The Secrets The Wealthy Don’t Tell You

The Secrets The Wealthy Don’t Tell You

The Secrets The Wealthy Don't Tell YouWe’re avid readers of good quality blogs and always get great value from Grant Cardone – he’s the author of The 10X Rule if you haven’t read it.  He recently wrote a fantastic article about the secrets the wealthy don’t tell you that we want to share with you today.

We could equally have called it “Don’t Run Before You Can Walk” but it didn’t sound as “sexy” as “The Secrets The Wealthy Don’t Tell you”.  Nevertheless it’s very true ..

 

“In order to run you have to first learn to walk. To make a million dollars, you’ll first have to make 100K”

And we would add “in order to make your first $100K you need to make your first $1!”

The Secrets The Wealthy Don’t Tell you

First of all, there is a big difference between being wealthy and being rich and you need to know about the basic building blocks of MONEY.  Without the basic building blocks you will never achieve mastery (much like anything else in life honestly).

Here are the basic building blocks of money – the secrets the wealthy don’t tell you according to Grant Cardone.

 

We’ve studied this a lot ourselves and he really does say it well so here goes …

#1 Income is King

If you don’t have new income, you’re dead. You have to be getting new income. We know this sounds basic — because it is — but a lot of people have this confused. People are out there trying to save money, talking about how debt is bad and save, save, save. Look, if you don’t have income then there is no money to save, no money to retire, and no money to invest.

There is no chance of wealth without income first. You might hear people say, “Income is not what you want—wealth is what you want.” But you can’t get to wealth without income. You need income. We’ve said many times before just as Grant Cardone says in his article, that a JOB means ‘just over broke‘, but a job=income. The reason people get a job is to get income. Now the question becomes, how much income can you protect? How much can you incrementally increase that income?

Understand this—don’t let anybody ever tell you that income isn’t king. Saving is not king, spending is not king. Income is KING. And that is the number one most basic building block you need. Yes, it’s taxed at a high-rate—it’s not the best thing, it’s not the thing I ultimately want to be at—which is wealth—but, you have got to have income to get to wealth.

#2 Income Increments

You aren’t going to go from $4K a month to millionaire. There is going to be incremental growth. Now we would all certainly like to explode and go 10X but understand that there are going to be increments….

Grant explains …

At 25 years old, I was making 4K a month and all I could focus on was increments. I thought about how I could take that 4K and control it by going up to $4400. Could I increase it by 10%? That would be $400 more per month. That’s $100 a week, $80 a day. Who do I need to see, who do I need to call to get that $80? At 35 years old it wasn’t going from $4,000 to $4400 but going from $15,000 to $20,000. That doesn’t mean I’m not thinking about how to explode with growth, but every day, every week I’m thinking about how to increase in increments.

Think about it this way — do you want more or less? There is no same. Same always falls to less. You’ll get what you focus on. If you focus on anything else other than more, you’ll get less. You’ll end up with less money, less income, less ability to save and invest money.

#3 Spend 95% of your time on income, 5% on expenses

OK we know we’re accountants but we want you to take out your household income statement (everyone has one, money that comes in and money that goes out). The line for incomes is thin, the line for expenses is thick. Income is powerful. You need enough income to overwhelm the expenses.

Most people have this in reverse — they spend most of their time on expenses and little time on income. How much time do you spend on the income side? If you are anything like the average English or American, you are spending all of your time on the expenses.

Would you like to know the difference between being wealthy and being rich? People can get rich quick, but nobody gets wealthy quick.

Grant Cardone figured out how to create wealth — he’s become a millionaire over a hundred times over. Having wealth is having so much money it can never all be spent or destroyed but as he says …

In order to get wealthy, you have to first get rich.

Trust us … it’s easier to get rich once than stay poor forever.

“Income is king, so keep increasing your income by increments, and keep yourself focused on your income and not your expenses”

If you have the dream of getting wealthy, and you WANT to improve your situation or condition then take a look at what we do

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Who Are We

We’re former accountants of a certain age with 5 great kids and 3 grandchildren. We love skiing and traveling the world and have achieved a fabulous life helping others to start and build a successful business online and now speak on international stages following that passion.  Our worldwide educational business is centered on online marketing business education and wealth creation and a desire to help you create financial freedom online through entrepreneurship whatever your age or experience.

