It wouldn’t be a healthy Friday without Cinco Bala. This weeks 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: Why Top Earners Go Broke –This clearly applies to top earners in network marketing and big earners in other avenues.
There’s a whole slew of information I could share here but I’m going to go over the basics and have you listen to the most recent podcast episode titled “Why Top Earners Go Broke” to get things started.
The worldwide financial situation and personal finance are passions of mine and it makes me insanely sad to see people in my life making hundreds of thousands or millions of dollars only to watch it vaporize after one bad situation.
The ROOT of financial ruin IF you’re making a lot of money (even if you’re not) is spending up to your means.
Meaning if you’re making $500,000 you should not spend $500,000.
Seems obvious if you’re making $50,000 a year, but I promise, the lure of spending more when you’re making more is very real. It’s VERY easy to spend up to your limits without even realizing it. (I do it sometimes and I’m a psycho about this.)
Which is why you need a plan. NOW.
BEFORE you start crushing it.
And if you are crushing it, if your business was taken away from you overnight, what would happen to your finances?
What if you couldn’t operate in the industry any more? What if you LEGALLY couldn’t do it?
What would you do?
Investments and protection are a topic for another time but the bottom line basics are:
-Don’t spend all you have.
-Determine when “enough” is.
-Invest the rest.
Meaning – figure out what your ideal lifestyle looks like, financially. Work to earn it. And invest everything above that.
And up until that point, invest a predetermined amount of your income.
I have personal friends who at one point made $800,000+ in their business on a nearly 100% residual basis.
One bad decision crippled his income to about $100k.
He lost his homes to foreclosure, sold his cars and liquidated almost everything.
No doubt, that kind of hit would have crushed him no matter what.
But I promise you that if he invested even $200k each year instead of $20k, his financial situation would have looked much different.
Don’t make the mistake of being a top earner who has to go get a real estate job because you didn’t have a plan.
Lesson in Network Marketing: Law of Timing – I’m finishing up the book The 21 Irrefutable Laws Of Leadership right now and I highly recommend it.
Law 20 talks about the law of timing. Boiled down it means: If a leader does the right thing at the wrong time, he’ll face potentially impenetrable resistance. But if he does the right thing at the right time, she’ll find success.
This is a perfect example of my first stint in MLM. The actions I took were spot on. But the TIMING was way off. The company I was in was well past its heyday in the USA and the public hated the company. Which is “the old people” crushed it in the 60’s, 70’s and 80’s but no one could even come close to matching their results past 2000.
Even WITH the internet. Hmm.
Fast forward to today and we’re doing probably 10% of the physical work we used to and getting 1000% results. Why? Timing. Our ideas and efforts are good but equally as important is they are hitting people at the right time.
We recently had a multi-six figure earner “re-enter” into our downline about 20 in depth. Which provides an interesting opportunity for the 20 people above her…
Our deal was if we blow up one side of her new position, she’d blow up the other side. Giving those 20 people above her a monster leg.
Now, just like any MLM, one massive leg by itself doesn’t pay a whole lot in the long run. But it’s absolutely VITAL to making a lot of money in the long run if you build more than one.
In fact, one of the hardest things to do is constantly go and rebuild your “anchor” leg.
We all need a massive “anchor” leg to allow commissions to get massive on other legs.
Well, these 20 people (and us) are in a very special position to capitalize on this “deal.”
If they take it, they’ll sacrifice 5-10% of their potential earnings over the next 6 months, but they stand to potentially gain massive, unstoppable momentum in one leg and an anchor that will never fall back…
They have the chance to practice the Law of Timing.
And at some point, you’ll have that chance too.
So get ready…
Because success is when opportunity and preparedness meet.
A Discovery: Deadlifts = Happiness – It’s been proven that working out releases endorphins into your bloodstream which eventually lead to your brain and make you…
Now, you may not realize this but being the deep thinker I am, I frequently ask myself “why”?
And when you drill down the question “why?” enough times, you end up questioning our existence and WHY we even do anything if we’re all going to die anyway and there’s a chance that all of our fate is predestined.
It’s enough thought to completely hamper whatever momentum you were about to have that day.
I believe it is my greatest strength and weakness – asking “Why?”
In fact, it can sometimes bring me into a borderline depression…
Because this is apart of me I’ve established a couple ways to break out of it.
-OUT LOUD personal confession.
Yes, we all know it’s true that cardio releases endorphins (the happy chemical) in our brain and makes us feel powerful,
But did you know weight training actually releases more happy chemicals?
So, one of my new go-to strategies for starting the day off with the maximum chance of happiness is…
And every other manly, barbell induced lift possible.
Quote I Love: This is the secret to life – to be completely engaged with what you’re doing here and now. And instead of calling it work – realize it’s play. – Alan Watts.
Travel Hack: The Two Best Credit Cards for Travel – It took me way too long to realize this one. I don’t believe in consumer debt at all but I do believe in maximizing potential.
After traveling full time for nearly 10 months, I can say that this is probably the most significant perk we’ve taken advantage of.
Because of using the right credit cards for purchases we would have made anyway, we’ve paid for business events, trips and even the majority of our travels to Iceland.
If you want the full skinny, watch this video. If you ever plan on traveling as a full time nomad, this will be insanely valuable.
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