Growing Wealthier - 20 Ways to Raise your Value

you know those frenzied videos where a guy shouts at you about getting rich overnight well this is not one of those videos in fact I'd like you to think of this as the polar opposite this is real answers for grown-ups as opposed to me shouting at you about a high-pressure program i underglaze Krug and I'm the author of a number of business books two of them focus on the ideas of generating wealth one is called poverty proof 50 ways to train your brain for wealth and the other is called is you're thinking keeping you poor 50 ways the rich think differently I'm a penguin business author and a professional speaker and I've been studying the differences in thinking between self-made millionaires and entrepreneurs and families who get caught in these generational cycles of poverty today I'd like to share with you 20 ways in which you can raise your level of wealth but now like I say this is not a shouted frenzied YouTube video this is mature considered answers that put you in control so here's what I'd suggest doing I would go and grab a cup of coffee put aside some time settle in and explore the answers one by one every one of these answers assumes an internal locus of control what do I mean by that well you won't find a single answer that depends upon me or any program or any lottery ticket everything that I'm about to suggest for you puts you in the driver seat and depends on you doing the work that's what works in the real world now the scale of the answers that we will discuss change radically some of the early ideas are about small simple things that you can do perhaps within a working career in order to slightly raise your income later ideas are on a massive scale in other words these are not the kinds of things that you will be able to do within the next few weeks but they are ideas that you can think about over the course of a few years every one of these ideas will change the trajectory of your earnings your income and your wealth they are all detailed in the book poverty proof and what we are looking at here is 20 ways to raise your value grab Coffee settle in and let's explore some real ways to raise your wealth raise the value of what you do let's increase the amount of money coming in from your work so that your wealth can grow faster regardless of what work you do your mission should become to raise the value of that work raising your value means getting paid more say you are a laborer working on a construction site you will likely earn a very small amount of money but if you add the skills necessary for example to oversee other laborers and you become a foreman you will earn more you show curiosity you ask questions you make it clear that you are willing to learn depending on how much you learn about building you could become an increasingly valuable foreman each new skill set that you add raises the value of your work so that you can earn more money per hour a person who sweeps a pavement for an hour may earn a very small wage a person who performs eye surgery for an hour will earn a very large wage in that way formal education raises the value of what you do but formal education is only one option out of many here is an example of a mix of different value raising principles in action using a hypothetical person Janet does well at school and gets excellent marks by doing so she has already begun to raise her value I'd like you to note that you can do extremely poorly at school and raise your value in other ways but we will get to that she then goes to university to study to become a doctor which is her commitment to raising her value even further while she's there she learns that it's more lucrative to be a dentist and that's the path she opts to follow a few years down the line with some experience under her belt she discovers that the real money in dentistry is to be made in orthodontics improving people's smiles so she studies further and pursues that she makes herself potentially more valuable she opens a practice and charges a high fee for her expertise based on how valuable she has already made herself then she notices that other practices getting more customers than she is she realizes that she is still relatively unknown so she needs to learn some new things and take some new actions to market herself more effectively to be seen more broadly as a great valuable option in this particular arena she does so and thus increases her customer base ten years down the line she has learned some fascinating lessons about her work so she writes a book the book itself brings in money for her but more than that as a result of the publication her status has gone up she is now perceived as an expert which leads to interviews and requests to speak on panels she accepts these requests appears regularly in public and thus raises her value even further by improving her status this results in more business coming her way which allows her to charge more on the grounds that she is highly regarded as a valued authority she uses her momentum and credibility to create a television show in which she leads a team of people doing smile makeovers not only is she paid for the show itself but her fame means that she becomes a sought-after resource among celebrities after all someone has to make Tom Cruise look that way at this point Janet is not even doing the work herself any longer she has scaled up she now heads a team of orthodontists who labor under her guidance as employees because Janet employs them each time one of them works a portion of that money accrues to her they are assets in her life bringing in more money she then opens up additional practices in other cities replicating the success of her first business each practice brings in additional new income for Janet these businesses - our assets she is now so successful that she can use her brand name and financial resources to pioneer her own line of high-end dental equipment which she sells to other dentists all around the world she also pioneers home kits for customers which are then sold in stores throughout the world every time any one of these items sells in any city on earth Janet receives a percentage of the money this happens even when she is sleeeeep Janet is now earning so much money that she has a tax problem so rather than pay tax she uses her profits to invest in other businesses and in buying property and in buying stocks and shares that way not only does she avoid paying unnecessary taxes but she is actually buying assets that earn her even more money with every step