Below is part 6 in my series of Bloggs about "The Top Ten Distinctions Between Millionaires and the Middle Class" by Keith Smith.
Distinction 5 - Millionaires work for Profits. The middle class works for wages.
"People who work for wages end up earning enough to live on but not much more. It is rare for someone to make enough money from an hourly or salary position to become financially free. Millionaires understand this and choose to work for profits instead of wages. Wages are the pay you receive for the work you do. Profits are the result of buying something for one price and selling it for a higher price. Millionaires are in the sales business.
If you depend on wages for your income, then your income will always be extremely limited. If you learn to earn profits, then the sky is the limit.
It has been said that over 90 percent of people who make more than $100,000 a year are in some form of sales. I believe this is true. All of my mentors work for profits. Not one of them works for wages."
For the remainder of this chapter Keith goes on to describe his own success story. His story is very interesting, but somewhat hard to summarize. The bottom line of what he describes, is that he was always looking for different ways to make money. He was always looking for things he could sell at a profit. He was always watching other successful people make money and then tried to do what they were doing.
I agree with a lot of what Keith says in this chapter, however, I don't think you need to be self employed or necessarily in a sales position to become a millionaire. Do I think it will get you there faster to be an entrepreneur with a solid idea and business plan? Sure, absolutely. But can you get there from a salary position? Yes you can.
That being said, your mentality must be the same as someone who is self employed, or in sales. You can not go to work and work for your paycheck. You have to go to work, to work for your company. There is a big difference there. People who go to work for a paycheck typically do just enough to earn that paycheck. People who go to work for a company typically do more than what is asked of them and do more work than what they are getting paid to do. These people are the ones who end up getting the promotions, and the raises and end up running the company. These are the "non-self-employed" people who become millionaires.
In addition to reading this book, I have also been listening to my Zig Zigler CD's. In one of Zig's presentations he talks about affirmations and gives an affirmation that he suggests people say to themselves everyday. I am going to type it out below, but I want to you notice that the first sentence of this affirmation states that "regardless of who signs my paycheck I am self-employed". I believe this is so important to understand and remember because you truly are in charge of your own destiny no matter where you work, or who you work for. Your attitude, your drive, your willingness to put forth more effort and work than the next person will determine how successful you will be and if you will be a millionaire, or if you will stay in the middle class.
Zig Ziglar Daily Affirmation:
1. I am an honest, intelligent, organized, responsible, committed, teachable person who is sober, loyal, and clearly understands that regardless of who signs my paycheck I am self-employed. I am an optimistic, punctual, enthusiastic, goal-setting, smart working self-starter who is a disciplined, focused, dependable, persistent player and hard worker who appreciates the opportunity my company and the free enterprise system offer me. I am thrifty with my resources and apply common sense to my daily tasks. I take honest pride in my competence, appearance and manners, and am motivated to be and do my best so that my healthy self-image will remain on solid ground. These are the qualities which enable me to manage myself and help give me employment security in a non job-security world.
2. I am a compassionate, respectful, encourager who is a considerate, generous, gentle, patient, caring, sensitive, personable, attentive, fun-loving person. I am a supportive, giving and forgiving, clean, kind, unselfish, affectionate, loving, family-oriented human being and I am a sincere and open-minded good listener and a good-finder who is trustworthy. These are the qualities which enable me to build good relationships with my associates, neighbors, mate and family.
It's a Good Life!!!
Greg Novak MBA
Branch Manager
Eagle Nationwide Mortgage Company
Office - 386-756-8228 Cell - 386-846-6686 Fax - 386-756-8108
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