Hello friends, I am a laxman Sonale. In this article, we see wealth file #11 from the book ” the secrets of the millionaire mind” by T Harv Eker. In this wealth file, we learn how rich peoples are business Mindsets. so let’s start to learn about another quality of rich people.
Wealth file #11:-Rich peoples are Business mindsets
Rich people choose to get paid based on Results.
Poor People choose to get paid based on time.
In this wealth file, the author T Harv Eker explains the differences between time and result, and how are they affect our financial thought?
Let’s understand differences and avoid the poor people’s mindsets to get very wealthy.
In starting author talks about the old statements, that everyone heard so many types. that’s statement is Go to school get good grades, get a good job, get a steady paycheck, be on time, work hard… and you’ll live happily ever after.
then the author says, unfortunately, this sage advice comes directly from the book of Fairy tales, Volume I, right after the tooth fairy story. (Rich peoples are Business mindsets)
What I will discuss in the idea behind the ” Steady ” paycheck. there’s nothing wrong with getting a steady paycheck unless it interferes with your ability to earn what you’re worth. There’s the rub, it usually does.”
then the author talks about poor people’s mentality regarding payment.
the author says, ” Poor people prefer to be paid a steady salary or hourly wage. They need the ” security” of knowing that exactly the same amount of money is coming in at exactly the same time. month in, month out.
What they don’t realize is that this security comes with a price, and the cost is wealth.
Living based on security is living based on fear. What you’re actually saying is ” I am afraid I won’t be able to earn enough based on my performance. So I’ll settle for earning just enough to survive or to be comfortable.”
the above statement is right in that the author talks about the rich people’s mindsets on payments.
the author says, ” Rich people prefer to get paid based on the results they produce, if not totally, then at least partially. rich people usually own their own business in some form. they make their income from their profits.
rich people work on commission or percentage of revenue. rich people chose stock options and profit-sharing in lieu of higher salaries. (Rich peoples are Business mindsets)
Notice:- There are no guarantees with any of the above. As stated earlier, in the financial world the rewards are usually proportionate to the risk.
Rich people believe in themselves. they believe in their value and in their ability to deliver it.
Poor people don’t that why they need ” Guarantee ”
then the author talks about his experience
the author says, ” I dealt with a public relations consultant who wanted me to pay her a fee of $4000 per month. I asked her what I’d receive for my $4000. she replied that I’d see at least $20,000 of coverage per month in the media.
then the author said, ” what if you don’t produce those results or anything close to it?” she answered that She would still be putting in the time, so she deserved to get paid. ”
then the author replied, ” I am not interested in paying you for a specific result, and if you don’t produce those results why should I pay you? On the other hand, if you produce even greater results, you should get paid more.
Tell you what:- I’ll give you fifty percent of whatever media value you produce, according to your figures. that would mean paying you ten thousand dollars per month, which is more than double your fee.”
then the author asks a question, ” did she go for it?” Answer:- Nope, Is she broke? Yup!”
so, friends, I hope you understand the above examples, I also think like this, or most of the poor people mentality think like this,
so then the author explains, why poor people do this and give the advice to avoid this type of thinking.
the author says, ” poor people trade their time for money. the problem with this strategy is that your time is limited. This means that you invariably end up breaking wealth rule no.#1 which states that, “ never have a ceiling on your income. other worlds we can say, never have a limit on your income.
If you choose to get paid for your time, you are pretty much killing your chances for wealth. this rule also applies to the personal service business, where again, you generally get paid for your time. that’s why layers, accountants, and consultants who are not yet partners in their firms and therefore don’t share in the business profits- make a moderate living at best.”
then the author gives their experience in their seminar.
the author says, ” At my seminars, I often meet salaried or hourly wage employees who complain to me that they’re not getting paid, what they’re worth. My response is ” In whose opinion? I am sure your boss thinks you’re being compensated fairly. Why don’t you get off the salary treadmill and ask your boss to be paid based fully or partially on your performance? Or, if that is not possible why not work for yourself? then you’ll know you’re making exactly what you’re worth. (Rich peoples are Business mindsets)
Somehow this advice doesn’t seem to appease those people who are obviously terrified of testing their ” true ” value in the marketplace.
the fact most people have of being paid based on their results, is often just a fear of breaking out of their old conditioning. In my experience, most people who are stuck in the steady-paycheck rut have past programming that tells them this is the ” Normal ” way to get paid for your work.”
then the author talks about blaming your parents.
the author says, ” You can’t blame your parents.( I guess you can if you’re a good victim). most parents tend to be overly protective, so it’s only natural for them to want their kids to have a secure existence. As you’re probably already found out. any work that doesn’t provide a steady paycheck usually produces the infamous parental response.” When are you going to get a real job?”
then the author gives their parents a conversion to face our parents
the author says, ” I remember when my parents asked me that question. thank goodness my reply was ” hopefully never!”, my mother was devastated my father, however, said, ” good for you. you will never get rich working on a straight salary for someone else ”
if you are going to get a job, make sure you get paid on percentage. otherwise, go work for yourself!”
I too encourage you to work for yourself. Start your own business, work on commission, get a percentage of revenue or company profits, or get stock options.
Whatever your vehicle, make certain you create a situation that allows you to get paid based on your result.”
then the author gives advice on starting a business.
the author says, ” Personally, I believe just about everyone should own their own business, be it full-time or part-time the first reason is that by far ” the vast majority of millionaires become rich by being in their own business.
Secondly, it’s extremely difficult to create wealth when the Taxman is grabbing almost half of everything you earn. When you own a business. you can save a small fortune in taxes by writing off a portion of your expenses for such things as your car, travel, education, and even your home. for that reason alone, it’s worth having your own business. (Rich peoples are Business mindsets)
another option is exchanging your ” job ” for a ” contract ” position. if your employer is willing, he or she can hire your company instead of you to do basically what you’re doing now. A few legal requirements have to be fulfilled, but for the most part, if you add one or two more clients, even part-time, you can get paid as a business owner instead of an employee
and enjoy business-owner tax benefits. who knows, those part-time, clients may grow to become full-time clients, which would then give you the opportunity to leverage yourself hire other people to get all the work done, and eventually you’ll be running your own full-on business.”
then lastly the author says, In the end, the only way to earn what you’re really worth is to get paid based on your results. once again, my dad said it best:- You will never get rich working on a straight salary for someone else. if you’re going to get a job, make sure you get paid on percentages. otherwise, go work for yourself.”
the author gives the millionaire mind activity, you can read this activity, by buying a book from the following link
so this is all about the wealth file #11 from the book the secret of the millionaire mind by T Harv Eker.
Read More Book summaries
3) the 7 habits of effective people
4) 11 commandments of life maximization
5) the secrets of the millionaire mind
[…] Previous Wealth file #11 […]