Monthly Archives: March 2017

4 lessons and a 9-word question

Learning about financial concepts is crucial for building wealth and staying wealthy. Here’s what I posted on social media earlier this week:

4 Lessons Wealthy People Taught Me

1. An asset pays for itself and creates a monthly net profit.
2. When bankers say, “It’s an asset,” they mean it creates a profit for THEM.
3. Build Automatic Money Generators that don’t require your presence. (a special class of assets)
4. You are financially free when your Automatic Money Generators pay you more than you are spending.

One of my social media friends replied, “How does one create Automatic Money Generators?”

Here’s a little background. We have known each other In Real Life for nearly 10 years. She’s attended parties at our home, we attended her wedding, and we have talked numerous times in person. She’s not simply someone I met online. In the past few weeks she posted a question on social media, and when I responded mentioning a $5 solution, I received some version of “I can’t afford that.”

So I considered her situation and past reactions into my response. I wasn’t going to jump into booking a business presentation with someone who thinks $5 is too much to spend. I decided to start with some basic information and a question to gauge her level of interest.

I sent a private message: “I have just a few minutes to type right now, so this might be an incomplete answer. “Automatic Money Generators” are businesses, real estate, or other investments that generate profits for the owner every month, whether or not the owner shows up for work. The situation is otherwise known as “passive income” and always requires up-front money, energy, education (books or seminars), and time to create. (Like planting an apple tree, nurturing it until it bears fruit, and making sure someone is trimming and fertilizing the tree on an ongoing basis). Net-income producing real estate rentals, real estate tax liens, musicians who have songs on iTunes, and businesses like mine all qualify. Which one of those sounds most interesting to you?”

This launched a back-and-forth via texting, which included my recommendation of a library book to read. She loves to read, so reading a book is not stressful. Also, libraries loan books for free, so the money question is eliminated for this step.

We ended with her promise to look for that book during the library trip next week… and to let me know her opinion of it after she’s finished reading.

So now it’s in her hands.

In some ways she reminds me of a younger me.

One of my husband’s co-workers made an offhand remark about 20 years ago. She mentioned a book about finance that she liked. My husband and I didn’t have an extra $20 to buy our own copy. It was a newly-released book, so there weren’t copies available on the bookshelves of the charity resale stores in our area. We contacted the local library to put our names on the waiting list for that book, and we waited nearly 3 months for our turn to read it.

Reading those pages was a pivotal moment for our understanding of the power of leverage and the differences between self-employment and business systems.

When there’s a will, there’s a way. We waited for then read (I mean devoured) that book and others written by that author. If she’s truly interested in elevating her financial situation, she will find that book and read it quickly. I will discover if she is “coachable” by what she does in this situation.

The next move is hers. Her actions will reveal whether she is ready to move from dreaming to taking action toward a more prosperous future.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #patience #coachable #4lessonsanda9wordquestion #financialknowledge #books

Everyone is watching the prophet

A social media post caught my eye today.

It asked a long-standing question, which I will summarize: If you see a celebrity marketing a new item and you buy it… why do you say No to a friend doing the same? After all, you don’t know the celebrity and she/he certainly has plenty of money already.

It’s the struggle of being what is called “a prophet in your own town.”

Consider that your parents, siblings, cousins, and friends already know you.

That’s supposed to be an advantage, right?

Well, sometimes it is. And sometimes not.

They know you… but in a particular role. You’re their family member or friend, but you are also a stay-at-home parent, insurance agent, nurse, accountant, or police officer. They feel comfortable seeing you in that role. And they’re used to seeing you relate to the working world in that manner.

They may subconsciously be asking themselves, “Why is this person changing? I didn’t know they had a burning love for (product). And they can barely pay the bills— so why should I believe ANYTHING they tell me about making big money?”

Perhaps you are one of the fortunate ones who already is making lots of money in your current line of work. Your family members and friends might be more willing to listen, since you already seem to have “a good head” about making money. Then again, maybe not.

When I joined my first Network Marketing company in 1996, I approached my extended family members first, just like I was trained to do by my sponsor. All but one said No, and several of them were downright mean in their comments. I felt angry and embarrassed when I reported my lack of progress in the next training meeting. And the next. And the next.

Sometimes it is easier to go where no one knows you.

If your situation is similar to what I experienced, concentrate on meeting and building relationships with business people who don’t know you. They won’t have a preconceived notion of who you are supposed to CONTINUE being.

When I joined my current company I said very little to my extended family, but I joined and concentrated on people I met in a weekly business referrals group.

You can do the same. Attend business networking groups and meet other entrepreneurs and decision-makers. Your local Chamber of Commerce is a good place to begin. Stay in touch by wishing your new acquaintances congratulations, happy new year, happy birthday, or passing along a tip about their profession or hobby. These actions build trust and visibility.

By the way, when people say No, they continue watching.

They’re watching to see if you are in this for the long term.

Be businesslike. Be committed to building, at the pace that is right for you.

It’s tempting to buy things you can’t afford, simply to “look successful.” It’s a trap. Please avoid it.

Simply keep taking business building actions, and some of the doubters will turn into believers.

And they will brag about your product, as if they were one of your earliest supporters.

Let them. And smile all the way to the bank.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #prophet #everyoneiswatchingtheprophet #networkmarketing #longtermcommittment #business #looksuccessful #money #bigmoney #residualincome #bank #smileallthewaytothebank #socialmedia #smile

a definition of investment

Investment: You Pay It Before It Pays You.  –LYnn Selwa

#lynnselwa #therocketsciencecoach #networkmarketing #mindset #investment

Is it inspiring?

One of the speakers explored that question last weekend.

As I mentioned last week, I watched the livestream of The Most Powerful Women In Network Marketing event during the long weekend. I was able to watch most of the Friday daytime and Saturday daytime sessions.

On Saturday morning Diana Ross addressed us via videorecording from the United Kingdom.

She discussed creating an accountability system, including how to reward ourselves when we achieve a goal.

“But what if you are in debt? Should you still spend money to reward yourself for reaching a goal?”

Her advice: If you are in debt, use SOME of the money you’re earning to pay it down… AND also reward yourself. You deserve a reward simply because you achieved your goal. The treat can be a small one. Realize that paying down debt is not inspiring on its own.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #networkmarketing #women #MostPowerfulWomen #livestream #womenleaders

 

 

Are you a woman? Or have a woman on your team?

Do you want powerful women in network marketing coaching your team?

The “Most Powerful Women In Network Marketing” conference starts tonight (6pm USA Pacific Zone) and runs through Saturday evening. I will be tuning in over the internet, which is commonly known as “livestreaming.”

Whatever your gender, you can purchase a livestream ticket to see the teaching sessions on your smartphone or computer. Watch the internet broadcast as-it-happens, or watch the recordings for 30 days afterward at your convenience. Your ticket includes both options.

Pick up a few tips for yourself, or pass them along to the female members of your network marketing, direct sales, or party-plan team. There’s even a panel regarding “how to work as a business partner with your spouse.”

“See” you there!

–LYnn Selwa, “The Rocket Science Coach” ™

P.S. I receive no compensation of any type from marketing nor from purchases.

#lynnselwa #therocketsciencecoach #MPWNM2017 #ericworre #networkmarketingpro #residualincome #networkmarketing #mlm #directsales #partyplan #personaldevelopment #women #powerfulwomen #livestream