Business Model

The second step on the path to financial independence is establishing a BUSINESS MODEL.

As the APPRENTICE you learned a skill to produce a product or service that people are willing to purchase…now you need to learn how to get paid for it.  That’s known as monetizing.

Initially this may be as simple as working as a hired employee.  This step is in fact so simple, that most people never rise above it.  They remain an employee their entire life.  Wealth is extremely hard to attain when working for someone else.

You’ve heard the old jokes:

“They pay us just enough to keep us from quitting and we work just hard enough to keep from getting fired.”

“They pretend to pay us and we pretend to work.”

It’s no joke.  To build wealth you must develop a Business Model that compensates you for more than just your time.  This is usually accomplished by starting your own business.  If you’re not an entrepreneur there is still hope.  Find a way to get paid based on your accomplishments, not the number of hours you work.  Salesmen always rank among the highest compensated employees because the good ones are paid on commission, not salary.

If you’re not an entrepreneur then you must be a voracious saver.  Thrift will enable you to take the next step to prosperity by developing INVESTMENT INCOME.

 

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