Is Your Wealth Model Broken?

charles-bukowski-quotes-how-in-the-hell-could-a-person-enjoy

Your wealth model is your total income and the means by which you attain it. If the post above is familiar to you, your wealth model just might be broken.

“When you work for others, you are at their mercy. They own your work; they own you. Your creative spirit is squashed. What keeps you in such a position, is a fear of having to sink or swim on your own. Instead you should have a deeper fear of what should happen if you remain dependent on others for power. The ultimate power in life is to be completely self-reliant, completely yourself.” – 50cent The 50th Law

The first step to shifting this model to a more effective one is to start your own business. How do we do that?

Define the following:

  • Your product/service (What can you offer?)
  • The demand for it (Who would pay for it)
  • Your competitors (Who else offers similar services)
  • Your target market (Who will you sell to)
  • How to Market to them (What’s the best medium to reach them)
  • How Much to Charge (Cost vs Value)
  • How to Keep them coming back (Delight and retain)

Think about it, right, with a business, if you can learn how to sell something for $10, you can do that 100 times and make $1000, then to that 10 times and make $10,000. Then do that 10 times and make $100,000 and again another ten times, that’s $1,000,000!  Do you think you can do that with a job, trading money for time?

No way.

Owning your own business is the most effective method to wealth building.

I remember my own ‘light bulb’ moment. I had been working in the hospitality industry for a few months. The hours were gruelling,. I barely saw my child and barely had time for myself. The salary did not match the required hours.

I thought to myself, if I could get up at 5 am every morning, stroll home at 11 pm each night for someone else’s profit, how much energy would I put into my ownbusiness?

This simple self-reflective question changed everything. Immediately, my energy shifted from building their company to building myself. According to James Altrucher, “Don’t quit your job immediately. You’re going to get fired eventually anyway.”

Progress follows energy and effort.

With this new shift, you will notice less energy being put in your daily job duties as your time and mental energy goes into research, networking, planning for you own future.

Selfish/unethical?

Hardly.

You have to realize that as an employee, you are replaceable.

The only way to have what you want, is to build it. If you live in fear of losing your job, they can ask you to put up with undesirable conditions and you will agree… Out of fear. Unless you are steering your own ship and by extension, your destiny, you are just a cog in their system.

You have to break out of the mold and recognize that everything that you have been investing in building someone else’s empire could be used to start your own.

I admit it isn’t easy to suddenly change course and drop everything  to explore a brand new life. That’s what this blog is for.To encourage you through the steps.

Millions of others have done it and so can you.

All the best in your future freedom-seeking adventures!

Stephanie.

 

For additional motivation on your journey to financial freedom, check out this EBook for tips on how to shift your mindset from the 9-5 to wealth building mentality.

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Overcoming ‘Shiny Job’ Syndrome

change direction

“We are going to have to let you go”.

I heard the words with the surreal realization that I was saying them.

I was firing someone.

As a person who feels deeply, one of my greatest challenges in business was separating my empathy from what had to be done. This employee had received several warnings and probations, but simply refused to or was incapable of complying with our customer service policy.

She had to be let go. I hadn’t made the decision but I supported it and I had to be the one to do it. As operations manager of a fairly small grocery store, the bulk of personnel management duties fell in my lap. I knew it wouldn’t have been a pleasant experience, yet I was not prepared for the begging, the tears, the promises to improve.

At this point, my hands were tied. I had to let her go.

I tried exploring options with her. “What will you do?” (That empathy thing again)

Between sobs, I happened to pick ip a few distressed phrases.. “hairdressing” “beautician certified”…

You’re telling me you have a very practical and high-demand skill yet you choose to stay here and work for someone else as a cashier? Why would you want to do that instead of starting your own business? You could work from home, decide on your own hours, set your own prices… I was taken aback. I had always wished I had a skill that could bring in an extra income..

I couldn’t understand the rationale of this employee. After almost an hour locked in my office, I convinced her to set up her business, offered to print her first set of 100 business cards and to get a few customers (my sisters) to support her initial efforts.

She had the opportunity to easily earn twice what she did now, tax free, working less hours and days than she currently did. Bonus, she didn’t have to operate in a constricting slave like environment or suffer an insufferable boss. My dad wasn’t the most human-asset friendly business owner. He is from an outdated era.

I call this the “Shiny Job Syndrome”. We have been fed the false idea that success is defined as ‘being employed’. We mentally pedestalize this belief and automatedly follow a programing that is outdated.

No matter how impressive the salary, a company can never accurately pay you for the value that you add and the time that you give. No matter how secure the position, there is always the possibility of being laid off, fired, or of the company going bankrupt or out of business. No matter how prestigious the title, depending on the whims and decisions of others steals your creativity. No matter how much initiative you are allowed to exercise, you will never be at the helm.

We spend our lives trying valiantly to protect ourselves from the same crises that will catapult us towards freedom and financial independence.

For years, I wanted to write. I was dissatisfied with my job. Yet, it wasn’t until I lost it all; the income, the security, the great apartment… Not until then did I find the courage to follow my dream with the only thing I had left. Me. I had nothing but myself, my time, my creativity, my initiative, my goals, my dreams, my desires.

