One of the things I love most about my business is the opportunity to learn from millionaires. To actually sit down and talk to people, learn from people who have been where I’m going. People who already have what I want. Why take advice from someone who hasn’t achieved what you want to achieve? It just doesn’t make sense.
Tonight I paid $7 for a talk that was worth literally millions. Seriously, to hear people of this caliber speak folks might pay $100 for a short talk over a bad dinner, or even a few hundred or a thousand dollars for a a seminar lasting a few hours. I got 2.5 hours for $7. The gentleman who spoke has been the Charleston, SC Chamber of Commerce businessman of the year and the SC Chamber of Commerce businessman of the year. He was a millionaire before he got started in the same business I’m building.
He taught a couple of simple lessons that have convinced me that there is no better way to spend my time, energy and money than building this business. Well, except for the time I spend with my family, friends and other loved ones, taking care of my health, and taking care of my spirit. Other than that there is no better investment of my resources.
Why is that you might ask. Here’s why. Let’s say you are married and about to retire. These days most folks can expect to live for 20 years in retirement. How much money do you think you’ll need just to eat for those 20 years? Let’s say 3 meals a day at $5 a meal.
2 people * $5/meal * 3 meals/day * 365 days/year * 20 years = $219,000
That’s right! $219,000 just to eat. Do you have $219,000 in the bank? How long have you been working your job? How’s that plan working? You are not alone. According to this study from the federal Bureau of Labor Statistics the median retirement account has just $2,000 whereas the average ( mean ) retirement account has $49,944. Even the larger sum is no where near $219,000. And what about medical expenses, trips, gifts, insurance, utilities, taxes, etc?
Let’s do a little more math. If somehow you bucked the above noted trend and managed to save $10,000 how long would it take for that $10K to turn into $1,000,000?
$10K invested at 5% would take 93 years to turn into $1,000,000.
$10K invested at 10% would take 48 years to turn into $1,000,000.
$10K invested at 17% would take 29 years to turn into $1,000,000.
Let’s say that you were just a bit above the average in that study and saved $50,000. How long would it take that nest egg to turn into $1,000,000?
$50K invested at 5% would take 61 years to turn into $1,000,000.
$50K invested at 10% would take 31 years to turn into $1,000,000.
$50K invested at 17% would take 19 years to turn into $1,000,000.
The question again is how is your plan doing? Do you have $50K saved? How about $10K? What interest rate are you getting on your investment? Bernie Madoff of the now infamous Ponzi scheme was churning out annual returns of 12 – 15%. Where are you going to get those types of returns today that isn’t illegal or doesn’t collapse?
So, let’s say you are some super saver and investor. You’ve acquired that sought after $1,000,000 nest egg and want to live off of the interest and not touch the principal. How much money is that really on an annual basis?
$1,000,000 at 5% = $50,000/year – 38% tax = $31,000/year.
$1,000,000 at 10% = $100,000/year – 38% tax = $62,000/year.
$1,000,000 at 15% = $150,000/year – 38% tax = $93,000/year.
So, you’ve got to earn Bernie Madoff type returns to even approach generating a six figure retirement income after you’ve saved $1,000,000. How does that plan look to you? To me this looks like a no win situation. According to this gentleman, my mentor, the winning solution is to set up assets that produce cash flow month, after month, after month.
In our business those assets are two-legged distribution points otherwise known as people. Our business has override income. I won’t get into the details but let’s compare it to a real estate broker. The broker has agents who work for him or her. Every time the agent makes a sale, they get a big fat commission. But who else gets a commission, or a cut? The broker. The broker’s cut is smaller but he or she gets cuts from a lot of agents and all those little pieces add up to a great big check.
So let’s look at this plan. Is it easier to find a few people in these tough economic times, or any times for that matter, that want to make some extra income or to save $1,000,000? We’ve already seen that most people don’t even have $50,000 let alone $1,000,000. Say you get started in my business and you find some people. And as those people market our service they generate a $400 monthly income for you. Let’s take a look at that plan.
7 people earning you $400/month each = $33,600/year.
13 people earning you $400/month each = $62,400/year.
20 people earning you $400/month each = $96,000/year.
