Wealth Creation Formula

Income is King

The most important step in the Wealth Creation Formula is creating income. Income is King and without income, you will fail financially. It’s that simple. How important is income? There are countless stories of professional athletes who have become broke, filing bankruptcies, and working regular jobs after retirement. Of course, their bad spending habits, bad investments, and poor money management have led to their financial downfall.

But the one key that most people miss is that once those professional athletes retire they do not produce those million dollar checks anymore. Their professional careers are over and they stop producing that income. Regardless. if they lived a lush lifestyle if they still had that big payday they would be OK.

Once the income especially those million dollar contracts dry up they are in trouble. They still have to produce income after their careers are over. According to Sports Illustrated, after only 2 years of retirement, 78 percent of NFL players were either broke or struggling financially. Within 5 years of retirement, 60 percent of NBA players are broke. When you have expenses and no income to match it the only result is going broke.

Start Where You Are

Income is your source of wealth. Your job or business is the key. Whether you like what you do or not it is producing income. Furthermore, if you are making money there is a chance to create more of it. What I love about the Wealth Creation Formula is that it gives you a blueprint that can be applied to any profession, career, or job.

The best place to start is where you are now. You have a source now it’s time to milk it before it dries up. Your job or your business brings in money. Your next step is to increase your income flow. I will teach you how to do that in the next lesson. For those of you without an income. Go create one now.

Creating Income

If you have a job or a business look for ways to create more income form that flow. If you are unemployed, well you need to get some money. Go get a job, sell some stuff online, go to the streets and beg. You have to get an income flow. You will not get rich without earning money. The question is what can you do now to earn money?

Learn how to create income. You have strengths and a skill set that can get you paid. But you have to learn how to develop it. Your job trained you on how to be employed. Thus you perform their duties and you earn money. With that being said now it’s time for you to learn more to earn more.

Charles Fitzgerald Butler is an entrepreneur and expert in sales and marketing. Charles has a passion for helping people start and run a successful business. You can partner with Charles and start building multiple income streams from your home. Charles’ goal is to help all who partner with him achieve cash flow and profits from their business.

Info for Young Entrepreneurs

1. Find your obsession. “Find your obsession” is different from “follow your passion.” Your passion is something you love doing. Your obsession is something you cannot live without doing. And there’s a difference. A passion is sometimes borne from a hobby, for example, photography. You may be passionate about photography, but when the pressure is on to make money with photography that passion can wane in the drudgery of the daily work. Conversely, if you are obsessive about photography, rarely will any part of the work seem like drudgery. Passion will burn out; obsession rarely does. Obsession is what you need when starting a business.

2. Decide on your operational end-game. Once you find your obsession, ask yourself this: Do you want to have a “practice” or a “business?” A “practice” is a business that is dependent on your direct involvement, whereas a “business” can become independent of your involvement and still be successful.

A “business” in this context is one where you can rely on the collective work of others you employ to produce income, or survive as an ongoing concern if you were unable to work in the business on a daily basis. It can be bought or sold regardless of your involvement.

Having a practice means it is difficult, if not impossible, to separate the work output of the business from your personal output. For example, if you have a unique skill or ability on which the income of your business rests primarily on you to do the work (e.g., an accountant, yoga instructor, consultant, or tattoo artist) you are likely to have a practice. It is unlikely this type of business could not be bought or sold without your involvement.

There’s nothing wrong with either option, but it is important to understand what kind of business operation you want five years after you start because it will shape your decisions today. If you know you are going to be happy making a living as a tattoo artist chasing your obsession, then your business decisions will be made with this in mind. However, if your goal is to have a tattoo shop with ten employees in five years, your approach needs to be different. Keep in mind that most small businesses start as practices and evolve. Moreover, those who just wanted to “do their thing” end up trying to manage a business and are no longer working at their obsession.

3. Start your business “on the side.” Many say “jump” into entrepreneurship without a net. Having done it that way many times, I suggest you do not unless you have no other choice. The financial pressure is too high for most people. The pressure to make rent payments, buy food, and put gas in your car will have you chasing business that isn’t worth your time or in your area of focus so that you can survive. You will lose focus of what you are trying to accomplish, and few obsessions can withstand that pressure. My advice: Start your business on the side if you can. Get or maintain a job to have some income flowing. You will feel less pressure and be able to stay focused on our business goals. Then strive for your “choice number” with your business income.

