1. Develop The Right Skills
Master your psychology
HabitsLearn how wealthy people think
Success leaves clues – Find a mentor
Why make all your own mistakes when you can learn from othersImitate those who have done it and you will travel in a straight line
Good Question to ask
Who else do you know that I should talk to?
What’s the cost if I don’t do it?
Why do you want wealth?
What Is Wisdom
Reflection
Experience: School of hard knocks. Takes 10,000 hours to become expert.
Gratitude experiment
4 Stages
Financial insecurity
Financial security
Financial free
Financial Abundance
What does it mean to be financial free?
A goal specifically clear becomes attainable and near.
Passive income stream that pays for all your expenses.
Once you have the recipe you can do it as many times you like
Most people don’t know where they want to go.
2. The 5 Pillars of wealth
1. Have to own a business
2. Real Estate
3. Investments
4. Intellectual property
5. Dispensable income
3. Money
Don’t be a dork with your money. Every purchase you make is an investment. Your money is only worth what you do with it
Quality of life is an investment. When you wear nicer cloth you perform better.
Creating Spend at least 10% of your income on creating more money.
Contribute You will get the most joy when you do something for someone else. If you’re not giving back when you’re poor, you won’t when you are rich but at the same time you can’t give from an empty piggy bank.
4. Mastering your psychology
This is often the most difficult.
We are where we are because of the way we think.
What are you willing to do?
Knowledge belief in yourself.
We are harder on ourselves than anyone else.
You are not as good as you think you are better.
Until you get committed, your wealth won’t change.
What’s a good investment opportunity?
What’s good for you?
What are you excited about?
If you can’t understand it, you don’t do it.
Risk becomes evaluation with skill.
You can’t delegate your thinking
What is the first question?
How much will it make me?
5. Optimizing your environment
Your income will be the average of the 5 people you spend the most time with.
You hear your opportunities from your friends
Build a network of people that bring you opportunities.
Access to better or more resources, bigger problems you can solve.
Ask people for help.
Higher caliber of friends.
Not all contacts are as valuable as others.
Build boundaries.
Most common reasons people want to become RICH
Become Financially Free
Prepare for Retirement
Support struggling family members
Get out of personal debt
Improve lifestyle & Quality of lIfe
Quit current job
Want to own their own business
Acquire assets or property
You want your children to have things you did no
More respect, power and admiration
More time off, time for family, time for a hobby
Support the church or community
More freedom of choice
10 Keys to taking your business to over $1 Million
What are the 10 things that you think contribute to someone’s success?
There is a million dollar way to do things and there is an average way to do things.
87% of entrepreneurs make less then $200,000 year.
Only 5% make over $1 million per year.
The reason for the difference is simple.
If you don’t have the success you want you haven’t implemented these things to the level of depth that you need to get the results.
“If you see someone more successful than you are. The only difference is they know something you don’t” –Martin Luther King
1. Focus and clarity
What do you want?
Absolute focus on getting there.
A goal that is specific and clear becomes attainable and near.
Eliminate things that take you away from your most important goals.
Most entrepreneurs split their focus on too many things.
Focus on a small amount of things.
Choose your mission carefully and focus on it entirely.
2. Learn the art and skill of sales and negotiation
Sales is the process where you exchange your goods or services for money.
If you want to be highly successful you need to learn this as an essential skill.
Many entrepreneurs have a very difficult time placing an appropriate value on their services for their goods and services.
They have a harder time securing contracts and asking for the money.
You need to know how to construct deals that give the best outcomes. Otherwise a lot of money is left on the table.
3. You need to learn marketing and branding
Marketing and branding is how people hear about you and perceive you in the market place.
Marketing and branding go way beyond advertising.
It covers every aspect on how you are perceived.
How are you perceived in the market place?
This is an important question to think about because it will attract the kind of customers you end up doing business with.
How you are perceived directly affects your bottom line and the opportunities that will be made available to you.
The bottom line with marketing and branding is if you are not telling people about you they will never hear about you.
If you don’t deliberately control the message of your brand your brand will be created in the marketplace without your consent.
Marketing and branding also include positioning in the market place.
Positioning will determine who you do business with, your price point, customer expectations and a host of other considerations.
Invest time to determine who you want to be in the market place.
4. You need to build and maintain relationships.
Business is all about relationships and people.
If you want to be successful in business you have to remember the importance of people.
The quality of the people you attract in business with ultimately determine the quality of your business.
5. Learn how to recognize and take advantage of opportunities
What does a good investment look like?
Opportunity doesn’t just come along. It has to be created or hunted down.
Requires preparation.
6. Get organized and create balance
Organization is the key to creating a strong business.
Organization -Sometimes it’s fair to say ”If you are not organized then you don’t really have a business at all”
When you are organized you are positioned to move faster at implementing new opportunities and you can meet customer needs faster.
Organization is essential for your business.
Find life and business balance.
7. You need to learn how to create wealth
Look for additional ways to make money outside of your company.
Create additional investments.
Use the cash flow from your business to diversify your risk.
Similar strategy you might use for your own investment portfolio.
Some businesses are seasonal or based on commision.
If you have other established income streams you won’t feel the full effect of income shortages when your business is impacted by slow periods.
When you have money coming in from other sources than your direct activities you are able to have more freetime, less pressure because you know the companies money is also working for you.
Use funds generated from your company’s investments to pay for bills for your company.
Building income streams that are not reliant on your efforts will give you an extensive amount of freedom.
8. You need to create systems for growth
Systems allow you to repeat results that you have created.
The more you can systematize a process the easier it will be to find help.
Systems also allow you to measure what’s working and what is not.
When you can see what is not working you can eliminate it; when you know what is working you can direct more resources to those areas of your business.
You need systems that someone else can duplicate if you where to sell your company.
9. You need to become an innovator
The act of introducing something new, making it better and more effective.
Innovation requires it to be useful for a certain audience.
Look at the direction people are heading and be there when they are ready to receive it.
Think carefully about where things are headed. Innovation is an exercise where creativity meets practicality. The 1st organization to go to market with a brand new product owns that space.
Example: Apple Ipod- Did not invent digital music players. They innovated them to the extent that they can be consumed by the public in masses.
10. You need to become a student of success
The most expensive things in the word is ignorance. It cost you time, money, and keeps you from earning more money.
What you earn will always be a direct reflection of what you are able to earn. Often people think the best way to be successful is to think outside the box. But it is not. It's better to find a new box to think inside of.
Who can you learn from right now that can take you closer to your goals?
Wherever there is opportunity there will always be competition. The more you can master the above principles the better you will be at putting your competitors behind you.
Mastery of these principles will give you a monopoly.
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