Increasing Your Income - The 1000% Formula / Garrett Gunderson

increasing your income the 1000% formula you need to stop risking your money in investments you don't control or in things that you don't know like real estate if you're not a real estate guru or the stock market for the majority of the population see there's no return that can compete with two equations that unlock your potential and exponentially increase your income not later but now so no matter where you invest nothing will beat this technique or make more of a difference for your money like I used to invest in real estate I spent time daily on financing and working with the banks and going to title companies for closings and deferred maintenance issues on the properties and talking to property management companies that put the wrong renters in there and then now we're dealing with squatters that haven't paid rent for four months and now we're getting attorneys involved for the litigation of that and look just the property managers that had different incentives than what was gonna work for me I'm gonna had to report with partners on some of the properties I had to meet with the accountants looking at everything and then having conversations with Realtors this consumed my life this is not what I want to do but it's what I thought I had to do in order to get rich real estate is great for some a distraction for others and destructive for even others it may be a place for you or it may not but there's a way to increase your income tenfold with these two formulas and one key asset and it isn't real estate so let me break it down into those three parts the first one is the prosperity equation what's the most profitable thing that you could do with your money well if dollars follow value the question becomes how does one create more value these questions are essential to answer in order to discover how to ten times your income oh yeah and of course you can actually enjoy your life a little bit along the way while you do this so there's an equation that demystifies the sometimes complex nature of earning money where you have hidden potential right where that's sitting and it's stagnant I'll show you how to remove financial obstacles and increase your contribution in the world while you do it all right this begins with something that I think is talked about a little bit too much I can throw a rock on any street corner and hit someone talking about it but it is one-fourth of the equation because it creates interest and that's do you have a degree of a drive or a passion C passions not enough but what I want is a thing that motivates you and moves you in the right direction but if you don't have the rest of the equation it's going to be detrimental and it's gonna be misleading because I found a lot of passionate people they get really bitter they are passionate about a hobby that they can't monetize so that's why it's just a part of the equation so many people talk about passion speakers books all this kind of stuff but the rest of the formula it could actually have you run in the wrong direction waste time waste money and create that bitterness so what is passion it's excitement or energy or drive connected to an idea a concept or activity and ideas a thought that you have a concept is more formalized or or shared and an activity obviously is something that you're doing so it's essential for you to know who you are to know yourself and then the brainstorm what are your top passions what are the things that you really like doing now we're gonna use the prosperity equation to create focus within that passion see you got to narrow things down so you don't destroy your bandwidth so you don't wear yourself down or your team down or have too many projects and ever quite get complete or off the ground or ever become profitable so we begin with passion but then we add purpose and that's a clear direct focus on the highest context of living an example of using purpose for focus begins with number one what if you could only do three activities that create value and earn money what would those be number two you know if you had to find the time because you couldn't just add more to an already busy life what things would you have to eliminate number three are there any areas where you're making money but it's not really aligned with your purpose you don't have a high degree of passion around it you don't really enjoy that and if that's the case where are those see purpose is a big game it's something that inspires both fear because you're like cat I act could I actually accomplish this but it inspires you because you're like that's a cause worthy of my life see if there's no fear at all it means you're just thinking pretty small if there's no inspiration it means you're playing the wrong game and it's not on purpose so if you're looking back over your entire life what would be worthy of your legacy of your life what's the greatest game that you can play with purpose what do you already have capability what do you already have things that you know how to do so where are you the most unique and creative and energized and have superior ability look you can go to wealth factory calm /lw I as in living wealthy initiative to get the first equation which is the prosperity equation but we're gonna get into the second equation that's even more profound here in a minute but I'm just gonna gift you that work but well gifted you give me your email we'll stay in touch and hopefully we'll do some things together in the future but I want to add this to your life so number six like the sixth question I'm asking right now around purposes what do you need to spend more focus in time on so that you can remove distractions and fulfill that purpose right what's standing in the way so the equation starts with passion then we add purpose what narrows it down and focus then we're going to add production production just means simple actionable sequence to produce a desired result if we have passion and no action it's wishful thinking if we have purpose and no action well it's not purpose at all then is it it's maybe a dream so what's the next step for you be productive and your passion and purpose so in order to figure that out what needs to be immediately delegated if you're gonna ten times your income you've got to delegate some things those are the things that have to be done but what are the things you can eliminate what are the things that are wasting your time tugging at you that are escaped isms that are destroying your bandwidth that you're preoccupied with that limits your focus like I just find a lot of people have crazy excuses like all the garages and isn't taken care of or I got to get the house in order or I got to work on that project or whatever it is or I've got a sporting event I'm watching or I got to get through the TV series like what's preventing you from taking actions to fulfill on your passion and purpose so this equation is in parentheses passion plus purpose times production is going to create your profit profit is the byproduct of actions combined with excitement and energy right and when you have energy and drive and you connect that to an idea concept or activity this is the prosperity equation so what is your number one driver from immediately improving your cash flow is it plugging leaks not paying taxes not overpaying on interest is it simply doing more of what you do best and letting eliminating other busywork this is step one to get a thousand times more income over your life or at least ten times higher income today it isn't about doing ten times more work or working ten times harder that's not even physically possible for the majority of the population now there's some people lazing around not doing too much I get that but there's plenty of people with effort but their efforts paying off you know if it were just about effort my coal-mining family would have had more wealth than anyone could imagine if that's you know what I told you to do you just want to hit me if you're like oh yeah we're