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Just reading this list is exhausting. While these acts have beneficial and protective aspects, they have also encouraged businesses to move their...
I stepped onto the swimming pool deck for my first coaching assignment in 1973. After graduating from college I coached national level swimmers...
Sep 20, 2014The network marketing industry is one of the few industries that is built upon helping its members to succeed. There are many resources to...
This Month's Issue
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What is the mission that drives your business?
Happy New Year! I'm often ask, "what is your mission that drives your business" that is such a great question and that is why we want to start off this new year off with this important subject.
Have a blessed and prosperous 2015!
Founder and Publisher
- Wealth Building vs. Getting Rich Quick By:
- MLM Network Magazine Mar 2014 / MLM Network Magazine 2014 / MLM Network Magazine
- Crossed to
- MLM INDUSTRY , MLM PROFESSIONAL DEVELOPMENT , MLM MONEY , MLM WEALTH ,
- Paul Morris
- Added on
- Mar 1, 2014
- MLM WEALTH,MLMFINANCES,MLM INDUSTRY,MLM PROFESSIONAL DEVELOPMENT,MLM MONEY
So what is wrong with trying to â€œget rich quickâ€? Well part of the appeal of the get rich quick schemes is that you have the opportunity to be in on the ground floor. This means that you are joining a brand new start-up company and we all know the grim statistics as far as the longevity of start-up companies go. Seventy-five percent do NOT make it to one year, 95% do NOT make it to two years old and ONLY 1% make it to 5 years. So what makes one think that they are good enough to pick a company that will be the 1% that will survive 5 years. Letâ€™s put this in perspective with a real life example. Letâ€™s say you are leaving on a trip and you are walking down the jet way to board your airplane and you notice a sign that says: WARNING there is a 99% chance this plane will crash! Would you board that airplane? Absolutely NOT! Then why join start-up companies? (If you find yourself constantly joining startup companies, then maybe you are a victim of this syndrome and need to reevaluate your strategies for success) Well, believe it or not, there are a few reasons that people use to justify joining a start-up.
1. They believe that getting in on the ground floor will allow them to earn a lot of money before the company inevitably goes out of business. (As surprising as this may sound, I have had many people actually tell me that the program most likely will not last a year but that we can all get rich before it goes out of business. This is great for the first ones in, but what about the last crowd to join just before they close their doors) Note: This attitude is totally unconscionable and should never be considered. We all have a moral and ethical responsibility to offer only programs that are well funded and in which we are 100% confident in the management team and the quality and value of the product line. 2. They actually believe they have picked the company that will be the one that makes it. Of course the odds are 100 to 1 that they are able to do that. The above scenario can be the result of a serious addiction to the adrenaline rush of being the first few hundred in the world to know about it and the mad dash to call your friends before someone else does. Note: If are not working on your long range â€œWealth Creationâ€ program and find yourself jumping from one start-up to another, then maybe you are addicted! Do yourself and your family a favor and get started building a â€œWealth Creationâ€ program immediately. (Even if it is while you are launching your next get rich quick start-up program. LOL)I have friends who have pitched me on a dozen or more get rich quick programs in the last two years and today they have virtually nothing to show for it. Just think where could they be if they put all that time and energy into a true wealth creation program? Well to answer that here is a true life story of a friend of mine. He is an icon in this industry and I called him a few years ago to tell him about a new start-up company that I was involved in, and he told me he was sick and tired of chasing all the start-up companies and had just selected an almost 20 year old company because he knew if they were 20 years old they would likely stay in business another 20 years. He said he knew it would be a long grind and he had only earned a couple thousand dollars that month but expected the check to grow steadily month after month. Well guess what? He will earn greater than One Million Dollars (and with bonuses, maybe more than two million) this year! His wise choice and patience has paid off in a big way. His example should be a lesson for all of us. He could stop working today and have strong residual earnings coming in month after month for many years and even decades to come. He created true legacy earnings for his family. I would venture to say that if he had kept doing what he had been doing the five previous years prior to starting his wealth building career that he would most likely be broke today.