janet has been raising her value she has been constantly learning constantly adding new skills education leadership entrepreneurship marketing tax knowledge and more and constantly discovering new ways to become more valuable she has taken clever risks which no one forced her to do she is entrepreneurial and is always looking for new opportunities it works Janet ultimately sails off into the sunset to live in rapturous joy on her private island with Eduardo the Porsche driving pool boy good for Janet there are many ways to increase your value we will begin with the simple ones you can carry out within a salaried career then we will progress to larger scale ideas in which you become the boss and find ways to uncouple the relationship between how many hours you work and how much you earn like Janet who earns while she sleeps I openly states that I hope to convince you to start your own business and also to start investing but even if I'm unsuccessful and you decide to remain within employment please don't skip these chapters on raising your value many of the concepts apply within a career too and can help you to gain greater income to raise your value do anyone or a number of the following things raise your level of education learn more this might entail studying for an academic qualification or it might not Elon Musk currently worth an estimated 23 billion US dollars famously taught himself the fundamentals of rocket science prior to obtaining a formal qualification he did that part just for fun he also initially became rich by co-creating the electronic payment system that is now called PayPal that was self-taught skill - in some industries qualifications grant you access to a job market or to a promotion in other industries it is about your personal level of skill and understanding which can be acquired through your daily reading ritual informal courses online open university sources YouTube tutorials mentorship and life experience so the question is not which specific degree should I pursue instead pause and zoom back a little the real question is what form of knowledge would have the most impact on my advancement if a four-year degree accomplishes that then by all means do it but if not a four-year degree could represent four years of lost productivity and massive new debts reading articles on sales or entrepreneurship might actually work better for you in why the rich are getting richer Robert Kiyosaki has much to say about university degrees and little of it is positive Micro the host of dirty jobs argues that many people who work in trades actually become much wealthier than their University educated counterparts and are in many cases happier human beings who feel that they work really achieve something the two paths that lead to what is arguably the greatest wealth potential possible for human beings entrepreneurship and investing do not require degrees at all certainly they require huge amounts of education but all of that can come from sources other than university such as your daily reading this much remains raising your level of education will always open up more wealth potential for you master a skill here's mine I mastered public speaking to the extent that I won a number of contests and awards for it I now make good money as a professional speaker locally and abroad I had to add business skills to the mix because the skill of public speaking in isolation was not sufficient to generate money but with additional skill sets such as entrepreneurship article writing book writing networking skills marketing skills and a handful of others I created a lucrative business for myself could you master a skill and turn it into a business a surprisingly wide array of activities can be lucrative people make serious money playing video games online imitating politicians on a stage or playing billiards what's your skill can it be monetized research and make smart moves to gain promotions if you are treating a salaried career as a wealth creation vehicle then you need to raise your income as rapidly as possible advancement tends to be the result of soft skills rather than merely of technical proficiency simply put in a group of twenty equally excellent engineers the one who volunteers to speak in public run meetings head up projects lead initiatives basically the one who is seen as a leader will tend to get promoted first public speaking and leadership skills are easy to research and learn the hardest part is actually putting your hand up and volunteering bonus tip some skills can be learned very cost-effectively for instance joining a Toastmasters club will help you to learn public speaking and leadership the fees are surprisingly reasonable and many clubs offer bursaries for those who can't afford the fees another means of ensuring swifter advancement is to make lateral moves by applying for positions similar to yours at another organization entirely the other organization will generally have to pay you more to secure your services quite often people return to the original organization years later but at a higher level lateral moves of this nature tend to result in faster promotions than one might typically enjoy by remaining with one organization quick warning don't withdraw your pension from the previous company when making a move early withdrawal results in a massive tax penalty as a broad category getting promoted is easily researched this could be your topic of daily study as you pursue knowledge absorption you might begin by reading daily articles on how to get ahead at work and then if you determine that say public speaking is the skill you most need your daily absorption goals could swing in that direction here you can see directly how daily knowledge absorption equals greater wealth if this is your chosen area for advancement I would strongly recommend reading Harvard Business Review every month it teach you about leadership trends and workplace dynamics in ways that will give you a significant and continual advantage over everyone else in broad terms the advice on this topic includes strategic ideas like help your boss to achieve her goals help to make the organization more profitable help the organization to reduce losses take on special projects seek out internal problems that need solving volunteer for leadership roles show willingness et cetera all of these techniques are active rather than passive in other words instead of simply waiting to be promoted you constantly engage in strategy designed to make it happen faster you may also wish to learn about things that hold