If you can do all 3 then you will 100% have wealth in the future!
There is nothing more complicated than that!
Let's discuss each one in detail
Step 1: Selling
No more matter whether you hate selling or not, you MUST know how to sell in order to build wealth! There is simply no excuse not to know or learn how to sell. Those that want to make money without knowing how to sell will remain trading their time for money.
Unlike trading time with money, selling is not proportionate with time. If you are an experienced seller, you will find yourself putting in a lot of time for very little reward. But once you become much more experienced, you will be making more money compared to the time you put it. The better you are at selling, the more your earnings outpace your time invested. And it is the money outpacing your time is the first step of building wealth. Sure you can stick with step 1, ignore the other steps and still build wealth, many people have done this and have become wealth simply by selling. Everyone who has built their wealth have had experience in selling and putting deals together.
Now you that selling is important, you need to figure out what you would like to sell.
You can choose the following options:
- Sell high-price items. These tend be harder to sell but you don't need to sell in large volume
- Sell low-price items. These tend to be much easier to sell but you need to sell many
You can also choose to:
- Sell in person. Some people tend to prefer to buy if they can see the item first or if they want to see who they are buying from but you will have a very limited reach. High-price items are typically purchased in person
- Sell online. Some people tend to prefer to convenience of buying online. You can sell to anyone in the world and it is easier to sell low-price items than high-price items
For me, I chose to sell real estate as they are very high-price items and are suitable for my preference.
If you lack selling experience, then it would be a good idea to learn from someone with the experience. You don't need to work for them forever, just long enough for you to gain the experience and confidence for you to start selling yourself. My advice would be to find someone with the experience of selling something you are looking to sell and offer your time to work for them for free in order to gain that experience and confidence you seek.
For me, I offered my time to work for real estate agents for free to learn the buying and selling process. I did everything they offered and listened carefully to their advice. And once I gained that experience and confidence myself, I then started to sell real estate myself!
Step 2: Saving
Now that you have made money from selling, you need to save that money! If you keep spending the money you earn from saving then you will have no money to build your wealth with. Save as much as you can and only spend when necessary.
For me, I saved at least 50% of what I earned. I use my money to pay my bills and food but the rest is left untouched.
Get into the habit of saving!
Step 3: Invest
So you've made money from selling and you saved a lot. The final step is to invest it. Because although you can make a lot of money from selling, sales is very unpredictable each month. One month you can make $15,000, the next month you make $400. Investing is your safety net where you can still make money every m0nth regardless of how good or bad your month is. Investing also offers you the opportunity to make money passively while you continue to build your wealth through selling.
There are many ways to invest: real estate, stocks, bonds, small business, loans etc.
For me, I chose to invest my money in real estate, so every month I have rental income coming in every month. And the more money I made from selling, the more properties I bought to invest in.
Over time, I became better at selling which meant I earned more money per month, which also meant I had more money to invest in more properties so I had more rental income per month. Over time, the combination of sales and rental income made me very wealthy!
Here are some figures to put into context:
- When I learned to sell real estate, I was making at least $1,000 per sale in commission
- I would make several sales per month, making anywhere between $1,000-$10,000 in commission per month
- I saved up $60,000 to be a 20% deposit on a property worth $300,000
- I aimed for 5% yield in rental income so I was making around $15,000 per year (or $1,250 per month) in rental income. I was making this money no matter how many sales I made per month
- Averaging around 5 sales per month, I was making $5,000 in commission + $1,250 in rental income on one property, so in total I was making $6,250 per month
- With my earnings, I saved another $60,000 and bought another $300,000 property, now I make $30,000 per year (or $2,500 per month) in rental income, increase my earning per month to $7,500
- I kept saving money and buying more propertis, making even more rental income
- The first biggest milestone was now earning $2,000 in commission, selling 5 properties and now holding 5 properties. So now my monthly earnings is $16,250 ((5 x $$2,000) + (5 x $1,250)
- As I kept selling more properties, making bigger commissions from each sale, I continued to save and invest in more properties. Until eventually my rental income was $100,000 per month (or $1.2M or year). I still sell real estate but now no mattter how many properties I sell, I will still have $1M per year
Building wealth is that easy! It takes time but it's simply 3 steps that you repeat over and over and over again!
I used real estate but this formula can apply to anything if it satifies the above criteria. Here's a bonus example of another wealth building strategy I used for a different product, but still using the same formula:
I created an online store where I sold mid-range watches. I learned to be better at selling online and found myself selling more watches each month. I saved the month I earned and invested in mutual funds that generate me around 5% return each year. Over time I increased my profit by selling more watches each month and continued to invest more more into my mutual funds. Over time, the money I made from increasing my watch sales combined with the returns I made on my investments increased my wealth even further!
It really is as simple as 3 steps!
Those that take the regular mentoring sessions have been able to make an average of $10,000/month within the first year!
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