Three Traps and One Way to Build Your Dreams, Live Your Passions, and Achieve Financial Freedom
By Don Purdum
Would you like to start a business?
Have you started a business but you feel like you’re struggling?
Is your spouse asking lots of questions and you don’t know how to answer them?
Is your relationship affecting your business?
Is your business affecting your relationship?
When I started my first business almost 9 years ago, I was so excited about the prospects of how it could help my family achieve financial freedom. Unfortunately, most of us just don’t know how to achieve financial success but we all want it.
Some think the answer is by getting a great education, others by purely savings, and still most don’t have a real answer because they are not wealthy and they don’t come from wealth.
So we do one of four things;
- Get an education
- Buy a lotto ticket
- Get involved in a multi-level marketing company (not all are bad)
- Start a business
Which one is riskier? Of course many believe starting a business is. That’s why so many are buying lotto tickets and pumping up the value of the winning ticket with the odds so astronomically high you will likely never win it.
Here is the truth, if you want different results you have to change what you are doing by being smart and finding the best way to help you achieve your dreams and goals.
Going to College
Going to school is a great place to start, if you have the resources to pay for it without getting into massive debt. The cost of going to college is so staggering today, and it’s no longer as much about education that leads to competence and networks as it is about just getting a job and working for someone.
That’s the problem, for twenty years we have culturally bought the line that to get ahead we have to go to college. Really? I have to get $100,000 - $200,000 in debt in order to get a job making $30,000 - $45,000 per year, if there is even a job to found now. We’ve made college a commodity. We’ve turned it into the equivalent of what a high school diploma used to be.
In the world we live in today, I can educate myself for free! I can learn anything I want on the internet. Even Harvard is offering free courses if you really want to learn (http://www.extension.harvard.edu/open-learning-initiative).
One interesting fact, look at how many great companies or millionaires have founders who did not go to college (these are just a few and the list could go on-and-on):
- Richard Branson – billionaire founder of Virgin Records, Virgin Atlantic Airways, Virgin Mobile, and more
- Colonel Sanders – founder of Kentucky Fried Chicken (KFC).
- David Geffen – billionaire co-founder of Dreamworks
- David Green, billionaire founder of Hobby Lobby. He started the chain with $600 and a high school degree
- David Karp – founder of Tumblr
- David Neeleman – founder of JetBlue
- Dave Thomas – founder of Wendy’s
- Ben Kaufman – 21 year-old serial entrepreneur who founded Kluster.
- Debbi Fields – founder of Mrs. Fields
- DeWitt Wallace – founder and publisher of Reader’s Digest
- Frank Lloyd Wright – the most influential architect of the twentieth century. Never attended high school
- Henry Ford – we all know who he was, right?
- Jack Crawford Taylor – founder of Enterprise Rent-a-Car
- Jay Van Andel - co-founder of Amway
- John Mackey –founder of Whole Foods
- Joyce C. Hall – founder of Hallmark
- Michael Dell – billionaire founder of Dell Computers
- Bob Proctor – motivational speaker, bestselling author, co-founder of Life Success Publishing (attended two months of high school).
College is not your ticket to financial freedom. It may help if the circumstances are right and it’s the right school, but as demonstrated above with just a very short list it’s not the end all and be all.
Learning is a must if you can teach yourself how to do it.
“In a world of change, the learners shall inherit the earth, while the learned shall find themselves perfectly suited for a world that no longer exists.”
The world is changing and the key to thriving in it is teaching yourself how to learn, not necessarily in paying someone to teach you. Remember, the rich are rich for a reason; they have great ideas, learn how to use those ideas to help people in the marketplace, and then provide the best service possible to meet the need and demand.
The Odds of Getting Rich and Staying Rich through the Lottery
The lottery player is actually taking the biggest risk. Here is why:
- They are spending money on a fairy tale hope.
- Its scarcity thinking, meaning they are accepting the only way to freedom is to put their lives in other people’s hands hoping they beat the odds 20 times over of getting struck by lightning.
- For the one in 175 million that win the lottery, the overwhelming majority end up in bankruptcy and their lives are much worse off than before the lottery within five years of winning.
Why is it riskier?
A New York Times article in November 2012 highlighted the problem (http://www.nytimes.com/2012/12/01/opinion/nocera-the-bad-luck-of-winning.html?_r=0):
“There is, to take one of the most prominent examples, the story of Jack Whittaker, a West Virginia businessman who won a $315 million Powerball jackpot in 2002. A decade later, his daughter and granddaughter had died of drug overdoses, his wife had divorced him, and he had been sued numerous times. Once, when he was at a strip club, someone drugged his drink and took $545,000 in cash that had been sitting in his car. He later sobbed to reporters, “I wish I’d torn that ticket up.”
Just do a Google search on “lottery winners odds of going broke” and article-after-article-after-article highlight how people who run into large sums of money without earning it, lose it.
Because they were never trained over time how to use it, and subconsciously they know they didn’t earn it, and so does everyone else:
“Unlike people who build businesses or even inherit their money from successful parents, lottery winners might not be readily welcomed into the club of the super rich, and they may be derided as simply lucky. A lottery winner who dreams of building a charity or a new business might be questioned about his or her competence.” http://www.goodtherapy.org/blog/winning-lottery-mental-health-happiness-0404137
The lottery is obviously not the best way to financial freedom. In fact, it’s the sure fire way to expose you to wealth and re-introduce you to poverty.
Multi-Level Marketing Companies
Before I start I’m going to stress, there are some great multi-level marketing companies out there. They can be a great way to own your own business and achieve financial freedom if you do it right. I have met numerous individuals who have achieved financial success through MLM’s, but they are the exception not the rule.
