How can high-income skills improve your life?
Let’s start by defining what high-income skills are. It’s a skill that can make you a minimum of $10,000 a month or $120,000 a year. It’s a skill set that you developed that can deliver value to the marketplace. With a high-income skill, you are still trading hours for dollars, but it’s high dollars.
Also, it’s a high-income skill, not a job. If it’s a high-income job, then your value is not determined by the marketplace, but by a manager or a boss. There’s little you can do to dramatically increase your earning ability or income. However, the more you improve your high-income skill, the more you make.
Start With A Skill That’s Your Foundation
Let me give you an example. The very first high income skill that I developed in my early 20s was copywriting. I was writing ads and sales letters for entrepreneurs and companies. I was making about $1000 a month, which for me at the time, felt like a million bucks. Back then, even $10,000 a month felt like a lot of money.
Eventually, as I was writing copy for clients, they started asking me how to use the copy I was writing for them. I started giving them advice. So from my first high-income skill, copywriting, I transitioned into my second, marketing consulting. Then I was making over $100,000 a year doing that.
My third high-income skill was internet marketing, and that increased my income even more. People started to ask me to teach them what I was doing, so I did my first seminar.
A few people came to my first seminar. Then later on, I got a dozen, which grew to hundreds of people. That’s when I developed my fourth high-income skill: public speaking. These workshops gave me a very good income, over $120,000 a year.
From public speaking, I started speaking on other people’s platforms, where I would offer my programs. That was my fifth high income skill – platform selling. I gave 60 to 90 minute talks to deliver value and close people to invest in my program, which sold for $1000 to $2000. It worked out to $10,000 to $50,000 in sales.
Start Stacking Your High-Income Skills To Increase Your Income
As I made more money with my high-income skills, I got into investing because I had the money. Because I had the money and the high-income skills, I started to build my influence. I met more business people and started doing the LIBOR, a kind of deal making brokering where I would collect a commission as a middle person.
Over the years, my businesses have had ups and downs. I’ve made great money and lost millions over the years. But because I rely on my high-income skills to make money, I can count on them to always make the money back if I make a bad investment.
Year after year, I count on my high-income skills to increase my earning ability and make 10% or more each year. And just to clarify: high-income skills don’t have to be just in sales and marketing. I have a friend who is a ballroom dance instructor who makes $10,000 a month in cash, so that’s another high-income skill.
You can be a graphic designer, programmer, or freelancer. If you’re delivering value into the marketplace, helping people, solving their problems, and you charge good money for it, that’s a high-income skill.
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What should you invest in? Answering that is like recommending what car you should buy because it depends on what you want. What’s a good investment for me might not be a good investment for you. Instead, I will teach you a good example to follow by showing you how rich people invest their money.
Invest In Something You Understand
Tip number one, rich people invest in something we understand. For example, Warren Buffett and Bill Gates have a great relationship, but Buffett doesn’t invest in tech companies. He doesn’t invest in technology stocks. As one of the best investors of all time, Warren Buffett invests in what he understands.
That’s the same with me. I don’t invest in cryptocurrency, but I have friends who have made five to twenty times on their investment. They study how it works and they give me tips. I trust my friends but I won’t invest in it because I don’t understand it. I avoid doing what amateur investors do.
Don’t believe in hot tips or what people tell you to buy or you’ll be doing what amateurs do. Especially don’t believe in the get rich quick mentality. Only invest in what you understand, but always be on the lookout for investment opportunities.
Look For Investments And Investigate Good Deals
Rich people are always looking for investments, or something called deal flow. We want deal flow coming to us from all kinds of sources, such as brokers or high net worth friends, or even the internet.
I have a simple rule: 100, 10, 3, 1. It means you look at a 100 potential investments, then narrow it down to 10, then narrow it further to 3, and then you might do 1. So every day, hundreds of investment opportunities come across my desk, but I turn down 99.9% of them.
Invest Using Logic Not Emotions
When it comes to investing, rich people use logic, not emotions. For example, when buying real estate, don’t get caught up in how much you love the neighborhood or whether you love the carpet color.
What you should care about is the numbers. Ask yourself, does this investment make sense? Use your logic to decide.
When it comes to stocks, amateur investors lose money because they get greedy when stock prices go up. They don’t want to sell because they want to ride the winner. Then the prices suddenly drop and they lose money. They wait for the stock to bounce back up, but it drops some more. When the price had gone up, they should have sold some shares and gotten some profit.
If you’re asking me how to invest your money, it tells me you’re not a sophisticated investor. If you’re not sure what to invest in, then invest in yourself. Invest in training or upgrading your skills. You can get a better return when you invest in yourself than if you invest in property, business, stocks, or cryptocurrency.
Read that book, go to that event, take the training, or hire that consultant to help you. Don’t hesitate! I always invest in myself, so investing in yourself is the greatest investment with the greatest returns.
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What is the secret weapon for getting rich?
Is it reading thousands of books or attending thousands of trainings and workshops? In my case, I can tell you without a doubt that the secret to my success is my two mentors.
You’re probably wondering: how did my mentors make me rich? As you’ve probably guessed, any mentor has absolutely no obligation to make you wealthy. That mentor is already where you want to be in your dreams. What I can tell you is this: Don’t choose just anyone to be your mentor.
Most people follow someone on social media and choose that person to be their mentor, but I don’t believe in that. Who you learn from is much more important than what you learn. Just like in martial arts, who is your sifu? Your sensei? Your instructor?
