Hey this is Sasha Evdakov and thanks joining me here at Backstageincome.com, where I share with you how money is made behind the scenes in your business and also your life. In this week’s episode what I’d like to do is give you some insight to the two different methods that people take when they’re trying to build wealth.
When they’re trying to make money or when they’re trying to get rich.
I’m going to share with you the two different approaches and give you some insight on the proper approach that you should take in your own personal life when it comes to building wealth for the future.
Poor Man’s Method
What happens is as we move through time what many people do is as they’re trying to look into the future of their journey, of their financial wealth, what they typically try to do is they stem away from a goal or path and then they go in try different things.
This method or this approach is really about creating and shooting darts. Think of this as the Dart Approach or a Scheme Approach. So what they always try to do is come up with some kind of scheme, an idea it’s not necessarily an illegal scheme but it’s just a method.
It’s the thinking or the mentality when my ship comes in, so they’re always looking at the ship and as you continue to move away from this area, you go and try one thing then you continue to try another thing.
For example maybe at first you try to write an eBook (Just a note- we always like to use 99 Designs for ebook covers), and then you say that didn’t really work out, it didn’t make enough money then you continue to go ahead and do like an app development, well again that didn’t really work out that well, the app was a failure.
Then you try to do a continuity or subscription program and again you weren’t able to get members so you go on and try the next thing, it could be let me just buy some cars on craigslist really cheap and then resell them.
It continues to move in this way until you go through your life in time continuing to do this process not really building or growing anyone of these areas because there are a lot of people who are successful in writing eBook.
There are a lot of people who have continuity programs who are very successful think of all the magazines and subscriptions. There are a lot of app developers that do fantastic and do really well, it’s just the fact is that because we’re jumping around creating, looking for that Dart Board approach or the scheme.
We’re trying to find one thing that really works when the reality this is not the proper approach to building and growing your wealth because the name of the game is all about building and it’s about growth.
If you’re constantly jumping around from one thing or another, you don’t really get a chance to grow anyone of those things substantially.
Building and Growing
Now the second method or approach, this is the way wealthy people think, is that they think about it slightly different again if we have this time line and we move forward through time and it continue moving forward.
What they end up doing is actually they build things, so just like going through this program or this process and trying different things they start out in that way as well.
They start out first, what they might do is they could write an eBook, so this initially builds up and they might make a little bit from that eBook and the next step what they do is build the next stage and that next stage could be a something related, it could be again a continuity program.
Then we continue this process, then we build let’s say our learning, our education, we grow this process and this would be our studies so then we can continue this and we continue growing multiple things as we evolve through life.
As you continue to grow all these things notice how this really starts to build up your assets. Now you have an eBook, you have continuity program, you have all these things that are going to be working together and as you go through time eventually each one of this things continue to build and they continue to grow and slowly over time this curve continues to accelerate and you grow your financial wealth.
Rather than taking that shotgun approach or the dart approach trying to hit the bull’s-eye and trying to aim for this little spot right here, you’re trying to take that dart and you’re trying to hit it and see if that’s where your magic bullet is, where the ship is going to come in.
However, a lot of times the ship is moving all the time there’s always a bunch of ships out there, you just haven’t personally figured out how to steer that ship, to the direction that you needed to go, you haven’t figured out how to move that ship to where you want it to be.
Here in this approach instead you’re building assets, you’re building your connections so that’s one of the things that are really important is the thing that you want to build is the connections then you also want to build relationships.
You should also build out your products, focus on marketing, focus on your personal self in order to balance yourself out. This could also be your education. So you’re continually improving all these things that will continue to grow in you in the future.
That’s really where the wealth goes, it’s a growth process for you personally. That’s what you’re doing when you’re focusing on the wealth building strategy. These are the two main methods that you have, the first method is more of the Poor man’s method.
This method is what many people strive for that Dart board approach trying to hit the targets and different points.
The second approach is to build the wealth, building wealthy things in the future and what are the wealthy things? Well it’s your assets. It is these things right here like the connections, the relationships, your products if you have a business, your marketing, yourself, your inner game, your knowledge and understanding.
If you don’t have a business then you’re still focusing on connections, relationships, building out future growth either in your job, or in whatever it is that you’re working on, that way you can continue to grow in the future.
If you’re constantly looking for a scheme or idea you’re not really growing those things, if you’re looking for that one solution, you’re not growing anything in that area, you have to continue to focus on it, continue to build it and continue to evolve it over time.
I want you to take this test, if you’ve done more than let’s say 10 businesses over the last 3 to 5 years then probably you just haven’t figured it out how to make business work. I want you to look at the industries or the niches that you’ve been in.
If there are other people who are successful in all of these niches or at least most of these niches out of the 10 that you’ve been in, if there are other people who are making money then chances are you just haven’t figured out how to make this work or how to make that financial wealth grow for yourself in those industries or business.
You must be doing something wrong and you need to change things up then probably what you’re doing is you’re trying to do different things in those niches not really understanding how the business process works or how financial growth really happens.
Remodeling your approach
Start looking at yourself, if you’ve done a little bit more extreme amount of trial and error in doing different things, initially that’s a good thing because you want to try and figure out what works because most of the things that you try will not work.
However, if you’re constantly hoping from niche to niche, idea to idea and you’ve done many over a short period of time then it’s something to really be aware of because if there are other people in that industry that are making it work then you probably just haven’t figured out how to make business work.
You need to take a step back either take a look and get a mentor, start seeing yourself from this outer perspective and gain this awareness and when you can do that you might be able to proceed and move forward.
Because what typically happens is if you go from niche number 1 and then you end up making the same mistakes then you jump to niche number 2 thinking it’ll be more profitable and you make the same mistakes, you get to the same level but then maybe you get a little bit further and you decided to go to niche number 3 and do a whole different thing.
When you do this process, you’re constantly having to reinvent and do the same steps that you did before in Niche 1 and Niche 2, only to do Niche 3, just a little bit further and not really make any great progress.
Start being aware of the way that you’re actually looking at your growth in life, are you actually growing or you’re just trying new things hoping to hit one mark or one bull’s-eye and another.
If you’re growing then fantastic, continue to grow those things but if you’re constantly just trying to play and dabble and figure some scheme out or something out that might work to bring you some income, you’re not really growing things and that’s really where you’re just going to constantly try to hit different bull’s-eye and targets.
Sometimes you’ll get them and sometimes you won’t but unfortunately that approach takes a lot of time and energy, to where you’re not really building anything for the future.
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In the end, remember to do what you love, contribute to others but most importantly live life abundantly.
I’ll see you next time!
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