Personal growth means becoming bigger than your problems. This realization alone can dramatically change your life. All of life is about meeting and overcoming the challenges life throws at you. But it will require character development. So many of us believe that life happens “to” us when in fact life happens “from” us.
When we realize the quality of our life depends on the quality of our decisions our personal development will begin. The evidence of that is displayed when you or someone you know keeps experiencing the same problems or drama. There is no personal growth, the problem is bigger than the person. Suffering ceases for those who learn the lesson. Unlike school, life does not skip you ahead because you’re too old or any other reason. You go through “it” until you learn from “it”.
Truth is life can be tough but we make it a lot tougher with bad decisions, bad attitudes or bad habits.
Let me give you an example; If I were at home broke, unemployed and frustrated with my circumstance one decision can make it better or worse. If I decided to rob a bank I’ve just made things worse.
As I said in the beginning of this article self-improvement means you continually overcoming your problems.
Character is your life compass. I wrote in my book Character Coins, a quote from Ralph Waldo Emerson which states; “Nature magically suites a man to his fortune my making them the fruit of his character.” This is one of very favorite quotes because it reminds me that my life springs forth from my character.
So few of us value the power of what a strong magnetic character can bring. Character , which is the core of personal growth, penetrates every aspect of your life.
Business- Your business will grow only to the extent that you do.
Relationship- Quality relationships can either enhance your life or hinder it.
Spiritual- Tapping into your inner source (Creator) allows you to access reserve strength.
If you want to change your life in a dramatic way, start from within. All trials in life has but one purpose at its core, character development.
All of life is a lesson and class is in session. That my friend, is success from the inside out!
How to Win in a Down Economy
You may have come to the realization that you may not be able to retire due to shrinking retirement account or a bad economy. Now may be the time to right the ship and build a Plan B to launch your comeback. Winners adjust, losers complain.
As I mentioned in part 1 of this article you are the primary reason someone will join a network marketing company. For the most part, products do not get people in the business nor does the company leadership …..your leadership does. People want to follow someone who knows the way, goes the way and shows the way as John Maxwell would say. Products are secondary. That being said, products are vehicles to get you and your team where you want to go. SO I did some research on the vast MLM industry and took a look at specific categories to see which ones present the best opportunities to creates a massive residual income.
The are a handful of categories to choose from but not all categories are created equal. Although you could build a huge team and income in any industry some categories are more profitable than others. Factors may include need, timing, industry size, product or service and a few intangibles.
Here are the top 5 categories you should get into now.
From 5th to the number one category;
Category 5- Travel. Travel is by far the largest category in terms of money spent annually around the world. People love to travel. People want to travel for many reasons, from fun and adventure to relaxation, romance and rejuvenation. Travel is a very appealing industry.
The drawback – Travel isn’t a daily, weekly or monthly product or commodity. It’s one of those things people do “when they get a chance.” So most travel mlm are set up as memberships which people sour on if they do not get to use as they had hoped.
Category 4 – Financial Services. Despite the massive hit financial services took in the market the average investor still needs guidance and a plan. Although more people are paying attention to their finances and being a bit more “hands on” (and they should), they will still need someone to facilitate the transaction. Forms still need to be filled out for annuities, insurance, long term care, and mortgages as well as other financial instruments.
The drawback – So many people have lost their trust in financial services, the market in particular, due to the fact that retirement funds dwindled as the economy took a nose dive. With large financial institutions going under or taking bailouts this sector has an uphill battle in winning back public trust.
Category 3 – Health/Wellness/Cosmetics – There are over 5 thousand network marketing companies and 48 hundred of them are in this category. This shouldn’t be that surprising with baby boomers wanting to look and feel younger. This makes the market huge for those who are in the health and wellness industry.
The drawback - As I mentioned before there are over 4,800 health and wellness mlm companies out there which makes for a tremendous amount of competition. They all (or most) have clinical trials, testimonies, case studies and endorsements. Its enough to leave you scratching your head as to which one is really the best.
Category 2 – Necessities - When I say necessities I mean things we use everyday. Things like the cell phones we use, electricity and the like. I do not, however, recommend technology because it has a tendency of getting cheaper a soon as someone makes a “better mouse trap”. When that happens where does that leave your residuals? Nor do I recommend toiletries such as Amway simply because of market saturation.
Electricity on the other hand is great because you never pay that stuff off! As long as your customers pay their bills you keep getting paid.
