|
Building Your Network Marketing Mutual Fund
Lawrence and his wife Debbie walked into my office back in early 2000. They were a handsome couple in their mid-50s. They had 4 beautiful children, a large home, and both earned a combined income of $500,000 a year. He was an attorney, she was doctor.
However, for all intents and purposes, they were also broke.
During my many years as a financial planner, I ran into the Lawrence and Debbie's of world more often than you might think. From the outside it looked like they had it all. Money, prestige, a large home, nice cars, etc. But in truth, they had no real nest egg. Nothing set aside for retirement. At least, not enough to continue their current lifestyle.
Had they simply put away 10 - 15 Percent of their Net Income into a good index mutual fund when they first started working, they would have had over 2 million dollars saved up.
Now what does this have to do with your Networking enterprise'
I've told many families to invest in mutual funds, mostly because they did not have the desire or time to learn how to invest in real estate or individual stocks.
Mutual funds were originally designed to be long-term investments. Find a few good funds, dollar-cost-average into them, and in 25-40 years you would have a large nest egg. Enough to retire on.
Yet today, many "experts" are advising that this "buy and hold" approach to mutual fund investing doesn't work. Yet, time and time again long-term studies have proven otherwise.
________________________________
Your Network Market^ing enterprise is just like that. It is your mutual fund where a bunch of people get together and pool their resources. They pool their money, time, expertise, and effort for that thing called "growing residual income."
Just like a mutual fund, it takes consistency and TIME, before you begin to see results. Seriously, your first year in networking is about planting seeds, learning, and refining your marketing approach. It's not about who can bring in 10 people this month.
Yet, by taking this approach, it won't take you 25-40 years. You won't have to work 30-40 years before you retire. Your Network Market^ing Mutual Fund (NMMF) should only take a fraction of that time frame.
A common question that I get asked is, "Paul, how long will it take me to earn $10,000 a month'".
This is always difficult to answer because this depends on a myriad of factors:
* How much time you have to invest * HOW that time is spent * The kind of marketing system(s) you are using * How you are using the phone, if at all * What primary / secondary / etc. programs you are working * The compensation plan (is it fair and equitable') * The proper mindset * Level of commitment * A sound and effective strategy to combat apathy, frustration, and rejection * Having a business plan * Effective tax planning * Supporting and training for your new partners
While there are ......
Read More ...
|