Carter that's a great idea Garrett so let's get to the next level it's the second piece if you want to you know have a lot more income and it comes down to the value equation you know have you ever heard the advice to invest in yourself well what does that mean is it buying a marketing program is going back to school is it hiring a coach is that all there is no first it's not only about investing money right it's about investing in yourself as a commitment to how you live it's a lifelong learning it's being in way that you can continue to get educated in the ways that you can create the most profound value so it's a way of being and how you operate if you think wealth is a function of buying the right stock or owning the right home or finding the best fund manager you can find that none of that can actually compete with the right of return produced by combining the prosperity and value equations together a large part of the value equation is relationship capital and how to maximize it and then combine that with mental capital which is essential for truly investing in yourself while others put money into programs they hardly understand with nameless and faceless managers and companies through mutual funds they miss the relationship capital available with the proper philosophy and commitment so how do we put this value equation in action what is it exactly well every individual learns differently it's critical that you identify and focus on the ways that your your preferred you know methods of learning and when you increase your mental capital which is our ideas knowledge wisdom insights tools strategies like what is it for you is it reading a book is it listening to an audio book that's an additive for me that's never a multiplier but it's a great start is it engaging with mentors or coaches or others one-on-one is that helpful for me that helps a lot more than just reading readings more of a supplement but engaging in the right conversations with the right people gives me exponential growth is that attending a seminar or a workshop I just went through a two-day book workshop at scribed was phenomenal because it had the structure and the accountability and the space to accomplish what might take me months or even a year but able to immerse within a couple of days is it go watching a webinar is it brainstorming with someone else that you know and respect is it you know launching something and testing it is that meditation or other spiritual disciplines that have you feel grounded or more expressed is it pursuing advanced education or even higher degrees or how is it watching YouTube right here what expands your mental capital that's the first key if you want to expand your income it's about the knowledge you have and how valuable that is to other people which takes me to relationship capital this makes a huge difference if you can find multiplier relationships amplifiers and catalyst this will change your life these are the key people right people you really resonate with and who are consistently bringing value to your life and spark ideas the people you love spending time with the most the people that speak about you so positively when you're not around to say that they've got to know you and they just they're your advocate right so if you go to wealth Factory calm /lw I you're gonna see I have exercised this to identify a relationship capital people networks organizations right the the family and friends and and you know subscribers and all these type of people that you can really identify and then figure out who adds the most I know a lot of people spend time with those that they can help but not nearly enough time with those that can help them I find that all the time so if you can start to identify your catalysts those people that make the biggest difference and really identify in that list you just had one catalyst that's not in your life right now it could change your life you take three you're gonna multiply everything you do ten can perpetuate your income way beyond ten times these catalysts are absolutely key they're the movers the Shakers they're the connectors they absolutely make such a huge difference so who are your potential relationships when you're looking to that can become a catalyst who are the ones you already know begin there create that list who are the additive relationships that are positive and they have a good impact on you but maybe not the exponential impact and then who are the subtractive relationships who are those people that take from you who are those people that undermine you or that you feel negative about yourself where you start to doubt yourself limit the time you spend with them and take that time back and invest it in catalysts because these are the people that make the biggest difference on your income all right if you get the workbook you can follow along with this video like I said at wealth Factory com4 slash l WI it'll help you kind of really dive in to everything that I'm teaching here and it's got some great insights and and questions and to really get clear about what you could do to increase your value therefore increase the amount of money you make now the third piece to this comes down to sole purpose sou l sole purpose is who you are when your true best its your abilities its your values including those passions and when we combine those together for the highest context of your life that's your sole purpose so even if you think you kind of know that keep working for clarification because once you get clear there will be an expansion and even a full expression so what are you doing every day to beat your best be creating a daily routine do you know what you do that's most valuable in the world do you know the things you're most unique and I find most people discount what they're best at you have time set aside to work on the most important activities align with your sole purpose or is it being crowded out by busyness when you find yourself happiest most creative most excited and how do you intentionally design that in your life and what do you get the most compliments and what do people rely on you most for like the more you really get to know yourself and understand the value provide you can't have an exponential increase in impact and that impact delivers more value in that value solves the major problems we face in this world but far too many are scrimping and saving and sacrificing and they're and they're delaying and they're deferring and they're scared and they're not sure what value they provide it's time to get clear about who you are to exponentially increase your income you need to stop risking your money and investments you don't control or in things you don't know and instead put the money back in yourself there's no return that can compete with the two equations of the prosperity equation and value equation to unlock your potential and exponentially increase your income now use those equations to unlock that potential and discover your sole purpose see now you have the knowledge to transform your thoughts into profits and build the life you love if you're looking for more on this topic check out my video on how debt can actually generate income for you right I want to have cashflow happening for you so you can take that cash flow and invest it back in yourself so you can get a win right up front you learn how to create lasting wealth that stays with your family for generations plus you can invest in your sole purpose I'll see you there

Channel: Garrett Gunderson

Views: 16,019

Keywords: Garrett Gunderson, Wealth Factory, Wealth Building Strategies for Entrepreneurs, Financial Freedom, Financial Independence, Getting to economic Independence, what would the Rockefellers do, business, success, entrepreneurship, Robert Kiyosaki, Matt Clark, Ryan Daniel Moran, Tim Ferriss, Grant Cardone, Increasing Your Income - The 1000% Formula / Garrett Gunderson, Increasing Your Income - The 1000% Formula, 1000 percent formula

Id: Kyji24DkMIw

Length: 13min 26sec (806 seconds)

Published: Thu May 07 2020