Weekly Update – December 13, 2023

Article of the Week

“Grandpa, how do you get rich?”

Let me share a quick story with you about a life lesson I was able to share with my grandson…

I recently drove from Maryland back home to VA with my youngest grandson, Eli. We’d been to see the US Naval Academy (should out to my friend Stew Smith for the tour) as a college preview for my older grandson, John, and the rest of the family.

Eli asked to drive back with me in my truck while Johnny napped in the back with his mom and dad in their truck.

As we drove, Eli asked me a question seemingly out of the blue.

“Grandpa, how do you get rich?”

I asked him why he wanted to know. He told me he wants to be rich when he grows up.

Eli keeps things simple.

Fair enough. I drove for a few minutes thinking about how to explain to a thirteen-year-old young man how to get rich. Here’s what I told him…

If you want to get rich, NEVER trade time for money.
Find a way to trade VALUE for money.

Eli looked at me funny and said, “I don’t understand.”

I asked him this. “If you make $20 per hour, what’s the maximum amount of money you can make in a day?”

He thought about it and said, “$160.” (Pretty smart. He automatically did 8 hours a day x $20.)

I asked him “What’s the maximum amount you could make in a day, even if you worked 24 hours?”

He thought for a minute and said, “$480. But Grandpa, I need to sleep!” he insisted!

Ok, what’s the maximum you could make in a week at 20 buck an hour? He said around $1,000.

If that’s true, what’s the maximum you could make in a year? He said $52,000.

Then I asked him this. “If you had a course you sold for $100 and you sold 20 copies a week, how much would you make?”

He was getting into it by now and quickly did the math. “$2,000 a week!” (20 x $100)

I asked him, “What if you took 10 hours to create the course and you then spent about 40 hours a week marketing it. How much would you make in a year?”

He whipped out a piece of paper, fished a pen out of the glove box, and did the math. “52 weeks X $2,000 = $104,000 a year!”

“What if it only took you 5 hours a week to market the course, how much would you make?”

He looked at me funny… and then he smiled. “I’d still make $104,000 a year!”

Smart kid. I told him “That’s called trading value for money, NOT trading time for money.”

Then I asked him the magic question. “Eli, what if you created TWO courses?”

The look on his face – the smile he made as the world of possibility opened up in his impressionable mind – made me the proudest grandpa on the planet.

He got it!

If you want to get rich…

STOP trading time for money and START trading value for money!

But, don’t make the cardinal mistake of JUST focusing on the money… that’s a TRAP!

Imagine this: you’re focused on making money, but you’re not seeing much success.

You’re creating products, offers, coaching programs and putting them out into the world and expecting to reap financial rewards – in reality, you’re lucky if a handful of people convert. You’re constantly worried about how you’re going to make money and it’s consuming your thoughts. It’s time to shift your mindset and focus…

What if I told you that making money isn’t the cause – it’s the effect?

You see, money is not the cause of success. It’s the effect. It’s the result of offering something of value to others. If you want to make a substantial amount of money, you need to stop fixating on the money itself and start concentrating on how you can add massive value to the lives of a specific group of people.

The first step is to identify a problem or a need that your target audience has. What are they struggling with? What do they need help with? Once you’ve identified this, your job is to figure out how to solve that problem or help them achieve their desired result.

The key is to do this in a way that makes them eager to pay for your solution. You need to communicate the value of what you’re offering in a way that makes them feel like they can’t live without it. This is how you create a winning offer that people will be falling over themselves to pay for.

So, stop fretting about the money and start focusing on how you can add value. When you do that, the money will come naturally. Start making a difference in the lives of others. The money will follow.

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