you back from promotion for example did you know that being in curious can be one of the greatest reasons you don't get promoted go to the Forbes calm website and search for the article titled Millennials this is why you haven't been promoted once you are aware of this you can use the information as part of your active advancement plan by regularly making a point of displaying curiosity for example new behavior I don't just work within my career I also work on my career because the work itself is not the point for me wealth building through advancement is the point go where what you do has more value a friend of mine is a qualified electrician working on a mine for a period of time mines in Australia were looking for people with his qualification the difference in income potential was so large that moving would have resulted less in a raise than in a quadrupled salary even if it is not your goal to relocate to another city or country permanently a couple of years of high earnings elsewhere could change your financial reality could you put in the sacrifice now for a better life later is two years too much to ask as a variation on this idea you could also go where what you do involves less cost it is possible to increase your income simply by decreasing your expenses wealth planners like Rick Adelman Rick Edelman's no nonsense system for building wealth point out that we tend to underestimate the costs associated with a career Adelman uses the example of two working parents who could actually save money if one of them stopped working factor in the costs of commuting an extra car childcare and a few more necessities and some careers actually cost the employee money could you work from home thus reducing your costs Inc magazine lists that as the world's smartest management strategy which vastly increases productivity or could you work remotely from a less expensive city to use an extreme example if you work for US dollars but do so from a remote coastal village in a developing country you could earn a humble salary and still become disproportionately wealthy it's not for everyone but it's certainly worth thinking about build celebrity within your industry by positioning yourself as an expert whether you are employed or become an entrepreneur the degree to which you are seen as an icon or celebrity in what you do will dramatically impact your wealth potential I've written two books on the topic of positioning yourself as an expert on your industry and what makes them great and I have a daily motivational video series called from amateur to expert which you can view for free on my website WWE got their ETA in this dynamic few things raise your wealth potential like becoming the Branson of business the Clarkson of cars the Schwarzenegger of bodybuilding or the Oprah of talk show TV the essential idea is this if you are an unknown chef you will get paid X for slaving in the kitchen every night regardless of how good you are however if you are Nigella Lawson your financial reality will be vastly different television networks will vie with one another to host your show publishers will ask you when you will be writing your next book you will be approached to make celebrity appearances around the world on shows like MasterChef being the Nigella Lawson of your industry is worth exponentially more than being an unknown chef and the Nigella Lawson's of any industry do not merely earn two or three times more than their contemporaries it's an order of magnitude more becoming the celebrity of your industry is hard work but it is not mysterious work I lay out the actions you can take in each of my books in broad terms you need to combine knowledge with personality and publicity you need to do the following things show your face in public as much as possible via public speaking and the media teach others in order to become perceived as a thought leader create products that can be sold to the public preferably on a global scale do it all with flair showmanship and huge helpings of your uniquely entertaining personality Nigella is not simply famous on the grounds of her technical proficiency her personality is probably the greater part of her success equation as is the case with Gordon Ramsay Jeremy Clarkson Simon Cowell and Richard Branson becoming a recognized expert is hard work however the financial reward is that your work becomes worth more per hour if you are an unknown interior decorator you can only charge a certain amount for an hour's consultation but if you are perceived as the grand high Lama of interior design people will expect to pay exponentially more for an hour of your time big names in any industry typically also sell products and enjoy endorsement deals which further escalates their income interesting sidenote during recessions the low-level operators in a range of industries can be wiped out but the top level experts and significant brand names tend to weather the storm and then do even better after the economy recovers due to reduced competition solve an expensive problem imagine that a large corporation has a problem that costs them 100 million rand every year you have a solution which you could sell to them for 30 million provided your solution works this would be a no-brainer for that organization in their first year alone they would save 70 million rand just by buying your solution I would argue that your price is too low but it's the principle we're interested in here it doesn't matter how expensive your product or solution is provided the problem costs more than your solution does danger zone here is a strange and tragic thing that often happens to technically-minded specialists working for large organizations they spot a problem that is costing the company Millions set their minds to solving it solve it and then by way of thanks they receive exactly the same monthly salary as usual or perhaps they receive a token bonus of a few hundred thousand rand yes I say token if a consultant had come in and solved the same problem they could have charged Millions and the organization would gladly have paid it the reward you can gain for solving an expensive problem is not relative to how hard the work is instead it's relative to how much that problem is costing the company if they are losing a hundred million rand per year as a result of say theft in the warehouses and you can reduce that number to zero then charging them 30 million rand for your solution would be quite reasonable a bargain even they are gaining 70 million rand by using you that's a no-brainer for them this dynamic