The drawback - Actually getting customers to make the switch can be tricky. Most people are on contracts and would have to pay a penalty for breaking an agreement. So follow up is critical in timing the expiration of your prospects contracts with their current electricity provider. Most sales will not be instant.
Category 5 – Collectibles Assets. I am a big comic book fan and for a period of time I owned more than 10 thousand comic books personally (I also owned a comic book store). Some of which were worth hundreds of dollars. While I’m not talking about comic books, I am talking about other assets that has intrinsic value. Gold and silver collectibles are the perfect product in this category. There is a media buzz about gold and silver these days due to its rise in value in a turbulent economy. Precious metals are the currencies of kings.
When you take an asset such as gold and silver collectibles and place it into a powerful vehicle like network marketing you’ll have a phenomena. Not to mention this category is new and has just started in the market (relatively speaking). So the timing couldn’t be better.
The drawback – I has been said that a new idea is first rejected then ridiculed then it becomes self evident. So I would expect some resistance at this stage. Once the idea of collecting gold and silver coins to protect and preserve wealth the person in position will stand to make a fortune.
Fighting the evil forces of personal poverty both yours and mine.
Robert E. Reed
I was recently watching the show 60 Minutes and one of the lead stories were about people facing retirement with no nest egg. My heart went out to the those folks because the story resonated with millions of Americans today. The story showed people resorting to drastic measures in order to survive from going to free food programs, living with friends & family, adult children borrowing from their parents, collecting cans & bottles and so on.
These people were, for the most part, college educated folks following the rules they were taught. You know the “rules” go to school, get a safe secure job, save for retirement and get a gold watch. The problem with that line of thinking is that it is an “Industrial Age” mindset and does not apply to the current “Information Age”. Heck, working for a company more than 10 years is a thing of the past. The rules have changed.
The government raid on big business isn’t making things any easier (60k new IRS agents). Pensions are all but myths. So the greatest asset you have to recovery what you may have lost is you.
So what options do you have? Well many are dipping into their savings and 401k’s to survive but the way I see it is that they are eating their seeds. Your retirement funds are no longer the fruit of your many years of labor but the seeds for your new harvest.
If your 401k is now a “40none k” you may be able to use what you have to rebuild your future.
Here are some options;
Option 1- Continue working or find a job. Now we both know how tough it is and you don’t want to work until you die. So that covers the obvious.
Option 2- Start a business. You can take some of your retirement money and start a business. Yes there is risk but you already risked your best working years playing it safe and when the rules changed, playing it safe failed you. So if you can write a business plan, build systems and market a business you could generate a fantastic income.
Option 3- Buy a franchise. If you do not know how to market a business or build an infrastructure you should consider the franchise route. In this way the system is already in place. You are, in fact, buying a system. The primary concern with franchises are the expenses and fees associated with buying a franchise not to mention the time it takes to turn a profit. Just be sure to do your due diligence before investing your retirement money.
Option 4- Invest in real estate. There are so many ways to get into real estate. Residential or commercial, “buy and holds” or “flippers”, rent or lease, cashflow notes or foreclosures. Get the picture? You have to find your sweet spot and learn all you can and execute. Real estate can be an incredible wealth builder.
Option 5- Join a network marketing company. In my humble opinion, network marketing presents the best chance to recover some resources you may have lost over the last few years. Why?
-Low starting cost. Most mlm have an average entry fee of $500.
-Training & support. Typically, mlm companies (with a few exceptions) offer excellent training and support
-Leverage. You gain the benefit of profiting from other peoples effort as well as your own. Leverage is your key to freedom. You can’t recapture the years of service you put into your job(s) so the only way to make up for time spent and money lost is to use the power of leverage.
Finally, I heard a powerful statistic from a top internet marketer and mlm recruiter, Dave Wood, that said 97% of network marketers who stay with the same company for 10 years make an average of 6 figures per year! That’s a high success rate just for toughing it out and building an organization for at least 10 years.
Imagine you are 50 or 55 years old and the lion’s share of your nest egg has taken a dive, what other 10 year retirement plan do you have to make a 6 figure residual income? Not a bad retire plan and you even compressed the time. (You don’t have to spend another 30 years working)
To be fair, most people wash out of mlm and do not stick around for 10 years. That may be for many reasons but whatever the reasons, the statistics show a 97% success rate if you make it past that threshold. Obviously, you still have to be active and build other leaders on your team.
With a little grit, focus and determination you may not only survive this bad economy, you may even thrive and recover your retirement. I wish you all the best!
“Fighting the evil forces of personal poverty both yours and mine.”
Robert E. Reed