It felt strange not having someone to answer to; not having a boss telling me what to do. How would I know when I was doing something wrong?

“You never realize how bound you are until you feel the heavy responsibility of freedom”.

And, it’s scary.

It is a scary thought knowing that, without instructions, every failure, every fumble is your own. There is no one to blame, no company policy to fall back on, no employee assessment to scrape through. But, beyond that fear, lay exhilaration. The thrill that I was creating something that was all me… No template, no rules.. no standards, no limitations. No commission. All mine. Loss or win, I owned the outcome completely.

And, to me that was worth it.

I had to carve out an identity. My old one was lost on having to answer to bosses, fit into corporate images and absorbing job-ideal expectations. I determined that if there ever was a business culture I wanted to support it would be one built on freedom. On the right of every human being to discover and pursue his or passion.

Instead of passively disciplining people, I wanted to help them discover the courage to start their own businesses using skills and interests and passions. So I wrote a book and started this blog.

I made a decision that the risks were worth it, the initial rejections – worth it. The up hill struggle to get that first client – totally worth it. Just to gain my independence, live my passion and do something meaning to me on a personal level.

It’s not easy, but with a little guidance and lots of determination, it can be done.

Check out Creating a Wealthy Mindset on Amazon for practical methods of unplugging your mind from the Shiny Job Syndrome mindset.

You Are NOT Your Job!

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Why is it so depressing to lose one’s job?

Ok, admittedly, you just lost the income you have been living off and depending on for food and bill payments. (that sentence was indeed quite depressing)

But really..

Even when you are still eating quite well, sleeping in a comfortable bed and not facing prison for any major debts, being unemployed just seems to have its own personal, dark cloud of gloom.

The problem is, like most other unshakable irrational characteristics of societal living, your job forms a huge part of your identities.

We let jobs decide just how valuable we feel. We allow them to dictate our worth as a contributing member of society. On an attached thread, we allow our salaries to determine our worth.

This is a destructive thought process considering we have very little control over being hired, fired or demoted at any time.

Despite what you have been hardwired to believe, your worth is not determined by your job.

Don’t believe me?

Think of all the skills and talents you have that do not directly contribute to your current job description. The boss doesn’t know about your amazing TV trivia skills. Neither does he know that you have a knack for fashion and constantly get complimented on your great outfits. The fact that you can make a moist yummy chocolate cake from scratch has never come up in a performance assessment.

Think about it.

Go ahead and take a minute to write down all the things that you are really good at and that you actually enjoy doing. The things you would never list on a resume because recruiters don’t give two hoots about those kinds of skills.

In fact, create a “life resume” listing all your amazing experiences. Add personal experiences you are really proud of such as quit smoking, taking  a public speaking course , learning a language or performing a choreographed, dance routine in front of hundreds of people. (Such memories)

Be sure to add all your great qualities, unique skills, the things that your friends always call you for advice about. All these things are what make you, you. Not your job. It is said humans only use a small percentage of the brain.

Well, most jobs only require a very small percentage of your entire life skills, strengths and abilities.

Do not be defined by your job. That is not who you are. It is something that you do for a living. If you ever feel the desire to make a living doing something that you really love and that you’re good at, check your life resume as a reference for ideas.

Start seeing yourself for what you are really worth. Your value and worth lies in the things that you enjoy doing and that you are also good at. If you can find a skill on that list which can be monetized, pursue it.

Instead of being defined by your current situation, you can change your thinking from ‘I need a job’ to ‘I desire to build wealth‘ by pursuing something you are truly passionate about. This simple shift will open up a world of possibilities you never saw before.

You are worth so much more than your job.

Losing The Fear Of Change

I didnt forgetwhere i camefrom. i justcan't stay there

The tiles were yellow and faded.

Aged and handled magazines covered the coffee table. As I sat in the doctor’s office of my hometown, I saw several familiar faces. People I had known forever but never quite got around to meeting.

It was my first week on the road as a Pharmaceutical Rep. As I patiently waited for the receptionist to signal for me to steal a few minutes with the doctor, I overheard a conversation between two patients.

“I didn’t know you still lived in this town”. A young man in construction boots and soiled clothes responded, “I was born here. Where else would I be? I’m not going anywhere.”

A very simple realization that many people never get, is that fact that…

You are not a tree!

You are not planted where you were born or to any destination or situation that you happen to land in. You always have a choice to move. As humans, growth and change are not only natural, they are inevitable.

If you choose to stay where you are because you are very happy there, then that’s great! But that is very different from the notion of staying in one place simply because you were born (not planted) there.

You have to no obligation to stay where you are. Travel and explore. Have adventures and discover other places and things that resonate with your desires; your authenticity.

You owe it to yourself to find out what you like and dislike outside the influences of your hometown folk.

Similarly, never stay in a career or a job simply beacause you made that choice when you were younger. Never be afraid to move and try other things. Never be afraid to admit, “This isn’t for me. Let me try something else”. Discover your passion, try a new hobby, start a side business.

See what else is out there.

I dare you to move.

You can start by ordering a copy of Creating a Wealthy Mindset. Start by removing the mental untruths that have prevented you from living the life of your dreams.

Discover financial freedom and pave your path to success.