So what is â€œWealth Creationâ€ all about? Wealth Creation is carefully selecting a solid company that has had solid growth with a legitimate product for five years or more and that is still growing.Yes, you may not get exceedingly rich the first few months of building that program, but you will have started a procedure that is the beginning of wealth creation. The advantage of a wealth building program is that true wealth building programs are based on legitimate products that are affordable to the masses and are highly consumable and the MLM CUSTOMERS and distributors will get on and stay on â€œAuto-Ship.â€ They continue to stay on auto-ship due to the fact the product actually works and is affordable on a monthly usage basis. A â€œWealth Creationâ€ Philosophy can lead to developing a business that has the potential to become a legacy business that can produce â€œresidualâ€ or royalty type or pension type, earnings that potentially could come in for years and years to come and could be passed on to your children and grandchildren. So, if wealth creating is such a wonderful thing then why are not more people pursuing the wealth building process? For many, they have not saved up enough money from their previous program to be able to live for the next 120 to 180 days while they do the wealth building process. These distributors who did not save are in need of a quick hit, and that can blind onesâ€™ judgment causing them to grab the first thing they stumble upon. So does this mean that people should pass on all â€œget richâ€ schemes? (in my opinion, yes) but for some maybe the answer is no, not necessarily. If one finds themselves desperately needing cash flow then they may need to select a â€œget richâ€ type program that has a relatively good chance of making it and use that cash flow to start building their wealth creation program. The problem is that once someone starts earning the â€œfast moneyâ€ they begin to think they do not need the â€œWealth Creationâ€ so they do not engage in the long range business building activity and when the â€œget rich quickâ€ program crashes they are right back where they started. Broke! The reason most people are broke when the â€œget rich quickâ€ program crashes is that their greed causes them to roll all of their profits back into the program and they never do take out funds to set aside for a rainy day.
In addition to wealth creation it is important to also be simultaneously working on your â€œHEALTH CREATIONâ€ program.We have all heard it said that your health IS your wealth and there has never been a statement so true. â€œIt is amazing how so many people ruin their health trying to gain their wealth and then spend their wealth trying to regain their health.â€ The best solution to this dilemma is to select a health oriented MLM company for your long range wealth building and start using their products on a daily basis and to pay attention to diet and exercise. There is an old Native American saying that goes as follows; â€œDig a well BEFORE you get thirsty.â€ So start working on your wealth creation now. Another favorite saying is that â€œIt wasnâ€™t raining when Noah built the Ark.â€ Your wealth creation program can be your ark that will help you weather any financial storms that may come your way. So start building you wealth and health creation ark right now! While in the quest for earning money realize that true Success in Network Marketing, as well as success in life, has little to do with how much money you made in one month or in a short period of time, but rather how much residual earnings you were able to develop for your family and how many lives you touched along the way. Also, building wealth by creating residual earnings is only phase one of this process of wealth building; you must learn to manage the cash flowing in to you or it can slip right through your fingers. We all know people who made fortunes and are broke today. We have all heard that â€œit is not how much you earn, but rather how much you KEEP that matters.â€ Commit to reading books on money management and learn how to manage your finances. Discipline yourself to save. Pay yourself first (or second, depending on my last comment at the end of the article). When you receive a check, cash or a direct deposit, IMMEDIATELY place 10% into a saving account. If you are an independent contractor and this is 1040 earnings, consult with your accountant to see how much should be set aside for potential tax liability. Use an online tax program specifically designed for Network Marketers to keep track of all of your deductions to minimize any liabilities. And one more thing; there are spiritual laws that affect the wealth of an individual so make sure you pay attention to any directives of your own particular faith. Note: Paul Morris is a contributing author for several MLM Magazines and Newsletters. The above article was written for a recent Online Networking Magazine. If the idea has piqued your interest in finally doing something that can build long range wealth then you should be aware that there are a few (very few) companies that fit into the category of being solid wealth creation companies that still have some explosive growth potential. Contact Paul to get more information.