Generate Income or Generate Wealth
Let’s talk wealth.
This is always on my mind.
We run businesses. We want to live more life now.
Wealth should be on your mind.
The fact that many people are not thinking deeply, intently, and purposefully about the creation, accumulation and keeping of wealth is why they are either broke, barely getting by, need to be in a job, or are always in scarcity mode.
Ever since my days as a trainer, and studio owner I had my eye on making 6-figures. It had a ‘sexy’ ring to it. It had a “my life’s troubles” would be over feel to it.
Making 6-figures meant I would never have to worry about rent, debt, paying credit cards, not being able to go out, and I could take legit vacations.
What I like about it now; having become a serious student of money and wealth, is the percents. As in % of people who actually achieved it.
Here’s some stats for you to cement in your mind: 1% of people are basically minting money. They are the 8-figure and up kind of people. 4%- make a 7-figure income, 15%- make a 6-figure income…then the rest plummet off the back side, where at least 20% at the big, wide bottom barely make anything at all.
I like being in the top 20%. If you’re there, great, your mission is to stay there.
If you’re not there, what’s holding you back?
Your mission should be to get there. Let’s get to it.
This is the time to get clarity of what is in your way and eliminate it.
Is it your mindset? Family? Business model? Lack of Done versus Doing. This is a huge one.
Let’s talk about this one. The difference between ‘doing’ and ‘done.’
So many people talk about all they are ‘doing’, yet so few ever have it done.
Understanding this is a pillar of what will get you in the top 20%. You should be generating income from Doing, and wealth from Done.
Service based work is doing. You only get paid when you’re doing it. It’s what it is. You generate an income from it. It’s not bad.
In our online world, coaching programs, done for you, done with you, retreats, agency work are all doing. But, in the online world you can scale these much more because you can create automated courses that teach the content, and then you come in and consult. It’s a lot less work, scales your time, and allows you to work with more people so you can generate much larger income.
But, here’s the best part, once you get those courses DONE, you have an asset that is working around the clock for you that’s wealth. There’s some people who believe you need a course completely done before you can start generating income. Wrong.
Beta-programs (focus group offers) are a prime example of how to get paid for ‘doing’ before it’s fully ‘done’. We are going to be coaching this in our Focus Group Planner and at our Retreat in May, so strap in.
Now, once the program has been beat up, tweaked, tested and improved. And the marketing funnels optimized, split test, run through different angles, so that you have a ‘Done’ asset, this is when you start generating wealth.
These are not some mythical unicorns you hear about in business that get moved to evergreen status as they are now assets running around the clock to grow your business while you’re moving on. This is how you wealth stack as well.
One of the top ‘Done’ assets that can bring equity (wealth) into your business is your Content.Content is ⅓ of the Wealth Triangle of your business.
- The Customer
- The Channels (Distribution)
Content can have (and should have) a very deep, evergreen value or equity. Think about it, Christianity hasn’t need to replace the Bible yet. Islam hasn’t written anything to replace the Koran. Disney still monetizes really really old stuff (Mary Poppins, Avengers, Spiderman, etc.)
It’s why in our Visionary Planner System, we train you to build content like FAQ’s, SAQ’s, and how to go into search engines and find the content people are searching for so you can build content that is valuable, not fleeting. And so that you can build content that is built to last.
Are you building content that can stand the test of time? Are you building content that meets the consumer where they are in their search for help? Are you sharing truths? Adding your personality in? Dropping Insights so you’re teaching people how think? Or are you just giving information?
Remember you are in a constant fight with the onslaught of free content being dumped onto the internet by undisciplined businesses. You are in a constant fight to breakthrough the social media barrage. Your content needs more thought than a passing fancy or half hearted attempt. It requires intentionality if you want to build an asset.
Mike and I constantly labor over content, how to do it better, where did we have the wrong angle, what if we tried it this way? Let’s try these search terms. And the list goes on. We do this because we want to build evergreen content.
You can dump content online or you can be strategic about what goes out so that it serves your business, consistently generates leads, flows money into your business and personal bank account.
This Wealth Triangle (which I learned from Dan Kennedy) is an example of an equity piece of content. It will withstand the test of time. It’s proven model for business and while the tactics behind it might change the principles won’t. It’s a formula for business growth that can be cut up in many ways to grow his business, (and yours too).
When you have a solid piece of content you should be thinking how do I generate videos, blogs, webinars, emails, and newsletters like this one from that one piece of content? And how do I use it to grow my business?
Your quest is to get clear on what content you need to generate that will become pillars of your business as lead flow and customer acquisition, if you want wealth.
Now, that said, content can also have a very fleeting and temporary value, and disappear from the marketplace entirely think social media.
Social media is not in your control, you have no idea how many people see it, and it’s here today and gone tomorrow.
Content of this nature still has its usefulness, as you can tap into trends, moments, newsjacking, and more.
It should not be your primary method of generating content however, as it will leave you constantly on the treadmill of content creation and the need to replace it constantly.
Use social media to support your asset based content and you’re making smarter moves with your business and buying yourself more time freedom. With more time freedom comes the ability to do more wealth building activities and produce more doing to done assets hence right back to wealth stacking.
Yes, it takes longer, to create asset based content then it does to post a selfie and write a quick post. But, one of these best practices will make you wealthy, the other will have you a slave to your business.
One is a formula for wealth, the other is taking a shot in the dark.