points to a potential escape for employment and into entrepreneurship for those with specialized skills have you repeatedly seen the same problems coming up in your industry do you know how to solve them for heaven's sake stop doing it for the measly reward of a monthly salary start your own consulting firm and do the same thing for millions solving expensive problems is a high-value activity my friend Tim Ojai of Ubuntu mission puts it this way the only way to generate revenue is to solve a problem that others will pay for you can either solve a big problem that a small group have like providing air travel for business travelers or solve a small problem that everyone has like providing breakfast the key is to find a problem that few can compete with if it is easy for many people to provide breakfast that will be a very difficult challenge because your competition will be never-ending and your revenue will be small but if it is a problem that is harder to solve like inventing a technology that few can imitate well you get the picture if you take this one idea seriously apply yourself to finding an expensive problem to solve and then sell the solution you could become extremely wealthy from this one idea alone could this be your path to prosperity amplify your effectiveness using networks associations bureaus and mastermind groups you've almost certainly heard the phrase it's not what you know it's who you know you may also have heard the slight variation it's not who you know it's who knows you there is truth in both sayings you cannot be perceived as valuable if nobody is aware of you or what you do networks and associations can amplify your effectiveness for instance in the professional speaking world many practitioners are members of the global speakers Federation or in South Africa the professional speakers Association of Southern Africa this allows us to network with one another share knowledge and become known many are also represented by speakers bureaus these are agencies who represent a pool of talent by gaining representation which often must be earned speakers can be booked for more engagements because they are being advertised through more channels there are many industries that have similar bodies that you can use to become more widely known and thus more effective in the real state of entrepreneurship survey 2018 one of the major findings was that networks are critical to the success of an entrepreneur along with education and Gill's you can amplify your value simply by being known to more people networks help you to achieve this an expert tip on this one volunteer to speak on their agenda and share some ideas of potential value this way you can get known quickly and you become perceived as an energetic and dynamic contributor mastermind groups can also be an excellent source of guidance and vitality I once had a kindly friend who had been in my industry for longer than I had give me a single piece of advice about raising my fees that changed my income radically he knew better than me and he told me what he knew as a result I earned more money that happens often in these sorts of groups instead of working for set numbers of hours land big deals salespeople are often treated with privilege in organizations and there is a good reason for that they are how the money comes in making sales and landing deals is often considered to be worth more than actually doing the work rain makers are highly valued in any organization because they bring the money in could you be a Rainmaker try this challenge imagine that you are not allowed to do the work you do for the next month instead of laboring at your work you have to find a way to land one big lucrative deal instead that single handshake must be worth more than your year's salary can you think of a way to do that if you can that probably represents your highest current earning potential it's a step away from working a set number of hours and towards strategically landing the biggest deals possible how Mike you go about that you can do this either as an entrepreneur running your own business or as an employee if you're an employee try the challenge - how might you land a big deal for your organization could you be a rain there instead of just doing a job this is a wonderfully strategic approach to wealth which often appeals to lazy people this is not a negative accusation lazy people are often brilliant at finding ways to make money because they are more interested in the result than in following a tedious process an excellent thought experiment for this approach might be what's the least work I could do for the most money the answers to that could raise your value buy low add value sell high finally one of the most basic tenets of Commerce is the simple idea of buying something at a low price adding work or leadership or ideas that make it more valuable then selling it at a high price here are some variations on how that might look one you buy an old house you hire someone to add labor and design work to it making it more attractive then you sell it for a high price you've added value and you make a profit as a result - you buy a business you add clipper strategy and management ideas to it and cause it to earn more then you sell it for a large amount 3 you buy cheap raw materials like clay you turn them into beautiful pots and then you sell them does this principle spur any wealth creation ideas for you these have been some of the ways in which you can raise your value within your hours of work our next stage of thinking goes a step further rather than just becoming more valuable per working hour could you multiply the number of things that cause money to come into your account let's see multiply what you do multiplying the thing you do is the beginning of generating serious money say you've started a small business servicing wobbly wheels on shopping trolleys you can personally straighten ten wobbly trolley wheels per hour that number represents your total potential income if you hire another person who can do the same amount of work as you you have doubled the business's potential income you will need to pay that person a salary but a percentage of the value of their work will go to you hire 10 people and now you have potentially increased that revenue stream tenfold that's the principle the next three sections give specific ways in which you can multiply the thing you do for money work for many not one how many paying customers do you currently have if you work for a boss the answer is essentially one you serve that person and