Select Your Mentor Carefully: You Will Become Them
More important than your learning style is who you choose are your instructor. A true mentor is life changing. So look closely at the person you want to follow. Look past all the glam and glitz and think about whether you resonate with this person.
Do you connect with the person you have chosen as your mentor? Are your values aligned? Do you understand what that person is teaching? These points are critical. The person you are going to learn from is the person you will become.
If you want to be successful in business, you want to learn more than how to make money. A true mentor leads by example as a role model and teaches you other aspects of life. It’s not a linear approach!
So be very selective who you learn from. Now, once you’ve found the right person to be your mentor, how do you approach him or her?
First, don’t go to a potential mentor with a sense of entitlement. I see this on YouTube a lot in the comments. Don’t ask your mentor to help you out or answer a question. Why should that person help you out if you don’t even understand the basics of business?
Add Value Without Demanding Anything In Return
For my first mentor, Alan, I worked for him for next to nothing for almost one year. The second mentor I paid tens of thousands of dollars to learn from him. You might be wondering why I did those things.
I wasn’t investing in my mentor. I was investing in myself through my mentor. So do whatever it takes to bring value to the table. Just because someone is successful, doesn’t mean they are under any obligation to help you succeed.
It’s like Kennedy said, “Ask not what your country can do for you – ask what you can do for your country.” Don’t ask what the mentor can do for you, ask what you can do for your mentor. Bring your mentor value, and don’t ask for anything in return.
My first mentor, Alan, never directly taught me anything. He just carried on his business and I observed and asked myself questions about why Alan was doing things a certain way.
My mentors opened doors for me. But I was the one who walked through the doors. I was the one who implemented what they taught me and created the Dan Lok brand and what success I have today.
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What do you do when you encounter someone who is exploding with energy, the kind of person who starts and ends each work day with the same high level of enthusiasm?
You probably give that person a Whats-Wrong-With-You look, or you wonder what was in that person’s drink or food. Someone that hyped up can’t be normal. Society just doesn’t accept people that can bounce off walls, even on bad days. Something is wrong with them… obviously.
Normal is when someone asks you, “How’s your day?” and you answer “Fine. Good,” even though your energy couldn’t drop any lower without hitting the floor.
You know what find stands for? Freaked out, in debt, not making enough money, emotionally stressed out. That’s what F-I-N-E stands for. But if that’s your mood, how do you expect to accomplish anything significant, such as your goals, when you don’t have enough energy?
Here’s a temporary cure for your low energy. I’m going to give you four Ms today. These Ms will give you energy to last all day.
The first one I’ll give you is movement. You absolutely must move if you want to have energy. If you follow my work, you’ll know about my martial arts background, and you know you have to move your body. Do jumping jacks, push ups, go for a walk, do yoga… whatever it takes to move your body.
When you move you have more energy. When you sit all day for hours, you’re a battery about to die. Movement creates energy, so if you’re sitting for the whole day, stand up, walk around, and do something, anything to create movement.
The second way to have energy is through music. I like pop music. It gets me going, so if I’m working at my desk, I’ve sometimes got music on. Sometimes I’m listening with my headphones, working away. I’m in the zone.
So certain music gives me energy. So whatever music turns you on, use it because music can change your mood just like flicking a switch.
The third M is your meals. Now, you want to eat a little bit more frequently throughout the day. When you are hungry, how is it possible for you to have energy? So make sure you eat throughout the day.
I don’t care how busy you are, eat a little bit more frequently. It could be three, four, five times a day. Each time could be a quick snack, like an apple or other piece of fruit. That would re-energize you.
If you cut down on carbs and sugary food or highly-processed food, you’ll also notice you have a little bit more energy. So focus on eating well.
The fourth tip is motivation. Are you doing what you enjoy? Are you working with people you like working with?
Remember, high income people have high energy. Low income people have low energy. When you don’t have enough energy, you cannot get anything done. If you cannot get anything done, you cannot produce results, you cannot make money, you cannot accomplish your goals.
So to get through the day with high energy, work on these four things: movement, music, meals, and motivation.
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Sandra is an award-winning entrepreneur and is recognized by the International Alliance for Women as one of the world’s 100 Top Difference Makers and by CNN as an American Hero. The eWomenNetwork Foundation she created has, to date, awarded cash grants to 115 non-profit organizations and scholarships to 167 emerging female leaders of tomorrow.
In this podcast, she shares her views on the importance of having a mentor to be successful in business, why entrepreneurs benefit from having a network, and the need for relationships in our lives. Despite a busy schedule, she manages to invest in her own learning, stay innovative, and prioritize what’s most significant in her life.
In addition to her work with eWomenNetwork, she has been featured in Chicken Soup for the Entrepreneur’s Soul and has four other #1 bestsellers. She has produced a movie, The Glow Project, and because of it, she rang the NASDAQ bell and had her company’s logo featured in Times Square.
She had humble beginnings as a small town girl and first generation American. Her father died when she turned five and her mother had a name so common, there’s a million in the phone book. She’s been married to her husband for 40 years and they have two children. Starting and growing a business wasn’t easy for Sandra, who has maintained a balance between her professional and personal life.
In this episode you’ll learn:
- 3:06 The importance of having a coach or mentor
- 8:56 Sandra’s experience starting a business
- 16:05 The importance of human connection
- 19:41 Why we should be innovators
- 25:07 The reasons for attending eWomenNetwork events
- 35:15 Sandra’s perspective on offline and online networking
- 45:59 How to be in your most powerful place
- 56:06 Achieving work and life balance
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