Authors : The Mindset Shift

C&S Branding Video Still 4Skype : chrisbeesley1   susanbeesley1

Mobile/Cell: +44 (0)7802857551

Email : info@chrisandsusanbeesley.com

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How Millionaires Become Millionaires

How Millionaires Become MillionairesYesterday we were watching a video “How Millionaires Become Millionaires” and reading this post from our friend and highly successful entrepreneur Chris Record.  Here’s what he said about why millionaires become millionaires ….

>>> Click Here to Watch the Video How Millionaires Become Millionaires <<<   

HOW MILLIONAIRES BECOME MILLIONAIRES IS BECAUSE THEY FIND MULTIPLE WAYS TO MAKE MONEY DOING WHAT THEY ARE ALREADY DOING.

This knowledge was passed on to me from one of my mentors, Chad A Wade, who unfortunately passed away a few years ago. But his wisdom still lives on.

And what better way to pay respect to Chad, than to pass on his wisdom and knowledge to you, so that’s what today’s post is about.

It was a hot day back in summer 2009 in Washington DC and I was blessed to be hanging out with Chad Wade, checking out the monuments and talking about our dreams, goals, and our vision for business in the future.

Chad said, “Chris, how millionaires become millionaires is because they find multiple ways to make money doing what they are currently doing.”

At first this advice might seem simplistic, but let’s think about this for a minute.

What Chad went on to explain was that our time is limited. If you always see yourself trading time for money, then you will run out of hours, and will run out of the ability to make more money.

So in order to create wealth, you want to find more ways to earn income during that same 24 hours in a day that we all have. And the more that income is based on you trading time, the harder it will be to amass wealth.

It was a HUGE PARADIGM SHIFT for me.

You see, when you think of a regular job, like back when I used to be a food server at a restaurant, it took every bit of energy for me to work those hours. How could I possibly be earning more money in those same hours?

But, when you look at the owner of that restaurant, he owned multiple restaurants, earning money from all of them, while he wasn’t even there.

And this was just the beginning of the paradigm. To truly understand this concept, let’s talk about something I like to call the “Inception Effect”.

THE INCEPTION EFFECT

Building a Business, within a Business, within a Business…

Let me ask you a few questions.

Is McDonalds in the Hamburger business, or the Real Estate business?

Are Movie Theaters are in the Movie business, or the Concessions business.

Is Dr. Dre is in the rap business, or the business of producing rappers?

The answer to all 3 of these questions is BOTH.

But then, does it go even deeper…

Take Dr. Dre for example:

1) He is a rapper, where he trades time and skills for money to build his personal brand.

2) He is a producer, where he leverages his time for more income from overrides on the time and skills of other rappers.

3) He is an investor, where he leverages his money and branding into BIG business opportunities to amass wealth far beyond what he could trade his time for.

Dr. Dre is well on the way to becoming the first billionaire rapper, but does that money really come from his rapping?

You see, Dr. Dre found multiple ways to make money doing what he was already doing.

He was already in the rap game. But he had a business mindset. So rather than just trade time for money as a rapper, he decided to start producing other rappers, and he became more of a talent scout. He was building a “team” that he could override. Similar to many business models you might be aware of.

He had to review thousands of potential artists, just to find the handful that would be hits. He had to take risks on people, many of which didn’t pay off. He had to gamble away his time, with the chance that he wouldn’t find any talented artists at all.

But, his calculated risks paid off. He found artists like Snoop Dogg and Eminem, which he produced and earned a massive residual override from. This is similar to finding a top sales rep under you in business that you get started, and then get a cut from all their sales. Sometimes, you can override more on a deal like that then you could ever make yourself trading time for money.

Then, he was smart enough to leverage his business mindset even further, by getting his branding involved in commercial product endorsements where he would get a piece of the company if it ever took off.

Now, he is on his way to become the first billionaire after positioning himself in deals like Beats by Dre, and others.

REAL PROFITS AREN’T ALWAYS WHERE THEY SEEM

Let’s go back to the movie theatre example. How much profit do you think they make on the sale of an actual movie ticket? Not much when you consider that the actors have to get paid as well, so do the producers, and the investors that put up the ad dollars to get people to go to the theater. And so much more.

The movie business would be a tough business to be in. If it weren’t for the business within a business.

