Wednesday, July 16, 2008

"You'll never get rich . . . "

While sitting in the Pittsburgh airport this weekend, waiting for my bag, I picked up my Secrets of the Millionaire Mind book by T. Harv Eker. He hasn’t touched on network marketing much except to say, “Consider network marketing” when I was considering other options. Just minutes ago, I read the following excerpt:

I encourage you to work “for yourself.” Start your own business, work on commission, get a percentage of revenue or company profits, or get stock options. Whatever your vehicle, make certain you create a situation that allows you to get paid based on your results.


Prior to this paragraph, he quoted his father, who said, “You’ll never get rich working on straight salary for someone else. If you’re going to get a job, make sure you get paid on percentage. Otherwise, go work for yourself!”

T. Harv Eker, in case you didn’t already know, is a multi-multi-millionaire. Something that occurred to me in the airport restroom is that most people get their advice from people who are very near the same level of financial success as they are, but I’ve decided that in order to break past the level of comfortable and into obscene generosity, I’ve got to get my financial advice from extremely successful people.

Next, Eker says:

Personally, I believe just about everyone should own their own business, be it full-time or part-time. The first reason is that by far, the vast majority of millionaires became rich by being in their own business.

Secondly, it’s extremely difficult to create wealth when the tax man is grabbing almost half of everything you earn. When you own a business, you can save a small fortune in taxes by writing off a portion of your expenses for such things as your car, travel, education, and even your home. For that reason alone, it’s worth having your own business.

If you don’t have a brilliant business idea, not to worry: you can use someone else’s. First, you can become a commissioned salesperson. Selling is one of the world’s highest-paid professions. If you’re good, you can earn a fortune. Second, you can join a network marketing company. There are dozens of excellent ones, and they have in place all of the products and systems you need to get started immediately. For just a few bucks, you can become a distributor and have all the benefits of owning a business with few of the administrative hassles.

If it resonates with you, network marketing can be a dynamite vehicle for wealth. But, and this is a big but, don’t think for a minute that you’re going to get a free ride. Network marketing will only work if you do. It will take training, time, and energy to succeed. But if you do, incomes in the range of $20,000 to $50,000 per month—that’s right, per month—are not uncommon. In any case, just signing up and becoming a part-time distributor will give you some excellent tax advantages, and who knows, maybe you’ll enjoy the product enough to offer it to others and end up making a nice income to boot.

. . . In the end, the only way to earn what you’re really worth is to get paid based on your results. Once again, my dad said it best: “You’ll never get rich working on straight salary for someone else. If you’re going to get a job, make sure you get paid on percentage. Otherwise, go work for yourself!”

Now that’s sage advice!


Now for my commentary on Eker’s quotes:

“Just a few bucks” for Eker is different from my definition of “just a few bucks.” At the same time, when I think about how much it would cost to, say, start a restaurant or a retail store, it’s significantly more than I can currently afford, and I’ve heard that it takes about five years to really start seeing a profit. Five years!

With CTCV, we didn’t have to borrow any capital to get started, and we make our full purchase price back after two sales. We start seeing a profit after the third sale. Some people make their first two sales in the first day they become a member, making their investment back right away! (From noon on Wednesday, July 16, to noon on Thursday, July 17, you can actually make a profit on your SECOND sale!) Contact me to find out how! E-mail loritodd@increasingfreedomnow.com or call (615) 46-8079.

Eker also mentions avoiding the administrative hassles that come with most businesses. To quote Eker again (same chapter, page 128):

You have to understand, it costs a company a fortune to have an employee. Not only do they have to pay salary or wages, but they have to pay a whack of money on top of that to the government, often to the tune of 25 percent or more above what the employee earns. Add to that the cost of the benefits package that most employees get, and you’ve probably got a 50 percent savings to a company that chooses to hire you as an independent consultant.


Eker also says there are “dozens” of excellent network marketing companies. Not “hundreds” or “thousands,” but dozens. That’s because there are hundreds and thousands that are not excellent. One of the main draws for me with CTC is that I personally know the co-founder. I know that he’s not a crook peddling a scam. He’s genuinely interested in building a home-business that’s second-to-none. He’s genuinely interested in helping other people become wildly successful. He’s genuinely interested in increasing his support of the organizations he has volunteered with for years.

Tod Bell, the co-founder of Cruise to Cash Vacations, said to me in Orlando, “It’s selfish to want just enough.” Think about that for a minute. So often, we have heard that the desire for more money is selfish. But , truly, when you’re not in a position to be able to give, when you only have just enough to get by, you’re in a position of selfishness. Compare that to the person who is able to give out of his abundance.

By working CTC, we’re working toward abundance. We’ve always wanted to live on 10% and give away 90%. This weekend, I met someone who is doing just that. I also discovered that one of my husband’s financial heroes lives on 10%. Both people make millions. I’m fully expecting to join their ranks within a few years. Watch me.

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