they pay you but even as someone who sells work there are ways to sell to more than one for instance if you are a journalist you don't have to be employed by a single newspaper you might consider selling different articles to multiple outlets this is not big wealth but if done cleverly it could certainly increase income the same could apply to a wide range of professions you may actually be able to earn more by going freelance and selling to multiple customers than working full-time for a single customer your boss you would also reduce your daily commuting costs which factors into the equation if your freelance income merely equalled your salaried income you could come out ahead based on reduced costs and increased tax effectiveness create passive income streams by offering more do you train or coach for a living you could also sell books courses audio programs or online seminars the principle is this if a buying market exists for what you do offer more and offer it in more formats a word of caution here if your goal is to position yourself as an expert I strongly discourage being multiple things for instance if you are a financial guru you can then speak on the topic for money write books about it create courses design a game and many other things however these things should all be part of the same branding the same basic genre what you should not try to do is to run multiple careers in which you are a financial guru and also sell bicycles and occasionally design web pages experts tend to be known for one core thing this actually amplifies their wealth potential being seen as a jack-of-all-trades weakens your branding and therefore generally diminishes your earnings if you are an expert on a topic you could write more books create more courses develop more products sell online registrations the list is endless if you are something creative like a cartoonist who's created a character for children you could also create figurines or a television show or a range of bubble bars there are always ways to offer more divorce the link between time and money one of the surest ways to break the link between time and money is to own a business that generates money for you in other words to become the boss being the boss is one of the surest paths to wealth broadly speaking there are two major paths to becoming the boss the first is to start your own business the second is to be promoted to top level leadership being promoted to leadership requires smart career moves and can be a subject of study but it's never a guaranteed thing most first-generation multimillionaires don't become rich through employment instead they start their own businesses they ask large bold and yet very simple questions like what would it actually take and then they make plans to make their idea happen so have you ever had an idea for a business have you ever honestly thought through what it might take sometimes we surprised ourselves with this exercise when we see it broken down into steps the path may not be as complicated difficult or expensive as we imagined I will provide you with a few more suggestions for ways in which to divorce the link between time and money and my hope is that one of them will spur an idea for you but let's jump start the process by taking one of your dreams and determining how hard it would actually be to do it's always a matter of starting with the desired result then working backwards to the first step it's often useful to conduct this simple exercise start by imagining who would buy your idea or your service or your product then ask yourself simple questions about what would come before that the answers would be I would have to make it and they would have to know about it great that's a good start so now ask what would have to happen before that your answers might be something like I would have to source the paths and I would have to find out how to reach buyers excellent that sounds like the sort of thing you could find out quite easily with a little research books on entrepreneurship generally take you through these in more detail and that's why I recommend reading them but that's the basic process start by picturing the end result then work backwards continually asking yourself what would that take as you break it down into actionable steps you may find that it's not as terrifying as you initially imagined it's just a set of steps viewed this way even massive goals begin to take on realistic proportions will you try the exercise with your loftiest dream why not try it now what does the biggest version of it look like and when you work backwards what's the first step can you take it could you even take it today if you have the courage to become the boss and to own a business or entity that produces money for you the path to serious wealth the next few chapters contain some ideas to consider each one helps you to break the link between the hours that you personally work and the amount of money you can earn don't be the chef in your own restaurant many so-called business owners make the mistake of becoming the chef in their own restaurant by working within the business essentially like an employee they have not created a real business they have merely created a job for themselves that can actually be worse than working for a salary because all the same limitations apply plus you are responsible for others serious business owners do not become their own employees they learn to scale up so that it is possible for them to step out of the business and still earn money from it as the owner that doesn't mean they don't have strategic input it just means they're not there working a nine-to-five job every weekday a friend of mine once clearly expressed it by saying don't be the person who says I manage a restaurant instead be the person who says I run restaurants the distinction is the difference between being a kitchen manager and an entrepreneur with a chain of stores quick audit if you currently have a business are you the chef in your own Trond what would it actually take for you to graduate beyond this role could you scale up your business serve a widespread need let's say that what you make do or sell cannot be sold for a large amount of money it's a fairly cheap simple thing however lots of people need it or perhaps a very large number of organizations need it by sheer scale you can become very wealthy serving a great many customers even at a low price per customer warming zone it's worth pointing out that a business idea that combines a very small margin of money with a very small base