Sunday, April 23, 2017

How to Leverage Your Income with Overrides

A little-known fact in life is that one of two things is happening every time you get paid: you are either overriding people and getting wealthy or someone is overriding you and you are helping them get wealthy.

For instance, let’s say your employer is paying you $36,000 a year. What do you think he needs to be making off your efforts in order to afford to pay you $36,000 a year? The answer is, at least double, but probably around $100,000 would be more realistic. So, if he is making $100,000 on your efforts and he is paying you $36,000 then he is probably actually paying you more like $40-something thousand because of social security and all those other things that you are not aware of that he is paying. On top of that, with all of the benefits and taxes that he has to pay on your account, you are probably costing him around $50,000 per year.

So, if he makes $100,000, then the difference from what you cost him and what he makes is $50,000! That $50,000 is his override on you.

If you are an employee you are being overridden – everybody! Even if you are making $200,000 - you’ve got to be worth a lot more than $200, 000 for somebody to pay you $200,000! So, you are being overridden right now too.

Now, think about your employer, are you his only employee? How many employees are there at your work – about one hundred? So, let’s say he’s making $50,000 per employee in overrides. What’s he making? A lot of money, right? He is taking advantage of what is called leverage. That’s why being a business owner is better than being an employee, because now you can start leveraging your time and energy.

“I would rather earn 1% off a 100 people's efforts than 100% of my own efforts.” ~ John Paul Getty

Making 100% off 1 person’s effort is the most unstable form of income this planet has ever known, yet it is sold with a false sense of security. Most people think that they have security when they have a job. However, the problem is, you don’t own your job and it can be taken away from you at a moment’s notice. You have absolutely no control and 100% of your income is off your efforts. That is why it is a false security.

True security is having a thousand people who you are overriding.

Overrides are the most stable form of income. Overrides don’t get sick; they don’t get hurt; they don’t die; they don’t get laid off and they can work 24/7/365.

The bad news is that 95% of Americans are employees and are being overridden while only 5% of Americans are business owners who are doing the overriding. The good news is that America is the Land of Opportunity. It’s not too late to get yourself in position to start a business, perhaps even on a part-time basis, and plant the seeds to creating a stream of overriding passive income where, as your income grows, you can lessen your dependency on having to have a boss or having to have a job.

I'm so excited to share this information with you. If you have enjoyed the information or feel that it would benefit someone else, please share it. If you have any comments, please post them below, otherwise, feel free to contact me.

Sunday, April 16, 2017

Why You Should Be a Student of Your Own Life
Written by Jim Rohn

One of the ways we learn how to do something right is simply by doing it wrong.

Let me share with you two of the best sources of information available.

1. Your Own Experiences
Become a good student of your own life. It’s the information you are most familiar with and feel the strongest about, so make your own life one of your most important studies.

In studying your own life, be sure to study the negative as well as the positive, your failures as well as your successes. Our so-called failures serve us well when they teach us valuable information. They’re frequently better teachers than our successes.

One of the ways we learn how to do something right is simply by doing it wrong. Doing it wrong is a great school for learning, but I would suggest that you not take too long doing this. If you’ve done something wrong for 10 years, I wouldn’t suggest taking another 10. But what a close-at-hand and excellent way to learn: from your own experiences!

When I met my mentor Mr. Shoaff, I had been working for six years. I started when I was 19, and when I met him, I was 25. He said to me, “Mr. Rohn, you have been working now for six years. How are you doing?” I said, “Not very well.” He said, “Then I suggest you not do that anymore. Six years is long enough to operate with the wrong plan.”

Next he asked, “How much money have you saved in the last six years?” I said, “Not any.” He said, “Who sold you on that plan six years ago?” What a fantastic question! Where did I get my current plan that wasn’t working well? Everyone has bought someone’s plan. The question is whose? Whose plan have you bought?

Those initial confrontations might be a little painful at first, especially if you have made as many errors as I have. But think of the progress you can make when you finally confront those errors by becoming a better student of your own life.

2. Other People’s Experiences
Remember, you can learn from other people whether they have done things right or wrong. You can learn from the negative as well as the positive. Some human stories are called examples: Do what these people did. Other human stories are called warnings: Don’t do what these people did. What a wealth of information: knowing what to do and what not to do. If your story ever gets in somebody’s book, make sure they use it as an example, not a warning.

There are a couple ways to learn from other people.

Read all the books by and about people who have accomplished great things. All the successful people around the world I know and work with are good readers. They just read, read, read. They are driven to read because they just have to know. It is one of the things they all have in common.

Successful people also listen to audiobooks, especially while they’re in their cars or during other times when they can’t read. Audio can help all of us easily pick up new ideas and skills—like how to be strong, more decisive, a better speaker, a more effective leader, have a better effect on other people, become more loving, develop a more winning personality, get rich, develop persuasive influence, become sophisticated…. And people don’t utilize these resources.

So many successful people have written their stories in books and told the world how they became successful, and most people don’t want to read or listen to them. How would you explain that? They’re busy, I guess. They say, “If you worked where I work, you’d know that by the time I struggle home, it’s late. I’ve got to have a bite to eat, watch a little TV and go to bed. I can’t stay up half the night and read.”

Imagine someone who is behind on the bills. He’s a good worker and very sincere. Unfortunately, you can be sincere and work hard all of your life and wind up broke, confused and embarrassed. You’ve got to be better than a good worker. You’ve got to be a good reader and a good listener. You don’t have to read or listen to educational programs half the night—although, if you’re broke, it’s a good place to start. All you need are just 30 minutes a day. That’s all. Stretch it to an hour if you can, but set aside at least 30 minutes.

Hear or read something challenging, something instructional, at least 30 minutes a day, every day. Miss a meal, but not your 30 minutes. You can get along without some meals, but you can’t get along without some ideas, examples and inspiration.

There’s a biblical phrase that says, “Man cannot live on bread alone.” The most important thing aside from bread is words. Words nourish the mind; words nourish the soul. Humans have to have food and words to be healthy and prosperous. Make sure you have a good diet of words every day. And remember that to properly feed the mind, you must maintain good balance. Don’t just read or listen to the easy material. You can’t live on mental candy.

With good books and programs, you can “tap into the treasure of ideas.” And if somebody has a good excuse for not tapping into the treasure of ideas for a least 30 minutes every day, I’d like to hear it. You wouldn’t believe some excuses I’ve heard.

I say, “John I’ve got this gold mine. I’ve got so much gold. I don’t know what to do with it all. Come on over and dig.” John says, “I don’t have a shovel.” I say, “Well, John, let’s get you one.” He says, “Don’t you know what they want for shovels these days?”

John has the wrong perspective. Don’t make the same mistake. Invest the money, get the programs and books. The best money you can spend is money invested in your self-education. Don’t shortchange yourself when it comes to investing in your own better future.

Jim Rohn, America's Foremost Business Philosopher, reprinted with permission from Jim Rohn International © 2017. As a world-renowned author and success expert, Jim Rohn touched millions of lives during his 46-year career as a motivational speaker and messenger of positive life change. For more information on Jim and his popular personal achievement resources or to subscribe to the weekly Jim Rohn Newsletter, visit www.JimRohn.com.