It wouldn’t be a healthy Friday without Cinco Bala. This week’s top 5 lessons, hacks and quotes I’ve been pondering, applying and battling.
For those of you who are new, this is a concept I took from Tim Ferriss. (This is just focused on MLM and online marketing) If you don’t subscribe to his newsletter. You should do it.
Lesson in Online Marketing: Leverage Doesn’t Equal Freedom – I have friends with 7 – 8 figure online businesses who are 2 months away from total bankruptcy.
The virus took a bite out of the economy and their sales dried up.
Worst part is, they have a monthly expense monster called…
Sure, online business is sexy. My narcissistic side enjoys the compliments. But you know what isn’t sexy? Having “leveraged” income but no residual income.
Leveraged income is what our team has with Rebels (us too). It means we can sell one product to lots of people at one time – 1,000 people can be on ONE webinar.
It’s pretty amazing making a year’s salary in a weekend.
And it’s socially sexy.
MLM is not socially sexy.
Yet, at times like this. The ‘unpopular’ choices are rewarded. While the popular ones are punished.
That is why we ONLY chase “leveraged” income opportunities that have a residual backend…
Lots of people are waking up to this by the way.
Be ready to take advantage of it.
Lesson in Network Marketing: Don’t Make It Too Easy – We’re in the midst of testing a new “automated” recruiting system internally.
Except instead of an automated VSL or webinar close, we’re utilizing a sales team to close the leads.
The end result for the user is still an “automated” system. But there’s a phone call in place. (We can close almost 200% more people with a phone call)
So our “80% done for you” system is about to be “95% done for you”…
And we honestly thought about doing the 5% for them too…
Now that would be called a “co-op”. Where you give us money and we feed it into our system and give you profit and reps.
While that sounds cool initially. It’s actually pretty stupid (yes, we tested it)
Firstly, it makes no financial sense for us. We don’t need anyone’s money to feed into the system. It works, so we use ours. And we keep the profit and have way less stress.
Secondly, it breeds weak reps.
No one has ever built a team of strong leaders doing all the work for their team. Leader’s LEAD. They don’t do it FOR them.
As I’ve been remembering this extremely important lesson, I want to remind you to NOT do the work FOR anyone.
Show them the way but THEY are ultimately responsible for their results.
(Oh, and in regards to our closing team test – those that close their own leads ultimately become the leader’s. So, using the closing team will be a good way to make your first $50-$100k but to really make some money, people will want to take responsibility).
Quote I Love: “It’s good to have money and the things that money will buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money won’t buy.” – George Horace Lorimer
My Best Recent Investment: A Solid CPA – I can’t tell you how much I HATE peeling off a monster percentage of our revenue and setting it aside for taxes. But we gotta do it.
(I’ve always thought how dumb it was that the government prints FAKE money with no punishment only to tax its citizens out the ass)
I dare you to research quantitative easing…
… Oh and when and why income tax started (and what they spend our money on)
[Hint: There was no long standing income tax before 1913 and they had to AMEND THE CONSTITUTION to make it pass.]
Anyway, over the past few years, we’ve used a very nice but unqualified business CPA. She’s great for personal finances but made some mistakes on our taxes that made us pay way more than we needed to.
Well thankfully, a friend referred me to a CPA who is a straight ninja. And while we obviously took care of every dime we needed to take care of for Uncle Sam, we also didn’t want to overpay. After all, the government PRINTS MONEY from thin air. We can’t.
And my previous CPA experiences were basically me telling them what to do since I seemed to understand the tax code better than them. Bad sign.
An amazing CPA helps taxes suck less by taking it OFF your plate so you can focus on what you do best.
They’re worth every penny.
My Passion: Financial Literacy – Last week I told you about the podcast I did with Will Street and if you haven’t listened to it…
You need to.
Once again, during this economic turmoil, we have taken a ZERO percent hit in our investments.
In fact, I just bought an M5 last week.
I’m not saying this to brag in any capacity. I don’t care who thinks I’m cool.
I’m saying this to impress on you the VAST difference between handling your money by listening to the mass pool of humanity verus handling it like rich people.
(Rich people typically tell you to handle your money differently than them because they own and money on the investment products you invest in, regardless if they perform).
That’s why you have to watch what they DO.
Will Street is your introduction into handling your money like a boss. (Regardless of how much you make right now)
Not having money sucks.
Losing money sucks worse.
Don’t lose money.
Want to join my team? Click here to discover how we recruit more reps in a week than other “top recruiters” will in 2-3 months…
WITHOUT talking to friends or family, WITHOUT postin’ and prayin’ and WITHOUT sending one single Facebook message.
(Oh and we make $650-$1750 profit for EVERY SINGLE new member that we sponsor.)
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