of potential customers is essentially a losing formula and not worth pursuing you need either large numbers of buyers for small amounts of money or small amounts of buyers for large amounts of money or ideally large numbers of buyers for large amounts of money automate the work to escape the employee in your own business trap you need to automate the work as far as possible it must occur in your absence classically this problem is solved by hiring and training employees but that's not the only solution you could also design an app or have a program designed for you that does the work automatically or you could use a machine or robot or you could outsource and pay someone else to come in and do it you could even use the services of the virtual assistant somewhere else in the world the cost may seem like an issue but cost is always relative to how much money you could make afterwards and if it's a brilliant idea there are banks and sources of funding that might consider putting up the money for you to scale up in South Africa consider approaching business partners coz a who provide both funding and good advice for entrepreneurs let's assume it might cost as much as 10 million rand to implement the automation in your business if the business is capable of earning a hundred million rand afterwards then 10 million rand is peanuts and some entrepreneurs played this one very cleverly commitments from clients prior to investing the money to be a certain as possible that their risk will pay off of course some automation is not expensive but find out because that cost might be all that stands between you and becoming genuinely wealthy it could also make you free sell something that can be sold repeatedly one of the reasons so many people wanted to learn how to design apps was because you do it once and then you sell it thousands or even millions of times over all so you enjoy all the benefits of being a business owner without actually having to manage other human beings this appeals to a lot of people an app is not the only thing with such potential many forms of online business can perform the same magic trick you created once and new customers can continually purchase it from you whether it's something they download or of course they do online or a game they buy do you have something that can be digitized and sold repeatedly and digital is not the only way to go on this idea if you can write a book create a song draw a comic strip or produce any number of things that can be reproduced these things can also be sold many times over each time they are sold they will bring in income for you in a best-case scenario you could become the stephen king of books the Michael Jackson of music all the charles schulz of comic strips these people all generated massive wealth by creating something once which then sold many times over and global fame and popularity are not the only criteria for success when it comes to making something once that can be sold repeatedly if you write a successful school textbook used by thousands of children each year that will work too it may not be glamorous but it certainly is lucrative is there something you could create once that could be sold multiple times sometimes you don't even have to create the thing that you sell many times over you only have to own it and then you can sell it repeatedly for instance if you have a rental property and someone pays you each month to live there you are effectively being paid multiple times for the same thing you're selling it over and over this idea of owning an asset can be the basis of mega wealth one of the great distinctions between rich and poor is that the rich buy or owned or make or create assets that continually make their money this idea is important and we will revisit it later for now the small-scale version is simply this do you already own something that could bring in money for you could you buy something that would could you create something that you could repeatedly sell that is called an asset done cleverly owning assets can make you very rich owned the sale understand where money comes from and get in its way in the last few chapters we looked at ways of raising your value within a salaried career you have the options of becoming highly sought after as a skilled worker being promoted creating additional revenue streams and so on but in arguably the big money is to be made by two groups who fall outside of traditional employment they are people who are their own bosses entrepreneurs and people who invest money buying assets these two groups may do very complex work or they may do very simple work but the underlying principles are always the same they either make something and sell it or buy something and sell it that's it those are the two activities of the two groups who become the wealthiest people in the world here is the important part in both cases the money happens when a sale is made as such here is a simple truth that you need to know money always follows sales objection are you saying I need to be a salesperson I hate selling response no I'm saying that you need to own the sale if you are an employee you do not own any sale you receive a fixed monthly salary and that's only provided other people in the company are selling effectively if you are the owner of a company then every sale that is made will make you wealthier when you own the company you own all the selling done by the company and remember you do not have to be the owner of a brick-and-mortar building or even employ any staff to be the owner of the sale if you draw a comic strip and that comic strip is sold to ten thousand newspapers around the world each day then you are the owner of ten thousand sales each day you're not actually a salesperson you are the owner of the sales which is different and that can make you astonishingly rich if you offer more by creating merchandise as well such as toy versions of the cartoons then you can become even richer by owning even more sales he or she who owns the sale becomes fabulously wealthy to do that you may need a sales team or you may need SEO search engine optimization working for you on the Internet or you may need advertising or you may need to do interviews in the media to bring in clients or you may need to work through a syndication in order to sell to many sources in one go like the cartoonist or you may need to display at Expos the point is not necessarily to do the selling rather it is to own the benefit of the selling even someone like Oprah has benefited from this dynamic Oprah owns her own