How to Increase Your Income In Your Financial Plan
If you’ve done the Millionaire Math your first realization is that you don’t have the money required to achieve your wealth targets. It is plain as day. Many people go into scarcity mode at that point and quit. They think in terms of what they have instead of what they can create. To build wealth you must always be thinking about what you can create. In this case, it is income. You must create income. Financial advisors don’t talk about this. I do.
I’m going to be up front with you. You must know how to sell. It isn’t negotiable. Income is generated when an exchange is made. That means sales have to happen. Bottom line, hands down you need to be on Cardone University. If you’re serious about sales like I was when I had this realization, you won’t mess around and you’ll just make it happen.Click here to get 12 months of access to Cardone U, one on one coaching, group coaching, and a personalized wealth creation formula.
Now if you’re going to sell and Cardone U provides the “how” portion of selling then the only remaining question is the “what”. What should you sell? I have 4 things you must use to determine what to sell.
1. Is there margin? In sales this is the difference between the cost and the selling price. When you sell 1 unit, do you make a good profit? If not, it means you will need to sell LOTS of units to make any real money. This must be taken into consideration.
2. Is there volume? Is this a product or service that lots of people can and will buy? Sometimes a high margin can limit the size of the audience. Take commercial real estate sales for example. Agents make lots of money per sale (margin) but often times they only close a few transactions per year (volume) because not every can and will buy. You want a mix of margin and volume so you make lots of money per sale and lots of sales over and over.
3. Is it ethical? This is 100% subjective. Do you believe the product or service is making a massive positive impact? If so, you’ll have no reservation in selling it. If not, you will always be timid and not be willing to promote and push. The ethicality of something is going to be based on your own personal opinion. Obviously it shouldn’t be illegal, but beyond that, it needs to be something you can back 100%.
4. Who is leading the charge? Are you going to be a solo-prenuer? If so, do you have the level of intensity and drive to do the hard things that will be required to really succeed? If not, you should go work for someone who has those qualities. Conversely, if you’re working for someone who isn’t going to push the way you need them to, then you will more than likely need to go find another leader. I went through this personally for about 4 years until I realized I had to be my own leader. I’m an intense guy and I can’t work for someone else. Find what works for you.
Ultimately, you need to be saving money and investing so that you can create prosperity and wealth. You can’t do either of those two things without income. If you’d like to work with a financial professional who will do more than just sell you life insurance and a mutual fund, contact me. I understand that you need to create income and that you can’t do what the middle class does if you want superior results. Click here to schedule a phone call.
Own Your Potential,
Jerry Fetta believes everyone has the God-given right to own their potential. Most of us don’t because we spend 40 hours per week serving the 40 year to life sentence, trading our precious time for worthless paper called money.
We live on an economic planet and time and money do need to be exchanged. But it doesn’t need to be your time or your money. Jerry teaches his clients to secure income producing assets that make the time and money exchange for you so you can buy your freedom back and live a life of abundance and prosperity. To get there we must know how to make money, how to keep it, and how to multiply it.
Jerry provides coaching, education, accountability, and community to help you build wealth. Join the Wealth DynamX coaching program, get educated on Wealth DynamX University, and begin networking with the Wealth DynamX Mastermind Group today.
To get started, go to www.WealthDynamX.com/potential