Double Your Salary in 12 Months or Less

If you are bored (with your job) it’s your fault. You just aren’t working hard enough at making your job interesting. It is also probably the reason you haven’t been offered anything better. Find out what you love to do and you will be successful at it”. (Mark McCormack, author of “What They Don’t Teach You At Harvard Business School”)

Source of Income:
There are 3 sources of income:

• Earned
• Portfolio
• Passive

Your extra incomes come from:

• Increased earnings
• Reduced/controlled spending
  
  

Quick Financial Health Assessment:
To assess whether we are healthy financially, we look at:

• EPF savings
• Run-Rate
• Net worth
• Debt repayment % of your monthly income
• Employability

A. CREATE THE FOUNDATION FPR WEALTH BUILDING

1. INTEGRATE SUCCESS FACTORS INTO YOUR LIFE

• Integrity
• Discipline
• Social skills
• A supportive spouse
• Hard work

2. EXAMINE AND USE THE RESOURCES AT HAND
“It isn’t the amount that matters; it’s doing all that can do with our God given abilities that really counts.” (Jim Rohn)

I. Visible Assets

• Health and vitality
• Physical/Material Possessions
• Pleasant Personality
• Talents or skills
• Good Reputation
• Loving & Supportive Family

II. Visible Liabilities

• Sickness & Fatigue
• Mortgages/Bank Loans
• Difficult to Get Along
• Illiterate/Unskilled
• Not Trustworthy
• Broken Family

III. Invisible Assets

• Creativity, imagination
• Vision, Definite Major Purpose
• Self-Control, Tolerance
• Resilience, Persistent
• Accurate Thinking
• Faith in Infinite Intelligence

IV. Invisible Liabilities

• Legalistic, inflexible
• Aimless
• Impatience
• Quit easily
• Emotional
• Faithless

3. As a beginner in the creation of MSI, there are only 3 resources we need, i.e.

• A Good Idea
• The commitment to do it
• The key contacts who posses all the other resources we need.

4. Your acres of diamonds lie under your own feet. But they are disguised as your special talents and abilities, your education and experience, your friends and contacts. Start where you are for distant fields always look greener, but opportunity lies right where you are! (Focus On your Own Acres of Diamond).

5. “In your HEAD, you have everything you will ever need to take you to anywhere you want to go, to have anything you want to have, and to be anything you want to be. (Paul J. Meyer)

6. WISE PROGRESSIVE ASSET ALLOCATION
I. Accumulation (16-30)

• Train for a career via formal education
• Start a savings program and set long-term financial goals.
• Determine life, medical or accident/disability insurance needs.
• Maximize tax-relief or tax-deferred income.
• Save at least 3-6 months of cash as reserves.
• Invest a small percentage of extra savings in low risk investments and the balance in medium to high-risk investments for maximum growth.

II. Saving (30-45)

• Invest for capital growth.
• Write a will and explore retirement goals.
• If you have children – add insurance for a growing family, provide for expanding household needs, name a guardian for your children and begin to build an education fund.
• Long-term asset allocation model outside of cash:
  a. Low risk – 25%
  b. Moderate risk – 50%
  c. High risk – 25%
  

III. Pre-Retirement (45-60)

• Shift from growth to income with your portfolio and remember to diversify your investment plans.
• Develop an estate plan and think seriously about “retirement” planning.
• Review and revise your will as necessary and explore a living will.
• Arrange for a power of attorney – reevaluate homeowner’s life, disability and umbrella liability insurance policies.
• Consider deferred compensation plans with your employer (if applicable).
• Long-term asset allocation model outside of cash:
  a. Low risk – 35%
  b. Moderate risk – 40%
  c. High risk – 20%

IV. Retirement (60-70)

• Conserve assets and maintain income flow to sustain the retiree’s standard of living until he/she dies.
• Reevaluate your spending plan to meet retirement needs.
• Reduce taxable estate and shift a portion of assets to income producing.
• Occupy time in as meaningful manner – investigate part time employment or volunteer work for retirement.
• Ensure that long-term health care needs are met.
• Review any will and trusts or insurance policies.
• Consider plans of transition for the family business (if applicable).
• Update your living will and power of attorney, and share financial decisions with other family members.
• Investigate gifts and insurance plans for children and grandchildren (if any) and explore charity-giving plans and plan for shifting business interests (if applicable).
• Asset allocation model outside of cash:
  a. Low risk – 60%
  b. Moderate risk – 30%
  c. High risk – 10%

7. Wisely balance our enjoyment of life with responsible investing, which will allow us to live consistently at the level that we have chosen. (Never Let Your Assets Run Out)

B. IMPROVE THE QUALITY OF YOUR LIFE AND WORK
1. IMPROVE YOUR ATTITUDE
I. True prosperity begins with feeling good about your self. It is the freedom to do what you want to do, when you want to do it! It is not defined by an amount of money – it is a state of mind. Prosperity or lack of it is an expression of the ideas in your head!

II. Do more Positive Affirmation For Yourself

• Relationship with Bosses
• Relationship with Others
• Relationship with Your Salary

III. Do Less Negative Defensive Thinking

• Self-Limiting Thoughts
• Overcoming Problems at Work

IV. Start to Believe that Someone Need What You Have to Offer.

V. Stop the “FIXED INCOME” Mentality

• As you conceive of more, more will come into your life!
• Affirm yourself with prosperity consciousness.
• Affirm yourself daily that you are enjoying your transformation process.

