Adam Khoo
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program '7 Steps To Financial Freedom' here. http://www.thewaytomakemoney.com
Articles by this Author
When you focus only on increasing your value per hour and the time you spend, your income increases in a linear fashion.
There is a limit to how much you can earn a month, since there is a limit to the number of productive hours you can work. You are literally just selling your time for money.
For example, even if you are a top lawyer who earns $300 per hour and you can only work a maximum of 180 hours a month, your maximum earnings would amount to only $54,000 a month or $648,000 a year.
There is a limit to how much you can earn a month, since there is a limit to the number of productive hours you can work. You are literally just selling your time for money.
For example, even if you are a top lawyer who earns $300 per hour and you can only work a maximum of 180 hours a month, your maximum earnings would amount to only $54,000 a month or $648,000 a year.
I am sure that no matter where you are in your career, you desire to create more income for yourself. For most people, only two options come to mind.
Either they work much harder in their job and hope their boss notices their efforts and gives them a raise of 5-10%, or quit their job and find another company that will pay them 10-20% more.
Either they work much harder in their job and hope their boss notices their efforts and gives them a raise of 5-10%, or quit their job and find another company that will pay them 10-20% more.
Over the last few years, I have interviewed people who were among the highest income earners in their industry and people who were the average income earners.
Sure enough, I found that age, experience and academic qualifications had nothing to do with their price tags. It depended on how much value they created for their company and for their clients they served.
Sure enough, I found that age, experience and academic qualifications had nothing to do with their price tags. It depended on how much value they created for their company and for their clients they served.
Let me pose you this question. Between a pop star like Madonna and a heart surgeon, who creates greater value in a person's life?
Of course it is the heart surgeon! The heart surgeon has the ability to save a person's life whereas Madonna can only make a person feel good for a couple of minutes.
Why then is Madonna paid 100,000 times more than a heart surgeon? What does Madonna have that the typical heart surgeon does not have? The answer is the 'scalability factor.
Of course it is the heart surgeon! The heart surgeon has the ability to save a person's life whereas Madonna can only make a person feel good for a couple of minutes.
Why then is Madonna paid 100,000 times more than a heart surgeon? What does Madonna have that the typical heart surgeon does not have? The answer is the 'scalability factor.
Besides taking steps to increase your value, you must also increase the time you spend creating value to boost your income.
If you are self-employed, then you are usually paid by the hour or by the job. So obviously, when you work longer hours and more days, your income will increase!
Now you may be saying to me, 'I am already working 18 hour days! How much harder can I possibly work?' Or if you are working for somebody else you may be thinking, 'this does not apply to me.
If you are self-employed, then you are usually paid by the hour or by the job. So obviously, when you work longer hours and more days, your income will increase!
Now you may be saying to me, 'I am already working 18 hour days! How much harder can I possibly work?' Or if you are working for somebody else you may be thinking, 'this does not apply to me.
Is there a formula for wealth creation? Do all self-made millionaires take the same steps to amass their fortunes?
If we were to do an in-depth study of how self-made millionaires think and act, would we find some common clues that we can learn from? The answer is yes.
These are seven essential steps, each one representing a wealth creating skill that all self-made millionaires possess and practice.
If we were to do an in-depth study of how self-made millionaires think and act, would we find some common clues that we can learn from? The answer is yes.
These are seven essential steps, each one representing a wealth creating skill that all self-made millionaires possess and practice.
The truth is that many of these beliefs and attitudes that some people hold have about money are nothing but inaccurate generalizations and excuses that keep them from living a truly a happy and wealthy life.
In order to truly align your mind to wealth creation, you must debunk these negative myths and really look at the facts.
Myth: Having a lot of money will change you (into a bad person).
In order to truly align your mind to wealth creation, you must debunk these negative myths and really look at the facts.
Myth: Having a lot of money will change you (into a bad person).
Wealth habit number three is the habit of taking responsibility for your results and wealth! Unfortunately most people choose to adopt the victim's mindset of giving excuses, blaming and complaining.
Remember when you give excuses to yourself (i.e. no time, no luck, no capital, no experience etc) or blame others for your lack of wealth, then you are putting others and external events in control of your life! When you are not in control, you do not have the power to change your circumstances.
Remember when you give excuses to yourself (i.e. no time, no luck, no capital, no experience etc) or blame others for your lack of wealth, then you are putting others and external events in control of your life! When you are not in control, you do not have the power to change your circumstances.
The most common question that people ask about getting rich is, 'What is the best career or business that will make me the most money?'
Should I go into education? Food? Insurance? Network marketing? Heathcare? Options trading? Property? What's the best industry to be in right now?
Well, you will find that in ANY industry, there will be a minority who will be making plenty of money, while the majority will be struggling to survive.
Should I go into education? Food? Insurance? Network marketing? Heathcare? Options trading? Property? What's the best industry to be in right now?
Well, you will find that in ANY industry, there will be a minority who will be making plenty of money, while the majority will be struggling to survive.
There is a very big difference between wanting to become a millionaire and being 100% committed to becoming a millionaire.
When you merely want, wish or hope to achieve a goal, it will rarely ever happen. Think about it. Everybody wants to be financially free, but very few ever make it happen.
Studies after studies have shown that people who achieve phenomenal success and wealth did not just want it, they were 100% committed to achieving it.
When you merely want, wish or hope to achieve a goal, it will rarely ever happen. Think about it. Everybody wants to be financially free, but very few ever make it happen.
Studies after studies have shown that people who achieve phenomenal success and wealth did not just want it, they were 100% committed to achieving it.