Generate Income or Generate WealthMar 24, 2021
Most of us associate wealth with the accumulation of possessions: a fancy house, a nice car, designer clothing.
And while these goods are often the hallmark of high income earners and the wealthy, it’s still possible to make a lot of money and have a negative net worth —or negative wealth— if you don’t have the right plan in place.
It’s important to first have a framework when it comes to income though.
Say we took the entire world’s population and organized them into a figurative group of 10 people. Each of them would represent 20% of the population and we’d organize them from the richest to the poorest.
Based on current income trends, if you were to distribute $100 among the world’s population . .
the top 20% of income earners would get $83 of those dollars
the next richest group would get $10
the middle would get $4
the second poorest group would get $2
and the poorest 20% of the population would get $1.
As you can see, income trends vary widely and not having control over your income can vastly limit your opportunities and freedom.
Not to mention it’ll take you forever to accumulate wealth!
So if you’re not in the top 20% of income earners how do you get there? What’s holding you back?
So many people talk about all they are ‘doing’, yet so few ever have it actually ‘done’.
Understanding this is a pillar of what will get you in the top 20% of income earners.
You should be generating income from ‘Doing’, and wealth from ‘Done’.
Service based work is ‘Doing’. You only get paid when you’re doing it. You generate an income from it. But you are rarely in control of how much you can make, so there is a cap on your income.
In our online world of coaching programs, done for you, done with you, retreats, and agency work are all considered ‘Doing’.
But, in the online world you can scale these practices much more easily by creating automated courses that teach the content, and then you come in and consult. It’s a lot less work, scales your time, and allows you to work with more people so you can generate much larger income.
But, here’s the best part, once you get those courses ‘DONE’. . .you have an asset that is working around the clock for you generating income!
And the beauty of it all is you don’t have to wait until your program is fully completed before generating money from it.
Beta-programs (focus group offers) are a prime example of how to get paid for ‘Doing’ before it’s fully ‘Done’. And don’t worry, we’ll cover all this in our Focus Group Planner, so stay tuned for that.
Now, once the program has been beat up, tweaked, tested, and improved, you now have a ‘Done’ for you asset that can help you generate income and start building true wealth over time.
If you’ve done this right, your program will help solve a fundamental problem your audience is facing and will continue to be relevant over the long haul. This means you can make the program “evergreen” and you now have an asset running around the clock to grow your business while you’re moving on to other projects.
This is how you can stack your income and build wealth, as your asset is now generating you cash-flow without you having to do any additional work!
One of the top ‘Done’ assets that can bring equity (or wealth) into your business is your Content.
Content is ⅓ of the Wealth Triangle of your business.
- The Customer
- The Channels (Distribution)
Content can have (and should have) a very deep, evergreen value or equity. In other words, your content should always be addressing the fundamental problems your audience is facing so as to keep it fresh. This allows your content to stand the test of time and continuously attract new customers to your programs!
It’s why in our Visionary Planner System, we train you to build content like FAQ’s and SAQ’s (self-assessment questionnaires). It’s why we show you how to go into search engines and find the content people are searching for, so you can build content that is valuable. And it’s why we stress the importance of building content that lasts.
Are you building content that can stand the test of time? Are you building content that meets the consumer where they are in their search for help? Are you sharing truths? Adding your personality in? Dropping Insights so you’re teaching people how to think? Coaching is so much more than just dropping information.
Remember you are in a constant battle with free information on the internet. In order to cut through the noise on social media and differentiate yourself, your content needs more thought. It requires intentionality if you want to build an asset that truly helps people.
At the Visionary Planner we’re constantly laboring over content: how to do it better, where did we have the wrong angle, what if we tried it this way, what about these search terms. And the list goes on. We do this because we want to build content that stands the test of time (or evergreen content).
You have to be strategic about what content you create, and how it goes out, so that it serves your business by consistently generating leads and flowing money into your business.
This Wealth Triangle (a staple teaching from Dan Kennedy) is an example of an equity piece of content. It will withstand the test of time. It's a proven model for business and while the tactics behind it might change, the principles won’t. It’s a formula for business growth that can be cut up in many ways to grow his business (and yours too).
When you have a solid piece of content you should be thinking how do I generate videos, blogs, webinars, emails, and newsletters from that one piece of content? And how do I use it to grow my business?
Your quest is to get clear on what content you need to generate that will become pillars of your business. This will help you attract more customers and increase your income which will help you build wealth over time.
Now, that said, content can also have a very fleeting and temporary value, and disappear from the marketplace entirely (think social media).
Social media is not in your control. You have no idea how many people see it. It’s here today and gone tomorrow.
Content of this nature still has its usefulness, as you can tap into trends, moments, newsjacking, and more.
It should not be your primary method of generating content, however, as it will leave you constantly on the treadmill of content creation and the need to replace it constantly.
But, you can use social media to help support your process in creating asset based content. Keep what works, discard what doesn’t. Always aim to solve the fundamental problems for your audience.
In creating that asset (solving one problem), you’ll be able to leverage that piece of content again and again, which will ultimately buy you more time freedom. With more time freedom comes the ability to do more income building activities and produce more ‘Doing’ to ‘Done’ assets, which will slowly help you stack your income and build true wealth.
Yes, it takes longer, to create asset based content then it does to post a selfie and write a quick post.
But, one of these best practices will make you wealthy. One is a formula for wealth.
And this is why it’s so crucial to have a plan in place.
You need clarity.
Clarity on what to focus on so you don’t feel lost and overwhelmed.
Clarity on what to eliminate so you’re not trying to do everything yourself.
And clarity for what to generate in your life, so you’re moving forward with purpose and conviction.
In order to get the income, impact, and freedom you deserve, you have to focus on getting things ‘Done’ and not on just ‘Doing’ more things.
Here at the Visionary Planner we’re here to help you so you don’t have to go at it alone...
Need Help Kickstarting or Expanding Your Brand?
Click the button below to speak to one of our coaches.
We'll tell you all about our coaching programs (which start at just $299/mo). Then if we both feel it's the right fit, we can get you started.