In part 1 of creating unlimited wealth I talked about the mindset change necessary to go from taking incremental steps up the income ladder to climbing entire floors at a time. It’s so easy to allow your world view and mindset to limit your income potential – even in the entrepreneurial world. Many of you are already achieving what you originally viewed as ‘being successful’ by having your own business and making two and three times what you did at your 9 to 5 job but I want to challenge you to make that next step. It’s somewhat like thinking in another dimension – if that’s at all possible.
Before we get into the real meat of this subject I want you to ask yourself a few questions. You can answer these whether you already have your own business in place or are still working in the corporate machine.
- If you were seriously injured tomorrow, do you have systems in place and a residual income stream that would continue to flow even though you are not able to contribute to the process?
- When you think of a new business idea, do you immediately work out how to solve the immediate solution or does your brain work in such a way that allows you to be the guru or teacher of the process whereby you are selling shovels to the gold miners so to speak and create an exponentially larger business model?
The ‘secret lesson’ that I talked about in part one of this series is really very simple. The secret behind creating unlimited wealth is developing business models and income streams that can be put in place one time and then continue to work automatically allowing you to move on to the next model, implement, perfect, rinse and repeat.
Soon you have multiple residual income streams that free up your time, provide huge amounts of cash and allow you to develop even larger business models moving forward. Not to mention that each of these early business models provide customer bases that you can market the next bigger and better product. You’ve heard the phrase that a rising tide lifts all boats equally – It’s easy to see this with the huge popularity of the food network. As they fine tune their product offerings and add new stars and hit shows it has created huge mega stars out of the originals (Emeril, Paula Dean, Rachel Ray). Even Julia Child who has been deceased for years now is more popular than ever as her youtube videos and the recent hit movie about her life can attest.
Here’s the challenge – what activities are you currently involved in that consume huge amounts of your time and provide limited income (trading hours for dollars). These are the activities you need to get rid of – even it it’s the greatest portion of your income, find ways to weed them out of your life over the next several months or years. What activities or business models can you develop that with great care and planning on the front end can be put in place and left there to generate income with little or no input from you? These are the true unlimited wealth builders and exactly where the majority of your time and energy should be focused.