2. IMPROVE YOUR SKILL

• DO MORE THINGS of greater Value, Rewards and Satisfaction.
• DO LESS THINS THAT ARE not as helpful compared with other activities or behaviors and hurtful to the things that you want to achieve.
• START TO DO THINGS NOT DONE AT ALL, Make new choices, Learn new skills, begin new projects or activities and change the entire focus of your work or personal life.
• STOP DOING CERTAIN THINGS ALTOGETHER, stand back and evaluate your life with new eyes and decide to discontinue activities and behaviors that are not consistent.
  
  

C. UNLOCK YOUR FULL POTENTIAL
1. UNDERSTAND HOW YOY ARE PAID

• Paid for accomplishments, not activities.
• Paid for outcomes, not for inputs, or the number of hours you work.
• Our rewards are determined by the quality and quantity of results we achieve in our area of responsibilities!

2. DOUBLE YOUR VALUE, DOUBLE YOUR INCOME

• Do the things that contribute the greatest value to you and your company.
• Identify the activities in the bottom 80%, the lower value, time-consuming tasks that contribute very little to your results.
• Resolve to downsize, delegate and eliminate as many of them as possible, as quickly as you possibly can.
• You will be paid more because of making a more valuable contribution.
  

3. SEE YOURSELF AS SELF-EMPLOYED

• Accept personal responsibility for everything you are and everything you will be.
• This means we choose refuse to make excuse or blame others, complain and eliminate what-ifs and all your if-only.
• Regardless of who signs your paycheck – see your self as the president of the of your personal service corporation.
• Instead of making excuses, focus on making progress!

4. LEARN HOW TO INCREASE PROFITS FOR YOUR PERSONAL COMPANY OR ANY COMPANY

• Increase sales and revenues while holding costs constant.
• Decrease running costs, holding sales and revenues constant.
• Do something else altogether where one or both of the first two are possible.

5. DEDICATE YOURSELF TO LIFE-LONG LEARNING AND GROWTH

• Read in your field daily for at least 30-60 minutes.
• Listen to audio programs in your car as you drive from place to place.
• Attend every course and seminar that you possibly can to help you improve in your field.
• LEADERS ARE LEARNERS!

D. CREATE MULTIPLE SOURCES OF INCOMES
1. MSI = PSI + ASI

• MSI = Multiple Sources of Income
• PSI = Primary Sources of Income
• ASI = Additional Sources of Income

2. GUIDELINES FOR IDEAL MSL
I. Characteristic of An Ideal Money Making MSI

• Residual streams of income.
• Have potential for expansion.
• Low amount of time involvement.
• Be low risk.
• Require a low or no staff component.
• Have low start-up and overhead costs.
• Have high profit margins and rates of return.
• Fulfill a need for many people.
• High personal satisfaction
• High growth and educational.
• Have a unique quality.
• High speed, kind of project can give immediate monthly income.
• Have a stable, growing, long-term demand.
• Get in front of the trend and ride the wave.
• Sell to the masses.
• Have positive cash flow and low inventory costs.
• Have minimum government regulatory controls.

3. IDEAS FOR MSI

• GET MONEY TO WORK FOR YOU INSTEAD OF YOU WORKING FOR MONEY!
• Royalties
• Rental income
• Selling consumable products
• Selling businesses
• Additional products and services for existing client base
• Residual income
• Savers earn internet
• Bonds and stocks
• Your own house appreciation
• Songwriters earn royalties
• Authors earn royalties from their books and tapes
• Insurance agents get residual business
• Securities agents get residual sales
• Network marketers get residual commissions
• Actors get a piece of the action
• Entrepreneurs get business profit – owing your business
• Franchisers get franchising fees
• Investors get dividends, interest and appreciation
• Visual artists get royalties from their creations
• Database owner: rent and sell lists and related intelligence
• A new website that sells 24 hours a day
• Royalties: books, tapes, CDs, videos, seminars, films, software, games, inventions, patents, agenting, brokering.
• Partners get profits
• Real estate owners can get cash flow profits
• Celebrity endorsers get gross percentage profits
• Marketing consultants get as percentage of the profits or gross revenue.
  

4. FIVE STEPS TO CREATE MSI
“It is not impossibilities which fill us with the deepest despair but possibilities which we have failed to realize. (Robert Mallet)

• Start by focusing on your PSI until it is stable and almost permanent.
• List down what you have to offer.
• Prioritize each ASI.
• Narrow your prioritized of ASI to 3.
• Involve your Dream Team or Master Mind group like-minded people to help you sharpen your MSI’s ideas and put the resources needed to create successful MSI.
  

5. No one can hope to become rich without the help of people around him. The claim that “I did it all by myself without the help of anyone” is one that airs our arrogance which will limit our success. Although contacts, money, ideas and enthusiasm are of vital importance – they are not enough if we can’t count on people. Success Is A Team Effort.

E. Action Spot

• Write down the foundational stones of success in your lives. Print a copy and put it into your wallet to be read daily.
• Develop a plan to implement the top 3 best ideas from the group.
  · Your plan for each MSI should entail components like WHAT (what MSI?), WHY (Purpose), WHO (Your team members and their assigned tasks, if any), WHEN (Start? Finish?), HOW (Detail action steps), BUDGET (Seed funds allocated for each MSI or task), PROFIT (Expected amount of money you can make) and STATUS (Progress of each MSI) in a tabular format.
  c) Give careful thought to build in the vital internal assets to ensure your success. Identify and eliminate any harmful internal liabilities.
  

F. Think Spot

• “I am deeply fulfilled by all that I do.” How true is this affirmation for you?
• What are the top 20% of your activities that account, or can account for 80% or more of the value of your work?
• Ask yourself this question daily before you go to bed:” What percentage of what I did today actually help to create residual income?” What adjustments are you going to make in order to create more wealth?