not have imagined for yourself. As you continue to invest in your network, remember the words of Jay-Z in his song "My 1st Song": "I'm just a hustler disguised as a rapper. In fact, you can't fit this hustle inside of a wrapper." Your network is an integral part of your hustle, contributing to your financial confidence, independence, and freedom.

If you're looking for members to join your Board or need non-executive directors, tap into the W50 network. There's a wealth of diverse international expertise available, from top-tier accountants to directors, tech experts, consultants, coaches, and much more!

I am so grateful for this network that I was thinking that there is no money that can be paid for the experiences, support, and inspiring moments I have received over the past eight years. Keep nurturing those connections, and watch your net worth grow.

Happy Networking! Happy Net Worth!

Rebeca De Sancho Mayoral

HerWealthyClub

Links to further reading and resources:

- Think and Grow Rich by Napoleon Hill https://www.amazon.com/Think-Grow-Rich-Landmark-Bestseller/dp/1585424331

- The Psychology of Money by Morgan Housel https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681

- The Tim Ferriss Show https://tim.blog/podcast/

- The Tony Robbins Podcast https://www.tonyrobbins.com/podcast/

- Forbes Articles on Networking https://www.forbes.com/networking/

- Harvard Business Review on Networking https://hbr.org/topic/networking