Making Money While You Sleep
You want for your business to accumulate. In other words, making a dollar today should be easier than making a dollar yesterday. And making a dollar this week should be easier than making a dollar last week. And making a dollar this year should be much easier than making a dollar last year. Making a dollar should be easier this year than last year!
Most people in their businesses are experiencing the opposite, true or false? It is getting harder to make a dollar than it used to be. That is a problem, because you are not experiencing accumulation. You are experiencing “decumulation,” where the value you are creating is going down. You want to be creating systems that help you create that value. Those systems create sustainable value, because the system itself is valuable.
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You need to create a sustainable system of value creation. So if you have created the system, the system continues to be valuable, even if you are not there. In fact, society gives the biggest rewards to those people who are able to create systems and structures that create ongoing value when they are gone. Think about that. If you can create a company that creates value, even if you are not there, society will give you huge rewards.
They’ll buy that company from you, and the best thing of all, they will pay you a multiple of the profits of that company when they take it off your hands. Then you can create the next system that will create value on an ongoing basis. So, if you have a company that can make a $1 million a year, they can give you $10 million or $15 million for it right now. Then you can go build the next system.
You can make good money at a job. But if you aren’t working, you don’t get an income. That is one form of income. It’s not a bad form of income, and it could be a high form of income; but what we want to talk about is residual income.
Imagine the infinity sign in your mind. On the right hand side you want residual income, which means recurring and ever flowing. On the left hand side is residual philanthropy. You want to make so much that you have excess, so you can keep giving it away. You have any number of ways to do that. I want to explain the simplest one.
Think about a piece of string—not very valuable, right? Well, one guy capitalized on a patented a piece of
string that had a little wax on it and called it dental floss. I met this man at a dental meeting. He has made over $2 billion in residual income on a piece of string. I want you to understand that you can patent, copyright, and trademark lots of different things. This includes not only the hard product but also the
process, design, service, and so forth. You can make $2 billion with a piece of string!
You may have seen Lance Armstrong with his little wristband, which he sold around the world to end
cancer. Many of us paid a dollar for it. In 2004, the first year that the LIVESTRONG™ wristband was
introduced, $31 million in wristbands were purchased. In 2009 LIVESTRONG™ had functional expenses totaling $37,147, 929, and 81 percent of every dollar raised went directly to fund programmatic expenses.
Can you do really little things and make a profit? Yes!
You want for your business to accumulate. In other words, making a dollar today should be easier than making a dollar yesterday. And making a dollar this week should be easier than making a dollar last week. And making a dollar this year should be much easier than making a dollar last year. Making a dollar should be easier this year than last year!
Most people in their businesses are experiencing the opposite, true or false? It is getting harder to make a dollar than it used to be. That is a problem, because you are not experiencing accumulation. You are experiencing “decumulation,” where the value you are creating is going down. You want to be creating systems that help you create that value. Those systems create sustainable value, because the system itself is valuable.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Protect Your Files. Store, Backup and Access Important Files Online using ElephantDrive - Free Trial.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
You need to create a sustainable system of value creation. So if you have created the system, the system continues to be valuable, even if you are not there. In fact, society gives the biggest rewards to those people who are able to create systems and structures that create ongoing value when they are gone. Think about that. If you can create a company that creates value, even if you are not there, society will give you huge rewards.
They’ll buy that company from you, and the best thing of all, they will pay you a multiple of the profits of that company when they take it off your hands. Then you can create the next system that will create value on an ongoing basis. So, if you have a company that can make a $1 million a year, they can give you $10 million or $15 million for it right now. Then you can go build the next system.
You can make good money at a job. But if you aren’t working, you don’t get an income. That is one form of income. It’s not a bad form of income, and it could be a high form of income; but what we want to talk about is residual income.
Imagine the infinity sign in your mind. On the right hand side you want residual income, which means recurring and ever flowing. On the left hand side is residual philanthropy. You want to make so much that you have excess, so you can keep giving it away. You have any number of ways to do that. I want to explain the simplest one.
Think about a piece of string—not very valuable, right? Well, one guy capitalized on a patented a piece of
string that had a little wax on it and called it dental floss. I met this man at a dental meeting. He has made over $2 billion in residual income on a piece of string. I want you to understand that you can patent, copyright, and trademark lots of different things. This includes not only the hard product but also the
process, design, service, and so forth. You can make $2 billion with a piece of string!
You may have seen Lance Armstrong with his little wristband, which he sold around the world to end
cancer. Many of us paid a dollar for it. In 2004, the first year that the LIVESTRONG™ wristband was
introduced, $31 million in wristbands were purchased. In 2009 LIVESTRONG™ had functional expenses totaling $37,147, 929, and 81 percent of every dollar raised went directly to fund programmatic expenses.
Can you do really little things and make a profit? Yes!
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