How to Increase Your Income In Your Financial Plan
If you’ve done the Millionaire Math your first realization is that you don’t have the money required to achieve your wealth targets. It is plain as day. Many people go into scarcity mode at that point and quit. They think in terms of what they have instead of what they can create. To build wealth you must always be thinking about what you can create. In this case, it is income. You must create income. Financial advisors don’t talk about this. I do.
I’m going to be up front with you. You must know how to sell. It isn’t negotiable. Income is generated when an exchange is made. That means sales have to happen. Bottom line, hands down you need to be on Cardone University. If you’re serious about sales like I was when I had this realization, you won’t mess around and you’ll just make it happen.Click here to get 12 months of access to Cardone U, one on one coaching, group coaching, and a personalized wealth creation formula.
Now if you’re going to sell and Cardone U provides the “how” portion of selling then the only remaining question is the “what”. What should you sell? I have 4 things you must use to determine what to sell.
1. Is there margin? In sales this is the difference between the cost and the selling price. When you sell 1 unit, do you make a good profit? If not, it means you will need to sell LOTS of units to make any real money. This must be taken into consideration.
2. Is there volume? Is this a product or service that lots of people can and will buy? Sometimes a high margin can limit the size of the audience. Take commercial real estate sales for example. Agents make lots of money per sale (margin) but often times they only close a few transactions per year (volume) because not every can and will buy. You want a mix of margin and volume so you make lots of money per sale and lots of sales over and over.
3. Is it ethical? This is 100% subjective. Do you believe the product or service is making a massive positive impact? If so, you’ll have no reservation in selling it. If not, you will always be timid and not be willing to promote and push. The ethicality of something is going to be based on your own personal opinion. Obviously it shouldn’t be illegal, but beyond that, it needs to be something you can back 100%.
4. Who is leading the charge? Are you going to be a solo-prenuer? If so, do you have the level of intensity and drive to do the hard things that will be required to really succeed? If not, you should go work for someone who has those qualities. Conversely, if you’re working for someone who isn’t going to push the way you need them to, then you will more than likely need to go find another leader. I went through this personally for about 4 years until I realized I had to be my own leader. I’m an intense guy and I can’t work for someone else. Find what works for you.
Ultimately, you need to be saving money and investing so that you can create prosperity and wealth. You can’t do either of those two things without income. If you’d like to work with a financial professional who will do more than just sell you life insurance and a mutual fund, contact me. I understand that you need to create income and that you can’t do what the middle class does if you want superior results. Click here to schedule a phone call.
If you’re a follower and have not read my book “The Blueprint to Financial Freedom” yet, that is the place to start. This book covers the specifics for each level in the various chapters, and you can grab the book for free as my gift.
Click here to get a copy!
The Blueprint to Financial Freedom by Jerry Fetta
To Purpose, Wealth & Freedom,
Jerry Fetta
Jerry Fetta is the CEO and Founder of Wealth DynamX. He is a nationally recognized financial expert featured in Forbes, Yahoo Finance, Fox, Chicago Weekly News, New York Finance, interviewed on over 45 podcasts with world renowned experts, earning endorsements and affiliations throughout his career with names like Kevin O’Leary, Grant Cardone, Dave Ramsey, and Pamela Yellen.
Jerry’s mission in life is to help create millions of financially educated and solvent families achieving greater financial freedom and sharing the truth about money with those around them.
Learn more at www.WealthDynamX.com
(DISCLAIMER: The information in this content should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Wealth DynamX can and does not provide advice unless/until engaged by you.)