About Networking at Live Events

The income from those clients more than paid for the investment in traveling and attending the live event.

One way to find events is to get on the mailing lists of the influencers in your industry. Pick ones who have an agenda that will also be beneficial and interesting to you.

You can also Google event calendars for events in your area or other locations that you would like to travel to.

Of course, it will be twice as good if you pick an event where you will be learning something of value for your own business. Then you’ll essentially be killing two birds with one stone—more knowledge for your business and more leads for your business.

Be sure to take lots of business cards but also have a way to track who you speak with so you can follow up with them after the event.

Lastly, be sure to do your follow up right after the event so people remember who you are.

Tips

Many coaches ask me, “Where can I find qualified leads offline?” Here are some tips:

  • Networking Meetings such as BNI, Meet-Up, local entrepreneur groups, Toastmasters, and your local Chamber of Commerce
  • Meetings for International Coaching Federation (ICF) have chapters in all major cities http://www.coachfederation.org
  • Live events – look for ones that are targeted to your target market
  • Local support groups that are for your ideal client’s issues and concerns
  • Have a booth at a local job expo, business exhibition, or other event that draws your ideal prospect
  • Start your own local support or business group and invite the community or send individual invitations to people you know who may qualify as a prospect

New Networking Paradigm

Networking is an opportunity to find people who are in sync with you. But it’s about building relationships, not just getting sales. There is a new trend in networking that you should be aware of. The old paradigm was “How can I get their attention? How can I find a new prospect?” The new paradigm is “What does this person want or need? How can I be of service to them? How can I solve their problem?”

Keys to Achieving Entrepreneurial Success

1. Know what you are going to do to make money:

If you are going to be a successful entrepreneur it is important to know how you are going to generate income. Exactly what is your vision for entrepreneurship? Being an entrepreneur is not like having a hobby. You much be able to transform your idea to income.

2. Don’t be so quick to fire your boss:

I know you are probably so excited to transition from employee to entrepreneur that you are ready to turn in your “two weeks” notice and never look back. But is that really the best choice to make? There are many benefits to keeping your job. It is a wise idea to keep your job so that you can have money coming in to pay your bills. If you don’t have money coming in to pay your bills that is going to be very stressful, and it will be challenging for you to unleash creative entrepreneurial ideas with a stressed out mind.

It is also a wise idea to keep your job because you can use money from your job to fund your entrepreneurial vision. You can set aside a portion of your paycheck to buy things you need to launch and grow your business. It can be more beneficial for you to wait to leave your job after your business has grown and you are financially secure.

3. Don’t give up:

Being an entrepreneur is not easy and success probably won’t happen overnight. So you must be driven and have determination. Honestly, there may even be some times when you want to give up but you can’t. Have a plan for business success and keep taking action. Back your action with faith and expect amazing things to happen.

Ways Investing in Impact Helps Business

Companies that focus on impact have 12-14 times more income than those that focus only on profit. They even perform better than best practices companies in Jim Collins’ Good to Great list.

You have distinctive positioning. This is especially important for crowded markets and those with established and well-regarded players. Both millennials and over-40s are drawn to companies with a higher purpose, by knowing that their purchases matter. People are increasingly willing to look at products and services not just as commodities, but as the opportunity to have a high value experience grounded in impact and the ability to contribute themselves just by supporting impact-focused companies.

You attract the best people, ones that are motivated by your mission. That means an engaged workforce. People are inspired to perform above and beyond, to bring themselves more fully into their work. Fulfilling work, where we spend so much of our days, helps us have a fulfilling life.

You reduce the churn of employee departures. You avoid money and knowledge lost due to increased turnover and the loss of valued employees It’s a renewing wheel where you retain valuable employees in the older age range with their wealth of experience and promising young performers too, and bring in even more engaged people into your workforce, and potentially even new customers as engaged employees become brand ambassadors.

You thrive with a higher purpose. What helps you get through those challenging times is a bigger picture, a greater contribution that you are willing to make. So you move through obstacles more easily, you stay motivated to move through them, and you don’t waste a lot of time and energy wishing things were different.