photo credit: sergio_leenen
3 Components to Wealth That Are A Must
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The picture above is from the beaches of the Atlantis in the Bahamas. I’ve been fortunate to spend 7 days there. Absolutely amazing experience. However sadly many people will never have the experience.
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Money is such a huge issue for so many people right now. I know because I’m experiencing their pain as I make contact with people all over the U.S. because of my home business.
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Thousands of people who normally would never look at a home based income are looking fervently now.
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They are also getting slapped with reality that it takes money to start a legitimate home based business and time to discipline themselves with the mindset of a business owner.
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Over 533,000 were laid off last month alone and are reactive in their efforts, scrambling to find another Job or looking to start something from home. The number is continuing to go up by the way.
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Making this kind of move is something that really should be done before you’re forced into the situation but generally this is not how the masses think.
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“The time to fix the roof is not when it starts raining.” However the vast majority of people you will run into do just that.
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3 Components to Building Wealth
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I’ll share with you the 3 things that wealthy people use to get wealthy and you can too. Miss any of these 3 things and you’re taking the long way around to gaining financial wealth.
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Miss these and you’re hosed.
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Wealth Component #1
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1. Other people’s idea’s- Wealthy people do and can come up with their own ideas. However I’ve also found that through masterminding and such that wealthy people use other peoples ideas rather than just their own.
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Sure you can have a seed of an idea. However even Ford didn’t come up with all of the automobile parts and ideas. He surrounded himself with people that were smarter than him. He used other peoples ideas.
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You will need to lose the “Job” mentality of being the Shell Answer man and knowing absolutely everything. I know how it is though. You feel if you don’t know the answer to something that you’re seen as incompentent or worse yet, you’d get fired.
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That’s garbage in the world of entrepreneurship. Those rules don’t apply. You have to steal and steal big. No I don’t mean unethically.
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What do I mean? You have to steal as many good ideas as you can from others who have gone before you and apply them to your business. (i.e. stealing from my blog ideas that I freely share)
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This is why in the network marketing industry or even the internet marketing industry people can be so successful with out their own ideas. These are business models in a box and can work for anyone who applies a true business philosophy and work ethic to.
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I personally can apply my efforts and energy into an already completed system that someone else put all the ideas and energy to create. Mean while I’m learning all of the skills and philosophy’s that successful people know along the way. I can steal great ideas from them too until I decide to move on to my own venture. And that’s if you decide to move on at all!
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Wealth Component #2
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2. Other peoples money-Wealthy people use other peoples money. Ask “The Donald” Trump about that. When he went into a spiral of financial troubles years ago he was over 300 million in debt…personally! There was a lot more money than that involved because he was using the banks money as well and that was in the millions too.
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Now, how he came back from that is another post unto itself. However using other peoples money can apply to you as well.
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I’m not talking about about you maxing out your credit cards are getting it from friends either.
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For example with my company, they pay out what is known as an advance commission, just like in the insurance industry. This is known as interest free money! They are paying me a commissioin in advance for a year with the idea that the customer will keep the service well over the 1 year advance term.
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Now why would they do that? Because my company knows from tracking business for nearly 36 years just how long the average customer will keep the membership and it’s a LOT longer than a year!
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So see I can market a $35.95 product, get paid nearly $252.00 which is interest free money and pay back the advances as renewals continue to come in on the back end.
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You see I’m not just getting paid $252.00. I’m getting paid a renewal year after year after year that the membership stays active. This certainly wasn’t my idea and it certainly wasn’t my money to begin with.
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That’s what you call leverage which is really all I’m talking about through out this whole post.
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It kills me that people don’t realize there are all kinds of leveraging opportunities out there like this that can build them wealth. Other peoples money is out there just like this for the taking!
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photo credit: bobdole369
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Wealth Component #3
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3. Other peoples Time-This is the huge part that your boss already figured out. You must be able to leverage your time with the efforts of other people and/or a system. Or as my buddy Ryan talks about, building your business to where it’s scalable if you’re in the internet marketing realm.
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You see again with my company I’m able to leverage other peoples effort. I’m able to bring on board someone new, train them and work with them, make sure they are plugged into the same system I am and eventually I can walk away from any hand holding.
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There for I’m now earning an over ride income (passive cash flow) based on their production. Every time they market the service they get paid a big commission but I also get a small over ride! Imagine that I have 1000′s of little over rides a month! This is leverage at it’s best.
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It’s no different than a realestate broker and a realestate agent.
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The difference is you don’t have to go through the licensing, classes etc before you can start making money. (i.e. I do have to have a license in my state in order to market the service I market however there is no test. I like the credibility the license lends me)
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The best part is ANYONE can learn this spare time part time. However the idea is to start doing it when you’re not desperate for money!
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If you watched the John Maxwell video a few days ago, you remember the key thing he said. Successful people are those who make a decision early on and then manage that decision consistantly.
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Millions of Americans haven’t made an early decision and certainly haven’t managed a decision very well because they thought they were like Blockbuster. Blockbuster didn’t innovate or change with the times and they are paying the price.
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A shift is happening right now and the responsibility of creating a new way of wealth is in your court. However these are 3 tools in your arsenal that will shorten your journey to riches.
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What will you do? Don’t end up like Blockbuster.
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