/Midas Touch
Midas Touch 2017-09-29T12:09:08+00:00

The Legend

Once upon a time there was a king in Phrygia, located on the territory of present-day Turkey. His name was Midas. Almighty Zeus, the ruler of the Greek gods, loved Midas above all people, so he gave him the ability to transform all matter into gold by a single touch. Since then, the ability to amass large amounts of gold or generate large sums of money has come to be called the Midas Touch.

The Definition

By observing about a thousand of my clients, students and associates, I have arrived to the conclusion that everyone possesses a Midas Touch, which is a unique ability to generate money rapidly, efficiently and with minimal effort. Ironically, this Midas Touch rarely manifests itself through one’s career or other professional endeavors and may have very little correlation with one’s talents, education, intelligence or superior efforts. Instead, one’s fortune is often found in many other domains, which may include relationships, inheritance, real estate, investing, gambling, collecting art, relocation, etc. The list of possibilities is endless.

The Ultimate Equality

The sun does not discriminate between the righteous and the wicked. It shines equally for all, and anyone born under the sun has the right to enjoy and prosper under it. You do not have to do or to be anything special to deserve the sunlight. To enjoy it is your birthright. The same is true for your Midas Touch. It is like an innate talent. You are simply born with it, and therefore do not need to do anything to deserve it. However, as it is true for every talent, your Midas Touch will improve with practice.

Beginner’s Luck

When you begin practicing your Midas Touch, you are usually successful from the start. When you deliberately or accidentally get involved in an activity directly related to your Midas Touch, your actions will often bring good financial results. Even though you may have no appropriate education or experience, you still succeed, as if the universe supports your efforts. People call it beginner’s luck. However, this beginner’s luck phenomenon is not luck at all, but an indication that you have discovered your Midas Touch. Luck is unpredictable, transient, and hard to reproduce reliably. Your Midas Touch is not. You can expect that such “luck” will continue for a long while, as long as you are engaged in the same activity that produced it originally.

Defying the Statistical Probability

Midas Touch defies the laws of statistical probability. A statistical analysis may very well indicate that you will lose money big time when gambling, as happens to almost everyone who tries this risky enterprise. The whole business of gambling is designed to insure such results. Nevertheless, if gambling is the domain of your Midas Touch, you will consistently make money at it, in spite of the impossible odds.

Boom and Bust

Very few things in life are 100% consistent and reliable. The Midas Touch never works like a clock with totally predictable results. There will be occasional periods when even your Midas Touch will stop transforming basic metals into gold, and you will experience only modest returns or even losses. Such losses—if they occur—are usually not substantial, and are soon forgotten, when another cycle of good fortune begins. However, these inconsistencies of the Midas Touch usually evoke inner and outer resistance, as shown on Fig. 4 in the previous chapter (a single arrow on the left side of the diagram).

Education and Retraining

Even with “beginner’s luck,” you may have to get some education, training and experience in the activity related to your Midas Touch. Most likely though, you will need very little preparation, especially when compared to all the years of schooling and “indentured servitude” that you have to go through in most professions.

The Limits of the Midas Touch

Even with the Midas Touch, the potential for income increase is not infinite, and there are limits on how much you can earn even under the best of circumstances. Some people are born with the potential to become billionaires, others to live comfortably on a small budget, and many with the potential for upper middle class incomes. The limits of the Midas Touch can be compared with the role of innate physical limitations in sports. With sufficient effort, almost everyone can become an athlete. Only a very few however have the innate ability to become world champions, a feat physically impossible for the rest of us no matter how hard we may try.

The Path of Least Resistance

Practicing your Midas Touch is never difficult, and the financial rewards frequently come with minimal effort. You will discover that life supports you, as if you swim downstream in the river of life, with the river providing most of the movement. Some people feel compelled however to continue working very hard even after they have implemented their Midas Touch in their work or business. Such individuals are so accustomed to hard work that they cannot imagine living without it.

Money and Talent

You have probably wondered how and why some individuals in your profession, who are not nearly as talented, experienced, educated or dedicated as you, are able to earn so much more than you do. There is a simple answer: they are practicing their Midas Touch, and you are not. Most often, your Midas Touch is unrelated to any unique and superior skill that you have developed in the course of your life. Often, one’s technical skills and mastery in the occupations related to one’s Midas Touch are average, frequently even below average.

Uniqueness

The Midas Touch is unique for each of us. You cannot find your financial freedom by practicing anyone else’s Midas Touch. Unfortunately, most systems of prosperity available today can only teach you how to find the Midas Touch of their founders. Like most of financially successful people, you must throw away all other people’s formulas for success and discover your own. Likewise, your own formula of success, no matter how well it may work for you, will be useless for most of the human race, except for a very few, whose innate Midas Touch may be similar to yours.

Vast Field of Possibilities

There is a vast field of possibilities where your Midas Touch can be found:

  • various careers and businesses (full or part-time), consulting, solo enterprises, partnerships or corporations;
  • hobbies, like attending garage sales, sports, writing, astrology or cooking;
  • accumulation of objects of values: art, stamps, antiques, memorabilia or oriental carpets;
  • production or restoration of objects of value, such as visual arts, pottery, antiques, sculpture or furniture;
  • home based businesses, real estate, apartment management child care, or selling your real estate and relocating abroad;
  • investment, stock trading or gambling;
  • finding a rich partner, providing personal services to the rich, living lavishly on resorts or aboard cruise ships;
  • intuition, astrology, prayer, visualization or the occult; or also
  • almost anything else you can imagine.

The list is endless. Please note however that your innate Midas Touch comes from one or two specific innate abilities of yours and usually can be found only in one, rarely in two or three, of the fields mentioned above. It cannot be found in all of them, or even in many of them.

For more information on Midas Touch and how to discover it, check my books, Psychology of Money, and  Psychology of Investing