The Problem w/Making $1M
-Can't make $1M working for someone else
-Don't try to make $1M, have a biz WORTH $1M
-Having $1M in income is bad b/c huge tax bill
-Some say it's good b/c means you’re making $ - WRONG
-Not taxed b/c you made $, taxed for taking $ out of system
-Roll $ back into system & your net-worth goes up
-Called "currency" b/c it keeps moving; keep it moving, you get more, let it stop, it evaporates
-Always plan ahead of time to roll the $
Choosing & Building a $1M Business
-Choose something other ppl made $1M doing
-If no one has made $1M in your biz, change biz. Don't create something new, do something that works, in a new way
-If you find a more valuable product in your line of work, do that
-Do the math - can it make $1M?
-Production cost
-Cost to consumer
-Cost to pay someone else to produce or to sell (remember: goal is to remove you from the biz)
-Factor in debt-load
-Don't leave the biz until it has made $1M
-Declare it to the Universe; you must know you are a millionaire
-Focus on 1 biz
-Don’t be let other biz opportunities distract - keeps you from what will make $1M
-Stay in 1 biz, fail faster & you’ll find out more quickly if you’re headed in right direction
-You can have more than 1 biz once you’ve made $1M, other ppl run them
-Steps for creating a $1M biz
Before You Scale Your Business
- Learn it - choose the right biz & educate yourself on it
- Do it - if not, you won’t understand it & you can’t make $
- Teach it - train others to do it
We Build A Business To SELL The Business
-Create systems so biz can run 100% w/o you
-Biz's are built to be sold. The richest ppl went public
-Scaling
-Online businesses can scale from anywhere
-Face to face interaction always expands your biz faster
-Build your biz the right way, so you can scale it
-Don’t scale garbage = big problems
-Work on yourself, b/c $ doesn’t change you, it makes you more you - so be a decent person
-Pick biz, then pick a side - front end or back end/sales or customer service
-If you put service before sales, your biz will fail, sales come first
-Do what you’re good at, hire out things you’re not
-Don’t be ashamed you don’t like things other ppl say you should
-Learn what you don’t want to do - then teach it
-Set specific, huge goals & be all in
-Eliminate distractions - TV, video games, etc.
-Make home a focus machine of growth
-Build a functional space where all you do is hunt & seek knowledge
-Build your sales skills
Know the numbers:
- How much $ it costs you to make
- How much $ it costs to client buy
- How many clients you need
- How many sales you need
-Ignore the sales that don’t make enough $
-Broke ppl don’t ask for help, rich ppl seek out mentors, coaches, teachers & ask as may ppl for help as poss until they're rich
-If you’re not making $, you’re doing something wrong
-If you're not doing the right things, it’s b/c you don’t know what the right things are
-It’s probably not big
-Pay once a service is provided
-Don’t pay in advance
-Don’t pay hourly - employee gets used to a certain amount, you get mixed results & you have to pay regardless
-When you pay upon delivery, you’ll get something worth paying for
-If someone brings you something that makes you a lot of $, it’s worth paying them good $ (e.g. they bring you something worth $100k, you pay them $10k)
Time
-Make 5 year plan for $1M, but believe you can do it in 2
-Plan $100k in year 1, then double it every year, for 5 years ($1M)
-It takes 10,000 hours to master something
-Lead time is the experience you have when you go from something you’re very good at to something you’ve never done before
-It takes time to learn & build up skill
-There’s natural hesitation b/c of fear
-Lead-time costs $, cut out AMAP
-Do things in line w/what you’ve already learned & done, just improve
-If older, you already have skills, to change careers is foolish unless you have transferable skills:
-Sales
-Marketing
-Biz
-Accounting
-If young, start in the biz that makes most $ in least amount of time (real estate)
-Sales skills - need to sell self, principle & concept b/c you need investors
-W/OPM you can make $1M in a year
-If you don’t have the skills - hire someone who does
-Takes guts, fortitude, skill set & mindset
-You are worthy & capable - just have to unlearn the crap society put in your head
Written Exercise
Write down the top 25 things you feel you must experience to be a satisfied human
Wipe out the bottom 20 & make peace w/fact you’ll never do them
Do this & life gets easier, wealth comes to you more easily & quickly
Homework
Identify your strengths & figure out if you’re a front end person or a back end person. Commit to one & find someone to do the other
Book of the Week - Millionaire Booklet by Grant Cardone
Other Books Mentioned
The Power of Broke by Damon John
Posted Using LeoFinance Beta
Congratulations @gualteramarelo! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOP