Stuart Zadel on The Millionaire Next Door Series. Choose the right occupation. How exactly will you do that? This is the concluding post.
CHOOSING THE RIGHT OCCUPATION
This is it! The final installment in The Millionaire Next Door Series! I hope you’ve been picking up really nice insights from the previous discussions. So far, these are the habits that we’ve discussed:
- How To Determine How Wealthy You Are
- Frugal, Frugal, Frugal: Living Within Your Means
- Allocating Your Time, Energy, And Money Efficiently
- Financial Independence Is More Important Than Displaying Social Status
- Economic Outpatient Care
- Affirmative Action, Family Style
- Find Your Niche
- Choosing The Right Occupation
Now, keep in mind that these are the excellent habits that set the wealthy (Prodigious Accumulators of Wealth or PAWs) and the non-wealthy (Under Accumulators of Wealth or UAWs) apart. And now, to round things up, let’s continue with the final habit: choosing the right occupation.
But before we do that, let’s revisit our discussion from the previous installment.
IN REVIEW: FIND YOUR NICHE
In the penultimate part of our discussion, we said that the wealthy are proficient at targeting their niche. They are proficient in targeting certain business opportunities where capital investments will do very well. In this part, we are going to tackle the single most asked questions about the wealthy which are, “who are the wealthy,” and “what do they do?”
CHOOSING THE RIGHT OCCUPATION
According to the book, 20% of the wealthy households the authors studied in America have already made money and have retired. The remaining 80% are business owners or are self-employed professionals. In the United States, 1 in 5 people are business owners yet these people are four times most likely to be PAWs or millionaires as a result.
The above brings us to the second most asked question about the wealthy: what do the PAWs do? The answer? Although the authors spent over 20 years stressed about this question, what the PAWs do can’t be predicted. You just cannot know exactly despite them being pressed by the media for an answer. What the authors do stress is that the character of the business owner is way more important than the business they are in themselves.
Now the authors do get one and when pressed, they will answer the question, however, out on this note, these do change from time to time. And here’s where I am going to jump in to share a bit of my own experience and licensing.
THE NEW WAY TO MAKE MONEY IN BUSINESS FAST
I wrote a book called, The New Way to Make Money in Business Fast. And I highly recommend that if you’re going to go into business or are in business, get this book because I reveal too many secrets in there. I am going to reveal one to you now. This is the fundamental mistake business owners make:
When I asked a friend, John, “what do you do for a living?” John said, “I’m an electrician.” This answer’s what you get from people. It’s the correct answer, technically. But if John wants to be wealthy, his answer should have been, “I am a marketer of electrical goods & services.”
That’s the big trick my friends. All the money is in the marketing of the business. We all agree that most people could make a better hamburger than your local fast food franchise, however, your local fast food franchise are the most successful businesses in the world, not because they make the best product, but because they are the best marketers of that product.
That’s a very important distinction for you to make if you’re going to be in the business. So the book clearly states that the average person should not rush out and go into business because 20% of them are not making money or whatsoever, while 80% of them are certainly working too hard or too little. That does not mean that you cannot join the top 20%. In fact, you want to be the top 20% of that 20% of the top 4% that makes some decent money.
INSIGHTS
Now I have one final point here, the other book I have here is The New Way To Make Money in Business Fast, and it contains powerful strategies. I thought of one of my coaching clients who came to me some time in 2007-2008. His name was Wayne, a second or third generation printer from Western Australia. Wayne’s business was struggling, and I coached him for two years. We got that business ready for sale and, in fact, he did sell that very successfully at that time. Wayne now is doing our property strategies and was just in another deal over weekend where he’s looking at a minimum of $85,000 to a $110,000 profit. He’s done 5 or 6 of this with the help of his partner in the last 12 months.
Now if you add that up, we are talking about a massive change in the results here. Yes, you do want to be in the business, you want to be in the right business and I think property is a business that you certainly want to look at.
Watch the entire Next Door Millionaire Series episodes here.
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