Which is easier? Finding 7 people who will move enough products or services to generate you override commissions of $400 each per month or saving $1,000,000 and getting a 5% return? Which is easier 20 people earning you $400 each per month or saving $1,000,000 and getting a 15% return? If you would like to see a simple system with a proven company that provides a badly needed service just surf on over to my business website. Read the blurbs, register and watch a short 12 minute video. I’ll then be happy to call you and answer any questions and fill in any details.
“Everybody builds a dream in their lifetime. You’re either going to build your dream, or somebody else’s. So build your own!” — Christopher LaBrec
So, my question is whose dream are you building today? Have you scheduled any time this week to build your own dream(s)? If you haven’t scheduled it you like won’t get around to it. See this short post on priorities.
I for one have scheduled time today to build my business. And realizing that
“All things are difficult before they are easy.” — John Norley
I gave my self the freedom to practice exposing someone to my business without worrying about the outcome. I have decided to treat myself with kid gloves as if I’m an absolute newbie. In fact just this morning I read a brief article by Randy Gage, a giant in the network marketing industry, on negative thinking and how to combat it. I chose to expect that the person would accept the information rather than thinking they would reject it. I wasn’t really concerned which outcome manifested, I was more concerned with putting myself in the positive mind set and taking a small action towards my dreams.
On Saturday 28 March 2009 I attended a Super Saturday event for business. The special guest speaker, Mr. Alister Edwards, asked a question that really hit me. He asked, “Parents, would you take a bullet for child?” Of course all the parents said yes. He followed that with, “Then why won’t you take a no?”
That hit me right in the heart. I have to ask myself that question every day. What am I afraid of? Why should I care what anyone thinks? A “No” is momentary. A “No” has no physical consequence. This business is a vehicle which can pay for my children’s college educations. This business is a vehicle which can generate the income to put a new roof and fresh paint on our house.
I didn’t do to well this past week. I only exposed five people to this business over the week. I need to do at least 14. I have yet to follow up with any of them. I’m acting like a beginner rather than like a person who has reached the highest permanent position in his company with a team of a couple of hundred folks spread out from New York to Florida and from South Carolina to Louisiana and Illinois. I must get out of my comfort zone. This week two exposures a day and two follow up calls a day. I am on my team’s conference call. I haven’t heard from my workout partner today.
I exposed two prospects to my business yesterday. One in Greenwood, SC with a business card and DVD. I simply handed him my card and asked if he knew anyone who was looking to make more money this year than last year. He said, “Me!”. Bam, I got his name and phone number and handed over a DVD. The other was just a business card to a woman Krystal who gave me my dinner. This business can be so simple if we’ll let it! Next step, follow up! Exposure means nothing without following up. I learned that painful lesson the hard way.
I entered another 20 business cards into my email marketing program. I also entered another half dozen old leads. I called the person who visited my site and watched about half of the movie on the site, but got no answer. I also called my sponsor, but he was busy and said he will call me back. I really had to talk myself into making that call to the prospect. Why? They don’t know me from Adam! It’s only practice! At least, that’s the way I choose to look at it. I’m just practicing on these old leads. Can you say baby steps?
There were two more things I intended to do for my business yesterday that I did not do. First I intended to call the prospect who visited my website yesterday evening and I did not. I must do so today.
Second I was not on the conference call hosted by Millionaire Club member who is closest to me in my support team last night. Conference calls are the easiest meetings to attend. They really don’t require your full attention. You can attend in your pajamas. But they are a great way to disseminate information and even build culture.
The executive director closest to me in my support team, who is actually my sponsor, has a conference call on Wednesday night. I will be on that call.
After reactivating a bunch of old leads and entering in the information of a couple of dozen people that I had business cards for, today I got one person who read an email, clicked a link and went to my site where they watched 42% of the movie explaining the services and business opportunity. I will call this person this evening.
This is a numbers game. The more people you have in the funnel, the more will come out the other end as customers or business partners.
Today I added another 20+ people whose business cards I have, reactivated another bunch of old leads, and entered some leads from another source that I had previously contacted. I also printed up some form letters and attached my business card to them. I’ll be mailing out 3 of those a day this week.