production company her daily talk show used to be one of the most popular shows on earth had she been merely employed by a production company she would have made a very good salary given her popularity but instead she owned the production company Harpo Productions herself therefore every time the show was sold to a network she owned the sale instead of merely earning a big salary she made galactic amounts of money by contrast another of the world's most popular TV presenters me clarkson of top gear and the grand tour was paid very well because of his popularity but his wealth does not even begin to approach Oprah's because he did not own the production company therefore he did not own the sale don't sell your idea keep the idea then repeatedly sell the product or service Sara Blakely the world's first self-made female dollar billionaire also achieved her wealth by owning the sale she became frustrated by the problem of visible panty lines so she spent a little time trying to figure out how to make panties that didn't show through pants she knew nothing about clothes fabrics sewing or design she just asked some clever questions and got a few people to work with her in solving the problem then she did something brilliant rather than selling her idea once she started making and selling the solution herself let's assume that sara had sold her idea once let's be extraordinarily generous and assumed that a company would have paid her a million dollars for it doubtful in the real world that would have been the end of her story instead Blakely continued to own the sale of products that her own company made she started with a small team at first and sold to a few local stores then scaled up and sold to national stores then international stores each time her organization Spanx made and sold anything some of that money went to Sara owning the sale is the key to large-scale wealth this is how the Rothschilds and Rockefellers of the world created their fortunes and you don't even have to make anything you could simply bring together an entrepreneur who sells cleaning services does not make a product but rather brings together a group of people who can clean manages their work and sells their service can you think of a useful service you might sell repeatedly remember if you have a brilliant idea do not sell the idea itself make the thing or create the company and sell that instead own the idea and continually make sales from it that's the key investing is also owning the sale even for investors who might buy things like property or stocks the same applies they start by purchasing an old property perhaps they fix it up or they buy a business and give it some guidance the thing they bought becomes more valuable then they sell it it's at the point of sale that they have made money the sale is where the money happens if you own the sale you have placed yourself in the way of the money probing question in your current work where is the point of sale who is buying and paying money do you in any way directly benefit from the sale do you receive more money the more sales are made could you get into such a position to invest in shares in companies is to be a part owner of the sales if the company makes many sales you receive greater income it is also possible to be an entrepreneur and an investor that way you own two potential sources of sales income this much always remains the money happens where the sale is made nowhere else own the sale and you have placed yourself in the way of the money anything else is salary and salaries have limits think creatively about owning a business our objection all right stop I don't want to be the boss of a big business That's not me response no you misunderstand being the boss of a big business is only one type of entrepreneurship there are many making and selling an app from the privacy of your home that's entrepreneurship that's a business hiring a bunch of guys to sell coke at street corners drawing a cartoon strip all entrepreneurship is just about being the person who owns the sales let's start getting serious about this concept what kind of business could you possibly own here are some examples of entrepreneurs I know of and the successful and somewhat unusual businesses that they own scooter training for delivery staff laughter coaching for corporate companies children's birthday parties with clowns and magicians reviewing toys on YouTube filming both videos running student houses at universities selling liquid soap to industrial companies and shopping centers taxidermy teddy bear refurbishment chrome plating for shopping trolleys managing voiceover artists training people in public speaking training people to flirt more effectively photographing wildlife filming fashion shows selling imported wigs for women I personally write books and speak on business growth topics for a living you can sell b2c business to consumer or you can sell b2b business to business or you can do both selling to consumers and to other businesses I do both I sell presentations to companies and I sell books and business growth products to individuals there is no end to the strange and creative things you can do to generate money I know an entrepreneur who loves soccer he bought grounds and hosts mini soccer tournaments he is an entrepreneur making a great deal of money from the thing he loves and he has opportunities to upscale by opening the same concept in other locations anything you do that can generate money can become a business and make you an entrepreneur if it makes a sale it is a business if you own the sale you're on the right track question but what if I want to be an altruist what if I want to make a difference in the world responds brilliant sounds like you might have the beginnings of a good business plan the goals of wealth and contribution to the world are not mutually exclusive if anything they tend to go together so by all means you could make a difference by being employed as a firefighter if you wanted to but you could also be the innovator who makes a product to put out fires more safely and efficiently like the person who invented the dodge ball that you throw into a fire which extinguishes it faster than a fire extinguisher would or you could be the person who invents clever ways to reuse plastic bags saving the environment or you might develop a cheap source of nutrition for hungry babies in impoverished neighborhoods I know young woman who did that she's a multimillionaire now breakthrough ideas that help people are at the very heart of great entrepreneurship and