As we greet July, I can imagine 2020 hasn’t gone as many of you would have liked. But, there is still time to get your ship back on course and make this a successful year. Let’s discuss how you can begin steering yourself, your income and your business in the right direction.
If you are serious about making 2020 a great year still, you need to get your mind focused on income, not on what you can save.
Too many people are worried about having cash on hand and saving … and while I do recommend you watch your expenses right now and cut back any way you can, the fact is that if you increase your income enough, you will be able to start saving something.
Here are five ways to get to a better financial place:
1. Invest in YOU.
Successful people invest time, energy and money in improving themselves – including in times like this. A man once told me, “the best way you can help people in need is to not BE someone in need.” Well, many people are in need right now! Help yourself so you are in a position to help someone else. This means you have to invest in yourself to improve your skills. When I was 25, I invested in myself and skyrocketed my income-producing ability. Self-investing is the best thing you can do, even in an uncertain economy.
2. Find a job in the right vehicle.
Those who still have jobs are better off than the unemployed, but you want to get in with the right company that offers opportunity for growth. My VP of sales, Jarrod Glandt, started working for me ten years ago for $2,500 a month. He wasn’t making anything, but he was in the right vehicle. He grew his skillset and was able to multiply his income many times over because he knew I was looking to expand. Too many people just look for a “job.” You need a job in this post COVID economy, but you need the right vehicle, too. All companies live from this thing called revenue. Get commissions rather than just a salary, and you will finally be in control of how much you earn.
3. Get symbiotic income flows.
Just because COVID happened doesn’t mean you should lower your standards when it comes to money. You won’t get rich without multiple income flows, period. It starts with the income you currently have. Increase that income and start adding multiple flows. You want what is called symbiotic flows to that first flow of income. Do NOT add disconnected flows first. Find other ways you can add income to the job you already have. My video guy does advertising for me – and then, he started making advertisements for those connected to me. He didn’t open a doughnut shop. Too many people go from one flow to a second resulting in two flows that do nothing. Your flows should always be connected.
4. Invest surplus after 100K.
Only invest in yourself until you can save $100,000. Why? You need to prove to yourself that you can go out and get money in ANY economy. If you only have $10,000 saved, your priority should be increasing your income so that you can save MORE. Saving $100,000 shows that you have an ability to make money and to keep it. Most people can’t do either of those things. Once you can make money and keep it, then you can start multiplying it. If you are conservative like me, I’d recommend multi-family real estate. It will survive this post COVID world better than office space, trust me.
5. Get great at what you do.
Commit to being great, not just average. This goes for any economy, anywhere. Let’s face it, when a company has to let people go, the safest ones are those who are great at the job. Any profession can be painful for average and bottom-performers, but massively rewarding for those who are great. Those who breathe, sleep and eat their profession – those who are obsessed – become great. The fact is, if you aren’t great you are average … and I know you don’t want that.
