Make Money Mondays are usually for Black Money Masterclass students only, but here’s a sneak peek for everyone so you can see what you’re in store for when you join the Black Money Masterclass.
In our community we often focus on racks, stacks, bags, and all other terms for large sums of money, but the REALITY of the situation is that many of our people work for an hourly wage IF they’re employed at all. Unfortunately, only a small number of our people actually apply themselves to understanding what it takes to get all of that cash LEGALLY and CONSISTENTLY… but I’m here to teach you something super simple that ANYONE can do.
The 80/20 Rule
80% of your results will be a direct result of only 20% of your efforts. That doesn’t mean that 80% of your efforts are wasted… they just aren’t as effective as the 20%. Here’s how we apply that rule to building wealth using The Power of Two.
- Two actions per day towards building wealth = 730 actions per year.
- 20% of those actions = 146 actions that will produce 80% of our results.
Can you imagine what would happen if you intentionally took 730 actions per year to make yourself more wealthy?
- Your monthly income would increase.
- Your net worth would increase.
- Your debt would decrease.
- Your credit score would go up.
- Your reliance on your job would go down.
The goal is to make wealth building an intentional habit that comes as second nature over time. It is possible to create good financial habits in the same manner that many of us created our bad financial habits… repetition.
How That Stacks Up $$$
Let’s assume that 20% of our actions resulted in an additional $10.00 per month each consistently, and 80% of our actions only resulted in $1.00 per month each consistently.
- 730 actions x $1.00 each = $730 per month
- 146 actions x $10.00 each = $1,460 per month
- Total = $2,190 per month
$2,190 is not all the money in the world, but it would be money that you didn’t have to work for, which means you’re less dependent on your job. You can use the extra money to pay down debts, which will increase your credit score. You can use part of the money to invest, which would increase your net worth. How many people do you know that have played a sweepstakes or lottery in an attempt to win $500 per week for life?
- One year of intentional effort is equivalent to winning one of those contest.
- Two years of effort is equivalent to winning that contest twice.
- Three years of effort is equivalent to winning that contest FOUR TIMES.
We’ll talk about compounding efforts and interest more at a later date, but the math doesn’t lie. You could realistically free yourself from your job with 3 years or less of focus, which could potentially result in $6,570 per month even if you were only successful 20% of the time in the given scenario. But none of this is possible if you don’t TAKE ACTION.
I’m a writer and teacher of our people, so my two actions per day may be a lot different than yours, so you’ll need to sit down and figure out which actions you want to take. Here’s an example of just some of the actions I’ve made:
Contact Amazon to have each of my books listed in 8 additional Browse Categories. This increased my book visibility across Amazon and resulted in an increase in sales, which increased my royalties. Because I have so many published projects on Amazon, this took me a couple of weeks to choose categories for each book and update them with Amazon.
Post auditions on ACX for narrators to turn my books into audio books. When finished, the audio books will provide another source of income. I’ve already done the work of writing the book, so this action only requires posting, listening to auditions, choosing a narrator, and approving the finished product.
Adding items to my Etsy store. I run an Etsy store with my daughter’s mother. Every week we have a goal of what we want to get accomplished for the store.
Watch financial videos on YouTube and read financial blogs. I keep myself financially educated by making sure I listen to at least one video per day or read at least one blog post per day about something to do with finance, credit, business, etc. I actually throw this in as an additional action because I’m not doing anything except listening, unless I hear or read something that I want to follow up on.
Creating PowerPoint presentations to record and upload on YouTube. This is a new task that I’ll be adding to the weekly lineup. The goal is to put out more quality content on BHITB and here on All Black Money.
The most important thing to remember is that ACTIONS require you to do something that progresses you towards your goal. You can also break it down into parts if you need to. For example, I don’t create my PowerPoints and record them in the same day. Creation is an action, recording is an action, and uploading is an action… for a total of three actions that may be spread across different days of the week.
- Consistent actions add up over time.
- Break down bigger projects into multiple actions.
- No action is considered “small” because they all have to be completed.
You will need to figure out which actions you need to take based around your business, goals, etc.
How To Accumulate Sick Days
It’s bound to happen at some point because we all have those days where we feel lazy, sick, depressed, frustrated, or just unproductive. Unlike with a job, when we work for ourselves we can just “clock out” whenever we want. This is counterproductive, so to offset those days, we need to do our best to get in an extra action or two on our most productive days. You WILL need to track your productivity if you’re serious about building wealth:
- If you take 1 additional action every day for 5 days, you’ll have 5 additional actions toward your sick days.
- If you work 5 days per week x 4 weeks per month, you’ll have 20 actions toward your sick days.
- 20 EXTRA actions = 10 sick days (or vacation days).
You don’t want to take sick days or vacation days when it’s unnecessary, but as you can see, you can accumulate sick days at a much faster rate than any job will ever allow you to have.
- You’ll have more time for fun with friends and family.
- You’ll worry less about losing your job or having your hours cut.
- Working overtime will become even less appealing and less necessary.
When you use this method, you feel a lot less guilty about your lazy days because you’ve already done the work that you would otherwise have to do if you stuck to the minimum of just 2 actions per day. Financial freedom and building wealth are possible if we simply lay out the map, plan our destination, and start the journey to get there.
|Disclaimer: I'm not a financial expert. Actual results may vary. Investing has risks, and investments are not guaranteed. Any information found on this site is for educational purposes only.