The reason is though many MLM’s have great products or services, in fact some of them are fantastic, their sales training programs and techniques are awful. It’s all about motivation and whips them into shape for a few days in hopes that out of their excitement they will achieve a few wins quickly, build momentum, and never look back.
For the parent company, it’s a numbers game. They know exactly where their sales numbers need to be and they know how to get there one sale at a time.
The problem with that is where does it leave the person who bought into the MLM and has never owned a business, never sold, doesn’t have anything, and doesn’t know anyone? This is the majority of people who come into MLM’s and who will leave them upset, frustrated, and more broke from the experience. The expectations were just not properly established.
I meet a number of MLM participants who say they just were not equipped. They are told to start with your family and friends, they will support you. Maybe? Maybe not? When you’re family and friends buy they are really supporting the parent company and helping them, not you.
Where was your support? Where was your training? How do you break into a new market? How do you market? What is the difference between sales and marketing?
A lot of MLM’s are very emotional in their approach and training. You need to find a company that will teach you how to run a business. Isn’t that what you are paying them for? If they take your subscription money for just the benefit of selling their stuff, that’s not a good deal for you. It will leave you angry, frustrated, and with less money in your pocket. Your goal is to make profits, not give your money to someone else so that they can make profits and leave you broke.
Start a Business
Here is where the fun starts. What are you really passionate about? What are your dreams? Do you know? Where do you find the most fulfillment and satisfaction?
Founding and owning a business is not about making money and is not for the faint of heart. You can make money working for someone if you acquire the right knowledge, skills, and contacts.
Owning a business is about how do you take your dreams, passions, skills, and abilities and use those things to generate the lifestyle you want as you pursue your mission for being on this planet!
That’s why you start a business. Start with your “Why?” There is a great book you should read called “Start with Why” why by Simon Sinek. You can get it at Amazon (http://www.amazon.com/Start-Why-Leaders-Inspire-Everyone/dp/1591846447/ref=sr_1_1?ie=UTF8&qid=1372608985&sr=8-1&keywords=start+with+why).
Your “why” will connect you with your passions and lead you to your vision, purpose, and mission. One company that sets the example for us is Southwest Airlines. When they started they were a little, no name airline tied up in court for three years with Braniff before they could even fly a plane just from Dallas, to Houston, and San Antonio, TX. That was it. They had no money when they started. Read closely to Roy Spencer’s account in his book, “It’s Not What You Sell, It’s What You Stand For”:
“ In 1971, Herb Kelleher sat in a bar, which was not unusual, in San Antonio, Texas, with a guy named Rollin King. Herb drew a triangle on a napkin -- the triangle from Dallas to Houston to San Antonio. Back then, only 15% of the American public had ever flown. Air travel was reserved for the rich, the elite.
Herb said, "I think we could build a huge company and make a lot of money by somehow getting the fares down and letting businesspeople, in particular, fly instead of drive or ride in a bus. If we can deregulate the market, all of a sudden we could come in with a cost structure that would be lower." So he started his business, Southwest Airlines, with a different business model. His "make a difference" piece was not philanthropic -- it was about making a difference in the marketplace.
When we got the advertising business with Southwest, Herb said, "I've got a big heart, but I'm in the money-making business, the building-a-company business, the airline business." We said, "Herb, you are not in the airline business -- you're in business to democratize the skies. And every decision you made, intuitively or now on purpose, is based on your decision to be in the freedom business. While other airlines are going to restrict the customer, we're going to set the customer free." And he agreed.”
I hope you heard it? They were going to “set the customer free.”
Why do you want to start a business? What contribution do you want to make to the world through your business? Every business can make a difference, but it starts with your passion, purpose, mission, and determination to see it through at all costs.
That’s where things get interesting. If you’re married or in a serious relationship, founding a business can be very unforgiving if both partners are not on the same page together. Unfortunately, most are not on the same page.
Couples lack the training or skills to manage the waters of growing a business. Especially couples where one member of the relationship is not a participating member in the business.
It’s imperative you learn how to:
- Dream together
- Communicate about what’s happening in the business including the good and the bad
- Share how problems are going to get solved in the business that affect the family
- Make time for one another
If these are things you want to learn, we have three opportunities for you:
- On Saturday, July 13, 2013 we are having a live training titled “Business and Marriage Success Training – The New Guide for Thriving in Both.
In this training we will share our practical steps to position your company for success:
- Discover your personal mission
- Learn why you should build your business around your dreams, goals, and desired lifestyle
- Learn eight critical values that will help you understand how to develop your business, products, services, and systems to facilitate growth
- Discuss the challenges of starting and managing a company and your family life
- Managing family cash flow when there is no cash
- How to handle stress together and create time for romance
- And much, much more…
- Private Coaching for either your relationship or your business. We will give you a free 30 minute strategy session to talk about your business or relationshpi with you. All you have to do is fill out the form below. There is no obligation at any time.
You’ve seen four ideas that can bring you what you want in life; education, lottery ticket, multi-level-marketing, and owning a business.
Starting, growing, and building a business is the best and most full proof long-term way to build the life you want. Is there a guarantee? There never is, however wouldn’t you prefer to put your opportunities in your own hands instead of in the hands of someone else who is just an opportunist that makes promises they may not be able to keep?
Join us at the event on July 13th if you are in the Dallas area. If not, take us up on the free one-on-one strategy call by filling out the form below. Our calendars are filling quickly and we would love to chat with you!
If you have a thought, idea, question, or comment, please leave below in the comments section. We would love to hear from you.