Reality is negotiable
DEAL
D- Definition: Explains the new rich recipe (NR) and lifestyle design (LD).
E- Elimination: Eliminate obsolete time management tools.
Cultivate selective ignorance.
Ignore the unimportant.
Time is greater than money.
A- Automation: Passive income - cash flow on autopilot.
L- Liberation: Mini-retirements
Global mobility - work from anywhere.
Retirement is worst case scenario insurance.
The concept of full retirement is flawed - who wants to sit around doing nothing.
“Someday” is a disease that will take your dreams to the grave with you.
Rules that change the rules:
1. Retirement is the worst case scenario.
2. Interest and Energy are cyclical.
Mini-vacations / retirements
2 months work, 1 month live abroad or intense training.
3. Less is not laziness (work hours).
4. The timing is never right.
5. Ask for forgiveness, not permission.
6. Emphasize strengths, don’t fix weakness.
7. Things in excess become their opposite.
8. Money alone is not the solution to finding happiness.
9. Relative income (the money you make per hour) is more important than gross income.
10. Distress = bad, Eustress = good.
Eustress:
Pushing mental and physical limits / risk taking.
NR - It’s not about what you own, but what experiences you own.
Becoming part of the NR is about building systems to replace yourself.
80/20 principle… 20% of causes create 80% of problems… 20% of sources create 80% of happiness… etc.
20% of people waste 80% of your time.
Practice the art of not finishing (bad things): ie: don’t finish bad movies, books or articles - saves time.
“Don’t suffer fools, or you’ll become one.”
Just because you can do things better than your employees, it doesn’t mean that’s how you should be using your time.
Ask people when you need something from them, “ is this reasonable.”
People don’t want to seem unreasonable.
Automation must be applied to efficient operations.
Set up email auto responders.
Hire virtual assistants (VA) from India - outsource - simple, time-consuming tasks.
When you delegate, make sure the tasks are well-defined.
Web research.
Follow up with clients.
Make payments.
Website maintenance / development.
Market research.
SEO.
Only check email once per day at a certain time.
Eliminate unimportant tasks before you delegate them.
Test markets before you build a business (your muse).
You should be able to describe your product in one sentence.
“How is it different and why should I buy it?”
8 x 10 times markup on costs, or not worth it.
$50 - $200 for a product is the prime price range.
Subscription model is even better (monthly or annual fees).
How to find your muse?
1. Product Re-Selling:
Buy product wholesale (40% off) and re-sell in a better medium (nice website - do it better).
2. License a Product:
Take someone’s already invented product and build a company out of it.
3. Create a Product:
Information is great - only cost is time - niche blog.
What skills are you interested in that you can teach others?
Interview experts.
Consider problems you have overcome.
Steps of the NR
1. Market Selection:
Choose something you are or want to be an expert in.
2. Product Brainstorm:
Re-sell product.
Buy license for a product.
Create a new product, make something better.
3. Micro-Testing:
Test to see if there is a market and demand for the product and what price to come in at.
Keep a small inventory.
4. Rollout and Automation:
Streamline the business and set for automation.
Auto-orders
Auto-payments
Outsourcing, etc.
Big Problems:
1. One or two purchase options only.
Basic v Premium
Giving customers too many options - Keep things simple.
2. Only one shipping Option:
1 fast method with premium price.
3. Do not offer Overnight Shipping:
Too much work.
4. Online orders only.
5. No international shipping.
Not all customers are created equal.
Look at customers as an equal trading partner.
Thin the herd on bad customers.
If you offer an excellent product at an acceptable price, it’s an equal trade.
Make your customer base an exclusive club.
Great people create their lives actively, while everyone else is created by their lives - passively seeing where life takes them next.
Need a systems dependent business, not a people dependent business - franchise!
E-Myth: Work on your business, not in it or for it.