Think about it. How much profits is made on a bucket of popcorn? How much profit do you think is made on a cup of soda? A TON right?

It’s basically just sugar water, which is very cheap. As well as ice, which is essentially free. The most expensive part is probably the cup itself, which is super cheap as well.

But…

Once you are inside the movie theater, you have zero options. You are not allowed to bring in your own food or drink. And you don’t want to sit through a movie without any right? So they have effectively driven you to the concession stand to buy their marked up products that have huge profits.

They make so much profit on concessions, that it’s worth LOSING MONEY to get you into the theater, because they would still be profitable.

They rely on the movie production companies to spend the money to drive people to the theaters, and that’s why they give up so much of the money on ticket sales.

But their real business only begins AFTER you have bought your ticket and you are inside.

And in the McDonalds example, if you research their history you will actually find that Ray Croc was STRUGGLING to be profitable until one of his employees, named Harry Sonneborn, actually convinced Ray Croc that the REAL money in their business was in Real Estate, not hamburgers!

It’s a true story.

Sonneborn came up with the idea to take out mortgages to buy the land and the building for each franchise, and then LEASE them back to the franchise owners at a 40% increased premium!

What’s even crazier is that the better the franchisee did with their business, the more they would have to pay in lease fees!

Based on this model, McDonalds went on to become of the largest real estate investment companies in the world, under the corporate name: Franchise Realty Corp.

WHERE IS THE “REAL” MONEY?

I began looking for opportunities to find businesses within businesses so that I could really open my mind and expand the possibilities I could have in my personal life.

Sure enough, examples were everywhere.

For instance, I love golf. It’s one of my passions. So I started looking at Tiger Woods. Sure enough, it became clear as day.

How Millionaires Become MillionairesEveryone knows Tiger Woods as one of the best golfers in the history of the game. And he wins MILLIONS for each tournament he takes 1st place in.

But then you start to see the REAL wealth and where it comes from.

Tiger Woods Made $83 Million Last Year, And He Has Now Earned $1.3 Billion In His Career. Golf Digest reports $71 million came from off course endorsements, and the rest was from his tour winnings.

Did you catch that?

So, he made $12 million last year from his tournament winnings, and $71 million from his “other” business. And what business is that?

Sponsorships and Endorsements.

Wow, think about it. Are golfers in the “golf business” or in the “endorsement business”? Both. But where is the “REAL” wealth generated? Endorsements!

How much does a Nascar winner receive if they take 1st place in a race? But how much more do they receive from sponsors if they wear their logo on their clothing, or put their logo on their car? The answer is MUCH MORE!

You might think that Shaquille O’ Neal is a rich basketball player, and perhaps one of the best. But did you know that he owns 40 24-Hour Fitness clubs, 155 Five Guys restaurants, a jewelry and clothing line, nightclubs, and more!

And there are hundreds of examples that I could continue to put in this post.

IN SUMMARY

How can YOU find more ways to make money doing what you are already doing?

How can YOU find ways to leverage your time, your skills, your money, your resources, and everything else in order to multiply your wealth rather than just add to it?

My main point I am hoping to drive home today is that wealthy people tend to find multiple ways to make money, doing what they are already doing, and that my good friend Chad Wade made an impact when he shared that information with me.

I hope that even one person is impacted by this post, and that it helps steer you towards a more efficient path for wealth creation and abundance in your life.

SHARE this article and/or TAG a friend that could benefit from it!

Source: https://www.facebook.com/chrisandsusanbeesley/posts/1151561718199496

Chris and Susan Signature

 

 

Who Are We

We’re former accountants of a certain age with 5 great kids and 3 grandchildren. We love skiing and traveling the world and have achieved a fabulous life helping others to start and build a successful business online and now speak on international stages following that passion.  Our worldwide educational business is centered on online marketing education and wealth creation and a desire to help you create financial freedom online through entrepreneurship whatever your age or experience.

Authors : The Mindset Shift

C&S Branding Video Still 4Skype : chrisbeesley1   susanbeesley1

Mobile/Cell: +44 (0)7802857551

Email : info@chrisandsusanbeesley.com

Connect on Facebook

Join Our Facebook Group For Entrepreneurs

How To Start An Affiliate Marketing Business : Order Limitlesss

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