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Volume 5 Number 9   |   September 2015

Generating, Not Taking

Part of a Million Dollar Mindset is the realization that you can always make another dollar but can't make another minute.

If you want to purchase or invest, don't begin by thinking about where the money should be taken from. Instead, consider how the money will be generated.

We delimit ourselves because we focus on the "pain" of writing a check, or selling securities, or removing money from savings, or denying ourselves something in order to do something else. We are concerned about a net reduction in worth. I've heard people talk about how much they enjoy doing something each year, but despite the great experience and memory, they begrudge spending the money again this year!

We can make money easily, by:

  • Providing existing clients with new value.
  • Providing new clients with existing value (new for them).
  • Raising fees.
  • Lowering expenses.
  • Reducing our labor (freeing it up for other things).
  • Offering remote value (teleconferences, webinars, etc.).
  • Selling or licensing our intellectual property.
  • Creating royalties from our publishing and recording.
  • Creating more valuable and high investment proposals.
  • Maximizing passive income.

You get the idea. There are a lot of ways to make money.

Why wait?

The second requisite is that we are confident enough to make our own investment before we've made the money. I'm always saddened when someone says, "This is very important to me, and I'll invest as soon as I close another couple of contracts." That's a sure way to zero growth, because if and when the contracts arrive, something else will command attention. Of course, making the investment now might just assure the contracts arrive!

Why wait months for value that can enhance your success now, or even wait months to purchase something that will be meaningful and pleasurable immediately?

You need to have the confidence that you can pay back short term debt. You need to have the assertiveness to market new value and to find new markets. You need to look at your abilities and success as a continuum, and not a one-time accomplishment that might or might not be replicable.

Don't think in terms of "taking" money from somewhere and lessening your assets, think in terms of building your assets by investing in your talent, understanding that you can always make the money you need but can't make back the minutes you wasted in inaction.

© Alan Weiss 2015

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