innovation truly becoming an entrepreneur implies learning and doing simultaneously effective entrepreneurs do not learn everything to the point of perfection and then begin they begin and then learn furiously as they go and then once they get it right they continue to own the sale but it's all the same thing here is one of the great secrets of entrepreneurship the problems that entrepreneurs face are generally the same the businesses themselves may vary wildly but the challenges to solve always tend to be very similar they typically include getting customers getting funding dealing with cash flow problems scaling growth because these problems tend to be so similar across businesses it's relatively easy to learn the ropes and discover how to solve them mountains of books have been written on these topics I would strongly recommend watching shows like Dragon's Den or shark tank in which entrepreneurs pitch their ideas to investors if you watch even two or three episodes of such a show you will already begin to see the same pattern emerging you'll see how many people make the same basic business mistakes you'll see exactly what investors are looking for every time it really doesn't take an extensive amount of time before you begin to get the bigger picture of entrepreneurship publications like Entrepreneur Magazine again are excellent sources for pointing out the mistakes people make and how you can do better if you have the courage to go the entrepreneurial route make this your focus of study begin with a Google search for how to launch my new business when you've read some of the articles that come up do some more searches I recommend the top errors made by new entrepreneurs the top success formulas for entrepreneurs learn that barriers to entry can be signposts to wealth this is a highly advanced idea if you don't see a way to implement it don't worry just keep it in the back of your mind as something to mull over see if you can recognize examples of it in the real world you generally get rich by doing the things that others consider too hard or too boring if it is surprisingly difficult to get into a form of business the chances are that most people won't do so maybe there's too much red tape maybe it requires too much infrastructure maybe it's just incredibly hard or complicated work that generally means it's also valuable work you could become extremely wealthy by being the one who does bother to go through the pain out of interest South Africa ranked 52nd out of 54 for barriers to entry or regulation burdens in the real state of entrepreneurship survey 2018 do you have a business idea that would be incredibly difficult to implement if so don't write it off you may be on to something seriously valuable if you can solve implementation problems where others can't or won't you could become extraordinarily rich see procrastination as the enemy and start getting it wrong quickly procrastination is your worst enemy whether it's in saving or in growing a business it's better to start acting and fumble a little as you learn than to wait figuring it all out is a barrier to entry the sooner you get busy with figuring it all out the sooner you position yourself for wealth in the 10 pillars of wealth Alex Becker multi-millionaire by age 27 argues that starting your own business is actually safer than having a job even if you have multiple failed starts over the course of a number of years I agree within employment you trade an enormous number of hours each day in return for a salary you have minimal control over the salary and it's always possible for you to lose your job as an entrepreneur or business owner you have direct control over the degree to which you can scale up your business and increase your income you have multipliers of your own work and you are able to raise your value dramatically so what about failed attempts Baker points to the fact that if you try 9 separate businesses and only succeed once you still become rich you only have to get it right once in your lifetime isn't that a startling new perspective he urges us to rearrange how we look at failure and mistakes advising hurry up and get it wrong making mistakes is not the most damaging thing we can do when learning to build wealth in fact getting your hands dirty quickly and early on is an excellent idea the worst thing you can do when trying to reach your goals is nothing at all surprisingly getting it wrong at the start can be far more beneficial in the long term than getting it right you learn more by making mistakes you see more you gain a greater depth of understanding in my daily motivational video which is titled from amateur to expert I often lament this problem in would-be experts and entrepreneurs I call it paralysis by hesitation people who suffer from this problem refused to take a single step until they believe they can do the whole dance perfectly it never works that way instead you have to start in order to learn how the steps work you are going to have failures and missteps that's part of the process if you want to be your own boss I recommend you start failing as soon as possible to get to the good stuff new mindset trying and getting it slightly wrong is ok not trying does 0 for my wealth I'm going to try and I'm going to go easy on myself if it doesn't work immediately thanks for joining me folks I hope you enjoyed this mini seminar on how to grow your wealth and 20 ways in which you can raise your value those 20 ways come from the book poverty proof 50 ways to train your brain for wealth the book is available globally via audible read by me or as an e-book all over the world or in my own nation in paperback form if you enjoyed this video and if you felt that it added some value to your life won't you please subscribe to the channel I share tips every single day and please share it with people who you feel it could help here's wishing you prosperity as you train your brain for wealth you

Channel: Douglas Kruger

Views: 164,457

Rating: 4.9158058 out of 5

Keywords: Wealth, get rich, prosperity, motivation, poverty proof, raise your value, wealth tips, Douglas Kruger, professional speaker, motivational speaker, international speaker, https://www.youtube.com/user/DouglasKruger1, how to get rich, how to get rich fast, how to get rich young, how to get rich in South Africa, how to get rich book, become rich fast, become rich in South Africa, wealth creation, how to build wealth in your twenties, how to get rich from nothing

Id: x0ZgfYT6iws

Length: 60min 13sec (3613 seconds)

Published: Sun Sep 29 2019