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How Do You Make A Million
Dollars?
Do you remember the old joke, How do you make
a million dollars? You start with two million! Not funny!
It’s been a pet peeve of mine for many years.
Not only since I have had enough money to invest, but especially
before I had the money. You have seen it many times. Maybe it
didn’t bother you as much as it did me, but I’m betting your
response to them was something akin to: "Oh yeah, well when I
get a million dollars, I’ll call you."
My guess is that you realize that I am
talking about the so called experts who stand ready to give you
all the financial advice you can stand on how to invest your
money. Like you, I have heard many of them over the years, one
just this week in a seminar, in essence saying, "Now that you
have made a lot of money, let me tell you how to invest it."
I basically see two things terribly wrong
with this whole concept. The first is the obvious one which is,
‘if you are so good at investing, why are you still working
trying to get your hands on my money?’ The second is a little
less obvious but none the less pertinent, ‘if you are so good at
investing, why are you working for someone else?’ Shouldn’t you
be like Warren Buffet and have made a success of your investment
advice and be living on easy street?
But there is a third and more eminent
underlying problem here, and that’s for the man or woman who has
not made all they money they want as yet. Financial experts seem
to be at a complete and total loss as to advising you on how to
make the money to begin with. That’s where I’d like some advice,
‘How do we make the money, so that we can invest?" If they are
in fact financial advisors, then they should be able to help us
make the money too. Right?
OK, I’m not here to pick on financial
advisors, even though I think they should rightfully be called
Investment advisors and they should only offer advice if they
are already financially independent themselves. So let’s get to
the purpose of this little column, how to make money in the
first place.
Here’s a concept that will serve you well:
Profits are better than wages. Wages will make you a living,
profits will make you a fortune. Wages are by definition
self-limiting. You are paid for what you do. Profits on the
other hand are open ended. You make money based on how much
business is done, whether you do it or not. An important concept
to remember even if you are currently working a salary based
job. You can and you should be thinking of getting into
something, even part-time that makes profits for you.
Opportunities abound today with ways to make
money via the profit system rather than the wage system. You
only need to do your homework to decide which type of business
you want to engage in. Sometimes it can be a little difficult to
choose which business opportunity you would like to pursue. So,
as someone who has been in my own business for over 25 years and
have watched many succeed and some fail, I may be able to offer
a check-list, if you will, of some things to think about when
you do your research for a business.
1. Pick a business that you would
enjoy the concept of the business itself. You have heard
people say ‘follow or find your passion.’ They mean, do
something that you love to do and you’ll do it better than
people who don’t love it. And if you do it better than others,
you’ll naturally make money at it.
2. Don’t let current economics dictate
your decision. Remember that over the history of the world,
businesses have succeeded and failed in the best and worst of
times. Even in the middle of the great depression of the 1930's
some people made fortunes and even in the midst of the
prosperity of the 80's and 90's some people went bankrupt.
Economic times should not play a part in your decision.
3. Pick a business that will run and
operate as well when you are not there as when you are there.
If you have a business that depends on you to operate, then you
don’t own a business, you own a job. You are right back in the
same position as with a wage earner. You want a business that
runs itself, but can be guided by you.
4. Pick a business that is fairly easy
to get into. So that if you do make an error and pick the
wrong business, you won’t have sunk your money and time into
something that you now "have" to make successful. You probably
will make a marginal success of it, and wind up resenting the
very business you have started.
5. Don’t take the advice of your
friends as to what you should do. Just because a friend or
hot shot sales representative tells you this is the thing for
you doesn’t make it so. Give some serious thought as to what
would make you really happy and concentrate on that. Remember
that there are many aspects to virtually every business and you
can often be involved in one aspect or another without having to
do the whole industry.
6. Don’t let the attraction of money
lure you. One of the big things that recruiters do is hold
out the prospect of ‘Big Money’ to potential buyers. Any
business that is successful will bring you the kind of money you
are looking for. People have made fortunes in everything from
owning garbage companies to manufacturing rubber bands. The
money will follow, don’t be the victim of being lured by the
promise of big money.
7. Pick a business because you like the
people involved. I personally know people who are in
business, and don’t actually like the kind of people who are
attracted to that business. If you are not a natural sales
person, don’t pick a business where you have to sell things. If
you are not mechanically inclined, for goodness sakes, don’t
pick a business where you have to fix, build, repair or assemble
things. If you are not a math person, don’t go into a business
that is full of accountants. You’ll just drive yourself crazy
and wind up quitting the whole thing.
Being in business for yourself can be a
wonderful and very financially rewarding experience. Be sure
that you take the time to pick a business that you are going to
feel that way about even in the difficult start up and growth
phases. If you love what you are doing, then you’ll love working
your business anytime, not just when the money is good.
If you would like more information on the Active 8
Business Opportunity, go to:
http://www.myactive8opty.com/
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